Intrinsic value of XPO Logistics - XPO

Previous Close

$55.45

  Intrinsic Value

$38.55

stock screener

  Rating & Target

sell

-30%

  Value-price divergence*

+1901%

Previous close

$55.45

 
Intrinsic value

$38.55

 
Up/down potential

-30%

 
Rating

sell

 
Value-price divergence*

+1901%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of XPO stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 6.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  91.77
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  14,619
  14,911
  15,254
  15,646
  16,087
  16,574
  17,109
  17,692
  18,323
  19,002
  19,732
  20,512
  21,344
  22,231
  23,173
  24,172
  25,231
  26,353
  27,539
  28,791
  30,114
  31,510
  32,982
  34,534
  36,169
  37,891
  39,704
  41,612
  43,620
  45,732
  47,954
Variable operating expenses, $m
 
  13,948
  14,259
  14,615
  15,014
  15,456
  15,941
  16,469
  17,040
  17,656
  18,317
  18,592
  19,347
  20,150
  21,004
  21,910
  22,870
  23,886
  24,961
  26,097
  27,296
  28,561
  29,895
  31,302
  32,784
  34,344
  35,988
  37,717
  39,537
  41,452
  43,466
Fixed operating expenses, $m
 
  542
  556
  570
  584
  599
  613
  629
  645
  661
  677
  694
  711
  729
  747
  766
  785
  805
  825
  846
  867
  888
  911
  933
  957
  981
  1,005
  1,030
  1,056
  1,083
  1,110
Total operating expenses, $m
  14,201
  14,490
  14,815
  15,185
  15,598
  16,055
  16,554
  17,098
  17,685
  18,317
  18,994
  19,286
  20,058
  20,879
  21,751
  22,676
  23,655
  24,691
  25,786
  26,943
  28,163
  29,449
  30,806
  32,235
  33,741
  35,325
  36,993
  38,747
  40,593
  42,535
  44,576
Operating income, $m
  418
  421
  439
  462
  489
  520
  555
  594
  638
  685
  737
  1,226
  1,286
  1,351
  1,421
  1,496
  1,576
  1,661
  1,752
  1,849
  1,952
  2,061
  2,176
  2,299
  2,428
  2,566
  2,711
  2,864
  3,026
  3,198
  3,379
EBITDA, $m
  1,061
  1,179
  1,205
  1,236
  1,273
  1,314
  1,361
  1,413
  1,470
  1,532
  1,600
  1,673
  1,752
  1,836
  1,927
  2,023
  2,126
  2,236
  2,353
  2,477
  2,608
  2,748
  2,896
  3,052
  3,217
  3,392
  3,577
  3,772
  3,978
  4,195
  4,424
Interest expense (income), $m
  363
  336
  348
  363
  380
  398
  419
  442
  467
  495
  524
  555
  589
  624
  662
  703
  746
  791
  839
  890
  944
  1,001
  1,061
  1,124
  1,191
  1,261
  1,335
  1,413
  1,495
  1,581
  1,672
Earnings before tax, $m
  107
  85
  91
  99
  109
  122
  136
  152
  170
  191
  213
  671
  698
  727
  759
  793
  830
  870
  913
  959
  1,007
  1,060
  1,115
  1,174
  1,237
  1,304
  1,376
  1,451
  1,531
  1,617
  1,707
Tax expense, $m
  22
  23
  25
  27
  30
  33
  37
  41
  46
  51
  58
  181
  188
  196
  205
  214
  224
  235
  246
  259
  272
  286
  301
  317
  334
  352
  371
  392
  413
  436
  461
Net income, $m
  69
  62
  67
  73
  80
  89
  99
  111
  124
  139
  156
  490
  509
  531
  554
  579
  606
  635
  666
  700
  735
  773
  814
  857
  903
  952
  1,004
  1,059
  1,118
  1,180
  1,246

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  373
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  11,698
  11,550
  11,816
  12,120
  12,461
  12,838
  13,253
  13,704
  14,193
  14,719
  15,284
  15,888
  16,533
  17,220
  17,949
  18,724
  19,544
  20,413
  21,331
  22,302
  23,326
  24,408
  25,548
  26,750
  28,016
  29,350
  30,754
  32,232
  33,788
  35,424
  37,145
Adjusted assets (=assets-cash), $m
  11,325
  11,550
  11,816
  12,120
  12,461
  12,838
  13,253
  13,704
  14,193
  14,719
  15,284
  15,888
  16,533
  17,220
  17,949
  18,724
  19,544
  20,413
  21,331
  22,302
  23,326
  24,408
  25,548
  26,750
  28,016
  29,350
  30,754
  32,232
  33,788
  35,424
  37,145
Revenue / Adjusted assets
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
  1.291
Average production assets, $m
  4,401
  4,488
  4,592
  4,710
  4,842
  4,989
  5,150
  5,325
  5,515
  5,720
  5,939
  6,174
  6,425
  6,691
  6,975
  7,276
  7,595
  7,932
  8,289
  8,666
  9,064
  9,485
  9,928
  10,395
  10,887
  11,405
  11,951
  12,525
  13,130
  13,765
  14,434
Working capital, $m
  342
  119
  122
  125
  129
  133
  137
  142
  147
  152
  158
  164
  171
  178
  185
  193
  202
  211
  220
  230
  241
  252
  264
  276
  289
  303
  318
  333
  349
  366
  384
Total debt, $m
  4,879
  4,902
  5,109
  5,346
  5,613
  5,908
  6,231
  6,584
  6,965
  7,377
  7,818
  8,290
  8,793
  9,330
  9,899
  10,504
  11,145
  11,823
  12,541
  13,299
  14,099
  14,943
  15,834
  16,773
  17,762
  18,803
  19,900
  21,054
  22,269
  23,547
  24,891
Total liabilities, $m
  8,998
  9,021
  9,228
  9,465
  9,732
  10,027
  10,350
  10,703
  11,084
  11,496
  11,937
  12,409
  12,912
  13,449
  14,018
  14,623
  15,264
  15,942
  16,660
  17,418
  18,218
  19,062
  19,953
  20,892
  21,881
  22,922
  24,019
  25,173
  26,388
  27,666
  29,010
Total equity, $m
  2,700
  2,530
  2,588
  2,654
  2,729
  2,812
  2,902
  3,001
  3,108
  3,223
  3,347
  3,480
  3,621
  3,771
  3,931
  4,100
  4,280
  4,470
  4,672
  4,884
  5,108
  5,345
  5,595
  5,858
  6,136
  6,428
  6,735
  7,059
  7,400
  7,758
  8,135
Total liabilities and equity, $m
  11,698
  11,551
  11,816
  12,119
  12,461
  12,839
  13,252
  13,704
  14,192
  14,719
  15,284
  15,889
  16,533
  17,220
  17,949
  18,723
  19,544
  20,412
  21,332
  22,302
  23,326
  24,407
  25,548
  26,750
  28,017
  29,350
  30,754
  32,232
  33,788
  35,424
  37,145
Debt-to-equity ratio
  1.807
  1.940
  1.970
  2.010
  2.060
  2.100
  2.150
  2.190
  2.240
  2.290
  2.340
  2.380
  2.430
  2.470
  2.520
  2.560
  2.600
  2.640
  2.680
  2.720
  2.760
  2.800
  2.830
  2.860
  2.890
  2.930
  2.950
  2.980
  3.010
  3.040
  3.060
Adjusted equity ratio
  0.206
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  69
  62
  67
  73
  80
  89
  99
  111
  124
  139
  156
  490
  509
  531
  554
  579
  606
  635
  666
  700
  735
  773
  814
  857
  903
  952
  1,004
  1,059
  1,118
  1,180
  1,246
Depreciation, amort., depletion, $m
  643
  758
  765
  774
  783
  794
  806
  818
  832
  847
  863
  447
  466
  485
  505
  527
  550
  575
  601
  628
  657
  687
  719
  753
  789
  826
  866
  908
  951
  997
  1,046
Funds from operations, $m
  434
  820
  832
  846
  863
  883
  905
  929
  957
  986
  1,019
  937
  975
  1,016
  1,059
  1,106
  1,156
  1,210
  1,267
  1,328
  1,392
  1,461
  1,533
  1,611
  1,692
  1,779
  1,870
  1,967
  2,069
  2,178
  2,292
Change in working capital, $m
  -191
  2
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  11
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
Cash from operations, $m
  625
  817
  829
  843
  860
  879
  901
  925
  951
  981
  1,013
  931
  968
  1,009
  1,052
  1,098
  1,148
  1,201
  1,258
  1,318
  1,382
  1,450
  1,522
  1,598
  1,679
  1,765
  1,856
  1,952
  2,053
  2,161
  2,274
Maintenance CAPEX, $m
  0
  -319
  -325
  -333
  -341
  -351
  -362
  -373
  -386
  -400
  -414
  -430
  -447
  -466
  -485
  -505
  -527
  -550
  -575
  -601
  -628
  -657
  -687
  -719
  -753
  -789
  -826
  -866
  -908
  -951
  -997
New CAPEX, $m
  -483
  -87
  -103
  -118
  -132
  -147
  -161
  -175
  -190
  -205
  -220
  -235
  -251
  -267
  -284
  -301
  -319
  -338
  -357
  -377
  -398
  -420
  -443
  -467
  -492
  -518
  -546
  -574
  -604
  -636
  -669
Cash from investing activities, $m
  142
  -406
  -428
  -451
  -473
  -498
  -523
  -548
  -576
  -605
  -634
  -665
  -698
  -733
  -769
  -806
  -846
  -888
  -932
  -978
  -1,026
  -1,077
  -1,130
  -1,186
  -1,245
  -1,307
  -1,372
  -1,440
  -1,512
  -1,587
  -1,666
Free cash flow, $m
  767
  411
  401
  393
  386
  381
  378
  376
  376
  377
  379
  265
  270
  276
  283
  292
  302
  313
  326
  340
  355
  373
  391
  412
  434
  458
  484
  511
  541
  573
  608
Issuance/(repayment) of debt, $m
  -649
  171
  207
  237
  266
  295
  324
  353
  382
  411
  441
  472
  504
  536
  570
  605
  641
  678
  717
  758
  800
  844
  891
  939
  989
  1,042
  1,097
  1,154
  1,215
  1,278
  1,344
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -676
  171
  207
  237
  266
  295
  324
  353
  382
  411
  441
  472
  504
  536
  570
  605
  641
  678
  717
  758
  800
  844
  891
  939
  989
  1,042
  1,097
  1,154
  1,215
  1,278
  1,344
Total cash flow (excl. dividends), $m
  89
  582
  608
  630
  652
  676
  702
  729
  757
  788
  820
  737
  774
  812
  853
  897
  943
  992
  1,043
  1,098
  1,156
  1,217
  1,282
  1,350
  1,423
  1,499
  1,580
  1,666
  1,756
  1,851
  1,952
Retained Cash Flow (-), $m
  17
  -55
  -58
  -67
  -75
  -83
  -91
  -99
  -107
  -115
  -124
  -132
  -141
  -150
  -160
  -170
  -180
  -190
  -201
  -213
  -224
  -237
  -250
  -263
  -277
  -292
  -308
  -324
  -341
  -358
  -377
Prev. year cash balance distribution, $m
 
  225
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  752
  550
  563
  578
  594
  611
  630
  650
  672
  696
  605
  633
  662
  694
  727
  763
  801
  842
  885
  931
  980
  1,032
  1,087
  1,146
  1,207
  1,273
  1,342
  1,415
  1,493
  1,575
Discount rate, %
 
  9.00
  9.45
  9.92
  10.42
  10.94
  11.49
  12.06
  12.66
  13.30
  13.96
  14.66
  15.39
  16.16
  16.97
  17.82
  18.71
  19.65
  20.63
  21.66
  22.74
  23.88
  25.07
  26.33
  27.64
  29.03
  30.48
  32.00
  33.60
  35.28
  37.05
PV of cash for distribution, $m
 
  690
  459
  424
  389
  353
  318
  284
  251
  219
  188
  134
  113
  94
  77
  62
  49
  38
  29
  21
  15
  11
  8
  5
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

XPO Logistics, Inc. provides transportation and logistics services primarily in the United States. The company’s Transportation segment provides freight brokerage, last mile, expedite, intermodal, less-than truckload, truckload, and forwarding services; and time-critical, time-sensitive, or high priority freight shipment services. Its Logistics segment offers contract logistics services, including value-added warehousing and distribution, reverse logistics, transportation management, freight bill audit and payment, lean manufacturing support, aftermarket support, and supply chain optimization solutions to corporations and government agencies. The company provides services to customers in various industries, such as high tech, retail, e-commerce, manufacturing, telecommunications, aerospace and defense, life sciences, healthcare, medical equipment, agriculture, and food and beverage. XPO Logistics, Inc. was founded in 1996 and is headquartered in Greenwich, Connecticut.

FINANCIAL RATIOS  of  XPO Logistics (XPO)

Valuation Ratios
P/E Ratio 89.3
Price to Sales 0.4
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 43.4
Growth Rates
Sales Growth Rate 91.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 86.5%
Cap. Spend. - 3 Yr. Gr. Rate 109.4%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 175.2%
Total Debt to Equity 180.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. -0.3%
Return On Total Capital 0.9%
Ret/ On T. Cap. - 3 Yr. Avg. -2.4%
Return On Equity 2.5%
Return On Equity - 3 Yr. Avg. -4.1%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 46.1%
Gross Margin - 3 Yr. Avg. 39.7%
EBITDA Margin 7.6%
EBITDA Margin - 3 Yr. Avg. 4%
Operating Margin 2.9%
Oper. Margin - 3 Yr. Avg. 0.2%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. -2.3%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. -1.6%
Effective Tax Rate 20.6%
Eff/ Tax Rate - 3 Yr. Avg. 27.2%
Payout Ratio 7.2%

XPO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XPO stock intrinsic value calculation we used $14619 million for the last fiscal year's total revenue generated by XPO Logistics. The default revenue input number comes from 2016 income statement of XPO Logistics. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our XPO stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9%, whose default value for XPO is calculated based on our internal credit rating of XPO Logistics, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of XPO Logistics.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of XPO stock the variable cost ratio is equal to 93.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $529 million in the base year in the intrinsic value calculation for XPO stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 7.1% for XPO Logistics.

Corporate tax rate of 27% is the nominal tax rate for XPO Logistics. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the XPO stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for XPO are equal to 30.1%.

Life of production assets of 13.8 years is the average useful life of capital assets used in XPO Logistics operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for XPO is equal to 0.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2700 million for XPO Logistics - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 110.011 million for XPO Logistics is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of XPO Logistics at the current share price and the inputted number of shares is $6.1 billion.

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COMPANY NEWS

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▶ Why Analysts Are Recommending a Buy for XPO Logistics   [Aug-10-17 10:37AM  Market Realist]
▶ XPO Logistics: Why Transportation Revenues Declined in 2Q17   [Aug-09-17 06:06PM  Market Realist]
▶ XPO Logistics 2Q17 Earnings Missed Estimate   [02:36PM  Market Realist]
▶ What Led to YRC Worldwides Revenue Growth in 2Q17?   [Aug-08-17 05:35PM  Market Realist]
▶ Last-Mile Lifts XPO Logistics to a New Level   [Aug-03-17 10:03AM  Motley Fool]
▶ Today's Top Supply Chain and Logistics News From WSJ   [07:43AM  The Wall Street Journal]
▶ XPO Logistics May Spend Up to $8 Billion on Acquisitions   [Aug-02-17 06:48PM  The Wall Street Journal]
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▶ What It Took For People to Believe in This CEOs Vision   [Jul-05-17 04:32PM  Fortune Videos]
▶ ETFs with exposure to XPO Logistics, Inc. : July 3, 2017   [Jul-03-17 04:03PM  Capital Cube]
▶ Options say this steel stock is set to shine   [Jun-28-17 01:43PM  CNBC Videos]
▶ 3 Top Freight and Logistics Stocks to Buy in 2017   [Jun-27-17 12:51PM  Motley Fool]
▶ ETFs with exposure to XPO Logistics, Inc. : June 22, 2017   [Jun-22-17 04:41PM  Capital Cube]
▶ 2 Top Transportation Stocks to Buy in 2017   [Jun-20-17 09:32AM  Motley Fool]
▶ [$$] XPO Logistics Looking at Merger Targets Again   [12:00AM  The Wall Street Journal]
▶ [$$] XPO Logistics Looking at Merger Targets Again   [Jun-16-17 12:28PM  The Wall Street Journal]
▶ XPO Logistics Is Now Citi's Top Pick In Trucking   [Jun-12-17 02:48PM  Benzinga]
▶ [$$] Good Returns In Any Market   [May-27-17 01:24AM  Barrons.com]
▶ The tale of transports   [May-19-17 06:51AM  CNBC Videos]
▶ XPO Logistics Expands Last Mile Network in Chicagoland   [May-11-17 04:16PM  GlobeNewswire]
▶ XPO Logistics: Cramer's Top Takeaways   [06:34AM  TheStreet.com]
▶ XPO Logistics Enjoys a Nice Earnings Bounce   [May-03-17 07:50PM  Motley Fool]
▶ XPO tops 1Q profit forecasts   [06:23PM  Associated Press]
▶ 2 Overlooked Rebound Stocks You Can Buy Now   [Apr-24-17 10:41AM  Motley Fool]
▶ ETFs with exposure to XPO Logistics, Inc. : April 5, 2017   [Apr-05-17 05:47PM  Capital Cube]
▶ Schnucks chooses new operator for Kinloch warehouse   [Mar-24-17 02:15PM  at bizjournals.com]
▶ Schnucks chooses new operator for Kinloch warehouse   [02:15PM  American City Business Journals]
▶ 11 Most Profitable Trucking Companies In America   [Mar-23-17 09:00PM  at Insider Monkey]
▶ How Canadian Pacifics Intermodal Traffic Trended   [Mar-20-17 05:00PM  Market Realist]
Stock chart of XPO Financial statements of XPO
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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