Universal Logistics Holdings, Inc. | |||||||||||||||||||||||||||
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Benchmarking Analysis - Financial Statistics and Ratios, Page 1 | |||||||||||||||||||||||||||
($ in millions, except per share data) | |||||||||||||||||||||||||||
Market Valuation | LTM Financial Statistics | LTM Profitability Margins | Growth Rates 1 year | ||||||||||||||||||||||||
Revenue | EBITDA | EPS | |||||||||||||||||||||||||
Company | Ticker | Equity Value |
Enterprise Value |
Revenue | EBITDA | EBIT | Net Income |
EBITDA (%) |
EBIT (%) |
Net Income (%) |
Hist. 1-year |
Est. 1-year |
Hist. 1-year |
Est. 1-year |
Hist. 1-year |
Est. 1-year |
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Universal Logistics Holdings, Inc. | ULH | $ 686.4 | $ 1,131.3 | $ 1,391.1 | $ 153.6 | $ 80.4 | $ 48.1 | 11% | 6% | 3% | (8%) | 14% | (7%) | 33% | 33% | 68% | |||||||||||
Heartland Express, Inc. | HTLD | 1,550.8 | 1,436.9 | 645.3 | 189.0 | 78.6 | 70.8 | 29% | 12% | 11% | 8% | 3% | 15% | 17% | (2%) | 19% | |||||||||||
Marten Transport, Ltd. | MRTN | 1,393.6 | 1,328.4 | 874.4 | 192.3 | 82.8 | 69.5 | 22% | 9% | 8% | 4% | 9% | 13% | 13% | 14% | 19% | |||||||||||
ArcBest Corporation | ARCB | 1,686.2 | 1,721.9 | 2,940.2 | 213.3 | 94.9 | 71.1 | 7% | 3% | 2% | (2%) | 11% | 13% | 28% | 78% | 54% | |||||||||||
U.S. Xpress Enterprises, Inc. | USX | 510.7 | 1,147.8 | 1,742.1 | 125.7 | 43.6 | 17.6 | 7% | 2% | 1% | 2% | 7% | 13% | 49% | NM | NM | |||||||||||
Covenant Logistics Group, Inc. | CVLG | 336.9 | 489.8 | 838.6 | 73.2 | 4.8 | (42.7) | 9% | 1% | (5%) | (6%) | 3% | (24%) | 32% | NM | NM | |||||||||||
P.A.M. Transportation Services, Inc. | PTSI | 343.3 | 601.2 | 486.8 | 90.5 | 34.3 | 17.8 | 19% | 7% | 4% | (5%) | (4%) | 33% | (10%) | NM | (30%) | |||||||||||
Mean | 16% | 6% | 3% | 0% | 5% | 10% | 21% | NM | (9%) | ||||||||||||||||||
Median | 14% | 5% | 3% | 0% | 5% | 13% | 23% | 6% | 19% | ||||||||||||||||||
High | 29% | 12% | 11% | 8% | 11% | 33% | 49% | NM | NM | ||||||||||||||||||
Low | 7% | 1% | (5%) | (6%) | (4%) | (24%) | (10%) | NM | NM | ||||||||||||||||||
Universal Logistics Holdings, Inc. | |||||||||||||||||||||||||||
Benchmarking Analysis - Financial Statistics and Ratios, Page 2 | |||||||||||||||||||||||||||
($ in millions, except per share data) | |||||||||||||||||||||||||||
General | Return on Investment | LTM Leverage Ratios | LTM Coverage Ratios | ||||||||||||||||||||||||
Company | Ticker | FYE | Beta | ROIC (%) |
ROE (%) |
ROA (%) |
Implied Div. Yield (%) |
Debt / Tot. Cap. (%) |
Debt / EBITDA (x) |
Net Debt / EBITDA (x) |
EBITDA / Int. Exp (x) |
(EBITDA - Cpx) / Int. (x) |
EBIT / Int. Exp. (x) |
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Universal Logistics Holdings, Inc. | ULH | Dec-31 | 1.61 | 8% | 22% | 5% | 7% | 77% | 5.4x | 5.3x | 10.5x | NA | 5.5x | ||||||||||||||
Heartland Express, Inc. | HTLD | Dec-31 | 0.56 | 9% | 10% | 8% | 2% | 24% | 1.2x | 0.6x | NM | (18.3x) | 93.3x | ||||||||||||||
Marten Transport, Ltd. | MRTN | Dec-31 | 1.07 | 11% | 11% | 9% | 17% | 25% | 1.1x | 0.8x | NA | NA | NA | ||||||||||||||
ArcBest Corporation | ARCB | Dec-31 | 1.83 | 7% | 9% | 4% | 2% | 53% | 4.5x | 2.7x | 26.4x | 21.0x | 11.7x | ||||||||||||||
U.S. Xpress Enterprises, Inc. | USX | Dec-31 | 2.4 | 4% | 7% | 2% | 0% | 78% | 7.3x | 7.3x | 6.7x | (3.2x) | 2.3x | ||||||||||||||
Covenant Logistics Group, Inc. | CVLG | Dec-31 | 1.82 | NA | (13%) | NA | 0% | NA | NA | NA | 10.7x | NA | 0.7x | ||||||||||||||
P.A.M. Transportation Services, Inc. | PTSI | Dec-31 | NA | 7% | 13% | 3% | 0% | 74% | 4.7x | 4.4x | 10.3x | 4.8x | 3.9x | ||||||||||||||
Mean | 8% | 6% | 5% | 3% | 51% | 3.8x | 3.2x | 55.7x | 1.1x | 22.4x | |||||||||||||||||
Median | 7% | 9% | 4% | 1% | 53% | 4.5x | 2.7x | 10.7x | 0.8x | 3.9x | |||||||||||||||||
High | 11% | 13% | 9% | 17% | 78% | 7.3x | 7.3x | NM | 21.0x | 93.3x | |||||||||||||||||
Low | 4% | (13%) | 2% | 0% | 24% | 1.1x | 0.6x | 6.7x | (18.3x) | 0.7x | |||||||||||||||||
Universal Logistics Holdings, Inc. | |||||||||||||||||||||||||||
Comparable Companies Analysis | |||||||||||||||||||||||||||
($ in millions, except per share data) | |||||||||||||||||||||||||||
Enterprise Value / | Price / | ||||||||||||||||||||||||||
Company | Ticker | Current Share Price |
% of 52-wk high |
Equity Value |
Enterprise Value |
LTM Revenue |
2021E Revenue |
2022E Revenue |
LTM EBITDA |
2021E EBITDA |
2022E EBITDA |
LTM EBIT |
2021E EBIT |
2022E EBIT |
LTM EBITDA Margin |
Total Debt / EBITDA |
LTM EPS |
2021E EPS |
2022E EPS |
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Universal Logistics Holdings, Inc. | ULH | $ 25.5 | 100% | $ 686.4 | $ 1,131.3 | 0.8x | 0.7x | 0.7x | 7.4x | 5.5x | 5.2x | 14.1x | 9.3x | 8.6x | 11% | 5.4x | 14.3x | 8.5x | 7.6x | ||||||||
Heartland Express, Inc. | HTLD | 19.4 | 85% | 1,550.8 | 1,436.9 | 2.2x | 2.2x | 2.1x | 7.6x | 6.5x | 6.2x | 18.3x | 12.9x | 12.1x | 29% | 1.2x | 22.3x | 18.7x | 18.1x | ||||||||
Marten Transport, Ltd. | MRTN | 16.9 | 84% | 1,393.6 | 1,328.4 | 1.5x | 1.4x | 1.3x | 6.9x | 6.1x | 5.8x | 16.0x | 12.1x | 11.5x | 22% | 1.1x | 20.1x | 16.9x | 15.3x | ||||||||
ArcBest Corporation | ARCB | 66.4 | 96% | 1,686.2 | 1,721.9 | 0.6x | 0.5x | 0.5x | 8.1x | 6.3x | 6.1x | 18.1x | 11.0x | 10.4x | 7% | 4.5x | 24.7x | 16.0x | 14.9x | ||||||||
U.S. Xpress Enterprises, Inc. | USX | 10.2 | 90% | 510.7 | 1,147.8 | 0.7x | 0.6x | 0.6x | 9.1x | 6.1x | 5.6x | 26.4x | 13.1x | 10.9x | 7% | 7.3x | 29.3x | 10.0x | 8.2x | ||||||||
Covenant Logistics Group, Inc. | CVLG | 19.7 | 95% | 336.9 | 489.8 | 0.6x | 0.6x | 0.5x | 6.7x | 5.1x | 4.7x | NM | 12.2x | 11.0x | 9% | NA | (24.2x) | 11.3x | 9.9x | ||||||||
P.A.M. Transportation Services, Inc. | PTSI | 59.9 | 93% | 343.3 | 601.2 | 1.2x | 1.3x | 1.1x | 6.6x | 7.4x | 5.6x | 17.5x | 24.0x | 12.8x | 19% | 4.7x | 19.4x | 27.7x | 11.5x | ||||||||
Mean | 1.1x | 1.1x | 1.0x | 7.5x | 6.3x | 5.7x | 32.9x | 14.2x | 11.5x | 16% | 3.8x | 15.3x | 16.8x | 13.0x | |||||||||||||
1st Quartile | 0.6x | 0.6x | 0.5x | 6.7x | 6.1x | 5.6x | 17.7x | 12.1x | 11.0x | 8% | 1.2x | 19.5x | 12.5x | 10.3x | |||||||||||||
Median | 0.9x | 0.9x | 0.8x | 7.3x | 6.2x | 5.7x | 18.2x | 12.5x | 11.2x | 14% | 4.5x | 21.2x | 16.4x | 13.2x | |||||||||||||
3rd Quartile | 1.4x | 1.4x | 1.3x | 8.0x | 6.4x | 6.0x | 24.3x | 13.0x | 12.0x | 21% | 4.7x | 24.1x | 18.2x | 15.2x | |||||||||||||
High | 2.2x | 2.2x | 2.1x | 9.1x | 7.4x | 6.2x | NM | 24.0x | 12.8x | 29% | 7.3x | 29.3x | 27.7x | 18.1x | |||||||||||||
Low | 0.6x | 0.5x | 0.5x | 6.6x | 5.1x | 4.7x | 16.0x | 11.0x | 10.4x | 7% | 1.1x | (24.2x) | 10.0x | 8.2x | |||||||||||||
Universal Logistics Holdings, Inc. | |||||||||||||||||||||||||||
Comparable Companies Analysis | |||||||||||||||||||||||||||
($ in millions, except per share data) | |||||||||||||||||||||||||||
EV / EBITDA | P/E | ||||||||||||||||||||||||||
Company | Ticker | Current Share Price |
% of 52-wk high |
Equity Value |
Enterprise Value |
2021E | 2022E | 2021E EBITDA Margin |
LTM Debt / EBITDA |
LTM Int. Exp / EBITDA |
2021E | 2022E | LT EPS Growth |
Dividend Yield |
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Universal Logistics Holdings, Inc. | ULH | $ 25.5 | 100% | $ 686.4 | $ 1,131.3 | 5.5x | 5.2x | 13% | 5.4x | 0.1x | 8.5x | 7.6x | 2% | 7% | |||||||||||||
Heartland Express, Inc. | HTLD | 19.4 | 85% | 1,550.8 | 1,436.9 | 6.5x | 6.2x | 33% | 1.2x | 0.0x | 18.7x | 18.1x | 56% | 2% | |||||||||||||
Marten Transport, Ltd. | MRTN | 16.9 | 84% | 1,393.6 | 1,328.4 | 6.1x | 5.8x | 23% | 1.1x | NA | 16.9x | 15.3x | 2% | 17% | |||||||||||||
ArcBest Corporation | ARCB | 66.4 | 96% | 1,686.2 | 1,721.9 | 6.3x | 6.1x | 8% | 4.5x | 0.0x | 16.0x | 14.9x | (2%) | 2% | |||||||||||||
U.S. Xpress Enterprises, Inc. | USX | 10.2 | 90% | 510.7 | 1,147.8 | 6.1x | 5.6x | 10% | 7.3x | 0.1x | 10.0x | 8.2x | 2% | 0% | |||||||||||||
Covenant Logistics Group, Inc. | CVLG | 19.7 | 95% | 336.9 | 489.8 | 5.1x | 4.7x | 11% | NA | 0.1x | 11.3x | 9.9x | 2% | 0% | |||||||||||||
P.A.M. Transportation Services, Inc. | PTSI | 59.9 | 93% | 343.3 | 601.2 | 7.4x | 5.6x | 17% | 4.7x | 0.1x | 27.7x | 11.5x | 2% | 0% | |||||||||||||
Mean | 6.3x | 5.7x | 17% | 3.8x | 0.1x | 16.8x | 13.0x | 10% | 3% | ||||||||||||||||||
1st Quartile | 6.1x | 5.6x | 10% | 1.2x | 0.0x | 12.5x | 10.3x | 2% | 0% | ||||||||||||||||||
Median | 6.2x | 5.7x | 14% | 4.5x | 0.1x | 16.4x | 13.2x | 2% | 1% | ||||||||||||||||||
3rd Quartile | 6.4x | 6.0x | 21% | 4.7x | 0.1x | 18.2x | 15.2x | 2% | 2% | ||||||||||||||||||
High | 7.4x | 6.2x | 33% | 7.3x | 0.1x | 27.7x | 18.1x | 56% | 17% | ||||||||||||||||||
Low | 5.1x | 4.7x | 8% | 1.1x | 0.0x | 10.0x | 8.2x | (2%) | 0% |
Data sourced from © 2020, S&P Global Market Intelligence.
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