M & A M A R K E T M O N I T O R...US & Canada M&A Market Overview Transportation Transactions 317...
Transcript of M & A M A R K E T M O N I T O R...US & Canada M&A Market Overview Transportation Transactions 317...
M&A MARKET MONITORTRANSPORTATION JANUARY 2019
5 Yr
4 Yr
3 Yr
2 Yr
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23,382 23,405 21,379
19,365 19,608
11.1x 11.1x 10.8x11.8x
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2014 2015 2016 2017 2018
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Deal Count Median TEV/ LTM EBITDA Multiple
About the DataThe information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any c losed or announced M&A transaction where the target is headquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industry group and as such may not be representative of your company's market valuation. Past performance is not indicative of future result s. Certain adjustments have been made to the information to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classi fication was omitted.
US & Canada M&A Market Overview
Overall Market Transactions
Source: S&P Capital IQ; ArkMalibu; Other publicly available sources
As of 12/31/2018
Transportation
5 Yr
4 Yr
3 Yr
2 Yr
1 Yr
About the DataThe information presented in this report is an analysis of deals in the United States or Canada. A deal is described as any closed or announced M&A transaction where the target is headquartered in the United States or Canada, financial terms of the transaction have been disclosed, and the target has an industry classification that falls into the subject industry group and as such may not be representative of your company's market valuation. Past performance is not indicative of future results. Certain adjustments have been made to the information to exclude transactions which are not specific to the industry or incorporate relevant transactions for which an industry classification was omitted.
Source: S&P Capital IQ; ArkMalibu; Other publicly available sources
As of 12/31/2018
US & Canada M&A Market Overview
Transportation Transactions
317 319
259 252 274
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2014 2015 2016 2017 2018
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Deal Count Median TEV/ LTM EBITDA Multiple
Public Companies' Trading Metrics | TransportationAs of: 12/31/2018
USD in millions except per share price
Last Equity Enterprise EBITDA
Price Value Value Margin 2017A LTM NTM 2017A LTMLast Sale PriceMarket CapitalizationTotal Enterprise ValueLTM EBITDA Margin %CY - 1 TEV/Total RevenuesLTM TEV/Total RevenuesNTM TEV/Forward Total RevenueCY - 1 TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA
Air Freight and Logistics
United Parcel Service, Inc. 97.53 83,780 102,329 14.2% 1.8 1.5 1.4 14.9 10.3
FedEx Corporation 161.33 42,114 57,282 12.6% 1.3 0.8 0.8 9.6 6.6
XPO Logistics, Inc. 57.04 7,241 11,466 8.6% 1.1 0.7 0.6 12.9 7.8
C.H. Robinson Worldwide, Inc. 84.09 11,563 12,606 5.8% 1.0 0.8 0.7 16.3 13.3
Expeditors International of Washington, Inc. 68.09 11,752 10,763 10.6% 1.6 1.4 1.3 14.5 13.0
Ryder System, Inc. 48.15 2,556 8,779 23.3% 1.4 1.1 1.0 5.5 4.6
Atlas Air Worldwide Holdings, Inc. 42.19 1,080 3,383 20.0% 1.7 1.3 1.2 7.9 6.6
Forward Air Corporation 54.85 1,602 1,614 12.7% 1.6 1.3 1.2 11.8 10.4
Air Transport Services Group, Inc. 22.81 1,348 1,846 31.4% 1.9 2.0 1.6 8.3 6.5
Hub Group, Inc. 37.07 1,271 1,315 4.7% 0.5 0.3 0.3 13.3 6.2
Echo Global Logistics, Inc. 20.33 580 737 3.2% 0.5 0.3 0.3 30.5 9.6
Cargojet Inc. 51.88 700 1,088 24.1% 3.2 3.4 3.2 14.3 14.0
Radiant Logistics, Inc. 4.25 210 248 3.4% 0.3 0.3 0.3 9.8 8.5
Median 51.88 1,602 3,383 12.6% 1.4 1.1 1.0 12.9 8.5
Less Than Truck Load (LTL)
Old Dominion Freight Line, Inc. 123.49 10,095 9,963 24.6% 3.4 2.5 2.3 14.5 10.4
Saia, Inc. 55.82 1,422 1,543 14.5% 1.4 1.0 0.9 11.1 6.7
ArcBest Corporation 34.26 880 917 7.5% 0.4 0.3 0.3 6.6 4.0
YRC Worldwide Inc. 3.15 107 802 4.9% 0.3 0.2 0.2 5.0 3.2
Roadrunner Transportation Systems, Inc. 0.50 19 537 -1.0% 0.4 0.2 NM 6.9 NM
Median 34.26 880 917 7.5% 0.4 0.3 0.6 6.9 5.4
NM
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5.8
3.5
2.6
4.7
5.6
7.4
10.6
6.6
9.2
NTM
Category / Company Valuation Statistics Multiples Data
EV / Revenue (x) EV / EBITDA (x)
9.9
6.5
6.3
6.6
4.3
6.1
9.4
12.0
12.4
Source: SP Capital IQ; ArkMalibu;
EV = enterprise value; LTM = last twelve months; NTM = next twelve months
NM = Not Meaningful
Public Companies' Trading Metrics | TransportationAs of: 12/31/2018
USD in millions except per share price
Last Equity Enterprise EBITDA
Price Value Value Margin 2017A LTM NTM 2017A LTMLast Sale PriceMarket CapitalizationTotal Enterprise ValueLTM EBITDA Margin %CY - 1 TEV/Total RevenuesLTM TEV/Total RevenuesNTM TEV/Forward Total RevenueCY - 1 TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA
NTM
Category / Company Valuation Statistics Multiples Data
EV / Revenue (x) EV / EBITDA (x)
Marine Freight
Kirby Corporation 67.36 4,033 5,432 15.8% 2.6 1.8 1.8 12.4 11.6
Seaspan Corporation 7.83 1,383 5,298 60.6% 4.5 5.2 4.5 7.7 8.6
Matson, Inc. 32.02 1,367 2,263 10.2% 1.0 1.0 1.0 7.9 8.7
Navios Maritime Holdings Inc. 2.74 32 1,603 32.2% 4.1 3.1 2.9 NM 10.3
Costamare Inc. 4.39 489 1,489 57.5% 4.0 4.0 3.9 6.3 6.6
SEACOR Holdings Inc. 37.00 675 978 19.4% 1.5 1.3 1.2 13.2 6.6
Diana Shipping Inc. 3.18 343 772 49.2% 7.2 3.6 3.1 169.4 7.4
Genco Shipping & Trading Limited 7.89 329 717 31.2% 4.6 2.2 2.3 43.1 7.0
Eagle Bulk Shipping Inc. 4.61 335 576 20.7% 2.8 1.9 2.3 71.2 9.3
Logistec Corporation 31.71 389 519 11.4% 1.5 1.3 NM 10.8 9.9
Algoma Central Corporation 9.29 357 555 21.0% 1.9 1.5 1.5 9.2 6.8
Pangaea Logistics Solutions, Ltd. 3.03 133 328 14.2% 1.0 0.9 0.8 10.7 6.2
Median 7.86 373 875 20.9% 2.7 1.9 2.3 10.8 8.0
Rail Freight
Union Pacific Corporation 138.23 101,846 122,357 47.8% 5.7 5.4 5.2 12.1 11.4
Canadian National Railway Company 74.10 53,966 62,450 49.8% 6.8 6.2 5.6 12.7 12.4
CSX Corporation 62.13 52,464 64,974 49.9% 5.2 5.4 5.2 11.7 10.4
Norfolk Southern Corporation 149.54 40,727 51,413 44.8% 4.9 4.6 4.3 11.6 10.2
Canadian Pacific Railway Limited 177.53 25,315 31,278 51.6% 6.4 6.1 5.6 12.5 11.8
Kansas City Southern 95.45 9,707 12,616 48.4% 5.5 4.7 4.4 11.2 9.7
Genesee & Wyoming Inc. 74.02 4,362 6,837 30.9% 3.5 2.9 2.8 11.6 9.4
Median 95.45 40,727 51,413 48.4% 5.5 5.4 5.2 11.7 10.4 10.1
4.2
5.4
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6.3
10.9
8.9
9.2
10.1
9.8
11.4
7.6
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6.3
NM
11.3
10.0
6.9
6.2
6.8
6.3
Source: SP Capital IQ; ArkMalibu;
EV = enterprise value; LTM = last twelve months; NTM = next twelve months
NM = Not Meaningful
Public Companies' Trading Metrics | TransportationAs of: 12/31/2018
USD in millions except per share price
Last Equity Enterprise EBITDA
Price Value Value Margin 2017A LTM NTM 2017A LTMLast Sale PriceMarket CapitalizationTotal Enterprise ValueLTM EBITDA Margin %CY - 1 TEV/Total RevenuesLTM TEV/Total RevenuesNTM TEV/Forward Total RevenueCY - 1 TEV/EBITDALTM TEV/EBITDANTM TEV/Forward EBITDA
NTM
Category / Company Valuation Statistics Multiples Data
EV / Revenue (x) EV / EBITDA (x)
Truck Load (TL)
J.B. Hunt Transport Services, Inc. 93.04 10,158 11,220 13.7% 2.0 1.4 1.2 13.1 9.9
Knight-Swift Transportation Holdings Inc. 25.07 4,346 5,229 17.0% 6.4 1.0 0.9 32.3 5.8
Schneider National, Inc. 18.67 3,305 3,322 13.3% 1.2 0.7 0.6 10.2 5.1
Landstar System, Inc. 95.67 3,933 3,835 8.0% 1.2 0.9 0.8 15.3 10.7
TFI International Inc. 25.87 2,261 3,344 12.9% 1.0 0.9 0.9 8.8 7.2
Werner Enterprises, Inc. 29.54 2,103 2,218 16.9% 1.4 0.9 0.8 8.3 5.5
Mullen Group Ltd. 8.95 938 1,296 14.3% 1.9 1.4 1.3 12.0 9.9
Heartland Express, Inc. 18.30 1,499 1,379 24.4% 3.3 2.2 2.2 12.3 9.0
Universal Logistics Holdings, Inc. 18.09 513 830 8.4% 0.8 0.6 0.5 11.4 7.1
Marten Transport, Ltd. 16.19 882 846 19.2% 1.6 1.1 1.0 8.3 5.7
Daseke, Inc. 3.68 237 953 10.5% 1.4 0.7 0.5 14.0 6.4
Covenant Transportation Group, Inc. 19.20 352 568 15.6% 1.1 0.7 0.6 7.1 4.2
P.A.M. Transportation Services, Inc. 39.41 235 419 15.2% 0.8 0.8 NM 6.7 5.5
USA Truck, Inc. 14.97 122 218 8.7% 0.6 0.4 0.4 13.4 4.8
ENTREC Corporation 0.11 12 125 8.1% 1.2 1.0 NM 24.0 12.6
Titanium Transportation Group Inc. 0.94 34 74 11.5% 0.8 0.6 0.5 7.7 4.9
Patriot Transportation Holding, Inc. 19.71 66 49 9.2% 0.4 0.4 NM 3.8 4.7
Median 18.67 882 953 13.3% 1.2 0.9 0.8 11.4 5.8 5.0
5.3
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4.9
3.6
NM
4.6
NM
3.4
7.2
8.1
5.0
4.6
9.8
8.3
6.9
6.5
4.5
Source: SP Capital IQ; ArkMalibu;
EV = enterprise value; LTM = last twelve months; NTM = next twelve months
NM = Not Meaningful
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