Intrinsic value of Forward Air - FWRD

Previous Close

$62.79

  Intrinsic Value

$130.21

stock screener

  Rating & Target

str. buy

+107%

Previous close

$62.79

 
Intrinsic value

$130.21

 
Up/down potential

+107%

 
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 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 1.9

 

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, %
  12.00
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
Revenue, $m
  1,233
  1,372
  1,519
  1,672
  1,833
  2,000
  2,175
  2,356
  2,545
  2,741
  2,945
  3,157
  3,377
  3,606
  3,844
  4,092
  4,350
  4,618
  4,897
  5,189
  5,492
  5,809
  6,139
  6,484
  6,845
  7,221
  7,615
  8,027
  8,458
  8,908
Variable operating expenses, $m
  723
  801
  883
  969
  1,059
  1,153
  1,251
  1,353
  1,459
  1,569
  1,654
  1,773
  1,896
  2,025
  2,159
  2,298
  2,442
  2,593
  2,750
  2,913
  3,084
  3,262
  3,447
  3,641
  3,843
  4,055
  4,276
  4,507
  4,749
  5,002
Fixed operating expenses, $m
  361
  369
  377
  385
  394
  402
  411
  420
  429
  439
  448
  458
  468
  479
  489
  500
  511
  522
  534
  545
  557
  570
  582
  595
  608
  622
  635
  649
  664
  678
Total operating expenses, $m
  1,084
  1,170
  1,260
  1,354
  1,453
  1,555
  1,662
  1,773
  1,888
  2,008
  2,102
  2,231
  2,364
  2,504
  2,648
  2,798
  2,953
  3,115
  3,284
  3,458
  3,641
  3,832
  4,029
  4,236
  4,451
  4,677
  4,911
  5,156
  5,413
  5,680
Operating income, $m
  150
  203
  259
  318
  380
  445
  512
  583
  656
  733
  843
  926
  1,013
  1,103
  1,197
  1,294
  1,396
  1,503
  1,614
  1,730
  1,851
  1,978
  2,110
  2,248
  2,393
  2,545
  2,704
  2,871
  3,045
  3,228
EBITDA, $m
  236
  295
  358
  424
  493
  566
  641
  720
  802
  888
  977
  1,069
  1,166
  1,266
  1,371
  1,480
  1,594
  1,712
  1,836
  1,965
  2,100
  2,241
  2,389
  2,543
  2,704
  2,873
  3,050
  3,235
  3,429
  3,633
Interest expense (income), $m
  2
  2
  3
  4
  5
  6
  8
  9
  10
  12
  13
  15
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  43
  46
  48
  51
  55
  58
Earnings before tax, $m
  147
  200
  255
  313
  373
  437
  503
  572
  645
  720
  828
  910
  995
  1,083
  1,175
  1,272
  1,372
  1,476
  1,585
  1,699
  1,818
  1,942
  2,072
  2,208
  2,351
  2,500
  2,656
  2,819
  2,991
  3,171
Tax expense, $m
  40
  54
  69
  84
  101
  118
  136
  155
  174
  194
  224
  246
  269
  293
  317
  343
  370
  399
  428
  459
  491
  524
  559
  596
  635
  675
  717
  761
  808
  856
Net income, $m
  108
  146
  186
  228
  273
  319
  367
  418
  471
  526
  605
  664
  726
  791
  858
  928
  1,001
  1,078
  1,157
  1,240
  1,327
  1,418
  1,513
  1,612
  1,716
  1,825
  1,939
  2,058
  2,183
  2,315

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
  770
  857
  949
  1,045
  1,145
  1,249
  1,358
  1,472
  1,590
  1,712
  1,840
  1,972
  2,110
  2,253
  2,401
  2,556
  2,717
  2,884
  3,059
  3,241
  3,430
  3,628
  3,835
  4,050
  4,275
  4,511
  4,757
  5,014
  5,283
  5,564
Adjusted assets (=assets-cash), $m
  770
  857
  949
  1,045
  1,145
  1,249
  1,358
  1,472
  1,590
  1,712
  1,840
  1,972
  2,110
  2,253
  2,401
  2,556
  2,717
  2,884
  3,059
  3,241
  3,430
  3,628
  3,835
  4,050
  4,275
  4,511
  4,757
  5,014
  5,283
  5,564
Revenue / Adjusted assets
  1.601
  1.601
  1.601
  1.600
  1.601
  1.601
  1.602
  1.601
  1.601
  1.601
  1.601
  1.601
  1.600
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
  1.601
Average production assets, $m
  560
  623
  690
  759
  832
  908
  987
  1,070
  1,155
  1,245
  1,337
  1,433
  1,533
  1,637
  1,745
  1,858
  1,975
  2,097
  2,223
  2,356
  2,493
  2,637
  2,787
  2,944
  3,108
  3,279
  3,457
  3,644
  3,840
  4,044
Working capital, $m
  -33
  -37
  -41
  -45
  -49
  -54
  -59
  -64
  -69
  -74
  -80
  -85
  -91
  -97
  -104
  -110
  -117
  -125
  -132
  -140
  -148
  -157
  -166
  -175
  -185
  -195
  -206
  -217
  -228
  -241
Total debt, $m
  59
  78
  99
  120
  143
  166
  190
  216
  242
  270
  298
  328
  359
  391
  424
  459
  495
  532
  571
  612
  655
  699
  745
  793
  844
  897
  952
  1,009
  1,070
  1,133
Total liabilities, $m
  173
  192
  213
  234
  256
  280
  304
  330
  356
  384
  412
  442
  473
  505
  538
  573
  609
  646
  685
  726
  768
  813
  859
  907
  958
  1,010
  1,065
  1,123
  1,183
  1,246
Total equity, $m
  598
  665
  736
  811
  888
  969
  1,054
  1,142
  1,234
  1,329
  1,428
  1,530
  1,637
  1,748
  1,863
  1,983
  2,108
  2,238
  2,374
  2,515
  2,662
  2,816
  2,976
  3,143
  3,318
  3,500
  3,691
  3,891
  4,099
  4,318
Total liabilities and equity, $m
  771
  857
  949
  1,045
  1,144
  1,249
  1,358
  1,472
  1,590
  1,713
  1,840
  1,972
  2,110
  2,253
  2,401
  2,556
  2,717
  2,884
  3,059
  3,241
  3,430
  3,629
  3,835
  4,050
  4,276
  4,510
  4,756
  5,014
  5,282
  5,564
Debt-to-equity ratio
  0.100
  0.120
  0.130
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.200
  0.210
  0.210
  0.220
  0.220
  0.230
  0.230
  0.230
  0.240
  0.240
  0.240
  0.250
  0.250
  0.250
  0.250
  0.250
  0.260
  0.260
  0.260
  0.260
  0.260
Adjusted equity ratio
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776
  0.776

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  146
  186
  228
  273
  319
  367
  418
  471
  526
  605
  664
  726
  791
  858
  928
  1,001
  1,078
  1,157
  1,240
  1,327
  1,418
  1,513
  1,612
  1,716
  1,825
  1,939
  2,058
  2,183
  2,315
Depreciation, amort., depletion, $m
  86
  93
  99
  106
  114
  121
  129
  137
  146
  155
  134
  143
  153
  164
  175
  186
  197
  210
  222
  236
  249
  264
  279
  294
  311
  328
  346
  364
  384
  404
Funds from operations, $m
  194
  238
  285
  334
  386
  440
  496
  555
  616
  680
  738
  808
  880
  955
  1,033
  1,114
  1,199
  1,287
  1,379
  1,476
  1,576
  1,682
  1,791
  1,906
  2,027
  2,153
  2,284
  2,423
  2,567
  2,719
Change in working capital, $m
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Cash from operations, $m
  198
  242
  289
  339
  390
  445
  501
  560
  622
  686
  744
  813
  886
  961
  1,039
  1,121
  1,206
  1,294
  1,387
  1,484
  1,585
  1,690
  1,800
  1,916
  2,036
  2,163
  2,295
  2,434
  2,579
  2,731
Maintenance CAPEX, $m
  -50
  -56
  -62
  -69
  -76
  -83
  -91
  -99
  -107
  -116
  -124
  -134
  -143
  -153
  -164
  -175
  -186
  -197
  -210
  -222
  -236
  -249
  -264
  -279
  -294
  -311
  -328
  -346
  -364
  -384
New CAPEX, $m
  -60
  -63
  -66
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -171
  -179
  -187
  -196
  -205
Cash from investing activities, $m
  -110
  -119
  -128
  -139
  -149
  -159
  -170
  -181
  -193
  -205
  -217
  -230
  -243
  -257
  -272
  -287
  -303
  -319
  -337
  -354
  -374
  -393
  -414
  -436
  -458
  -482
  -507
  -533
  -560
  -589
Free cash flow, $m
  88
  123
  160
  200
  242
  285
  331
  379
  429
  481
  527
  583
  642
  703
  767
  834
  903
  975
  1,051
  1,129
  1,211
  1,297
  1,387
  1,480
  1,578
  1,681
  1,788
  1,901
  2,019
  2,143
Issuance/(repayment) of debt, $m
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
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  
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  32
  33
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
Total cash flow (excl. dividends), $m
  106
  142
  181
  221
  264
  309
  356
  404
  455
  508
  555
  613
  673
  736
  801
  868
  939
  1,013
  1,090
  1,170
  1,254
  1,341
  1,433
  1,529
  1,629
  1,734
  1,844
  1,959
  2,079
  2,206
Retained Cash Flow (-), $m
  -65
  -68
  -71
  -74
  -78
  -81
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -153
  -160
  -167
  -175
  -183
  -191
  -200
  -209
  -218
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
  8
  9
  10
  11
  12
  13
  14
  15
  16
  18
  19
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  38
  41
  43
  45
  48
  51
  53
  56
  59
Cash available for distribution, $m
  41
  75
  110
  147
  186
  228
  271
  316
  364
  413
  457
  510
  566
  625
  685
  748
  814
  883
  954
  1,029
  1,107
  1,188
  1,273
  1,361
  1,454
  1,551
  1,653
  1,759
  1,870
  1,987
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
  39
  69
  96
  121
  144
  165
  183
  198
  209
  217
  217
  218
  215
  210
  201
  190
  177
  163
  147
  131
  114
  99
  83
  69
  57
  45
  35
  27
  20
  15
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 67.5
Price to Sales 1.9
Price to Book 3.8
Price to Tangible Book
Price to Cash Flow 14.5
Price to Free Cash Flow 21.5
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 $1101 million for the last fiscal year's total revenue generated by Forward Air. The default revenue input number comes from 2017 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 12% 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 58.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $353 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 0.7%.

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 45.4%.

Life of production assets of 10 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 -2.7%. 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 - $533 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 30 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 $1.9 billion.

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COMPANY NEWS

▶ 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]
▶ Forward Air tops Street 2Q forecasts   [Jul-26-17 11:23PM  Associated Press]
▶ ETFs with exposure to Forward Air Corp. : July 10, 2017   [Jul-10-17 02:32PM  Capital Cube]
▶ ETFs with exposure to Forward Air Corp. : June 22, 2017   [Jun-22-17 03:44PM  Capital Cube]
▶ Top Ranked Momentum Stocks to Buy for June 13th   [Jun-13-17 10:14AM  Zacks]
▶ Forward Air Corporation Closes Acquisition of Atlantic   [May-18-17 05:00PM  Business Wire]
▶ Forward Air tops Street 1Q forecasts   [Apr-26-17 05:24PM  Associated Press]
▶ Forward Air Corporation Announces Acquisition of Atlantic   [Apr-10-17 05:00PM  Business Wire]
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