Intrinsic value of Old Dominion Freight Line - ODFL

Previous Close

$149.10

  Intrinsic Value

$72.00

stock screener

  Rating & Target

str. sell

-52%

Previous close

$149.10

 
Intrinsic value

$72.00

 
Up/down potential

-52%

 
Rating

str. sell

We calculate the intrinsic value of ODFL 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 12.2

 

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, %
  12.30
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.55
  7.29
  7.06
  6.86
  6.67
  6.50
  6.35
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
Revenue, $m
  3,771
  4,207
  4,666
  5,148
  5,652
  6,178
  6,727
  7,298
  7,892
  8,510
  9,152
  9,820
  10,513
  11,234
  11,983
  12,762
  13,573
  14,417
  15,296
  16,212
  17,166
  18,161
  19,200
  20,284
  21,417
  22,600
  23,836
  25,129
  26,482
  27,897
Variable operating expenses, $m
  2,824
  3,151
  3,494
  3,855
  4,232
  4,626
  5,037
  5,464
  5,909
  6,371
  6,850
  7,349
  7,868
  8,408
  8,969
  9,552
  10,159
  10,790
  11,448
  12,133
  12,848
  13,593
  14,370
  15,181
  16,029
  16,914
  17,840
  18,808
  19,820
  20,879
Fixed operating expenses, $m
  279
  285
  291
  298
  304
  311
  318
  325
  332
  339
  347
  354
  362
  370
  378
  387
  395
  404
  413
  422
  431
  441
  450
  460
  470
  481
  491
  502
  513
  524
Total operating expenses, $m
  3,103
  3,436
  3,785
  4,153
  4,536
  4,937
  5,355
  5,789
  6,241
  6,710
  7,197
  7,703
  8,230
  8,778
  9,347
  9,939
  10,554
  11,194
  11,861
  12,555
  13,279
  14,034
  14,820
  15,641
  16,499
  17,395
  18,331
  19,310
  20,333
  21,403
Operating income, $m
  668
  771
  881
  995
  1,116
  1,241
  1,372
  1,509
  1,652
  1,800
  1,956
  2,116
  2,282
  2,456
  2,636
  2,824
  3,019
  3,223
  3,435
  3,656
  3,887
  4,128
  4,380
  4,643
  4,917
  5,205
  5,505
  5,820
  6,149
  6,493
EBITDA, $m
  933
  1,067
  1,208
  1,357
  1,512
  1,674
  1,844
  2,020
  2,204
  2,396
  2,594
  2,801
  3,016
  3,240
  3,473
  3,715
  3,967
  4,229
  4,503
  4,788
  5,085
  5,396
  5,720
  6,058
  6,412
  6,782
  7,169
  7,574
  7,997
  8,441
Interest expense (income), $m
  6
  5
  10
  16
  22
  28
  34
  41
  48
  55
  63
  71
  79
  87
  96
  105
  115
  125
  135
  146
  157
  169
  181
  194
  207
  221
  235
  250
  266
  282
  300
Earnings before tax, $m
  663
  761
  865
  974
  1,088
  1,207
  1,331
  1,461
  1,596
  1,737
  1,885
  2,037
  2,195
  2,360
  2,531
  2,709
  2,894
  3,088
  3,289
  3,499
  3,718
  3,947
  4,186
  4,436
  4,697
  4,969
  5,255
  5,554
  5,866
  6,194
Tax expense, $m
  179
  205
  233
  263
  294
  326
  359
  394
  431
  469
  509
  550
  593
  637
  683
  731
  781
  834
  888
  945
  1,004
  1,066
  1,130
  1,198
  1,268
  1,342
  1,419
  1,499
  1,584
  1,672
Net income, $m
  484
  556
  631
  711
  794
  881
  972
  1,067
  1,165
  1,268
  1,376
  1,487
  1,602
  1,722
  1,847
  1,977
  2,113
  2,254
  2,401
  2,554
  2,714
  2,881
  3,056
  3,238
  3,429
  3,628
  3,836
  4,054
  4,282
  4,522

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
  3,447
  3,846
  4,266
  4,706
  5,166
  5,648
  6,149
  6,671
  7,214
  7,779
  8,366
  8,976
  9,610
  10,269
  10,954
  11,666
  12,407
  13,178
  13,982
  14,819
  15,691
  16,601
  17,550
  18,541
  19,576
  20,658
  21,788
  22,970
  24,206
  25,500
Adjusted assets (=assets-cash), $m
  3,447
  3,846
  4,266
  4,706
  5,166
  5,648
  6,149
  6,671
  7,214
  7,779
  8,366
  8,976
  9,610
  10,269
  10,954
  11,666
  12,407
  13,178
  13,982
  14,819
  15,691
  16,601
  17,550
  18,541
  19,576
  20,658
  21,788
  22,970
  24,206
  25,500
Revenue / Adjusted assets
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
  1.094
Average production assets, $m
  2,632
  2,937
  3,257
  3,593
  3,945
  4,313
  4,695
  5,094
  5,509
  5,940
  6,388
  6,854
  7,338
  7,841
  8,364
  8,908
  9,474
  10,063
  10,677
  11,316
  11,982
  12,677
  13,402
  14,158
  14,949
  15,775
  16,638
  17,540
  18,484
  19,472
Working capital, $m
  -83
  -93
  -103
  -113
  -124
  -136
  -148
  -161
  -174
  -187
  -201
  -216
  -231
  -247
  -264
  -281
  -299
  -317
  -337
  -357
  -378
  -400
  -422
  -446
  -471
  -497
  -524
  -553
  -583
  -614
Total debt, $m
  193
  296
  404
  518
  637
  761
  890
  1,025
  1,165
  1,311
  1,462
  1,619
  1,783
  1,953
  2,130
  2,313
  2,505
  2,704
  2,911
  3,127
  3,352
  3,587
  3,832
  4,087
  4,354
  4,633
  4,925
  5,230
  5,549
  5,883
Total liabilities, $m
  889
  992
  1,101
  1,214
  1,333
  1,457
  1,586
  1,721
  1,861
  2,007
  2,158
  2,316
  2,479
  2,649
  2,826
  3,010
  3,201
  3,400
  3,607
  3,823
  4,048
  4,283
  4,528
  4,784
  5,051
  5,330
  5,621
  5,926
  6,245
  6,579
Total equity, $m
  2,558
  2,854
  3,165
  3,492
  3,834
  4,190
  4,563
  4,950
  5,353
  5,772
  6,208
  6,660
  7,130
  7,619
  8,128
  8,656
  9,206
  9,778
  10,374
  10,995
  11,643
  12,318
  13,022
  13,758
  14,526
  15,328
  16,167
  17,044
  17,961
  18,921
Total liabilities and equity, $m
  3,447
  3,846
  4,266
  4,706
  5,167
  5,647
  6,149
  6,671
  7,214
  7,779
  8,366
  8,976
  9,609
  10,268
  10,954
  11,666
  12,407
  13,178
  13,981
  14,818
  15,691
  16,601
  17,550
  18,542
  19,577
  20,658
  21,788
  22,970
  24,206
  25,500
Debt-to-equity ratio
  0.080
  0.100
  0.130
  0.150
  0.170
  0.180
  0.200
  0.210
  0.220
  0.230
  0.240
  0.240
  0.250
  0.260
  0.260
  0.270
  0.270
  0.280
  0.280
  0.280
  0.290
  0.290
  0.290
  0.300
  0.300
  0.300
  0.300
  0.310
  0.310
  0.310
Adjusted equity ratio
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742
  0.742

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  484
  556
  631
  711
  794
  881
  972
  1,067
  1,165
  1,268
  1,376
  1,487
  1,602
  1,722
  1,847
  1,977
  2,113
  2,254
  2,401
  2,554
  2,714
  2,881
  3,056
  3,238
  3,429
  3,628
  3,836
  4,054
  4,282
  4,522
Depreciation, amort., depletion, $m
  265
  296
  328
  361
  396
  433
  471
  511
  553
  596
  639
  685
  734
  784
  836
  891
  947
  1,006
  1,068
  1,132
  1,198
  1,268
  1,340
  1,416
  1,495
  1,577
  1,664
  1,754
  1,848
  1,947
Funds from operations, $m
  749
  851
  959
  1,072
  1,190
  1,314
  1,443
  1,578
  1,718
  1,864
  2,015
  2,172
  2,336
  2,507
  2,684
  2,868
  3,060
  3,260
  3,469
  3,686
  3,913
  4,149
  4,396
  4,654
  4,923
  5,205
  5,500
  5,808
  6,131
  6,469
Change in working capital, $m
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
Cash from operations, $m
  758
  861
  969
  1,083
  1,201
  1,326
  1,455
  1,590
  1,731
  1,877
  2,029
  2,187
  2,351
  2,522
  2,700
  2,885
  3,078
  3,279
  3,488
  3,706
  3,934
  4,171
  4,419
  4,678
  4,948
  5,231
  5,527
  5,837
  6,161
  6,500
Maintenance CAPEX, $m
  -234
  -263
  -294
  -326
  -359
  -395
  -431
  -470
  -509
  -551
  -594
  -639
  -685
  -734
  -784
  -836
  -891
  -947
  -1,006
  -1,068
  -1,132
  -1,198
  -1,268
  -1,340
  -1,416
  -1,495
  -1,577
  -1,664
  -1,754
  -1,848
New CAPEX, $m
  -290
  -305
  -320
  -336
  -352
  -367
  -383
  -399
  -415
  -431
  -448
  -466
  -484
  -503
  -523
  -544
  -566
  -589
  -613
  -639
  -666
  -695
  -725
  -757
  -790
  -826
  -863
  -903
  -944
  -988
Cash from investing activities, $m
  -524
  -568
  -614
  -662
  -711
  -762
  -814
  -869
  -924
  -982
  -1,042
  -1,105
  -1,169
  -1,237
  -1,307
  -1,380
  -1,457
  -1,536
  -1,619
  -1,707
  -1,798
  -1,893
  -1,993
  -2,097
  -2,206
  -2,321
  -2,440
  -2,567
  -2,698
  -2,836
Free cash flow, $m
  234
  293
  355
  421
  490
  564
  641
  722
  807
  895
  987
  1,082
  1,182
  1,286
  1,393
  1,505
  1,621
  1,742
  1,868
  1,999
  2,136
  2,278
  2,426
  2,581
  2,742
  2,911
  3,086
  3,270
  3,463
  3,664
Issuance/(repayment) of debt, $m
  98
  103
  108
  114
  119
  124
  129
  135
  140
  146
  151
  157
  164
  170
  177
  184
  191
  199
  207
  216
  225
  235
  245
  256
  267
  279
  292
  305
  319
  334
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  
  98
  103
  108
  114
  119
  124
  129
  135
  140
  146
  151
  157
  164
  170
  177
  184
  191
  199
  207
  216
  225
  235
  245
  256
  267
  279
  292
  305
  319
  334
Total cash flow (excl. dividends), $m
  332
  396
  463
  534
  609
  688
  771
  857
  947
  1,041
  1,138
  1,240
  1,346
  1,456
  1,570
  1,689
  1,813
  1,941
  2,076
  2,215
  2,361
  2,513
  2,671
  2,836
  3,009
  3,190
  3,378
  3,575
  3,782
  3,997
Retained Cash Flow (-), $m
  -281
  -296
  -311
  -327
  -342
  -357
  -372
  -387
  -403
  -419
  -436
  -453
  -470
  -489
  -508
  -529
  -550
  -572
  -596
  -621
  -647
  -675
  -704
  -735
  -768
  -802
  -839
  -877
  -917
  -960
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
  3
  4
  4
  5
  5
  6
  6
  7
  7
  8
  9
  9
  10
  11
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  26
Cash available for distribution, $m
  51
  100
  152
  208
  267
  331
  399
  470
  544
  622
  703
  787
  875
  967
  1,062
  1,160
  1,263
  1,369
  1,480
  1,594
  1,714
  1,838
  1,967
  2,101
  2,241
  2,387
  2,539
  2,698
  2,864
  3,038
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
  49
  91
  132
  171
  207
  240
  269
  293
  312
  326
  334
  336
  333
  325
  312
  295
  275
  252
  228
  203
  177
  152
  129
  107
  87
  70
  55
  42
  31
  23
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

Old Dominion Freight Line, Inc. is a union-free motor carrier providing regional, inter-regional and national less-than-truckload (LTL) services. The Company's LTL services include ground and air expedited transportation for time-sensitive shipments, consumer household pickup and delivery and freight delivery services throughout North America. In addition to its LTL services, the Company offers a range of other value-added services that include container drayage, truckload brokerage, supply chain consulting and warehousing. As of December 31, 2016, the Company operated 226 service center locations, of which it owned 182 and leased 44. As of December 31, 2016, its network included 10 breakbulk facilities located in Rialto, California; Atlanta, Georgia; Columbus, Ohio; Indianapolis, Indiana; Greensboro, North Carolina; Harrisburg, Pennsylvania; Memphis and Morristown, Tennessee; Dallas, Texas, and Salt Lake City, Utah. As of December 31, 2016, the Company owned 7,994 tractors.

FINANCIAL RATIOS  of  Old Dominion Freight Line (ODFL)

Valuation Ratios
P/E Ratio 41.5
Price to Sales 4.1
Price to Book 6.6
Price to Tangible Book
Price to Cash Flow 21.7
Price to Free Cash Flow 83
Growth Rates
Sales Growth Rate 0.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -9.5%
Cap. Spend. - 3 Yr. Gr. Rate 7.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 5.7%
Total Debt to Equity 5.7%
Interest Coverage 81
Management Effectiveness
Return On Assets 11.6%
Ret/ On Assets - 3 Yr. Avg. 12.6%
Return On Total Capital 15.7%
Ret/ On T. Cap. - 3 Yr. Avg. 16.9%
Return On Equity 16.7%
Return On Equity - 3 Yr. Avg. 18.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 89.2%
Gross Margin - 3 Yr. Avg. 87.3%
EBITDA Margin 22.5%
EBITDA Margin - 3 Yr. Avg. 22%
Operating Margin 16.2%
Oper. Margin - 3 Yr. Avg. 16.3%
Pre-Tax Margin 16%
Pre-Tax Margin - 3 Yr. Avg. 16%
Net Profit Margin 9.9%
Net Profit Margin - 3 Yr. Avg. 9.9%
Effective Tax Rate 38.1%
Eff/ Tax Rate - 3 Yr. Avg. 38%
Payout Ratio 0%

ODFL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ODFL stock intrinsic value calculation we used $3358 million for the last fiscal year's total revenue generated by Old Dominion Freight Line. The default revenue input number comes from 2017 income statement of Old Dominion Freight Line. 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 ODFL stock valuation model: a) initial revenue growth rate of 12.3% 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 ODFL is calculated based on our internal credit rating of Old Dominion Freight Line, 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 Old Dominion Freight Line.
    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 ODFL stock the variable cost ratio is equal to 74.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $273 million in the base year in the intrinsic value calculation for ODFL 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 Old Dominion Freight Line.

Corporate tax rate of 27% is the nominal tax rate for Old Dominion Freight Line. 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 ODFL stock is equal to 0.1%.

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 ODFL are equal to 69.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Old Dominion Freight Line 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 ODFL is equal to -2.2%. 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 - $2277 million for Old Dominion Freight Line - 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 82 million for Old Dominion Freight Line 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 Old Dominion Freight Line at the current share price and the inputted number of shares is $12.2 billion.

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COMPANY NEWS

▶ PHOTOS: Exhibit at NC Transportation Museum highlights trucking company   [Jul-20-18 02:01PM  American City Business Journals]
▶ Top Ranked Growth Stocks to Buy for July 13th   [Jul-13-18 09:20AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for July 10th   [Jul-10-18 09:56AM  Zacks]
▶ Top Ranked Growth Stocks to Buy for July 2nd   [Jul-02-18 10:32AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for June 21st   [Jun-21-18 07:55AM  Zacks]
▶ 4 Top Ranked Momentum Stocks to Buy for June 20th   [Jun-20-18 01:45PM  InvestorPlace]
▶ Benefits Edge: Are tax cuts driving wages up?   [May-11-18 06:00AM  American City Business Journals]
▶ Old Dominion makes another leadership shuffle   [Apr-30-18 02:00PM  American City Business Journals]
▶ Old Dominion: 1Q Earnings Snapshot   [07:24AM  Associated Press]
▶ North Carolina-based logistics co. relocates, expands south Houston facility   [Apr-18-18 05:05PM  American City Business Journals]
▶ New Strong Buy Stocks for April 12th   [Apr-12-18 10:39AM  Zacks]
▶ Old Dominion tops Street 4Q forecasts   [09:05AM  Associated Press]
▶ What Sank CSXs Intermodal Revenues in 4Q17?   [Jan-18-18 12:10PM  Market Realist]
▶ Johnson, Thompson help WKU hold off Old Dominion 75-68   [Jan-11-18 11:15PM  Associated Press]
▶ JB Hunt Transport Services Tests Buy Point On Weak Q4 Earnings Guidance   [Dec-28-17 04:07PM  Investor's Business Daily]
▶ How Analysts Look at FedEx after Fiscal 2Q18 Earnings   [Dec-26-17 09:01AM  Market Realist]
▶ A Look at FedExs Revenues in Fiscal 2Q18   [Dec-22-17 10:35AM  Market Realist]
▶ How FedEx Is Valued among Peers before Fiscal 2Q18 Earnings   [Dec-18-17 09:01AM  Market Realist]
▶ Old Dominion tops Street 3Q forecasts   [07:49AM  Associated Press]
▶ Freightliner, Old Dominion mark 26-year partnership with Rowan ceremony   [12:05PM  American City Business Journals]
▶ How the Market Views Less-than-Truckload Carriers   [Oct-03-17 07:37AM  Market Realist]
▶ Do SAIAs 3Q17 Operating Metrics Support LTL Trend?   [Oct-02-17 09:08AM  Market Realist]
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