Intrinsic value of Landstar System - LSTR

Previous Close

$108.05

  Intrinsic Value

$183.29

stock screener

  Rating & Target

str. buy

+70%

Previous close

$108.05

 
Intrinsic value

$183.29

 
Up/down potential

+70%

 
Rating

str. buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

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, %
  -4.61
  19.80
  18.32
  16.99
  15.79
  14.71
  13.74
  12.87
  12.08
  11.37
  10.73
  10.16
  9.64
  9.18
  8.76
  8.39
  8.05
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
Revenue, $m
  3,169
  3,796
  4,492
  5,255
  6,085
  6,980
  7,939
  8,960
  10,043
  11,184
  12,385
  13,643
  14,959
  16,332
  17,763
  19,253
  20,802
  22,413
  24,087
  25,826
  27,634
  29,513
  31,466
  33,498
  35,613
  37,814
  40,106
  42,495
  44,985
  47,583
  50,294
Variable operating expenses, $m
 
  3,348
  3,961
  4,633
  5,364
  6,153
  6,997
  7,897
  8,851
  9,857
  10,915
  12,020
  13,179
  14,389
  15,650
  16,962
  18,327
  19,746
  21,221
  22,754
  24,346
  26,001
  27,723
  29,513
  31,376
  33,315
  35,334
  37,439
  39,633
  41,922
  44,310
Fixed operating expenses, $m
 
  158
  162
  166
  170
  174
  179
  183
  188
  192
  197
  202
  207
  212
  218
  223
  229
  234
  240
  246
  252
  259
  265
  272
  279
  286
  293
  300
  307
  315
  323
Total operating expenses, $m
  2,946
  3,506
  4,123
  4,799
  5,534
  6,327
  7,176
  8,080
  9,039
  10,049
  11,112
  12,222
  13,386
  14,601
  15,868
  17,185
  18,556
  19,980
  21,461
  23,000
  24,598
  26,260
  27,988
  29,785
  31,655
  33,601
  35,627
  37,739
  39,940
  42,237
  44,633
Operating income, $m
  223
  291
  370
  456
  551
  653
  763
  880
  1,004
  1,135
  1,273
  1,421
  1,573
  1,731
  1,896
  2,068
  2,246
  2,432
  2,626
  2,827
  3,035
  3,253
  3,479
  3,714
  3,959
  4,214
  4,479
  4,756
  5,045
  5,346
  5,661
EBITDA, $m
  259
  332
  418
  513
  616
  727
  846
  974
  1,109
  1,252
  1,402
  1,559
  1,724
  1,896
  2,076
  2,263
  2,457
  2,659
  2,870
  3,088
  3,315
  3,552
  3,797
  4,053
  4,319
  4,596
  4,885
  5,186
  5,500
  5,828
  6,170
Interest expense (income), $m
  4
  3
  7
  10
  14
  19
  23
  28
  34
  39
  45
  51
  58
  65
  72
  80
  87
  95
  104
  113
  122
  131
  141
  151
  162
  173
  184
  196
  209
  222
  235
Earnings before tax, $m
  219
  287
  363
  446
  537
  635
  740
  852
  971
  1,096
  1,228
  1,370
  1,515
  1,666
  1,824
  1,988
  2,159
  2,337
  2,522
  2,714
  2,914
  3,122
  3,338
  3,563
  3,797
  4,041
  4,295
  4,560
  4,836
  5,125
  5,426
Tax expense, $m
  82
  78
  98
  120
  145
  171
  200
  230
  262
  296
  332
  370
  409
  450
  492
  537
  583
  631
  681
  733
  787
  843
  901
  962
  1,025
  1,091
  1,160
  1,231
  1,306
  1,384
  1,465
Net income, $m
  137
  210
  265
  326
  392
  463
  540
  622
  709
  800
  897
  1,000
  1,106
  1,216
  1,331
  1,451
  1,576
  1,706
  1,841
  1,981
  2,127
  2,279
  2,437
  2,601
  2,772
  2,950
  3,135
  3,329
  3,530
  3,741
  3,961

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  245
  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
  1,097
  1,021
  1,208
  1,413
  1,636
  1,877
  2,135
  2,409
  2,700
  3,007
  3,330
  3,669
  4,022
  4,392
  4,776
  5,177
  5,594
  6,027
  6,477
  6,944
  7,430
  7,936
  8,461
  9,007
  9,576
  10,168
  10,784
  11,426
  12,096
  12,795
  13,524
Adjusted assets (=assets-cash), $m
  852
  1,021
  1,208
  1,413
  1,636
  1,877
  2,135
  2,409
  2,700
  3,007
  3,330
  3,669
  4,022
  4,392
  4,776
  5,177
  5,594
  6,027
  6,477
  6,944
  7,430
  7,936
  8,461
  9,007
  9,576
  10,168
  10,784
  11,426
  12,096
  12,795
  13,524
Revenue / Adjusted assets
  3.719
  3.718
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.720
  3.719
  3.719
  3.718
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
  3.719
Average production assets, $m
  250
  300
  355
  415
  481
  551
  627
  708
  793
  884
  978
  1,078
  1,182
  1,290
  1,403
  1,521
  1,643
  1,771
  1,903
  2,040
  2,183
  2,332
  2,486
  2,646
  2,813
  2,987
  3,168
  3,357
  3,554
  3,759
  3,973
Working capital, $m
  357
  232
  274
  321
  371
  426
  484
  547
  613
  682
  755
  832
  913
  996
  1,084
  1,174
  1,269
  1,367
  1,469
  1,575
  1,686
  1,800
  1,919
  2,043
  2,172
  2,307
  2,446
  2,592
  2,744
  2,903
  3,068
Total debt, $m
  175
  188
  291
  405
  529
  663
  806
  958
  1,120
  1,290
  1,469
  1,657
  1,853
  2,058
  2,272
  2,494
  2,725
  2,966
  3,216
  3,475
  3,745
  4,025
  4,317
  4,620
  4,936
  5,264
  5,606
  5,963
  6,334
  6,722
  7,127
Total liabilities, $m
  554
  567
  670
  784
  908
  1,042
  1,185
  1,337
  1,499
  1,669
  1,848
  2,036
  2,232
  2,437
  2,651
  2,873
  3,104
  3,345
  3,595
  3,854
  4,124
  4,404
  4,696
  4,999
  5,315
  5,643
  5,985
  6,342
  6,713
  7,101
  7,506
Total equity, $m
  543
  454
  537
  629
  728
  835
  950
  1,072
  1,202
  1,338
  1,482
  1,633
  1,790
  1,954
  2,126
  2,304
  2,489
  2,682
  2,882
  3,090
  3,307
  3,531
  3,765
  4,008
  4,261
  4,525
  4,799
  5,085
  5,383
  5,694
  6,018
Total liabilities and equity, $m
  1,097
  1,021
  1,207
  1,413
  1,636
  1,877
  2,135
  2,409
  2,701
  3,007
  3,330
  3,669
  4,022
  4,391
  4,777
  5,177
  5,593
  6,027
  6,477
  6,944
  7,431
  7,935
  8,461
  9,007
  9,576
  10,168
  10,784
  11,427
  12,096
  12,795
  13,524
Debt-to-equity ratio
  0.322
  0.410
  0.540
  0.640
  0.730
  0.790
  0.850
  0.890
  0.930
  0.960
  0.990
  1.020
  1.040
  1.050
  1.070
  1.080
  1.090
  1.110
  1.120
  1.120
  1.130
  1.140
  1.150
  1.150
  1.160
  1.160
  1.170
  1.170
  1.180
  1.180
  1.180
Adjusted equity ratio
  0.392
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445
  0.445

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  137
  210
  265
  326
  392
  463
  540
  622
  709
  800
  897
  1,000
  1,106
  1,216
  1,331
  1,451
  1,576
  1,706
  1,841
  1,981
  2,127
  2,279
  2,437
  2,601
  2,772
  2,950
  3,135
  3,329
  3,530
  3,741
  3,961
Depreciation, amort., depletion, $m
  36
  42
  49
  56
  65
  74
  84
  94
  105
  116
  129
  138
  152
  165
  180
  195
  211
  227
  244
  262
  280
  299
  319
  339
  361
  383
  406
  430
  456
  482
  509
Funds from operations, $m
  196
  251
  314
  382
  457
  537
  623
  716
  813
  917
  1,025
  1,138
  1,257
  1,382
  1,511
  1,646
  1,787
  1,933
  2,085
  2,243
  2,407
  2,578
  2,755
  2,940
  3,132
  3,333
  3,541
  3,759
  3,986
  4,223
  4,470
Change in working capital, $m
  6
  38
  42
  47
  51
  55
  58
  62
  66
  70
  73
  77
  80
  84
  87
  91
  95
  98
  102
  106
  110
  115
  119
  124
  129
  134
  140
  146
  152
  158
  165
Cash from operations, $m
  190
  213
  271
  335
  406
  482
  565
  653
  747
  847
  952
  1,061
  1,177
  1,298
  1,424
  1,555
  1,692
  1,835
  1,983
  2,137
  2,297
  2,463
  2,636
  2,816
  3,003
  3,198
  3,402
  3,613
  3,834
  4,064
  4,305
Maintenance CAPEX, $m
  0
  -32
  -38
  -45
  -53
  -62
  -71
  -80
  -91
  -102
  -113
  -125
  -138
  -152
  -165
  -180
  -195
  -211
  -227
  -244
  -262
  -280
  -299
  -319
  -339
  -361
  -383
  -406
  -430
  -456
  -482
New CAPEX, $m
  -23
  -50
  -55
  -60
  -66
  -71
  -76
  -81
  -86
  -90
  -95
  -99
  -104
  -108
  -113
  -118
  -122
  -127
  -132
  -137
  -143
  -148
  -154
  -161
  -167
  -174
  -181
  -189
  -197
  -205
  -214
Cash from investing activities, $m
  -14
  -82
  -93
  -105
  -119
  -133
  -147
  -161
  -177
  -192
  -208
  -224
  -242
  -260
  -278
  -298
  -317
  -338
  -359
  -381
  -405
  -428
  -453
  -480
  -506
  -535
  -564
  -595
  -627
  -661
  -696
Free cash flow, $m
  176
  131
  178
  230
  287
  350
  419
  492
  571
  655
  744
  837
  935
  1,038
  1,146
  1,258
  1,375
  1,497
  1,624
  1,755
  1,892
  2,035
  2,183
  2,337
  2,497
  2,664
  2,838
  3,018
  3,207
  3,404
  3,609
Issuance/(repayment) of debt, $m
  -47
  94
  104
  114
  124
  134
  143
  152
  162
  170
  179
  188
  196
  205
  214
  222
  231
  240
  250
  260
  270
  280
  292
  303
  316
  328
  342
  356
  372
  388
  405
Issuance/(repurchase) of shares, $m
  -48
  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  
  -98
  94
  104
  114
  124
  134
  143
  152
  162
  170
  179
  188
  196
  205
  214
  222
  231
  240
  250
  260
  270
  280
  292
  303
  316
  328
  342
  356
  372
  388
  405
Total cash flow (excl. dividends), $m
  78
  224
  282
  344
  411
  484
  562
  645
  733
  825
  923
  1,024
  1,131
  1,243
  1,359
  1,480
  1,606
  1,737
  1,873
  2,015
  2,162
  2,315
  2,474
  2,640
  2,813
  2,992
  3,180
  3,375
  3,579
  3,791
  4,013
Retained Cash Flow (-), $m
  -77
  -75
  -83
  -91
  -99
  -107
  -115
  -122
  -130
  -137
  -144
  -151
  -157
  -164
  -171
  -178
  -185
  -193
  -200
  -208
  -216
  -225
  -234
  -243
  -253
  -263
  -274
  -286
  -298
  -311
  -324
Prev. year cash balance distribution, $m
 
  164
  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
 
  313
  198
  252
  312
  377
  447
  522
  603
  689
  779
  874
  974
  1,078
  1,188
  1,302
  1,421
  1,544
  1,673
  1,807
  1,946
  2,090
  2,241
  2,397
  2,560
  2,729
  2,905
  3,089
  3,281
  3,480
  3,689
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
 
  300
  182
  219
  257
  292
  324
  353
  377
  396
  409
  415
  416
  410
  399
  382
  361
  336
  308
  278
  247
  216
  186
  157
  130
  106
  85
  66
  51
  38
  28
Current shareholders' claim on cash, %
  100
  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
Price to Sales 1.4
Price to Book 8.3
Price to Tangible Book
Price to Cash Flow 23.8
Price to Free Cash Flow 27.1
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 $3169 million for the last fiscal year's total revenue generated by Landstar System. The default revenue input number comes from 2016 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 19.8% 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 88.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $154 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 3.5% 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%.

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 7.9%.

Life of production assets of 7.8 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 6.1%. 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 - $543 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 42.459 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 $4.6 billion.

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COMPANY NEWS

▶ JB Hunt Transport Services Tests Buy Point On Weak Q4 Earnings Guidance   [Dec-28-17 04:07PM  Investor's Business Daily]
▶ Inside US Truckload Carriers Valuations after 3Q17 Earnings   [Nov-30-17 07:31AM  Market Realist]
▶ Behind US Truckload Carriers 3Q17 Earnings   [10:31AM  Market Realist]
▶ Which US Truckload Carriers Performed Best in 3Q17 Revenue?   [Nov-24-17 03:45PM  Market Realist]
▶ 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]
▶ 3 Top Dividend Stocks in Logistics   [Aug-29-17 05:15PM  Motley Fool]
▶ 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]
▶ 3 Transport Stocks That Are Ready to Fly Higher   [Jul-10-17 10:01AM  Investopedia]
▶ Major Trucking Companies Stock Movement during the Last Year   [Jul-03-17 07:39AM  Market Realist]
▶ Behind Kansas City Southerns Week 19 Intermodal Volumes   [May-25-17 09:07AM  Market Realist]
▶ Landstar beats Street 1Q forecasts   [Apr-26-17 05:32PM  Associated Press]
▶ Truckers Held Hostage By NAFTA Impasse   [Mar-10-17 11:11AM  Investopedia]
▶ Truckers Held Hostage By NAFTA Impasse   [11:11AM  at Investopedia]
▶ Landstar tops Street 4Q forecasts   [Feb-01-17 07:05PM  Associated Press]
Financial statements of LSTR
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