Intrinsic value of C.H. Robinson Worldwide - CHRW

Previous Close

$93.97

  Intrinsic Value

$120.96

stock screener

  Rating & Target

buy

+29%

Previous close

$93.97

 
Intrinsic value

$120.96

 
Up/down potential

+29%

 
Rating

buy

We calculate the intrinsic value of CHRW 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 2017), $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 13.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
Revenue, $m
  16,817
  18,884
  21,067
  23,364
  25,774
  28,295
  30,928
  33,673
  36,531
  39,503
  42,594
  45,807
  49,145
  52,614
  56,220
  59,968
  63,867
  67,923
  72,145
  76,541
  81,122
  85,897
  90,877
  96,074
  101,498
  107,163
  113,082
  119,269
  125,738
  132,505
Variable operating expenses, $m
  15,722
  17,637
  19,659
  21,787
  24,020
  26,356
  28,795
  31,337
  33,985
  36,739
  39,460
  42,435
  45,528
  48,742
  52,082
  55,555
  59,166
  62,924
  66,835
  70,908
  75,152
  79,576
  84,189
  89,003
  94,028
  99,276
  104,760
  110,491
  116,484
  122,753
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
  15,722
  17,637
  19,659
  21,787
  24,020
  26,356
  28,795
  31,337
  33,985
  36,739
  39,460
  42,435
  45,528
  48,742
  52,082
  55,555
  59,166
  62,924
  66,835
  70,908
  75,152
  79,576
  84,189
  89,003
  94,028
  99,276
  104,760
  110,491
  116,484
  122,753
Operating income, $m
  1,095
  1,247
  1,408
  1,577
  1,754
  1,940
  2,134
  2,336
  2,546
  2,765
  3,135
  3,371
  3,617
  3,872
  4,138
  4,413
  4,700
  4,999
  5,310
  5,633
  5,970
  6,322
  6,688
  7,071
  7,470
  7,887
  8,323
  8,778
  9,254
  9,752
EBITDA, $m
  1,424
  1,599
  1,784
  1,979
  2,183
  2,397
  2,620
  2,852
  3,094
  3,346
  3,608
  3,880
  4,162
  4,456
  4,762
  5,079
  5,409
  5,753
  6,110
  6,483
  6,871
  7,275
  7,697
  8,137
  8,597
  9,076
  9,578
  10,102
  10,650
  11,223
Interest expense (income), $m
  29
  84
  104
  125
  147
  171
  195
  221
  248
  276
  305
  336
  367
  400
  434
  469
  506
  544
  584
  625
  668
  713
  760
  809
  860
  913
  968
  1,026
  1,086
  1,149
  1,215
Earnings before tax, $m
  1,011
  1,143
  1,283
  1,429
  1,583
  1,744
  1,912
  2,087
  2,270
  2,459
  2,799
  3,004
  3,217
  3,438
  3,668
  3,907
  4,156
  4,415
  4,684
  4,965
  5,257
  5,562
  5,880
  6,211
  6,557
  6,919
  7,297
  7,692
  8,105
  8,537
Tax expense, $m
  273
  309
  346
  386
  427
  471
  516
  564
  613
  664
  756
  811
  869
  928
  990
  1,055
  1,122
  1,192
  1,265
  1,340
  1,419
  1,502
  1,587
  1,677
  1,771
  1,868
  1,970
  2,077
  2,188
  2,305
Net income, $m
  738
  834
  936
  1,043
  1,156
  1,273
  1,396
  1,524
  1,657
  1,795
  2,043
  2,193
  2,348
  2,510
  2,678
  2,852
  3,034
  3,223
  3,420
  3,624
  3,838
  4,060
  4,292
  4,534
  4,787
  5,051
  5,327
  5,615
  5,917
  6,232

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  4,791
  5,380
  6,002
  6,656
  7,343
  8,061
  8,811
  9,593
  10,408
  11,255
  12,135
  13,050
  14,001
  14,990
  16,017
  17,085
  18,196
  19,351
  20,554
  21,807
  23,112
  24,472
  25,891
  27,371
  28,917
  30,531
  32,217
  33,980
  35,823
  37,751
Adjusted assets (=assets-cash), $m
  4,791
  5,380
  6,002
  6,656
  7,343
  8,061
  8,811
  9,593
  10,408
  11,255
  12,135
  13,050
  14,001
  14,990
  16,017
  17,085
  18,196
  19,351
  20,554
  21,807
  23,112
  24,472
  25,891
  27,371
  28,917
  30,531
  32,217
  33,980
  35,823
  37,751
Revenue / Adjusted assets
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
  3.510
Average production assets, $m
  1,867
  2,096
  2,338
  2,593
  2,861
  3,141
  3,433
  3,738
  4,055
  4,385
  4,728
  5,085
  5,455
  5,840
  6,240
  6,656
  7,089
  7,539
  8,008
  8,496
  9,005
  9,535
  10,087
  10,664
  11,266
  11,895
  12,552
  13,239
  13,957
  14,708
Working capital, $m
  -1,127
  -1,265
  -1,411
  -1,565
  -1,727
  -1,896
  -2,072
  -2,256
  -2,448
  -2,647
  -2,854
  -3,069
  -3,293
  -3,525
  -3,767
  -4,018
  -4,279
  -4,551
  -4,834
  -5,128
  -5,435
  -5,755
  -6,089
  -6,437
  -6,800
  -7,180
  -7,577
  -7,991
  -8,424
  -8,878
Total debt, $m
  1,928
  2,318
  2,731
  3,165
  3,620
  4,096
  4,594
  5,112
  5,652
  6,213
  6,797
  7,404
  8,034
  8,690
  9,371
  10,079
  10,815
  11,581
  12,379
  13,209
  14,075
  14,977
  15,917
  16,899
  17,923
  18,993
  20,112
  21,280
  22,502
  23,780
Total liabilities, $m
  3,177
  3,567
  3,979
  4,413
  4,868
  5,345
  5,842
  6,360
  6,900
  7,462
  8,046
  8,652
  9,283
  9,938
  10,619
  11,327
  12,064
  12,830
  13,627
  14,458
  15,323
  16,225
  17,166
  18,147
  19,172
  20,242
  21,360
  22,529
  23,751
  25,029
Total equity, $m
  1,615
  1,813
  2,023
  2,243
  2,475
  2,717
  2,969
  3,233
  3,507
  3,793
  4,090
  4,398
  4,718
  5,052
  5,398
  5,758
  6,132
  6,521
  6,927
  7,349
  7,789
  8,247
  8,725
  9,224
  9,745
  10,289
  10,857
  11,451
  12,072
  12,722
Total liabilities and equity, $m
  4,792
  5,380
  6,002
  6,656
  7,343
  8,062
  8,811
  9,593
  10,407
  11,255
  12,136
  13,050
  14,001
  14,990
  16,017
  17,085
  18,196
  19,351
  20,554
  21,807
  23,112
  24,472
  25,891
  27,371
  28,917
  30,531
  32,217
  33,980
  35,823
  37,751
Debt-to-equity ratio
  1.190
  1.280
  1.350
  1.410
  1.460
  1.510
  1.550
  1.580
  1.610
  1.640
  1.660
  1.680
  1.700
  1.720
  1.740
  1.750
  1.760
  1.780
  1.790
  1.800
  1.810
  1.820
  1.820
  1.830
  1.840
  1.850
  1.850
  1.860
  1.860
  1.870
Adjusted equity ratio
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337
  0.337

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  738
  834
  936
  1,043
  1,156
  1,273
  1,396
  1,524
  1,657
  1,795
  2,043
  2,193
  2,348
  2,510
  2,678
  2,852
  3,034
  3,223
  3,420
  3,624
  3,838
  4,060
  4,292
  4,534
  4,787
  5,051
  5,327
  5,615
  5,917
  6,232
Depreciation, amort., depletion, $m
  329
  352
  377
  402
  429
  457
  486
  516
  548
  581
  473
  508
  546
  584
  624
  666
  709
  754
  801
  850
  900
  953
  1,009
  1,066
  1,127
  1,190
  1,255
  1,324
  1,396
  1,471
Funds from operations, $m
  1,067
  1,187
  1,313
  1,445
  1,585
  1,730
  1,882
  2,040
  2,205
  2,377
  2,516
  2,702
  2,894
  3,094
  3,302
  3,518
  3,743
  3,977
  4,220
  4,474
  4,738
  5,014
  5,301
  5,601
  5,914
  6,240
  6,582
  6,939
  7,312
  7,703
Change in working capital, $m
  -131
  -138
  -146
  -154
  -161
  -169
  -176
  -184
  -191
  -199
  -207
  -215
  -224
  -232
  -242
  -251
  -261
  -272
  -283
  -295
  -307
  -320
  -334
  -348
  -363
  -380
  -397
  -415
  -433
  -453
Cash from operations, $m
  1,198
  1,325
  1,459
  1,599
  1,746
  1,899
  2,058
  2,224
  2,397
  2,576
  2,723
  2,917
  3,118
  3,326
  3,544
  3,769
  4,004
  4,249
  4,503
  4,768
  5,045
  5,333
  5,634
  5,949
  6,277
  6,620
  6,979
  7,353
  7,746
  8,156
Maintenance CAPEX, $m
  -165
  -187
  -210
  -234
  -259
  -286
  -314
  -343
  -374
  -405
  -438
  -473
  -508
  -546
  -584
  -624
  -666
  -709
  -754
  -801
  -850
  -900
  -953
  -1,009
  -1,066
  -1,127
  -1,190
  -1,255
  -1,324
  -1,396
New CAPEX, $m
  -221
  -229
  -242
  -255
  -267
  -280
  -292
  -305
  -317
  -330
  -343
  -357
  -371
  -385
  -400
  -416
  -433
  -450
  -469
  -488
  -508
  -530
  -553
  -577
  -602
  -629
  -657
  -687
  -718
  -751
Cash from investing activities, $m
  -386
  -416
  -452
  -489
  -526
  -566
  -606
  -648
  -691
  -735
  -781
  -830
  -879
  -931
  -984
  -1,040
  -1,099
  -1,159
  -1,223
  -1,289
  -1,358
  -1,430
  -1,506
  -1,586
  -1,668
  -1,756
  -1,847
  -1,942
  -2,042
  -2,147
Free cash flow, $m
  812
  909
  1,007
  1,111
  1,219
  1,333
  1,452
  1,576
  1,706
  1,840
  1,942
  2,087
  2,239
  2,396
  2,559
  2,729
  2,906
  3,089
  3,281
  3,480
  3,687
  3,903
  4,128
  4,363
  4,608
  4,865
  5,132
  5,411
  5,704
  6,009
Issuance/(repayment) of debt, $m
  367
  390
  412
  434
  455
  476
  497
  518
  540
  562
  584
  607
  631
  655
  681
  708
  736
  766
  797
  830
  865
  902
  941
  982
  1,025
  1,070
  1,118
  1,169
  1,222
  1,278
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
Cash from financing (excl. dividends), $m  
  367
  390
  412
  434
  455
  476
  497
  518
  540
  562
  584
  607
  631
  655
  681
  708
  736
  766
  797
  830
  865
  902
  941
  982
  1,025
  1,070
  1,118
  1,169
  1,222
  1,278
Total cash flow (excl. dividends), $m
  1,179
  1,299
  1,420
  1,544
  1,674
  1,809
  1,949
  2,095
  2,245
  2,402
  2,526
  2,694
  2,869
  3,051
  3,240
  3,437
  3,642
  3,856
  4,078
  4,310
  4,552
  4,805
  5,069
  5,345
  5,633
  5,935
  6,250
  6,580
  6,926
  7,287
Retained Cash Flow (-), $m
  -189
  -198
  -210
  -221
  -231
  -242
  -253
  -264
  -274
  -285
  -297
  -308
  -321
  -333
  -346
  -360
  -374
  -389
  -405
  -422
  -440
  -458
  -478
  -499
  -521
  -544
  -568
  -594
  -621
  -650
Prev. year cash balance distribution, $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 flow adjustment, $m
  30
  34
  38
  42
  47
  52
  57
  62
  67
  73
  79
  85
  92
  98
  105
  112
  120
  128
  136
  144
  153
  162
  172
  182
  192
  203
  214
  226
  239
  251
Cash available for distribution, $m
  990
  1,101
  1,210
  1,324
  1,443
  1,567
  1,697
  1,831
  1,971
  2,116
  2,229
  2,386
  2,549
  2,718
  2,894
  3,077
  3,268
  3,466
  3,673
  3,888
  4,112
  4,346
  4,591
  4,846
  5,112
  5,391
  5,682
  5,986
  6,305
  6,638
Discount rate, %
  5.40
  5.67
  5.95
  6.25
  6.56
  6.89
  7.24
  7.60
  7.98
  8.38
  8.80
  9.24
  9.70
  10.18
  10.69
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.04
  15.80
  16.59
  17.42
  18.29
  19.20
  20.16
  21.17
  22.23
PV of cash for distribution, $m
  939
  986
  1,017
  1,039
  1,050
  1,051
  1,040
  1,019
  988
  947
  882
  826
  765
  699
  631
  561
  492
  424
  360
  301
  247
  199
  157
  122
  92
  68
  50
  35
  24
  16
Current shareholders' claim on cash, %
  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

C.H. Robinson Worldwide, Inc. is a provider of transportation services and logistics solutions through a network of offices operating in North America, Europe, Asia, Australia, New Zealand and South America. The Company's segments include North American Surface Transportation (NAST), Global Forwarding, Robinson Fresh, and All Other and Corporate. The NAST segment provides freight transportation services across North America through a network of offices in the United States, Canada and Mexico. The primary services provided by Global Forwarding segment include ocean freight services, air freight services, and customs brokerage. The Robinson Fresh segment provides sourcing under the trade name Robinson Fresh. The All Other and Corporate segment primarily consists of Managed Services and Other Surface Transportation outside of North America. It develops global transportation and distribution networks to provide transportation and supply chain services throughout the world.

FINANCIAL RATIOS  of  C.H. Robinson Worldwide (CHRW)

Valuation Ratios
P/E Ratio 25.9
Price to Sales 1
Price to Book 10.6
Price to Tangible Book
Price to Cash Flow 25.1
Price to Free Cash Flow 30.3
Growth Rates
Sales Growth Rate -2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 102.2%
Cap. Spend. - 3 Yr. Gr. Rate 13.6%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 39.7%
Total Debt to Equity 105.1%
Interest Coverage 29
Management Effectiveness
Return On Assets 15.5%
Ret/ On Assets - 3 Yr. Avg. 15.8%
Return On Total Capital 21.5%
Ret/ On T. Cap. - 3 Yr. Avg. 22.2%
Return On Equity 42.6%
Return On Equity - 3 Yr. Avg. 44.8%
Asset Turnover 3.8
Profitability Ratios
Gross Margin 17.3%
Gross Margin - 3 Yr. Avg. 16.4%
EBITDA Margin 7%
EBITDA Margin - 3 Yr. Avg. 6.6%
Operating Margin 6.6%
Oper. Margin - 3 Yr. Avg. 6.3%
Pre-Tax Margin 6.2%
Pre-Tax Margin - 3 Yr. Avg. 5.9%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 36.8%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 47.8%

CHRW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CHRW stock intrinsic value calculation we used $14869 million for the last fiscal year's total revenue generated by C.H. Robinson Worldwide. The default revenue input number comes from 2017 income statement of C.H. Robinson 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 CHRW stock valuation model: a) initial revenue growth rate of 13.1% 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 5.4%, whose default value for CHRW is calculated based on our internal credit rating of C.H. Robinson 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 C.H. Robinson 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 CHRW 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 $0 million in the base year in the intrinsic value calculation for CHRW 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 5.4% for C.H. Robinson Worldwide.

Corporate tax rate of 27% is the nominal tax rate for C.H. Robinson 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 CHRW stock is equal to 0.2%.

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 CHRW are equal to 11.1%.

Life of production assets of 10 years is the average useful life of capital assets used in C.H. Robinson 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 CHRW is equal to -6.7%. 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 - $1426 million for C.H. Robinson 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 141 million for C.H. Robinson 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 C.H. Robinson Worldwide at the current share price and the inputted number of shares is $13.2 billion.

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COMPANY NEWS

▶ C.H. Robinson Worldwide Declares Quarterly Cash Dividend   [Aug-09-18 04:15PM  Business Wire]
▶ C.H. Robinson names new top tech executive   [Aug-02-18 03:47PM  American City Business Journals]
▶ C.H. Robinson: 2Q Earnings Snapshot   [04:33PM  Associated Press]
▶ Sacramento company raising capital to disrupt freight hauling industry   [Jun-26-18 10:38AM  American City Business Journals]
▶ How Blockchain Affects Our Coverage   [07:00AM  Morningstar]
▶ BNSF subsidiary adds to its C-suite with new position   [May-29-18 03:57PM  American City Business Journals]
▶ Best NYSE Transport Dividend Paying Companies   [May-24-18 09:02AM  Simply Wall St.]
▶ Freight Operators Dismiss Threat of Digital Startups   [May-07-18 03:38PM  The Wall Street Journal]
▶ C.H. Robinson: 1Q Earnings Snapshot   [May-01-18 04:28PM  Associated Press]
▶ Trade of the Day: C.H. Robinson Worldwide, Inc. (CHRW)   [Apr-17-18 09:12AM  InvestorPlace]
▶ J.B. Hunt Profit Jumps on Strong Freight Demand Pricing Gains   [Apr-16-18 03:00PM  The Wall Street Journal]
▶ Trucking Into Logistics Without All The Debt   [Apr-10-18 11:53AM  Forbes]
▶ Goldman: 15 Most Likely M&A Targets in 2018   [Mar-23-18 10:08AM  Investopedia]
▶ C.H. Robinsons top tech executive departs   [Mar-06-18 04:39PM  American City Business Journals]
▶ Logistics: The Battle To Own The Last Mile In An Amazon-Tesla World   [Mar-02-18 11:26AM  Investor's Business Daily]
▶ Robert Biesterfeld Appointed Chief Operating Officer   [Feb-26-18 12:00PM  Business Wire]
▶ NYSE Favorite Transport Dividend Stocks   [Feb-22-18 08:02AM  Simply Wall St.]
▶ Transports Could Bounce at Major Support   [Feb-13-18 09:54AM  Investopedia]
▶ Freight Brokers See Profits Surge on Shipping Rush   [Feb-09-18 10:00AM  The Wall Street Journal]
▶ C.H. Robinson Worldwide Declares Quarterly Cash Dividend   [Feb-08-18 04:15PM  Business Wire]
▶ Healthy Volumes at C.H. Robinson Pace a Strong Quarter   [Jan-31-18 02:20PM  Motley Fool]
▶ C.H. Robinson beats Street 4Q forecasts   [Jan-30-18 04:39PM  Associated Press]
▶ C.H. Robinson Reports Fourth Quarter Results   [04:15PM  Business Wire]
▶ 2 More Stocks on the MFM Team's Radar This Week   [Jan-10-18 08:30PM  Motley Fool]
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