Intrinsic value of YRC Worldwide - YRCW

Previous Close

$10.82

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$10.82

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of YRCW 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 0.4

 

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, %
  -2.77
  4.40
  4.46
  4.51
  4.56
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
Revenue, $m
  4,698
  4,905
  5,123
  5,355
  5,599
  5,857
  6,129
  6,416
  6,718
  7,037
  7,372
  7,726
  8,097
  8,488
  8,900
  9,333
  9,788
  10,266
  10,769
  11,298
  11,854
  12,438
  13,052
  13,697
  14,374
  15,086
  15,834
  16,619
  17,444
  18,311
  19,222
Variable operating expenses, $m
 
  4,812
  5,026
  5,253
  5,493
  5,746
  6,013
  6,294
  6,591
  6,903
  7,232
  7,579
  7,943
  8,327
  8,731
  9,155
  9,602
  10,071
  10,565
  11,084
  11,629
  12,202
  12,804
  13,436
  14,101
  14,799
  15,533
  16,304
  17,113
  17,963
  18,856
Fixed operating expenses, $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
Total operating expenses, $m
  4,573
  4,812
  5,026
  5,253
  5,493
  5,746
  6,013
  6,294
  6,591
  6,903
  7,232
  7,579
  7,943
  8,327
  8,731
  9,155
  9,602
  10,071
  10,565
  11,084
  11,629
  12,202
  12,804
  13,436
  14,101
  14,799
  15,533
  16,304
  17,113
  17,963
  18,856
Operating income, $m
  124
  93
  97
  102
  106
  111
  116
  122
  128
  134
  140
  147
  154
  161
  169
  177
  186
  195
  205
  215
  225
  236
  248
  260
  273
  287
  301
  316
  331
  348
  365
EBITDA, $m
  284
  259
  271
  283
  296
  310
  324
  339
  355
  372
  390
  409
  428
  449
  471
  494
  518
  543
  570
  598
  627
  658
  690
  725
  760
  798
  838
  879
  923
  969
  1,017
Interest expense (income), $m
  90
  85
  30
  36
  42
  49
  56
  63
  71
  79
  88
  97
  107
  117
  128
  139
  151
  163
  176
  190
  204
  219
  235
  252
  269
  288
  307
  327
  349
  371
  395
Earnings before tax, $m
  25
  8
  67
  66
  64
  62
  60
  59
  56
  54
  52
  50
  47
  44
  42
  39
  35
  32
  29
  25
  21
  17
  13
  8
  4
  -1
  -6
  -12
  -17
  -23
  -30
Tax expense, $m
  3
  2
  18
  18
  17
  17
  16
  16
  15
  15
  14
  13
  13
  12
  11
  10
  10
  9
  8
  7
  6
  5
  3
  2
  1
  0
  0
  0
  0
  0
  0
Net income, $m
  22
  6
  49
  48
  47
  46
  44
  43
  41
  40
  38
  36
  34
  32
  30
  28
  26
  23
  21
  18
  15
  13
  9
  6
  3
  -1
  -6
  -12
  -17
  -23
  -30

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  137
  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
  1,770
  1,705
  1,781
  1,861
  1,946
  2,036
  2,130
  2,230
  2,335
  2,446
  2,563
  2,685
  2,815
  2,950
  3,093
  3,244
  3,402
  3,568
  3,743
  3,927
  4,120
  4,323
  4,537
  4,761
  4,996
  5,244
  5,504
  5,777
  6,063
  6,365
  6,681
Adjusted assets (=assets-cash), $m
  1,633
  1,705
  1,781
  1,861
  1,946
  2,036
  2,130
  2,230
  2,335
  2,446
  2,563
  2,685
  2,815
  2,950
  3,093
  3,244
  3,402
  3,568
  3,743
  3,927
  4,120
  4,323
  4,537
  4,761
  4,996
  5,244
  5,504
  5,777
  6,063
  6,365
  6,681
Revenue / Adjusted assets
  2.877
  2.877
  2.876
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.876
  2.877
  2.876
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
Average production assets, $m
  938
  981
  1,025
  1,071
  1,120
  1,171
  1,226
  1,283
  1,344
  1,407
  1,474
  1,545
  1,619
  1,698
  1,780
  1,867
  1,958
  2,053
  2,154
  2,260
  2,371
  2,488
  2,610
  2,739
  2,875
  3,017
  3,167
  3,324
  3,489
  3,662
  3,844
Working capital, $m
  219
  103
  108
  112
  118
  123
  129
  135
  141
  148
  155
  162
  170
  178
  187
  196
  206
  216
  226
  237
  249
  261
  274
  288
  302
  317
  333
  349
  366
  385
  404
Total debt, $m
  997
  345
  414
  486
  563
  643
  728
  818
  913
  1,012
  1,117
  1,228
  1,344
  1,466
  1,595
  1,731
  1,873
  2,023
  2,180
  2,345
  2,519
  2,702
  2,894
  3,096
  3,308
  3,530
  3,764
  4,010
  4,268
  4,539
  4,824
Total liabilities, $m
  2,186
  1,534
  1,603
  1,675
  1,752
  1,832
  1,917
  2,007
  2,102
  2,201
  2,306
  2,417
  2,533
  2,655
  2,784
  2,920
  3,062
  3,212
  3,369
  3,534
  3,708
  3,891
  4,083
  4,285
  4,497
  4,719
  4,953
  5,199
  5,457
  5,728
  6,013
Total equity, $m
  -416
  170
  178
  186
  195
  204
  213
  223
  234
  245
  256
  269
  281
  295
  309
  324
  340
  357
  374
  393
  412
  432
  454
  476
  500
  524
  550
  578
  606
  636
  668
Total liabilities and equity, $m
  1,770
  1,704
  1,781
  1,861
  1,947
  2,036
  2,130
  2,230
  2,336
  2,446
  2,562
  2,686
  2,814
  2,950
  3,093
  3,244
  3,402
  3,569
  3,743
  3,927
  4,120
  4,323
  4,537
  4,761
  4,997
  5,243
  5,503
  5,777
  6,063
  6,364
  6,681
Debt-to-equity ratio
  -2.397
  2.030
  2.320
  2.610
  2.890
  3.160
  3.420
  3.670
  3.910
  4.140
  4.360
  4.570
  4.780
  4.970
  5.160
  5.330
  5.510
  5.670
  5.820
  5.970
  6.110
  6.250
  6.380
  6.500
  6.620
  6.730
  6.840
  6.940
  7.040
  7.130
  7.220
Adjusted equity ratio
  -0.339
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  22
  6
  49
  48
  47
  46
  44
  43
  41
  40
  38
  36
  34
  32
  30
  28
  26
  23
  21
  18
  15
  13
  9
  6
  3
  -1
  -6
  -12
  -17
  -23
  -30
Depreciation, amort., depletion, $m
  160
  166
  174
  182
  190
  199
  208
  217
  228
  239
  250
  262
  274
  288
  302
  316
  332
  348
  365
  383
  402
  422
  442
  464
  487
  511
  537
  563
  591
  621
  652
Funds from operations, $m
  13
  172
  223
  230
  237
  244
  252
  260
  269
  278
  288
  298
  309
  320
  332
  345
  358
  371
  386
  401
  417
  434
  452
  470
  490
  510
  530
  552
  574
  597
  622
Change in working capital, $m
  -90
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  16
  17
  18
  19
Cash from operations, $m
  103
  168
  218
  225
  231
  239
  246
  254
  263
  271
  281
  291
  301
  312
  323
  335
  348
  361
  375
  390
  406
  422
  439
  457
  476
  495
  515
  535
  557
  579
  603
Maintenance CAPEX, $m
  0
  -159
  -166
  -174
  -182
  -190
  -199
  -208
  -217
  -228
  -239
  -250
  -262
  -274
  -288
  -302
  -316
  -332
  -348
  -365
  -383
  -402
  -422
  -442
  -464
  -487
  -511
  -537
  -563
  -591
  -621
New CAPEX, $m
  -101
  -43
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -64
  -67
  -71
  -74
  -78
  -82
  -87
  -91
  -96
  -101
  -106
  -111
  -117
  -123
  -129
  -136
  -142
  -150
  -157
  -165
  -173
  -182
Cash from investing activities, $m
  -68
  -202
  -210
  -220
  -231
  -242
  -253
  -265
  -277
  -292
  -306
  -321
  -336
  -352
  -370
  -389
  -407
  -428
  -449
  -471
  -494
  -519
  -545
  -571
  -600
  -629
  -661
  -694
  -728
  -764
  -803
Free cash flow, $m
  35
  -35
  8
  5
  1
  -3
  -7
  -11
  -15
  -20
  -25
  -30
  -35
  -41
  -47
  -53
  -59
  -66
  -73
  -81
  -89
  -97
  -105
  -114
  -124
  -134
  -146
  -159
  -172
  -186
  -200
Issuance/(repayment) of debt, $m
  -71
  -635
  68
  72
  76
  81
  85
  90
  95
  100
  105
  110
  116
  122
  129
  135
  142
  150
  157
  165
  174
  183
  192
  202
  212
  223
  234
  246
  258
  271
  285
Issuance/(repurchase) of shares, $m
  0
  701
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  8
  12
  16
  21
  26
  32
  39
  46
  54
  61
Cash from financing (excl. dividends), $m  
  -73
  66
  68
  72
  76
  81
  85
  90
  95
  100
  105
  110
  116
  122
  129
  135
  142
  150
  157
  165
  178
  191
  204
  218
  233
  249
  266
  285
  304
  325
  346
Total cash flow (excl. dividends), $m
  -37
  31
  77
  77
  78
  78
  78
  79
  79
  80
  80
  81
  81
  82
  82
  83
  83
  84
  84
  85
  89
  94
  98
  103
  109
  114
  120
  126
  132
  139
  146
Retained Cash Flow (-), $m
  37
  -706
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -26
  -32
  -39
  -46
  -54
  -61
Prev. year cash balance distribution, $m
 
  120
  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
 
  -555
  69
  69
  69
  69
  69
  69
  69
  69
  68
  68
  68
  68
  68
  68
  67
  67
  67
  66
  70
  73
  77
  81
  85
  88
  88
  87
  86
  86
  85
Discount rate, %
 
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.23
  23.35
  24.51
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.49
  36.22
  38.03
  39.93
  41.93
  44.02
  46.22
  48.53
  50.96
  53.51
PV of cash for distribution, $m
 
  -491
  53
  46
  39
  33
  27
  22
  18
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  49.5
  48.6
  47.3
  45.6
  43.7
  41.6
  39.2
  36.6
  33.9
  31.1
  28.4

YRC Worldwide Inc. is a holding company. The Company, through its subsidiaries, offers its customers a range of transportation services. The Company operates through two segments: YRC Freight and Regional Transportation. The Company has less-than-truckload (LTL) networks in North America with local, regional, national and international capabilities. YRC Freight segment offers a range of services for the transportation of industrial, commercial and retail goods in national, regional and international markets, primarily through the operation of owned or leased equipment in its North American ground distribution network. It provides transportation services for various categories of goods, which include apparel, appliances, automotive parts, chemicals, food, furniture, glass, machinery, metal and metal products. The Company's Regional Transportation segment consists of USF Holland LLC (Holland), New Penn Motor Express, LLC (New Penn) and USF Reddaway Inc. (Reddaway).

FINANCIAL RATIOS  of  YRC Worldwide (YRCW)

Valuation Ratios
P/E Ratio 16
Price to Sales 0.1
Price to Book -0.8
Price to Tangible Book
Price to Cash Flow 3.4
Price to Free Cash Flow 175.7
Growth Rates
Sales Growth Rate -2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6.5%
Cap. Spend. - 3 Yr. Gr. Rate 8.6%
Financial Strength
Quick Ratio 8
Current Ratio 0.2
LT Debt to Equity -235.6%
Total Debt to Equity -239.7%
Interest Coverage 1
Management Effectiveness
Return On Assets 5.5%
Ret/ On Assets - 3 Yr. Avg. 2%
Return On Total Capital 3.5%
Ret/ On T. Cap. - 3 Yr. Avg. -2%
Return On Equity -5.5%
Return On Equity - 3 Yr. Avg. 2.3%
Asset Turnover 2.6
Profitability Ratios
Gross Margin 11.1%
Gross Margin - 3 Yr. Avg. 10.4%
EBITDA Margin 5.9%
EBITDA Margin - 3 Yr. Avg. 5.2%
Operating Margin 2.7%
Oper. Margin - 3 Yr. Avg. 1.9%
Pre-Tax Margin 0.5%
Pre-Tax Margin - 3 Yr. Avg. -0.4%
Net Profit Margin 0.5%
Net Profit Margin - 3 Yr. Avg. -0.3%
Effective Tax Rate 12%
Eff/ Tax Rate - 3 Yr. Avg. 52%
Payout Ratio 0%

YRCW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the YRCW stock intrinsic value calculation we used $4698 million for the last fiscal year's total revenue generated by YRC Worldwide. The default revenue input number comes from 2016 income statement of YRC Worldwide. 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 YRCW stock valuation model: a) initial revenue growth rate of 4.4% 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 13%, whose default value for YRCW is calculated based on our internal credit rating of YRC Worldwide, 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 YRC Worldwide.
    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 YRCW stock the variable cost ratio is equal to 98.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for YRCW 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 8.7% for YRC Worldwide.

Corporate tax rate of 27% is the nominal tax rate for YRC Worldwide. 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 YRCW 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 YRCW are equal to 20%.

Life of production assets of 5.9 years is the average useful life of capital assets used in YRC Worldwide 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 YRCW is equal to 2.1%. 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 - $-416 million for YRC Worldwide - 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 33.533 million for YRC Worldwide 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 YRC Worldwide at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ YRC misses 3Q profit forecasts   [Nov-02-17 05:57PM  Associated Press]
▶ YRC Worldwide Updates 2017 Financial Projections   [Oct-18-17 04:02PM  GlobeNewswire]
▶ How the Market Views Less-than-Truckload Carriers   [Oct-03-17 07:37AM  Market Realist]
▶ Do SAIAs 3Q17 Operating Metrics Support LTL Trend?   [Oct-02-17 09:08AM  Market Realist]
▶ YRC Worldwide to Present at Cowen Transportation Conference   [Aug-30-17 04:05PM  GlobeNewswire]
▶ Hurricane leaves KC Southern, YRC on hold   [10:05AM  American City Business Journals]
▶ [$$] Businesses Keep on Truckin' Through Solar Eclipse   [Aug-21-17 02:48PM  The Wall Street Journal]
▶ Top Ranked Value Stocks to Buy for August 16th   [Aug-16-17 10:16AM  Zacks]
▶ What Led to YRC Worldwides Revenue Growth in 2Q17?   [Aug-08-17 05:35PM  Market Realist]
▶ YRC Worldwide Reports Second Quarter 2017 Results   [Aug-03-17 04:02PM  GlobeNewswire]
▶ Holland Named 2017 True Value LTL Carrier of the Year   [Jul-20-17 09:21AM  GlobeNewswire]
▶ Lift in Demand Fuels Hopes Trucking Has Turned the Corner   [01:19AM  The Wall Street Journal]
▶ Lift in Demand Fuels Hopes Trucking Has Turned the Corner   [Jul-15-17 08:00AM  The Wall Street Journal]
▶ Why YRC Worldwide Stock Soared 17% in June   [Jul-07-17 02:03PM  Motley Fool]
▶ [$$] Scurria's Take: YRC Restructuring Clarifies Short-Swing Rules   [Jul-03-17 02:30PM  The Wall Street Journal]
▶ Inside SAIAs LTL Operating Metrics during 2Q17   [Jun-30-17 07:38AM  Market Realist]
▶ Why Are Railroads So Lucrative?   [Jun-29-17 12:45PM  Motley Fool]
▶ ETFs with exposure to YRC Worldwide, Inc. : June 2, 2017   [Jun-02-17 02:39PM  Capital Cube]
▶ ETFs with exposure to YRC Worldwide, Inc. : May 22, 2017   [May-22-17 02:20PM  Capital Cube]
▶ YRC looks in house for new CFO, controller   [May-19-17 05:35PM  American City Business Journals]
▶ Holland Named Ravago Americas 2016 LTL Partner of the Year   [May-15-17 07:57AM  GlobeNewswire]
▶ ETFs with exposure to YRC Worldwide, Inc. : May 11, 2017   [May-11-17 05:49PM  Capital Cube]
▶ Why YRC Worldwide Inc.'s Shares Plunged 18% Today   [May-05-17 11:49AM  Motley Fool]
▶ YRC reports 1Q loss   [05:03AM  Associated Press]
▶ YRC Worldwide Reports First Quarter 2017 Results   [May-04-17 04:05PM  GlobeNewswire]
▶ Which KC-area stocks had the best, worst March? Take a look   [Apr-03-17 04:50PM  at bizjournals.com]
Financial statements of YRCW
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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