Intrinsic value of YRC Worldwide - YRCW

Previous Close

$17.01

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$17.01

 
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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  2.50
  2.75
  2.97
  3.18
  3.36
  3.52
  3.67
  3.80
  3.92
  4.03
  4.13
  4.22
  4.29
  4.36
  4.43
  4.49
  4.54
  4.58
  4.62
  4.66
  4.70
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
Revenue, $m
  4,698
  4,815
  4,948
  5,095
  5,257
  5,434
  5,625
  5,832
  6,053
  6,291
  6,545
  6,815
  7,102
  7,407
  7,730
  8,073
  8,435
  8,817
  9,221
  9,648
  10,098
  10,572
  11,072
  11,598
  12,152
  12,735
  13,349
  13,995
  14,675
  15,389
  16,141
Variable operating expenses, $m
 
  4,724
  4,854
  4,998
  5,157
  5,330
  5,518
  5,721
  5,938
  6,171
  6,420
  6,685
  6,967
  7,266
  7,583
  7,919
  8,274
  8,650
  9,046
  9,465
  9,906
  10,371
  10,861
  11,378
  11,921
  12,493
  13,096
  13,729
  14,396
  15,097
  15,834
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
  4,724
  4,854
  4,998
  5,157
  5,330
  5,518
  5,721
  5,938
  6,171
  6,420
  6,685
  6,967
  7,266
  7,583
  7,919
  8,274
  8,650
  9,046
  9,465
  9,906
  10,371
  10,861
  11,378
  11,921
  12,493
  13,096
  13,729
  14,396
  15,097
  15,834
Operating income, $m
  124
  91
  94
  97
  100
  103
  107
  111
  115
  120
  124
  129
  135
  141
  147
  153
  160
  168
  175
  183
  192
  201
  210
  220
  231
  242
  254
  266
  279
  292
  307
EBITDA, $m
  284
  255
  262
  270
  278
  287
  298
  308
  320
  333
  346
  360
  376
  392
  409
  427
  446
  466
  488
  510
  534
  559
  586
  614
  643
  674
  706
  740
  776
  814
  854
Interest expense (income), $m
  90
  85
  28
  31
  35
  40
  44
  50
  55
  61
  68
  75
  82
  90
  98
  107
  116
  126
  137
  148
  159
  171
  184
  198
  212
  227
  243
  260
  277
  296
  315
Earnings before tax, $m
  25
  6
  66
  66
  65
  64
  62
  61
  60
  58
  57
  55
  53
  51
  49
  46
  44
  41
  39
  36
  33
  29
  26
  22
  19
  15
  10
  6
  1
  -4
  -9
Tax expense, $m
  3
  2
  18
  18
  17
  17
  17
  17
  16
  16
  15
  15
  14
  14
  13
  13
  12
  11
  10
  10
  9
  8
  7
  6
  5
  4
  3
  2
  0
  0
  0
Net income, $m
  22
  5
  48
  48
  47
  46
  46
  45
  44
  43
  41
  40
  39
  37
  36
  34
  32
  30
  28
  26
  24
  22
  19
  16
  14
  11
  8
  4
  1
  -4
  -9

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
  1,674
  1,720
  1,771
  1,827
  1,889
  1,955
  2,027
  2,104
  2,187
  2,275
  2,369
  2,469
  2,575
  2,687
  2,806
  2,932
  3,065
  3,205
  3,353
  3,510
  3,675
  3,848
  4,031
  4,224
  4,427
  4,640
  4,865
  5,101
  5,349
  5,610
Adjusted assets (=assets-cash), $m
  1,633
  1,674
  1,720
  1,771
  1,827
  1,889
  1,955
  2,027
  2,104
  2,187
  2,275
  2,369
  2,469
  2,575
  2,687
  2,806
  2,932
  3,065
  3,205
  3,353
  3,510
  3,675
  3,848
  4,031
  4,224
  4,427
  4,640
  4,865
  5,101
  5,349
  5,610
Revenue / Adjusted assets
  2.877
  2.876
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.877
  2.876
  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
  963
  990
  1,019
  1,051
  1,087
  1,125
  1,166
  1,211
  1,258
  1,309
  1,363
  1,420
  1,481
  1,546
  1,615
  1,687
  1,763
  1,844
  1,930
  2,020
  2,114
  2,214
  2,320
  2,430
  2,547
  2,670
  2,799
  2,935
  3,078
  3,228
Working capital, $m
  219
  101
  104
  107
  110
  114
  118
  122
  127
  132
  137
  143
  149
  156
  162
  170
  177
  185
  194
  203
  212
  222
  233
  244
  255
  267
  280
  294
  308
  323
  339
Total debt, $m
  997
  317
  359
  405
  456
  511
  571
  635
  705
  779
  858
  943
  1,033
  1,128
  1,229
  1,336
  1,450
  1,569
  1,696
  1,829
  1,970
  2,118
  2,274
  2,439
  2,612
  2,795
  2,987
  3,189
  3,402
  3,625
  3,860
Total liabilities, $m
  2,186
  1,506
  1,548
  1,594
  1,645
  1,700
  1,760
  1,824
  1,894
  1,968
  2,047
  2,132
  2,222
  2,317
  2,418
  2,525
  2,639
  2,758
  2,885
  3,018
  3,159
  3,307
  3,463
  3,628
  3,801
  3,984
  4,176
  4,378
  4,591
  4,814
  5,049
Total equity, $m
  -416
  167
  172
  177
  183
  189
  196
  203
  210
  219
  227
  237
  247
  257
  269
  281
  293
  306
  321
  335
  351
  367
  385
  403
  422
  443
  464
  486
  510
  535
  561
Total liabilities and equity, $m
  1,770
  1,673
  1,720
  1,771
  1,828
  1,889
  1,956
  2,027
  2,104
  2,187
  2,274
  2,369
  2,469
  2,574
  2,687
  2,806
  2,932
  3,064
  3,206
  3,353
  3,510
  3,674
  3,848
  4,031
  4,223
  4,427
  4,640
  4,864
  5,101
  5,349
  5,610
Debt-to-equity ratio
  -2.397
  1.900
  2.090
  2.290
  2.490
  2.700
  2.920
  3.130
  3.350
  3.560
  3.770
  3.980
  4.180
  4.380
  4.570
  4.760
  4.940
  5.120
  5.290
  5.450
  5.610
  5.760
  5.910
  6.050
  6.190
  6.310
  6.440
  6.560
  6.670
  6.780
  6.880
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
  5
  48
  48
  47
  46
  46
  45
  44
  43
  41
  40
  39
  37
  36
  34
  32
  30
  28
  26
  24
  22
  19
  16
  14
  11
  8
  4
  1
  -4
  -9
Depreciation, amort., depletion, $m
  160
  163
  168
  173
  178
  184
  191
  198
  205
  213
  222
  231
  241
  251
  262
  274
  286
  299
  313
  327
  342
  358
  375
  393
  412
  432
  453
  474
  497
  522
  547
Funds from operations, $m
  13
  168
  216
  221
  225
  231
  236
  242
  249
  256
  263
  271
  279
  288
  298
  308
  318
  329
  341
  353
  366
  380
  394
  410
  426
  442
  460
  479
  498
  518
  538
Change in working capital, $m
  -90
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
Cash from operations, $m
  103
  165
  213
  218
  222
  227
  232
  238
  244
  251
  258
  265
  273
  282
  291
  300
  310
  321
  332
  344
  357
  370
  384
  399
  414
  430
  447
  465
  484
  503
  523
Maintenance CAPEX, $m
  0
  -159
  -163
  -168
  -173
  -178
  -184
  -191
  -198
  -205
  -213
  -222
  -231
  -241
  -251
  -262
  -274
  -286
  -299
  -313
  -327
  -342
  -358
  -375
  -393
  -412
  -432
  -453
  -474
  -497
  -522
New CAPEX, $m
  -101
  -26
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -54
  -57
  -61
  -65
  -68
  -72
  -77
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
  -136
  -143
  -150
Cash from investing activities, $m
  -68
  -185
  -189
  -197
  -205
  -213
  -222
  -232
  -242
  -253
  -264
  -276
  -288
  -302
  -316
  -330
  -346
  -363
  -380
  -398
  -417
  -437
  -458
  -480
  -504
  -529
  -555
  -582
  -610
  -640
  -672
Free cash flow, $m
  35
  -19
  24
  20
  17
  13
  10
  6
  2
  -2
  -6
  -11
  -15
  -20
  -25
  -30
  -36
  -41
  -47
  -54
  -60
  -67
  -74
  -82
  -90
  -98
  -107
  -116
  -126
  -137
  -149
Issuance/(repayment) of debt, $m
  -71
  -663
  41
  46
  51
  55
  60
  65
  69
  74
  79
  85
  90
  95
  101
  107
  113
  120
  126
  133
  141
  148
  156
  165
  173
  182
  192
  202
  213
  224
  235
Issuance/(repurchase) of shares, $m
  0
  699
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  6
  10
  14
  18
  23
  28
  35
Cash from financing (excl. dividends), $m  
  -73
  36
  41
  46
  51
  55
  60
  65
  69
  74
  79
  85
  90
  95
  101
  107
  113
  120
  126
  133
  141
  148
  156
  167
  179
  192
  206
  220
  236
  252
  270
Total cash flow (excl. dividends), $m
  -37
  17
  65
  66
  68
  69
  70
  71
  72
  72
  73
  74
  75
  75
  76
  77
  78
  78
  79
  80
  80
  81
  82
  84
  89
  94
  99
  104
  109
  115
  121
Retained Cash Flow (-), $m
  37
  -703
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -24
  -28
  -35
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
 
  -566
  61
  61
  62
  63
  63
  63
  64
  64
  64
  65
  65
  65
  65
  65
  65
  65
  65
  65
  65
  65
  64
  66
  70
  73
  77
  81
  85
  86
  86
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
 
  -501
  47
  41
  35
  30
  25
  21
  17
  13
  10
  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
  50.0
  50.0
  50.0
  49.8
  49.1
  48.0
  46.5
  44.8
  42.8
  40.6
  38.1

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 25.1
Price to Sales 0.1
Price to Book -1.3
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 276.2
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 2.5% 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 33.892 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 $0.6 billion.

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COMPANY NEWS

▶ How FedEx Is Valued among Peers before Fiscal 2Q18 Earnings   [Dec-18-17 09:01AM  Market Realist]
▶ Can FedEx Surpass Analysts Revenue Estimates in Fiscal 2Q18?   [Dec-14-17 12:59PM  Market Realist]
▶ CEO of major KC public company will retire in 2018   [Dec-13-17 06:05PM  American City Business Journals]
▶ Stocks Generating Improved Relative Strength: YRC Worldwide   [03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: YRC Worldwide   [03:00AM  Investor's Business Daily]
▶ 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]
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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