Intrinsic value of Landstar System - LSTR

Previous Close

$111.00

  Intrinsic Value

$124.11

stock screener

  Rating & Target

hold

+12%

Previous close

$111.00

 
Intrinsic value

$124.11

 
Up/down potential

+12%

 
Rating

hold

We calculate the intrinsic value of LSTR 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 4.7

 

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, %
  15.10
  14.09
  13.18
  12.36
  11.63
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.11
  5.99
  5.90
  5.81
  5.73
  5.65
  5.59
  5.53
  5.48
Revenue, $m
  4,197
  4,788
  5,419
  6,089
  6,797
  7,542
  8,324
  9,142
  9,997
  10,888
  11,816
  12,781
  13,785
  14,828
  15,912
  17,038
  18,209
  19,426
  20,692
  22,009
  23,379
  24,807
  26,294
  27,844
  29,460
  31,147
  32,908
  34,746
  36,667
  38,675
Variable operating expenses, $m
  3,902
  4,451
  5,038
  5,660
  6,318
  7,010
  7,736
  8,496
  9,290
  10,118
  10,976
  11,873
  12,805
  13,774
  14,781
  15,827
  16,915
  18,045
  19,221
  20,445
  21,718
  23,044
  24,425
  25,865
  27,367
  28,933
  30,569
  32,277
  34,061
  35,926
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
  3,902
  4,451
  5,038
  5,660
  6,318
  7,010
  7,736
  8,496
  9,290
  10,118
  10,976
  11,873
  12,805
  13,774
  14,781
  15,827
  16,915
  18,045
  19,221
  20,445
  21,718
  23,044
  24,425
  25,865
  27,367
  28,933
  30,569
  32,277
  34,061
  35,926
Operating income, $m
  294
  336
  381
  429
  479
  532
  588
  646
  707
  770
  840
  908
  980
  1,054
  1,131
  1,211
  1,294
  1,381
  1,471
  1,564
  1,662
  1,763
  1,869
  1,979
  2,094
  2,214
  2,339
  2,469
  2,606
  2,749
EBITDA, $m
  334
  381
  431
  484
  541
  600
  662
  727
  795
  866
  940
  1,017
  1,097
  1,180
  1,266
  1,356
  1,449
  1,546
  1,646
  1,751
  1,860
  1,974
  2,092
  2,216
  2,344
  2,478
  2,618
  2,765
  2,918
  3,077
Interest expense (income), $m
  4
  9
  15
  21
  27
  34
  42
  50
  58
  66
  75
  84
  94
  104
  114
  125
  137
  148
  160
  173
  186
  200
  214
  229
  244
  261
  277
  295
  313
  332
  352
Earnings before tax, $m
  285
  322
  360
  401
  445
  490
  538
  588
  640
  695
  755
  814
  876
  939
  1,006
  1,074
  1,146
  1,220
  1,297
  1,378
  1,462
  1,549
  1,640
  1,734
  1,833
  1,936
  2,044
  2,156
  2,274
  2,396
Tax expense, $m
  77
  87
  97
  108
  120
  132
  145
  159
  173
  188
  204
  220
  236
  254
  271
  290
  309
  329
  350
  372
  395
  418
  443
  468
  495
  523
  552
  582
  614
  647
Net income, $m
  208
  235
  263
  293
  325
  358
  393
  429
  467
  507
  551
  594
  639
  686
  734
  784
  836
  891
  947
  1,006
  1,067
  1,131
  1,197
  1,266
  1,338
  1,413
  1,492
  1,574
  1,660
  1,749

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
  1,557
  1,776
  2,010
  2,258
  2,521
  2,797
  3,088
  3,391
  3,708
  4,039
  4,383
  4,741
  5,113
  5,500
  5,902
  6,320
  6,754
  7,205
  7,675
  8,163
  8,672
  9,201
  9,753
  10,328
  10,927
  11,553
  12,206
  12,888
  13,601
  14,345
Adjusted assets (=assets-cash), $m
  1,557
  1,776
  2,010
  2,258
  2,521
  2,797
  3,088
  3,391
  3,708
  4,039
  4,383
  4,741
  5,113
  5,500
  5,902
  6,320
  6,754
  7,205
  7,675
  8,163
  8,672
  9,201
  9,753
  10,328
  10,927
  11,553
  12,206
  12,888
  13,601
  14,345
Revenue / Adjusted assets
  2.696
  2.696
  2.696
  2.697
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
  2.696
Average production assets, $m
  357
  407
  461
  518
  578
  641
  708
  777
  850
  925
  1,004
  1,086
  1,172
  1,260
  1,352
  1,448
  1,548
  1,651
  1,759
  1,871
  1,987
  2,109
  2,235
  2,367
  2,504
  2,647
  2,797
  2,953
  3,117
  3,287
Working capital, $m
  -327
  -373
  -423
  -475
  -530
  -588
  -649
  -713
  -780
  -849
  -922
  -997
  -1,075
  -1,157
  -1,241
  -1,329
  -1,420
  -1,515
  -1,614
  -1,717
  -1,824
  -1,935
  -2,051
  -2,172
  -2,298
  -2,429
  -2,567
  -2,710
  -2,860
  -3,017
Total debt, $m
  274
  388
  509
  638
  774
  918
  1,068
  1,226
  1,390
  1,562
  1,740
  1,926
  2,120
  2,320
  2,529
  2,746
  2,971
  3,206
  3,449
  3,703
  3,967
  4,241
  4,528
  4,826
  5,137
  5,462
  5,801
  6,155
  6,525
  6,911
Total liabilities, $m
  808
  922
  1,043
  1,172
  1,308
  1,452
  1,602
  1,760
  1,924
  2,096
  2,275
  2,460
  2,654
  2,854
  3,063
  3,280
  3,505
  3,740
  3,983
  4,237
  4,501
  4,775
  5,062
  5,360
  5,671
  5,996
  6,335
  6,689
  7,059
  7,445
Total equity, $m
  749
  854
  967
  1,086
  1,213
  1,346
  1,485
  1,631
  1,784
  1,943
  2,108
  2,280
  2,459
  2,645
  2,839
  3,040
  3,249
  3,466
  3,692
  3,927
  4,171
  4,426
  4,691
  4,968
  5,256
  5,557
  5,871
  6,199
  6,542
  6,900
Total liabilities and equity, $m
  1,557
  1,776
  2,010
  2,258
  2,521
  2,798
  3,087
  3,391
  3,708
  4,039
  4,383
  4,740
  5,113
  5,499
  5,902
  6,320
  6,754
  7,206
  7,675
  8,164
  8,672
  9,201
  9,753
  10,328
  10,927
  11,553
  12,206
  12,888
  13,601
  14,345
Debt-to-equity ratio
  0.370
  0.450
  0.530
  0.590
  0.640
  0.680
  0.720
  0.750
  0.780
  0.800
  0.830
  0.840
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  1.000
  1.000
Adjusted equity ratio
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481
  0.481

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  208
  235
  263
  293
  325
  358
  393
  429
  467
  507
  551
  594
  639
  686
  734
  784
  836
  891
  947
  1,006
  1,067
  1,131
  1,197
  1,266
  1,338
  1,413
  1,492
  1,574
  1,660
  1,749
Depreciation, amort., depletion, $m
  40
  45
  50
  56
  62
  68
  75
  82
  89
  96
  100
  109
  117
  126
  135
  145
  155
  165
  176
  187
  199
  211
  223
  237
  250
  265
  280
  295
  312
  329
Funds from operations, $m
  248
  279
  313
  349
  386
  426
  467
  511
  556
  604
  652
  703
  756
  812
  869
  929
  991
  1,056
  1,123
  1,193
  1,266
  1,341
  1,420
  1,503
  1,589
  1,678
  1,772
  1,869
  1,971
  2,078
Change in working capital, $m
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -132
  -137
  -143
  -150
  -157
Cash from operations, $m
  291
  325
  362
  401
  442
  484
  528
  575
  623
  673
  724
  778
  835
  893
  954
  1,017
  1,083
  1,151
  1,222
  1,296
  1,373
  1,453
  1,536
  1,624
  1,715
  1,810
  1,909
  2,013
  2,121
  2,235
Maintenance CAPEX, $m
  -31
  -36
  -41
  -46
  -52
  -58
  -64
  -71
  -78
  -85
  -93
  -100
  -109
  -117
  -126
  -135
  -145
  -155
  -165
  -176
  -187
  -199
  -211
  -223
  -237
  -250
  -265
  -280
  -295
  -312
New CAPEX, $m
  -47
  -50
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -103
  -108
  -112
  -117
  -121
  -126
  -132
  -137
  -143
  -150
  -156
  -163
  -171
Cash from investing activities, $m
  -78
  -86
  -95
  -103
  -112
  -121
  -130
  -141
  -151
  -161
  -172
  -182
  -194
  -206
  -218
  -231
  -245
  -258
  -273
  -288
  -304
  -320
  -337
  -355
  -374
  -393
  -415
  -436
  -458
  -483
Free cash flow, $m
  213
  240
  268
  298
  330
  363
  398
  434
  473
  512
  553
  596
  641
  687
  736
  786
  838
  893
  949
  1,008
  1,069
  1,133
  1,199
  1,268
  1,341
  1,416
  1,495
  1,577
  1,663
  1,752
Issuance/(repayment) of debt, $m
  106
  114
  121
  129
  136
  143
  151
  158
  165
  172
  179
  186
  193
  201
  209
  217
  225
  234
  244
  254
  264
  275
  286
  298
  311
  325
  339
  354
  370
  387
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  
  106
  114
  121
  129
  136
  143
  151
  158
  165
  172
  179
  186
  193
  201
  209
  217
  225
  234
  244
  254
  264
  275
  286
  298
  311
  325
  339
  354
  370
  387
Total cash flow (excl. dividends), $m
  319
  353
  389
  427
  466
  506
  548
  592
  637
  684
  731
  782
  834
  888
  944
  1,003
  1,064
  1,127
  1,193
  1,261
  1,333
  1,408
  1,485
  1,567
  1,652
  1,741
  1,834
  1,931
  2,032
  2,139
Retained Cash Flow (-), $m
  -98
  -105
  -113
  -120
  -126
  -133
  -140
  -146
  -152
  -159
  -166
  -172
  -179
  -186
  -193
  -201
  -209
  -217
  -226
  -235
  -245
  -255
  -265
  -277
  -288
  -301
  -314
  -328
  -343
  -358
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
  7
  8
  10
  11
  12
  14
  15
  17
  18
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
  59
  62
  66
  69
  73
Cash available for distribution, $m
  221
  248
  277
  307
  340
  373
  409
  446
  485
  525
  566
  610
  655
  702
  751
  802
  855
  910
  967
  1,026
  1,088
  1,153
  1,220
  1,290
  1,363
  1,440
  1,519
  1,603
  1,690
  1,781
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
  212
  227
  241
  253
  263
  271
  276
  279
  278
  275
  269
  260
  249
  236
  220
  204
  186
  168
  149
  130
  113
  96
  80
  66
  53
  42
  33
  25
  18
  13
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

Landstar System, Inc. (Landstar) is an asset-light provider of integrated transportation management solutions. The Company offers services to its customers across multiple transportation modes, with the ability to arrange for individual shipments of freight to enterprise solutions to manage customer's transportation needs. It operates in two segments: the Transportation Logistics segment and the Insurance segment. The Transportation Logistics segment provides a range of integrated transportation management solutions. Transportation services offered by it include truckload and less-than-truckload transportation, rail intermodal, air cargo, ocean cargo, expedited ground and air delivery of time-critical freight, heavy-haul or specialized, the United States-Canada and the United States-Mexico cross-border, project cargo and customs brokerage. The insurance segment consists of Signature Insurance Company, which is an offshore insurance subsidiary, and Risk Management Claim Services, Inc.

FINANCIAL RATIOS  of  Landstar System (LSTR)

Valuation Ratios
P/E Ratio 33.9
Price to Sales 1.5
Price to Book 8.6
Price to Tangible Book
Price to Cash Flow 24.4
Price to Free Cash Flow 27.8
Growth Rates
Sales Growth Rate -4.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 360%
Cap. Spend. - 3 Yr. Gr. Rate 30.8%
Financial Strength
Quick Ratio 3
Current Ratio 0
LT Debt to Equity 17.3%
Total Debt to Equity 32.2%
Interest Coverage 56
Management Effectiveness
Return On Assets 13.4%
Ret/ On Assets - 3 Yr. Avg. 14%
Return On Total Capital 20.4%
Ret/ On T. Cap. - 3 Yr. Avg. 22.2%
Return On Equity 27.2%
Return On Equity - 3 Yr. Avg. 29.2%
Asset Turnover 3
Profitability Ratios
Gross Margin 15.4%
Gross Margin - 3 Yr. Avg. 15.1%
EBITDA Margin 8.2%
EBITDA Margin - 3 Yr. Avg. 8.1%
Operating Margin 7%
Oper. Margin - 3 Yr. Avg. 7.1%
Pre-Tax Margin 6.9%
Pre-Tax Margin - 3 Yr. Avg. 7%
Net Profit Margin 4.3%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 37.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 10.2%

LSTR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LSTR stock intrinsic value calculation we used $3646 million for the last fiscal year's total revenue generated by Landstar System. The default revenue input number comes from 2017 income statement of Landstar System. 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 LSTR stock valuation model: a) initial revenue growth rate of 15.1% 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 4.3%, whose default value for LSTR is calculated based on our internal credit rating of Landstar System, 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 Landstar System.
    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 LSTR stock the variable cost ratio is equal to 93%.

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 LSTR 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 Landstar System.

Corporate tax rate of 27% is the nominal tax rate for Landstar System. 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 LSTR 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 LSTR are equal to 8.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Landstar System 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 LSTR is equal to -7.8%. 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 - $651 million for Landstar System - 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 42 million for Landstar System 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 Landstar System at the current share price and the inputted number of shares is $4.7 billion.

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COMPANY NEWS

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▶ Landstar: 1Q Earnings Snapshot   [Apr-25-18 05:57PM  Associated Press]
▶ Landstar System, Inc. to Host Earnings Call   [Feb-01-18 06:30AM  ACCESSWIRE]
▶ Landstar tops Street 4Q forecasts   [Jan-31-18 05:11PM  Associated Press]
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▶ Is It Time To Buy Landstar System Inc (LSTR)?   [Nov-09-17 02:35PM  Simply Wall St.]
▶ Stocks With Rising Relative Price Strength: Landstar System   [Nov-08-17 03:00AM  Investor's Business Daily]
▶ Landstar System, Inc. to Host Earnings Call   [Oct-26-17 06:10AM  ACCESSWIRE]
▶ Landstar tops Street 3Q forecasts   [Oct-25-17 05:17PM  Associated Press]
▶ Landstar Metro Opens in Mexico City   [Oct-10-17 09:00AM  GlobeNewswire]
▶ Transport Stocks Could Hit All-Time Highs   [Sep-22-17 11:32AM  Investopedia]
▶ Landstar System Clears Key Benchmark, Hitting 80-Plus RS Rating   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Landstar System Joins Rank Of Stocks With 95-Plus Composite Rating   [Sep-06-17 03:00AM  Investor's Business Daily]
▶ Landstar System Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
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▶ Harvey's impact on the trucking industry   [12:21PM  CNBC Videos]
▶ A Look at Truckload Carriers Capex in 2Q17   [10:37AM  Market Realist]
▶ Landstar tops Street 2Q forecasts   [Jul-26-17 10:35PM  Associated Press]
▶ Trucker Stocks Shake Off J.B. Hunt Shortfall   [Jul-17-17 12:35PM  Investopedia]
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