Intrinsic value of Werner Enterprises - WERN

Previous Close

$34.20

  Intrinsic Value

$41.54

stock screener

  Rating & Target

buy

+21%

  Value-price divergence*

+171%

Previous close

$34.20

 
Intrinsic value

$41.54

 
Up/down potential

+21%

 
Rating

buy

 
Value-price divergence*

+171%

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

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 2016), $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 2.5

 

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, %
  -4.06
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.57
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
Revenue, $m
  2,009
  2,093
  2,183
  2,278
  2,379
  2,485
  2,598
  2,716
  2,842
  2,974
  3,114
  3,261
  3,415
  3,578
  3,750
  3,931
  4,121
  4,321
  4,531
  4,752
  4,985
  5,229
  5,486
  5,756
  6,040
  6,338
  6,651
  6,980
  7,326
  7,689
  8,071
Variable operating expenses, $m
 
  379
  395
  412
  431
  450
  470
  492
  514
  538
  564
  590
  618
  648
  679
  711
  746
  782
  820
  860
  902
  946
  993
  1,042
  1,093
  1,147
  1,204
  1,263
  1,326
  1,392
  1,461
Fixed operating expenses, $m
 
  1,591
  1,631
  1,671
  1,713
  1,756
  1,800
  1,845
  1,891
  1,938
  1,987
  2,036
  2,087
  2,139
  2,193
  2,248
  2,304
  2,362
  2,421
  2,481
  2,543
  2,607
  2,672
  2,739
  2,807
  2,877
  2,949
  3,023
  3,099
  3,176
  3,255
Total operating expenses, $m
  1,883
  1,970
  2,026
  2,083
  2,144
  2,206
  2,270
  2,337
  2,405
  2,476
  2,551
  2,626
  2,705
  2,787
  2,872
  2,959
  3,050
  3,144
  3,241
  3,341
  3,445
  3,553
  3,665
  3,781
  3,900
  4,024
  4,153
  4,286
  4,425
  4,568
  4,716
Operating income, $m
  126
  124
  157
  194
  235
  279
  328
  380
  436
  498
  563
  634
  710
  791
  878
  972
  1,071
  1,177
  1,290
  1,411
  1,539
  1,676
  1,821
  1,975
  2,139
  2,313
  2,498
  2,694
  2,901
  3,121
  3,354
EBITDA, $m
  336
  342
  385
  432
  484
  539
  599
  664
  733
  808
  889
  975
  1,067
  1,165
  1,270
  1,382
  1,502
  1,629
  1,764
  1,908
  2,060
  2,222
  2,394
  2,577
  2,770
  2,976
  3,193
  3,423
  3,667
  3,925
  4,198
Interest expense (income), $m
  2
  6
  7
  8
  9
  11
  12
  14
  15
  17
  19
  21
  23
  25
  27
  29
  32
  34
  37
  40
  43
  46
  50
  53
  57
  61
  65
  69
  73
  78
  83
Earnings before tax, $m
  127
  118
  150
  186
  226
  269
  315
  366
  421
  480
  544
  613
  687
  766
  851
  942
  1,039
  1,143
  1,253
  1,371
  1,496
  1,630
  1,772
  1,922
  2,083
  2,253
  2,433
  2,625
  2,828
  3,043
  3,271
Tax expense, $m
  48
  32
  41
  50
  61
  73
  85
  99
  114
  130
  147
  166
  186
  207
  230
  254
  281
  309
  338
  370
  404
  440
  478
  519
  562
  608
  657
  709
  764
  822
  883
Net income, $m
  79
  86
  110
  136
  165
  196
  230
  267
  307
  351
  397
  448
  502
  560
  621
  688
  759
  834
  915
  1,001
  1,092
  1,190
  1,293
  1,403
  1,520
  1,644
  1,776
  1,916
  2,064
  2,222
  2,388

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  17
  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
  1,793
  1,851
  1,930
  2,014
  2,103
  2,197
  2,297
  2,402
  2,513
  2,630
  2,753
  2,883
  3,020
  3,164
  3,316
  3,475
  3,644
  3,820
  4,006
  4,202
  4,407
  4,623
  4,850
  5,089
  5,340
  5,604
  5,881
  6,172
  6,477
  6,798
  7,136
Adjusted assets (=assets-cash), $m
  1,776
  1,851
  1,930
  2,014
  2,103
  2,197
  2,297
  2,402
  2,513
  2,630
  2,753
  2,883
  3,020
  3,164
  3,316
  3,475
  3,644
  3,820
  4,006
  4,202
  4,407
  4,623
  4,850
  5,089
  5,340
  5,604
  5,881
  6,172
  6,477
  6,798
  7,136
Revenue / Adjusted assets
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
  1.131
Average production assets, $m
  1,259
  1,313
  1,369
  1,428
  1,491
  1,558
  1,629
  1,703
  1,782
  1,865
  1,952
  2,044
  2,141
  2,244
  2,351
  2,465
  2,584
  2,709
  2,841
  2,980
  3,125
  3,279
  3,440
  3,609
  3,787
  3,974
  4,170
  4,377
  4,593
  4,821
  5,060
Working capital, $m
  158
  167
  175
  182
  190
  199
  208
  217
  227
  238
  249
  261
  273
  286
  300
  314
  330
  346
  362
  380
  399
  418
  439
  460
  483
  507
  532
  558
  586
  615
  646
Total debt, $m
  180
  196
  231
  268
  307
  349
  393
  439
  488
  539
  593
  650
  711
  774
  841
  911
  985
  1,063
  1,145
  1,231
  1,321
  1,416
  1,516
  1,621
  1,732
  1,848
  1,969
  2,097
  2,232
  2,373
  2,522
Total liabilities, $m
  798
  814
  849
  886
  925
  967
  1,011
  1,057
  1,106
  1,157
  1,211
  1,268
  1,329
  1,392
  1,459
  1,529
  1,603
  1,681
  1,763
  1,849
  1,939
  2,034
  2,134
  2,239
  2,350
  2,466
  2,587
  2,715
  2,850
  2,991
  3,140
Total equity, $m
  995
  1,037
  1,081
  1,128
  1,178
  1,230
  1,286
  1,345
  1,407
  1,473
  1,542
  1,614
  1,691
  1,772
  1,857
  1,946
  2,040
  2,139
  2,243
  2,353
  2,468
  2,589
  2,716
  2,850
  2,990
  3,138
  3,293
  3,456
  3,627
  3,807
  3,996
Total liabilities and equity, $m
  1,793
  1,851
  1,930
  2,014
  2,103
  2,197
  2,297
  2,402
  2,513
  2,630
  2,753
  2,882
  3,020
  3,164
  3,316
  3,475
  3,643
  3,820
  4,006
  4,202
  4,407
  4,623
  4,850
  5,089
  5,340
  5,604
  5,880
  6,171
  6,477
  6,798
  7,136
Debt-to-equity ratio
  0.181
  0.190
  0.210
  0.240
  0.260
  0.280
  0.310
  0.330
  0.350
  0.370
  0.380
  0.400
  0.420
  0.440
  0.450
  0.470
  0.480
  0.500
  0.510
  0.520
  0.540
  0.550
  0.560
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
  0.630
Adjusted equity ratio
  0.551
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  79
  86
  110
  136
  165
  196
  230
  267
  307
  351
  397
  448
  502
  560
  621
  688
  759
  834
  915
  1,001
  1,092
  1,190
  1,293
  1,403
  1,520
  1,644
  1,776
  1,916
  2,064
  2,222
  2,388
Depreciation, amort., depletion, $m
  210
  219
  228
  238
  249
  260
  271
  284
  297
  311
  325
  341
  357
  374
  392
  411
  431
  452
  473
  497
  521
  546
  573
  601
  631
  662
  695
  729
  766
  804
  843
Funds from operations, $m
  320
  305
  338
  374
  413
  456
  502
  551
  604
  662
  723
  788
  859
  933
  1,013
  1,099
  1,189
  1,286
  1,388
  1,497
  1,613
  1,736
  1,866
  2,005
  2,151
  2,307
  2,471
  2,645
  2,830
  3,025
  3,231
Change in working capital, $m
  8
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  28
  29
  31
Cash from operations, $m
  312
  298
  331
  366
  405
  447
  493
  542
  594
  651
  712
  777
  846
  920
  1,000
  1,084
  1,174
  1,270
  1,371
  1,480
  1,595
  1,717
  1,846
  1,983
  2,129
  2,283
  2,446
  2,619
  2,802
  2,996
  3,201
Maintenance CAPEX, $m
  0
  -210
  -219
  -228
  -238
  -249
  -260
  -271
  -284
  -297
  -311
  -325
  -341
  -357
  -374
  -392
  -411
  -431
  -452
  -473
  -497
  -521
  -546
  -573
  -601
  -631
  -662
  -695
  -729
  -766
  -804
New CAPEX, $m
  -538
  -54
  -56
  -60
  -63
  -67
  -71
  -75
  -79
  -83
  -87
  -92
  -97
  -102
  -108
  -113
  -119
  -125
  -132
  -139
  -146
  -153
  -161
  -169
  -178
  -187
  -196
  -206
  -217
  -228
  -239
Cash from investing activities, $m
  -410
  -264
  -275
  -288
  -301
  -316
  -331
  -346
  -363
  -380
  -398
  -417
  -438
  -459
  -482
  -505
  -530
  -556
  -584
  -612
  -643
  -674
  -707
  -742
  -779
  -818
  -858
  -901
  -946
  -994
  -1,043
Free cash flow, $m
  -98
  35
  56
  79
  104
  132
  162
  196
  232
  271
  313
  359
  408
  461
  518
  579
  644
  714
  788
  868
  952
  1,042
  1,138
  1,241
  1,349
  1,465
  1,588
  1,718
  1,856
  2,003
  2,158
Issuance/(repayment) of debt, $m
  105
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  90
  95
  100
  105
  110
  116
  122
  128
  135
  141
  148
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
  0
Cash from financing (excl. dividends), $m  
  100
  33
  35
  37
  39
  41
  44
  46
  49
  51
  54
  57
  60
  63
  67
  70
  74
  78
  82
  86
  90
  95
  100
  105
  110
  116
  122
  128
  135
  141
  148
Total cash flow (excl. dividends), $m
  2
  68
  91
  116
  143
  173
  206
  242
  281
  323
  368
  416
  469
  525
  585
  649
  718
  791
  870
  954
  1,043
  1,137
  1,238
  1,346
  1,460
  1,581
  1,709
  1,846
  1,991
  2,144
  2,307
Retained Cash Flow (-), $m
  -59
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -62
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -99
  -104
  -109
  -115
  -121
  -127
  -134
  -140
  -148
  -155
  -163
  -171
  -180
  -189
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
 
  27
  46
  69
  93
  121
  150
  183
  219
  257
  299
  344
  392
  444
  500
  560
  624
  692
  766
  844
  928
  1,016
  1,111
  1,212
  1,319
  1,433
  1,554
  1,683
  1,819
  1,964
  2,118
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
 
  26
  42
  60
  77
  93
  109
  124
  137
  148
  157
  163
  167
  169
  168
  164
  159
  151
  141
  130
  118
  105
  92
  79
  67
  56
  45
  36
  28
  21
  16
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

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 31.2
Price to Sales 1.2
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow -10.9
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 $2009 million for the last fiscal year's total revenue generated by Werner Enterprises. The default revenue input number comes from 2016 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 4.2% 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 18.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1552 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 3.5% 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%.

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 62.7%.

Life of production assets of 6 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 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 - $995 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 74.214 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 $2.5 billion.

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COMPANY NEWS

▶ 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]
▶ Werner Enterprises Announces Quarterly Dividend   [Aug-17-17 04:05PM  GlobeNewswire]
▶ Werner beats Street 2Q forecasts   [Jul-24-17 10:02PM  Associated Press]
▶ Werner beats Street 2Q forecasts   [05:02PM  Associated Press]
▶ Werner Logistics Named a 2017 Top 100 3PL Provider   [Jul-21-17 02:30PM  GlobeNewswire]
▶ Major Trucking Companies Stock Movement during the Last Year   [Jul-03-17 07:39AM  Market Realist]
▶ Werner Enterprises Named 2017 Green Supply Chain Partner   [Jun-27-17 11:00AM  GlobeNewswire]
▶ Werner Enterprises Increases Quarterly Dividend   [May-15-17 04:05PM  GlobeNewswire]
▶ Introducing Werner Final Mile   [11:55AM  GlobeNewswire]
▶ Werner beats Street 1Q forecasts   [Apr-20-17 04:24PM  Associated Press]
▶ Werner Enterprises Receives Distinguished Service Award   [Apr-04-17 10:00AM  GlobeNewswire]
▶ 11 Most Profitable Trucking Companies In America   [Mar-23-17 09:00PM  at Insider Monkey]
▶ Werner Enterprises Announces Quarterly Dividend   [Feb-14-17 04:05PM  GlobeNewswire]
▶ Werner Enterprises Celebrates 25,000th Veteran Hire   [Jan-17-17 11:00AM  GlobeNewswire]
▶ Werner Celebrates 35,000th Apprenticeship Program Enrollee   [Jan-10-17 01:45PM  GlobeNewswire]
▶ Werner Enterprises Unveils Laredo Terminal Expansion   [Dec-14-16 01:00PM  GlobeNewswire]
Financial statements of WERN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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