Intrinsic value of Forward Air - FWRD

Previous Close

$56.34

  Intrinsic Value

$191.19

stock screener

  Rating & Target

str. buy

+239%

Previous close

$56.34

 
Intrinsic value

$191.19

 
Up/down potential

+239%

 
Rating

str. buy

We calculate the intrinsic value of FWRD 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 0001), $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 1.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  1,281
  1,477
  1,687
  1,912
  2,150
  2,402
  2,668
  2,947
  3,239
  3,544
  3,862
  4,193
  4,538
  4,896
  5,269
  5,656
  6,058
  6,477
  6,911
  7,363
  7,833
  8,323
  8,832
  9,363
  9,916
  10,493
  11,095
  11,724
  12,380
  13,065
Variable operating expenses, $m
  748
  858
  976
  1,102
  1,235
  1,377
  1,526
  1,682
  1,846
  2,017
  2,165
  2,350
  2,544
  2,744
  2,953
  3,170
  3,396
  3,630
  3,874
  4,127
  4,390
  4,665
  4,950
  5,248
  5,558
  5,881
  6,219
  6,571
  6,939
  7,323
Fixed operating expenses, $m
  362
  370
  378
  386
  395
  403
  412
  421
  431
  440
  450
  460
  470
  480
  491
  501
  512
  524
  535
  547
  559
  571
  584
  597
  610
  623
  637
  651
  665
  680
Total operating expenses, $m
  1,110
  1,228
  1,354
  1,488
  1,630
  1,780
  1,938
  2,103
  2,277
  2,457
  2,615
  2,810
  3,014
  3,224
  3,444
  3,671
  3,908
  4,154
  4,409
  4,674
  4,949
  5,236
  5,534
  5,845
  6,168
  6,504
  6,856
  7,222
  7,604
  8,003
Operating income, $m
  171
  249
  333
  424
  520
  622
  730
  844
  963
  1,087
  1,248
  1,383
  1,525
  1,672
  1,825
  1,985
  2,150
  2,323
  2,502
  2,689
  2,884
  3,087
  3,298
  3,518
  3,749
  3,989
  4,240
  4,502
  4,776
  5,062
EBITDA, $m
  235
  318
  408
  504
  607
  715
  830
  951
  1,078
  1,210
  1,349
  1,493
  1,643
  1,800
  1,963
  2,132
  2,309
  2,492
  2,683
  2,882
  3,089
  3,304
  3,529
  3,763
  4,008
  4,263
  4,530
  4,808
  5,099
  5,404
Interest expense (income), $m
  2
  2
  4
  5
  7
  9
  10
  12
  15
  17
  19
  21
  24
  26
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  71
  76
  81
  86
  91
Earnings before tax, $m
  169
  245
  328
  417
  512
  612
  718
  829
  946
  1,068
  1,226
  1,360
  1,498
  1,643
  1,793
  1,950
  2,112
  2,282
  2,458
  2,641
  2,832
  3,032
  3,239
  3,456
  3,682
  3,917
  4,164
  4,421
  4,690
  4,972
Tax expense, $m
  46
  66
  89
  113
  138
  165
  194
  224
  255
  288
  331
  367
  405
  444
  484
  526
  570
  616
  664
  713
  765
  819
  875
  933
  994
  1,058
  1,124
  1,194
  1,266
  1,342
Net income, $m
  123
  179
  240
  304
  373
  447
  524
  605
  691
  780
  895
  992
  1,094
  1,199
  1,309
  1,423
  1,542
  1,666
  1,794
  1,928
  2,068
  2,213
  2,365
  2,523
  2,687
  2,860
  3,039
  3,227
  3,424
  3,629

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
  806
  929
  1,061
  1,202
  1,352
  1,511
  1,678
  1,853
  2,037
  2,229
  2,429
  2,637
  2,854
  3,080
  3,314
  3,557
  3,810
  4,073
  4,347
  4,631
  4,927
  5,234
  5,555
  5,889
  6,237
  6,600
  6,978
  7,373
  7,786
  8,217
Adjusted assets (=assets-cash), $m
  806
  929
  1,061
  1,202
  1,352
  1,511
  1,678
  1,853
  2,037
  2,229
  2,429
  2,637
  2,854
  3,080
  3,314
  3,557
  3,810
  4,073
  4,347
  4,631
  4,927
  5,234
  5,555
  5,889
  6,237
  6,600
  6,978
  7,373
  7,786
  8,217
Revenue / Adjusted assets
  1.589
  1.590
  1.590
  1.591
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
  1.590
Average production assets, $m
  409
  471
  538
  610
  686
  766
  851
  940
  1,033
  1,131
  1,232
  1,338
  1,448
  1,562
  1,681
  1,804
  1,933
  2,066
  2,205
  2,349
  2,499
  2,655
  2,818
  2,987
  3,163
  3,347
  3,539
  3,740
  3,949
  4,168
Working capital, $m
  114
  131
  150
  170
  191
  214
  237
  262
  288
  315
  344
  373
  404
  436
  469
  503
  539
  576
  615
  655
  697
  741
  786
  833
  883
  934
  987
  1,043
  1,102
  1,163
Total debt, $m
  67
  96
  126
  159
  193
  230
  269
  309
  352
  396
  442
  490
  540
  592
  647
  703
  761
  822
  885
  951
  1,019
  1,090
  1,164
  1,241
  1,322
  1,406
  1,493
  1,584
  1,680
  1,779
Total liabilities, $m
  186
  215
  245
  278
  312
  349
  388
  428
  471
  515
  561
  609
  659
  711
  765
  822
  880
  941
  1,004
  1,070
  1,138
  1,209
  1,283
  1,360
  1,441
  1,525
  1,612
  1,703
  1,799
  1,898
Total equity, $m
  620
  714
  816
  925
  1,040
  1,162
  1,290
  1,425
  1,567
  1,714
  1,868
  2,028
  2,195
  2,368
  2,548
  2,736
  2,930
  3,132
  3,343
  3,561
  3,789
  4,025
  4,272
  4,528
  4,796
  5,075
  5,366
  5,670
  5,987
  6,319
Total liabilities and equity, $m
  806
  929
  1,061
  1,203
  1,352
  1,511
  1,678
  1,853
  2,038
  2,229
  2,429
  2,637
  2,854
  3,079
  3,313
  3,558
  3,810
  4,073
  4,347
  4,631
  4,927
  5,234
  5,555
  5,888
  6,237
  6,600
  6,978
  7,373
  7,786
  8,217
Debt-to-equity ratio
  0.110
  0.130
  0.150
  0.170
  0.190
  0.200
  0.210
  0.220
  0.220
  0.230
  0.240
  0.240
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
Adjusted equity ratio
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769
  0.769

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  123
  179
  240
  304
  373
  447
  524
  605
  691
  780
  895
  992
  1,094
  1,199
  1,309
  1,423
  1,542
  1,666
  1,794
  1,928
  2,068
  2,213
  2,365
  2,523
  2,687
  2,860
  3,039
  3,227
  3,424
  3,629
Depreciation, amort., depletion, $m
  64
  69
  74
  80
  87
  93
  100
  107
  115
  123
  101
  110
  119
  128
  138
  148
  158
  169
  181
  193
  205
  218
  231
  245
  259
  274
  290
  307
  324
  342
Funds from operations, $m
  187
  248
  314
  385
  460
  540
  624
  713
  806
  903
  996
  1,102
  1,212
  1,327
  1,447
  1,571
  1,700
  1,835
  1,975
  2,121
  2,273
  2,431
  2,596
  2,767
  2,947
  3,134
  3,330
  3,534
  3,748
  3,971
Change in working capital, $m
  16
  17
  19
  20
  21
  22
  24
  25
  26
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  54
  56
  58
  61
Cash from operations, $m
  171
  231
  295
  365
  439
  517
  600
  688
  780
  876
  968
  1,073
  1,182
  1,295
  1,414
  1,537
  1,665
  1,798
  1,936
  2,081
  2,231
  2,387
  2,550
  2,720
  2,898
  3,083
  3,276
  3,478
  3,689
  3,910
Maintenance CAPEX, $m
  -29
  -34
  -39
  -44
  -50
  -56
  -63
  -70
  -77
  -85
  -93
  -101
  -110
  -119
  -128
  -138
  -148
  -158
  -169
  -181
  -193
  -205
  -218
  -231
  -245
  -259
  -274
  -290
  -307
  -324
New CAPEX, $m
  -57
  -62
  -67
  -72
  -76
  -80
  -85
  -89
  -93
  -97
  -101
  -106
  -110
  -114
  -119
  -123
  -128
  -133
  -139
  -144
  -150
  -156
  -163
  -169
  -177
  -184
  -192
  -200
  -209
  -219
Cash from investing activities, $m
  -86
  -96
  -106
  -116
  -126
  -136
  -148
  -159
  -170
  -182
  -194
  -207
  -220
  -233
  -247
  -261
  -276
  -291
  -308
  -325
  -343
  -361
  -381
  -400
  -422
  -443
  -466
  -490
  -516
  -543
Free cash flow, $m
  85
  135
  190
  249
  313
  381
  453
  529
  609
  694
  774
  866
  962
  1,062
  1,167
  1,275
  1,388
  1,506
  1,628
  1,756
  1,888
  2,026
  2,170
  2,320
  2,476
  2,639
  2,810
  2,987
  3,173
  3,368
Issuance/(repayment) of debt, $m
  26
  28
  31
  33
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
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  
  26
  28
  31
  33
  35
  37
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  84
  87
  91
  95
  100
Total cash flow (excl. dividends), $m
  111
  163
  220
  282
  347
  417
  491
  570
  652
  738
  820
  914
  1,012
  1,114
  1,221
  1,332
  1,447
  1,567
  1,691
  1,821
  1,956
  2,097
  2,244
  2,397
  2,557
  2,723
  2,897
  3,079
  3,269
  3,467
Retained Cash Flow (-), $m
  -87
  -95
  -102
  -109
  -115
  -122
  -128
  -135
  -141
  -148
  -154
  -160
  -167
  -173
  -180
  -187
  -195
  -202
  -210
  -219
  -227
  -237
  -246
  -257
  -268
  -279
  -291
  -304
  -317
  -332
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
  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
  24
  69
  118
  173
  232
  295
  363
  435
  511
  591
  666
  754
  846
  941
  1,041
  1,144
  1,252
  1,365
  1,481
  1,603
  1,729
  1,861
  1,998
  2,140
  2,289
  2,444
  2,606
  2,775
  2,951
  3,136
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  23
  63
  103
  142
  180
  214
  245
  272
  293
  310
  316
  322
  321
  316
  306
  291
  272
  251
  228
  204
  179
  154
  131
  109
  89
  71
  56
  43
  32
  24
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

Forward Air Corporation is a freight and logistics company. The Company provides less-than-truckload (LTL), truckload, intermodal and pool distribution services across the United States and in Canada. The Company's segments include Expedited LTL, Truckload Premium Services (TLS), Intermodal and Pool Distribution. Expedited LTL segment provides expedited regional, inter-regional and national LTL services. TLS segment is a provider of transportation management services, including, but not limited to, expedited truckload brokerage, fleet services, as well as security and temperature-controlled logistics services in the United States and Canada. Intermodal offers first- and last-mile transportation of freight both to and from seaports and railheads through fleet and third party transportation providers. Pool distribution involves managing high-frequency handling and distribution of time-sensitive product to numerous destinations in specific geographic regions.

FINANCIAL RATIOS  of  Forward Air (FWRD)

Valuation Ratios
P/E Ratio 60.5
Price to Sales 1.7
Price to Book 3.4
Price to Tangible Book
Price to Cash Flow 13
Price to Free Cash Flow 19.3
Growth Rates
Sales Growth Rate 2.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5%
Cap. Spend. - 3 Yr. Gr. Rate 3.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 0.2%
Total Debt to Equity 5.8%
Interest Coverage 30
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 8.4%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. 9.7%
Return On Equity 5.6%
Return On Equity - 3 Yr. Avg. 10.2%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 46.5%
Gross Margin - 3 Yr. Avg. 45.9%
EBITDA Margin 10%
EBITDA Margin - 3 Yr. Avg. 12.9%
Operating Margin 6.1%
Oper. Margin - 3 Yr. Avg. 9%
Pre-Tax Margin 5.9%
Pre-Tax Margin - 3 Yr. Avg. 8.8%
Net Profit Margin 2.8%
Net Profit Margin - 3 Yr. Avg. 5.5%
Effective Tax Rate 51.7%
Eff/ Tax Rate - 3 Yr. Avg. 39.4%
Payout Ratio 57.1%

FWRD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the FWRD stock intrinsic value calculation we used $1100.816 million for the last fiscal year's total revenue generated by Forward Air. The default revenue input number comes from 0001 income statement of Forward Air. 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 FWRD stock valuation model: a) initial revenue growth rate of 16.4% 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 4.3%, whose default value for FWRD is calculated based on our internal credit rating of Forward Air, 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 Forward Air.
    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 FWRD stock the variable cost ratio is equal to 58.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $354 million in the base year in the intrinsic value calculation for FWRD 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 Forward Air.

Corporate tax rate of 27% is the nominal tax rate for Forward Air. 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 FWRD 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 FWRD are equal to 31.9%.

Life of production assets of 12.2 years is the average useful life of capital assets used in Forward Air 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 FWRD is equal to 8.9%. 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 - $532.699 million for Forward Air - 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 29.349 million for Forward Air 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 Forward Air at the current share price and the inputted number of shares is $1.7 billion.

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EXPD Expeditors Int 70.48 71.05  hold

COMPANY NEWS

▶ What Forward Air Corporations (NASDAQ:FWRD) ROE Can Tell Us   [Dec-17-18 08:23AM  Simply Wall St.]
▶ Forward Air Could Break Down From Head and Shoulders   [Dec-11-18 03:18PM  Investopedia]
▶ Forward Air (FWRD) Lags Q3 Earnings Estimates   [Oct-24-18 06:35PM  Zacks]
▶ Forward Air: 3Q Earnings Snapshot   [05:28PM  Associated Press]
▶ Stock Indexes Hold At Key Levels As This Dow Component Hits Buy Point   [Jul-31-18 01:39PM  Investor's Business Daily]
▶ Forward Air Stock Pops 6.45% On Earnings Beat   [Jul-27-18 02:24PM  Benzinga]
▶ Forward Air: 2Q Earnings Snapshot   [Jul-25-18 05:17PM  Associated Press]
▶ Moving Average Crossover Alert: Forward Air   [Jun-15-18 06:55AM  Zacks]
▶ Forward Air: 1Q Earnings Snapshot   [Apr-25-18 05:20PM  Associated Press]
▶ Forward Air tops Street 4Q forecasts   [Feb-07-18 06:31PM  Associated Press]
▶ New Strong Buy Stocks for January 26th   [Jan-26-18 08:49AM  Zacks]
▶ 5 Top Efficient Stocks to Buy for Striking Returns   [Jan-22-18 11:10AM  InvestorPlace]
▶ Nasdaq Leads; Bitcoin ETF Cuts Losses; Why Tesla Is Not A Buy Right Now   [Jan-08-18 03:09PM  Investor's Business Daily]
▶ Forward Air Corporation to Host Earnings Call   [Oct-26-17 07:15AM  ACCESSWIRE]
▶ Forward Air tops Street 3Q forecasts   [Oct-25-17 05:11PM  Associated Press]

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