Intrinsic value of Werner Enterprises - WERN

Previous Close

$39.35

  Intrinsic Value

$10.46

stock screener

  Rating & Target

str. sell

-73%

Previous close

$39.35

 
Intrinsic value

$10.46

 
Up/down potential

-73%

 
Rating

str. sell

We calculate the intrinsic value of WERN 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 2.8

 

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, %
  5.40
  5.36
  5.32
  5.29
  5.26
  5.24
  5.21
  5.19
  5.17
  5.15
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
Revenue, $m
  2,231
  2,351
  2,476
  2,607
  2,744
  2,888
  3,039
  3,196
  3,362
  3,535
  3,717
  3,907
  4,107
  4,316
  4,536
  4,767
  5,009
  5,262
  5,529
  5,808
  6,101
  6,409
  6,732
  7,071
  7,427
  7,800
  8,192
  8,604
  9,036
  9,489
Variable operating expenses, $m
  1,865
  1,965
  2,070
  2,180
  2,294
  2,414
  2,540
  2,672
  2,810
  2,955
  3,107
  3,266
  3,433
  3,608
  3,792
  3,985
  4,187
  4,399
  4,622
  4,855
  5,101
  5,358
  5,628
  5,911
  6,209
  6,521
  6,849
  7,193
  7,554
  7,933
Fixed operating expenses, $m
  213
  217
  222
  227
  232
  237
  242
  248
  253
  259
  264
  270
  276
  282
  288
  295
  301
  308
  315
  321
  328
  336
  343
  351
  358
  366
  374
  383
  391
  400
Total operating expenses, $m
  2,078
  2,182
  2,292
  2,407
  2,526
  2,651
  2,782
  2,920
  3,063
  3,214
  3,371
  3,536
  3,709
  3,890
  4,080
  4,280
  4,488
  4,707
  4,937
  5,176
  5,429
  5,694
  5,971
  6,262
  6,567
  6,887
  7,223
  7,576
  7,945
  8,333
Operating income, $m
  153
  168
  184
  201
  218
  237
  256
  277
  298
  321
  345
  371
  398
  426
  456
  487
  520
  555
  592
  631
  672
  715
  761
  809
  860
  913
  969
  1,028
  1,091
  1,157
EBITDA, $m
  296
  319
  343
  368
  394
  421
  451
  481
  513
  547
  583
  621
  660
  702
  746
  792
  841
  892
  946
  1,003
  1,063
  1,126
  1,192
  1,261
  1,335
  1,412
  1,493
  1,579
  1,669
  1,764
Interest expense (income), $m
  2
  5
  7
  9
  11
  13
  15
  18
  20
  22
  25
  28
  31
  34
  37
  40
  44
  47
  51
  55
  60
  64
  69
  74
  79
  84
  90
  96
  102
  108
  115
Earnings before tax, $m
  148
  161
  175
  190
  205
  221
  239
  257
  276
  296
  317
  340
  364
  389
  415
  443
  473
  504
  537
  572
  608
  647
  687
  730
  776
  823
  874
  927
  982
  1,041
Tax expense, $m
  40
  44
  47
  51
  55
  60
  64
  69
  74
  80
  86
  92
  98
  105
  112
  120
  128
  136
  145
  154
  164
  175
  186
  197
  209
  222
  236
  250
  265
  281
Net income, $m
  108
  118
  128
  138
  150
  162
  174
  187
  201
  216
  232
  248
  266
  284
  303
  324
  345
  368
  392
  417
  444
  472
  502
  533
  566
  601
  638
  676
  717
  760

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
  1,905
  2,008
  2,114
  2,226
  2,344
  2,466
  2,595
  2,730
  2,871
  3,019
  3,174
  3,337
  3,507
  3,686
  3,874
  4,071
  4,277
  4,494
  4,721
  4,960
  5,210
  5,473
  5,749
  6,038
  6,342
  6,661
  6,996
  7,347
  7,716
  8,103
Adjusted assets (=assets-cash), $m
  1,905
  2,008
  2,114
  2,226
  2,344
  2,466
  2,595
  2,730
  2,871
  3,019
  3,174
  3,337
  3,507
  3,686
  3,874
  4,071
  4,277
  4,494
  4,721
  4,960
  5,210
  5,473
  5,749
  6,038
  6,342
  6,661
  6,996
  7,347
  7,716
  8,103
Revenue / Adjusted assets
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
  1.171
Average production assets, $m
  1,428
  1,505
  1,585
  1,669
  1,756
  1,848
  1,945
  2,046
  2,151
  2,262
  2,379
  2,501
  2,628
  2,762
  2,903
  3,051
  3,205
  3,368
  3,538
  3,717
  3,905
  4,102
  4,308
  4,525
  4,753
  4,992
  5,243
  5,506
  5,783
  6,073
Working capital, $m
  -65
  -68
  -72
  -76
  -80
  -84
  -88
  -93
  -97
  -103
  -108
  -113
  -119
  -125
  -132
  -138
  -145
  -153
  -160
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -238
  -250
  -262
  -275
Total debt, $m
  131
  166
  203
  242
  282
  324
  369
  415
  464
  515
  569
  625
  683
  745
  810
  878
  949
  1,024
  1,102
  1,185
  1,271
  1,362
  1,457
  1,557
  1,662
  1,772
  1,887
  2,008
  2,136
  2,269
Total liabilities, $m
  657
  693
  730
  768
  809
  851
  895
  942
  990
  1,041
  1,095
  1,151
  1,210
  1,272
  1,336
  1,404
  1,476
  1,550
  1,629
  1,711
  1,798
  1,888
  1,983
  2,083
  2,188
  2,298
  2,414
  2,535
  2,662
  2,796
Total equity, $m
  1,248
  1,315
  1,385
  1,458
  1,535
  1,615
  1,700
  1,788
  1,880
  1,977
  2,079
  2,185
  2,297
  2,414
  2,537
  2,666
  2,802
  2,943
  3,092
  3,249
  3,413
  3,585
  3,765
  3,955
  4,154
  4,363
  4,582
  4,812
  5,054
  5,308
Total liabilities and equity, $m
  1,905
  2,008
  2,115
  2,226
  2,344
  2,466
  2,595
  2,730
  2,870
  3,018
  3,174
  3,336
  3,507
  3,686
  3,873
  4,070
  4,278
  4,493
  4,721
  4,960
  5,211
  5,473
  5,748
  6,038
  6,342
  6,661
  6,996
  7,347
  7,716
  8,104
Debt-to-equity ratio
  0.100
  0.130
  0.150
  0.170
  0.180
  0.200
  0.220
  0.230
  0.250
  0.260
  0.270
  0.290
  0.300
  0.310
  0.320
  0.330
  0.340
  0.350
  0.360
  0.360
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
  0.430
Adjusted equity ratio
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655
  0.655

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  118
  128
  138
  150
  162
  174
  187
  201
  216
  232
  248
  266
  284
  303
  324
  345
  368
  392
  417
  444
  472
  502
  533
  566
  601
  638
  676
  717
  760
Depreciation, amort., depletion, $m
  143
  150
  158
  167
  176
  185
  194
  205
  215
  226
  238
  250
  263
  276
  290
  305
  321
  337
  354
  372
  390
  410
  431
  453
  475
  499
  524
  551
  578
  607
Funds from operations, $m
  251
  268
  286
  305
  325
  346
  369
  392
  417
  442
  470
  498
  528
  560
  594
  629
  666
  705
  746
  789
  834
  882
  933
  986
  1,041
  1,100
  1,162
  1,227
  1,295
  1,367
Change in working capital, $m
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
Cash from operations, $m
  254
  272
  290
  309
  329
  351
  373
  397
  421
  447
  475
  504
  534
  566
  600
  635
  673
  712
  753
  797
  843
  891
  942
  995
  1,052
  1,111
  1,173
  1,239
  1,308
  1,381
Maintenance CAPEX, $m
  -135
  -143
  -150
  -158
  -167
  -176
  -185
  -194
  -205
  -215
  -226
  -238
  -250
  -263
  -276
  -290
  -305
  -321
  -337
  -354
  -372
  -390
  -410
  -431
  -453
  -475
  -499
  -524
  -551
  -578
New CAPEX, $m
  -73
  -77
  -80
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -122
  -128
  -134
  -141
  -148
  -155
  -162
  -170
  -179
  -188
  -197
  -207
  -217
  -228
  -239
  -251
  -263
  -276
  -290
Cash from investing activities, $m
  -208
  -220
  -230
  -242
  -255
  -268
  -281
  -295
  -311
  -326
  -342
  -360
  -378
  -397
  -417
  -438
  -460
  -483
  -507
  -533
  -560
  -587
  -617
  -648
  -681
  -714
  -750
  -787
  -827
  -868
Free cash flow, $m
  45
  52
  59
  67
  75
  83
  92
  101
  111
  121
  132
  144
  156
  169
  183
  198
  213
  229
  246
  264
  284
  304
  325
  348
  372
  397
  423
  451
  481
  512
Issuance/(repayment) of debt, $m
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
  134
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  
  34
  35
  37
  39
  40
  42
  44
  46
  49
  51
  54
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  91
  95
  100
  105
  110
  115
  121
  127
  134
Total cash flow (excl. dividends), $m
  80
  88
  96
  105
  115
  125
  136
  148
  160
  172
  186
  200
  215
  231
  248
  265
  284
  304
  325
  347
  370
  394
  420
  448
  476
  507
  539
  573
  608
  646
Retained Cash Flow (-), $m
  -63
  -67
  -70
  -73
  -77
  -80
  -84
  -88
  -92
  -97
  -102
  -107
  -112
  -117
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -181
  -190
  -199
  -209
  -219
  -230
  -242
  -254
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
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  13
  14
  15
  16
  16
  17
  18
Cash available for distribution, $m
  17
  21
  26
  32
  38
  45
  52
  59
  67
  75
  84
  94
  103
  114
  125
  137
  149
  162
  176
  190
  206
  222
  240
  258
  277
  298
  319
  342
  367
  392
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
  16
  19
  23
  26
  30
  33
  35
  37
  39
  40
  40
  40
  39
  38
  37
  35
  32
  30
  27
  24
  21
  18
  16
  13
  11
  9
  7
  5
  4
  3
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

Werner Enterprises, Inc. is a transportation and logistics company. The Company is engaged in transporting truckload shipments of general commodities in both interstate and intrastate commerce. It operates through two segments: Truckload and Werner Logistics. It provides logistics services through its Werner Logistics division. As of December 31, 2016, it had a fleet of approximately 7,100 trucks, of which 6,305 were company-operated and 795 were owned and operated by independent contractors. Its Werner Logistics division operated 74 intermodal drayage trucks as of December 31, 2016. Its Truckload segment comprises the One-Way Truckload and Specialized Services units. It operates in several provinces of Canada to provide through-trailer service into and out of Mexico. Its Werner Logistic segment is a non-asset-based transportation and logistics provider and comprises four operating units: truck brokerage, freight management, the intermodal and Werner Global Logistics international.

FINANCIAL RATIOS  of  Werner Enterprises (WERN)

Valuation Ratios
P/E Ratio 35.9
Price to Sales 1.4
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow -12.6
Growth Rates
Sales Growth Rate -4.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.5%
Cap. Spend. - 3 Yr. Gr. Rate 20.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 16.1%
Total Debt to Equity 18.1%
Interest Coverage 65
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 6.6%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 10.5%
Return On Equity 8.2%
Return On Equity - 3 Yr. Avg. 11.5%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 83.8%
Gross Margin - 3 Yr. Avg. 80%
EBITDA Margin 16.9%
EBITDA Margin - 3 Yr. Avg. 17.2%
Operating Margin 6.3%
Oper. Margin - 3 Yr. Avg. 7.8%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 7.8%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 37.8%
Eff/ Tax Rate - 3 Yr. Avg. 38.3%
Payout Ratio 21.5%

WERN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WERN stock intrinsic value calculation we used $2117 million for the last fiscal year's total revenue generated by Werner Enterprises. The default revenue input number comes from 2017 income statement of Werner Enterprises. 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 WERN stock valuation model: a) initial revenue growth rate of 5.4% 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 WERN is calculated based on our internal credit rating of Werner Enterprises, 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 Werner Enterprises.
    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 WERN stock the variable cost ratio is equal to 83.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $208 million in the base year in the intrinsic value calculation for WERN 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 Werner Enterprises.

Corporate tax rate of 27% is the nominal tax rate for Werner Enterprises. 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 WERN 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 WERN are equal to 64%.

Life of production assets of 10 years is the average useful life of capital assets used in Werner Enterprises 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 WERN is equal to -2.9%. 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 - $1185 million for Werner Enterprises - 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 72 million for Werner Enterprises 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 Werner Enterprises at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Werner Enterprises Unveils First Race for the Cure Truck   [Jul-12-18 04:30PM  GlobeNewswire]
▶ Werner Enterprises Earns 2018 Freedom Award   [Jun-25-18 02:45PM  GlobeNewswire]
▶ Werner Enterprises Named a 2018 Top Green Provider   [Jun-18-18 10:00AM  GlobeNewswire]
▶ Werner Enterprises Increases Quarterly Dividend   [May-09-18 04:05PM  GlobeNewswire]
▶ Werner Enterprises Named 2018 Best for Vets Employer   [May-07-18 03:35PM  GlobeNewswire]
▶ Reuters: UPS in talks to launch in-home furniture delivery   [May-02-18 10:15AM  American City Business Journals]
▶ Werner Recognized at Guard and Reserve Event   [May-01-18 12:00PM  GlobeNewswire]
▶ Werner: 1Q Earnings Snapshot   [Apr-19-18 04:18PM  Associated Press]
▶ NYSE trader: Watch for earnings from these key stocks   [Apr-18-18 01:53PM  Yahoo Finance Video]
▶ Truckers' Valuations Overheating   [07:00AM  Morningstar]
▶ Werner Enterprises Opens New Joliet Terminal   [Apr-04-18 04:30PM  GlobeNewswire]
▶ Werner Enterprises Designated as Freedom Award Finalist   [Mar-29-18 11:00AM  GlobeNewswire]
▶ Werner Enterprises Driver Named 2017 Road Warrior   [Mar-28-18 10:00AM  GlobeNewswire]
▶ Werner Enterprises Announces Quarterly Dividend   [Mar-19-18 09:15AM  GlobeNewswire]
▶ Werner Enterprises Earns Four 2017 Carrier Awards   [Mar-13-18 10:30AM  GlobeNewswire]
▶ Werner Professional Driver Joins Florida Road Team   [Feb-27-18 11:00AM  GlobeNewswire]
▶ Werner Enterprises Named a 2018 Military Friendly® Brand   [Feb-22-18 11:06AM  GlobeNewswire]
▶ Trucking Rates Come Down a Bit but Problems Persist for Shippers   [Feb-15-18 11:52PM  The Wall Street Journal]
▶ Werner Enterprises Named 2018 Innovator of the Year   [Feb-09-18 03:30PM  GlobeNewswire]
▶ Werner tops Street 4Q forecasts   [04:45PM  Associated Press]
▶ What Sank CSXs Intermodal Revenues in 4Q17?   [Jan-18-18 12:10PM  Market Realist]
▶ Werner Enterprises Clears Key Benchmark, Hitting 90-Plus RS Rating   [Jan-10-18 03:00AM  Investor's Business Daily]
▶ At $38.35, Is Werner Enterprises Inc (NASDAQ:WERN) A Buy?   [Dec-16-17 12:05PM  Simply Wall St.]
▶ Werner Logistics Opens New Laredo Office   [Dec-11-17 12:00PM  GlobeNewswire]
▶ Inside US Truckload Carriers Valuations after 3Q17 Earnings   [Nov-30-17 07:31AM  Market Realist]
▶ Behind US Truckload Carriers 3Q17 Earnings   [Nov-27-17 10:31AM  Market Realist]
▶ US Truckload Carriers at the Top in 3Q17 Operating Margins   [Nov-24-17 05:15PM  Market Realist]
▶ Werner Enterprises Announces Quarterly Dividend   [Nov-15-17 05:00PM  GlobeNewswire]
▶ Werner Enterprises Hosts Veterans Day Ceremonies   [Nov-10-17 02:30PM  GlobeNewswire]
▶ Werner Enterprises Selected as 2017 Carrier of the Year   [Oct-30-17 05:30PM  GlobeNewswire]
▶ Werner Enterprises Earns 2017 SmartWay Excellence Award   [Oct-23-17 11:00AM  GlobeNewswire]
▶ Werner misses Street 3Q forecasts   [04:27PM  Associated Press]
▶ Transportation Stocks Keep Trucking Higher   [Oct-13-17 01:19PM  Zacks]
▶ New Strong Buy Stocks for October 4th   [Oct-04-17 09:52AM  Zacks]
▶ Werner Enterprises Named a 2017 SmartWay High Performer   [Sep-13-17 04:45PM  GlobeNewswire]
▶ Werner Enterprises Named a 2017 Top 100 Trucker   [Sep-11-17 11:00AM  GlobeNewswire]
▶ New Strong Buy Stocks for September 8th   [Sep-08-17 10:31AM  Zacks]
▶ Werner-Sponsored Porky Butts BBQ Named 2017 Grand Champion   [Sep-06-17 12:00PM  GlobeNewswire]
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