Intrinsic value of Marten Transport - MRTN

Previous Close

$19.79

  Intrinsic Value

$2.40

stock screener

  Rating & Target

str. sell

-88%

Previous close

$19.79

 
Intrinsic value

$2.40

 
Up/down potential

-88%

 
Rating

str. sell

We calculate the intrinsic value of MRTN 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 1.1

 

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, %
  14.90
  13.91
  13.02
  12.22
  11.50
  10.85
  10.26
  9.74
  9.26
  8.84
  8.45
  8.11
  7.80
  7.52
  7.26
  7.04
  6.83
  6.65
  6.49
  6.34
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
Revenue, $m
  802
  914
  1,033
  1,159
  1,292
  1,432
  1,579
  1,733
  1,893
  2,061
  2,235
  2,416
  2,604
  2,800
  3,004
  3,215
  3,435
  3,663
  3,901
  4,148
  4,405
  4,673
  4,952
  5,243
  5,547
  5,864
  6,195
  6,540
  6,901
  7,278
Variable operating expenses, $m
  732
  834
  943
  1,058
  1,180
  1,308
  1,442
  1,582
  1,729
  1,881
  2,040
  2,206
  2,378
  2,556
  2,742
  2,935
  3,136
  3,344
  3,561
  3,787
  4,022
  4,267
  4,522
  4,787
  5,064
  5,354
  5,656
  5,971
  6,300
  6,645
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
  732
  834
  943
  1,058
  1,180
  1,308
  1,442
  1,582
  1,729
  1,881
  2,040
  2,206
  2,378
  2,556
  2,742
  2,935
  3,136
  3,344
  3,561
  3,787
  4,022
  4,267
  4,522
  4,787
  5,064
  5,354
  5,656
  5,971
  6,300
  6,645
Operating income, $m
  70
  79
  90
  101
  112
  125
  137
  151
  165
  179
  194
  210
  227
  244
  261
  280
  299
  319
  339
  361
  383
  407
  431
  456
  483
  510
  539
  569
  600
  633
EBITDA, $m
  168
  191
  216
  243
  271
  300
  331
  363
  397
  432
  468
  506
  546
  587
  629
  674
  720
  768
  817
  869
  923
  979
  1,038
  1,099
  1,163
  1,229
  1,298
  1,371
  1,446
  1,525
Interest expense (income), $m
  0
  0
  1
  3
  4
  6
  8
  9
  11
  13
  15
  17
  20
  22
  24
  27
  29
  32
  35
  38
  41
  44
  47
  51
  54
  58
  62
  66
  70
  75
  79
Earnings before tax, $m
  70
  78
  87
  97
  107
  117
  128
  140
  152
  164
  177
  191
  205
  219
  234
  250
  267
  284
  302
  320
  339
  359
  380
  402
  425
  448
  473
  499
  526
  554
Tax expense, $m
  19
  21
  24
  26
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  68
  72
  77
  81
  86
  92
  97
  103
  109
  115
  121
  128
  135
  142
  150
Net income, $m
  51
  57
  64
  70
  78
  85
  93
  102
  111
  120
  129
  139
  149
  160
  171
  183
  195
  207
  220
  234
  248
  262
  277
  293
  310
  327
  345
  364
  384
  404

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
  793
  904
  1,021
  1,146
  1,278
  1,417
  1,562
  1,714
  1,873
  2,038
  2,211
  2,390
  2,576
  2,770
  2,971
  3,180
  3,397
  3,623
  3,858
  4,103
  4,357
  4,622
  4,898
  5,186
  5,487
  5,800
  6,127
  6,469
  6,826
  7,199
Adjusted assets (=assets-cash), $m
  793
  904
  1,021
  1,146
  1,278
  1,417
  1,562
  1,714
  1,873
  2,038
  2,211
  2,390
  2,576
  2,770
  2,971
  3,180
  3,397
  3,623
  3,858
  4,103
  4,357
  4,622
  4,898
  5,186
  5,487
  5,800
  6,127
  6,469
  6,826
  7,199
Revenue / Adjusted assets
  1.011
  1.011
  1.012
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
  1.011
Average production assets, $m
  649
  739
  835
  937
  1,045
  1,159
  1,278
  1,402
  1,532
  1,667
  1,808
  1,955
  2,107
  2,265
  2,430
  2,601
  2,779
  2,963
  3,156
  3,356
  3,564
  3,781
  4,006
  4,242
  4,488
  4,744
  5,011
  5,291
  5,583
  5,888
Working capital, $m
  42
  48
  54
  60
  67
  74
  82
  90
  98
  107
  116
  126
  135
  146
  156
  167
  179
  190
  203
  216
  229
  243
  258
  273
  288
  305
  322
  340
  359
  378
Total debt, $m
  25
  51
  79
  109
  141
  174
  208
  245
  283
  322
  363
  406
  451
  497
  545
  595
  647
  701
  757
  816
  876
  940
  1,006
  1,075
  1,146
  1,221
  1,299
  1,381
  1,466
  1,556
Total liabilities, $m
  190
  216
  244
  274
  305
  339
  373
  410
  448
  487
  528
  571
  616
  662
  710
  760
  812
  866
  922
  981
  1,041
  1,105
  1,171
  1,240
  1,311
  1,386
  1,464
  1,546
  1,631
  1,721
Total equity, $m
  604
  688
  777
  872
  973
  1,078
  1,189
  1,304
  1,425
  1,551
  1,682
  1,819
  1,960
  2,108
  2,261
  2,420
  2,585
  2,757
  2,936
  3,122
  3,316
  3,518
  3,728
  3,947
  4,175
  4,414
  4,663
  4,923
  5,194
  5,478
Total liabilities and equity, $m
  794
  904
  1,021
  1,146
  1,278
  1,417
  1,562
  1,714
  1,873
  2,038
  2,210
  2,390
  2,576
  2,770
  2,971
  3,180
  3,397
  3,623
  3,858
  4,103
  4,357
  4,623
  4,899
  5,187
  5,486
  5,800
  6,127
  6,469
  6,825
  7,199
Debt-to-equity ratio
  0.040
  0.070
  0.100
  0.130
  0.140
  0.160
  0.180
  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
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
Adjusted equity ratio
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761
  0.761

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  51
  57
  64
  70
  78
  85
  93
  102
  111
  120
  129
  139
  149
  160
  171
  183
  195
  207
  220
  234
  248
  262
  277
  293
  310
  327
  345
  364
  384
  404
Depreciation, amort., depletion, $m
  98
  112
  127
  142
  158
  176
  194
  212
  232
  253
  274
  296
  319
  343
  368
  394
  421
  449
  478
  508
  540
  573
  607
  643
  680
  719
  759
  802
  846
  892
Funds from operations, $m
  149
  169
  190
  213
  236
  261
  287
  314
  343
  372
  403
  435
  469
  503
  539
  577
  616
  656
  698
  742
  788
  835
  885
  936
  990
  1,046
  1,105
  1,166
  1,230
  1,297
Change in working capital, $m
  5
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  15
  15
  16
  16
  17
  18
  19
  20
Cash from operations, $m
  144
  163
  184
  206
  229
  254
  279
  306
  334
  364
  394
  426
  459
  493
  529
  566
  604
  644
  686
  729
  774
  821
  870
  921
  974
  1,030
  1,087
  1,148
  1,211
  1,277
Maintenance CAPEX, $m
  -86
  -98
  -112
  -127
  -142
  -158
  -176
  -194
  -212
  -232
  -253
  -274
  -296
  -319
  -343
  -368
  -394
  -421
  -449
  -478
  -508
  -540
  -573
  -607
  -643
  -680
  -719
  -759
  -802
  -846
New CAPEX, $m
  -84
  -90
  -96
  -102
  -108
  -113
  -119
  -124
  -130
  -135
  -141
  -147
  -152
  -158
  -165
  -171
  -178
  -185
  -192
  -200
  -208
  -217
  -226
  -235
  -246
  -256
  -268
  -279
  -292
  -305
Cash from investing activities, $m
  -170
  -188
  -208
  -229
  -250
  -271
  -295
  -318
  -342
  -367
  -394
  -421
  -448
  -477
  -508
  -539
  -572
  -606
  -641
  -678
  -716
  -757
  -799
  -842
  -889
  -936
  -987
  -1,038
  -1,094
  -1,151
Free cash flow, $m
  -26
  -25
  -24
  -23
  -21
  -18
  -15
  -12
  -8
  -4
  1
  5
  10
  16
  21
  27
  32
  38
  45
  51
  58
  64
  71
  78
  86
  93
  101
  109
  117
  126
Issuance/(repayment) of debt, $m
  25
  26
  28
  30
  31
  33
  35
  36
  38
  40
  41
  43
  45
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
Issuance/(repurchase) of shares, $m
  27
  27
  26
  24
  23
  20
  17
  14
  10
  6
  2
  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  
  52
  53
  54
  54
  54
  53
  52
  50
  48
  46
  43
  43
  45
  46
  48
  50
  52
  54
  56
  58
  61
  63
  66
  69
  72
  75
  78
  82
  85
  89
Total cash flow (excl. dividends), $m
  26
  28
  30
  32
  33
  35
  37
  39
  40
  42
  44
  48
  55
  62
  69
  77
  84
  92
  101
  109
  118
  128
  137
  147
  158
  168
  179
  191
  203
  215
Retained Cash Flow (-), $m
  -78
  -84
  -90
  -95
  -100
  -105
  -111
  -116
  -121
  -126
  -131
  -136
  -142
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -210
  -219
  -229
  -238
  -249
  -260
  -272
  -284
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
  -52
  -56
  -60
  -63
  -67
  -70
  -74
  -77
  -81
  -84
  -87
  -88
  -87
  -86
  -84
  -83
  -81
  -79
  -78
  -77
  -75
  -74
  -73
  -72
  -71
  -70
  -70
  -69
  -69
  -69
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
  -50
  -51
  -52
  -52
  -52
  -51
  -50
  -48
  -46
  -44
  -42
  -38
  -33
  -29
  -25
  -21
  -18
  -15
  -12
  -10
  -8
  -6
  -5
  -4
  -3
  -2
  -1
  -1
  -1
  -1
Current shareholders' claim on cash, %
  97.5
  95.5
  93.7
  92.3
  91.2
  90.3
  89.6
  89.1
  88.7
  88.6
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5
  88.5

Marten Transport, Ltd. is a temperature-sensitive truckload carrier. The Company focuses on transporting and distributing food and other consumer-packaged goods that require a temperature-controlled or insulated environment. The Company operates through four segments: Truckload, Dedicated, Intermodal and Brokerage. It operates throughout the United States and in parts of Canada and Mexico. The Company's medium-to-long-haul traffic lanes are between the Midwest and the West Coast, Southwest, Southeast, and the East Coast, as well as from California to the Pacific Northwest. It provides regional truckload carrier services in the Southeast, West Coast, Midwest, South Central and Northeast regions. It also offers loading and unloading activities, equipment detention and other ancillary services. The Company's Truckload segment provides a combination of regional short-haul and medium-to-long-haul full-load transportation services.

FINANCIAL RATIOS  of  Marten Transport (MRTN)

Valuation Ratios
P/E Ratio 32.6
Price to Sales 1.6
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 8
Price to Free Cash Flow -38.4
Growth Rates
Sales Growth Rate 0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.8%
Cap. Spend. - 3 Yr. Gr. Rate 6%
Financial Strength
Quick Ratio NaN
Current Ratio 0.3
LT Debt to Equity 1.8%
Total Debt to Equity 1.8%
Interest Coverage 0
Management Effectiveness
Return On Assets 5.1%
Ret/ On Assets - 3 Yr. Avg. 5.5%
Return On Total Capital 7.4%
Ret/ On T. Cap. - 3 Yr. Avg. 7.8%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 8.3%
Asset Turnover 1
Profitability Ratios
Gross Margin 36.1%
Gross Margin - 3 Yr. Avg. 34.3%
EBITDA Margin 20.7%
EBITDA Margin - 3 Yr. Avg. 19.7%
Operating Margin 8.6%
Oper. Margin - 3 Yr. Avg. 8.5%
Pre-Tax Margin 8.5%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 4.9%
Net Profit Margin - 3 Yr. Avg. 4.9%
Effective Tax Rate 42.1%
Eff/ Tax Rate - 3 Yr. Avg. 41.8%
Payout Ratio 9.1%

MRTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MRTN stock intrinsic value calculation we used $698.12 million for the last fiscal year's total revenue generated by Marten Transport. The default revenue input number comes from 0001 income statement of Marten Transport. 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 MRTN stock valuation model: a) initial revenue growth rate of 14.9% 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 MRTN is calculated based on our internal credit rating of Marten Transport, 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 Marten Transport.
    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 MRTN stock the variable cost ratio is equal to 91.3%.

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 MRTN 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 Marten Transport.

Corporate tax rate of 27% is the nominal tax rate for Marten Transport. 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 MRTN 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 MRTN are equal to 80.9%.

Life of production assets of 6.6 years is the average useful life of capital assets used in Marten Transport 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 MRTN is equal to 5.2%. 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 - $525.5 million for Marten Transport - 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 54.659 million for Marten Transport 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 Marten Transport at the current share price and the inputted number of shares is $1.1 billion.

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COMPANY NEWS

▶ Marten Transport Announces Third Quarter Results   [Oct-16-18 04:01PM  GlobeNewswire]
▶ Marten Transport Declares Quarterly Dividend   [Aug-14-18 04:01PM  GlobeNewswire]
▶ Trucking? It's RED HOT and OVERHEATING   [Jul-24-18 02:41PM  Zacks]
▶ Marten Transport Announces Second Quarter Results   [Jul-17-18 04:01PM  GlobeNewswire]
▶ Marten Transport Declares Quarterly Dividend   [May-08-18 06:01PM  GlobeNewswire]
▶ Marten Transport Announces First Quarter Results   [Apr-19-18 04:01PM  GlobeNewswire]
▶ Is It Time To Buy Marten Transport Ltd (NASDAQ:MRTN)?   [Apr-18-18 09:49AM  Simply Wall St.]
▶ Marten Transport Declares Quarterly Dividend   [Mar-07-18 04:01PM  GlobeNewswire]
▶ Marten Transport Declares Quarterly Dividend   [Dec-12-17 04:01PM  GlobeNewswire]
▶ Marten Transport tops Street 3Q forecasts   [Oct-19-17 04:05PM  Associated Press]
▶ Marten Transport Declares Quarterly Dividend   [Aug-15-17 04:01PM  GlobeNewswire]
▶ Marten Transport beats 2Q profit forecasts   [Jul-20-17 09:43PM  Associated Press]
▶ Marten Transport Announces Five-For-Three Stock Split   [Jun-15-17 04:01PM  GlobeNewswire]
▶ Marten Transport Declares Quarterly Dividend   [May-09-17 04:01PM  GlobeNewswire]
▶ Marten Transport tops Street 1Q forecasts   [Apr-20-17 04:20PM  Associated Press]
▶ Marten Transport Declares Quarterly Dividend   [Mar-14-17 04:01PM  GlobeNewswire]
▶ Marten Transport meets 4Q profit forecasts   [05:03AM  Associated Press]
▶ Is Marten Transport, Ltd (MRTN) a Good Stock to Buy?   [Dec-14-16 07:29AM  at Insider Monkey]
▶ Marten Transport Declares Quarterly Dividend   [Dec-06-16 04:01PM  GlobeNewswire]
▶ Marten Transport Declares Quarterly Dividend   [Aug-16-16 04:01PM  GlobeNewswire]

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