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 |
|||||||||||

Universal Logistics Holdings, Inc. | ULH | $ 587.1 | $ 1,135.1 | $ 1,381.1 | $ 146.7 | $ 70.1 | $ 40.6 | 11% | 5% | 3% | (9%) | (10%) | (15%) | (9%) | 12% | 24% | |||||||||||

Heartland Express, Inc. | HTLD | 1,515.0 | 1,433.0 | 656.7 | 183.4 | 71.7 | 65.9 | 28% | 11% | 10% | 14% | 9% | 9% | 24% | (19%) | (1%) | |||||||||||

Marten Transport, Ltd. | MRTN | 1,482.5 | 1,395.3 | 864.2 | 177.2 | 75.5 | 65.6 | 21% | 9% | 8% | 4% | 3% | 6% | 20% | 6% | 11% | |||||||||||

ArcBest Corporation | ARCB | 968.3 | 1,028.1 | 2,841.2 | 191.1 | 74.9 | 41.6 | 7% | 3% | 1% | (7%) | (2%) | (4%) | 21% | (31%) | NM | |||||||||||

U.S. Xpress Enterprises, Inc. | USX | 405.4 | 1,073.2 | 1,736.1 | 115.4 | 29.7 | 0.4 | 7% | 2% | 0% | 1% | 2% | (20%) | 37% | (95%) | NM | |||||||||||

Covenant Logistics Group, Inc. | CVLG | 297.1 | 417.1 | 853.0 | 82.0 | 11.5 | (15.9) | 10% | 1% | (2%) | (8%) | (6%) | (25%) | (6%) | NM | NM | |||||||||||

P.A.M. Transportation Services, Inc. | PTSI | 266.5 | 514.0 | 467.6 | 55.9 | (0.2) | (9.8) | 12% | (0%) | (2%) | (12%) | (9%) | (43%) | 19% | NM | 61% | |||||||||||

YRC Worldwide Inc. | YRCW | 280.8 | 1,265.8 | 4,508.7 | 140.3 | 1.2 | (50.1) | 3% | 0% | (1%) | (9%) | (7%) | (24%) | 17% | (38%) | (61%) | |||||||||||

Mean | 12% | 4% | 2% | (2%) | (1%) | (15%) | 19% | (72%) | (76%) | ||||||||||||||||||

Median | 10% | 2% | 0% | (7%) | (2%) | (20%) | 20% | (38%) | 11% | ||||||||||||||||||

High | 28% | 11% | 10% | 14% | 9% | 9% | 37% | 6% | NM | ||||||||||||||||||

Low | 3% | (0%) | (2%) | (12%) | (9%) | (43%) | (6%) | 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 | 1.7 | 7% | 19% | 4% | 0% | 78% | 5.7x | 5.5x | 9.4x | 3.5x | 4.5x | ||||||||||||||

Heartland Express, Inc. | HTLD | Dec-31 | 0.61 | 8% | 9% | 7% | 2% | 25% | 1.3x | 0.9x | NM | (42.4x) | NM | ||||||||||||||

Marten Transport, Ltd. | MRTN | Dec-31 | 1.05 | 10% | 11% | 8% | 16% | 25% | 1.2x | 0.7x | NA | NA | NA | ||||||||||||||

ArcBest Corporation | ARCB | Dec-31 | 1.67 | 5% | 5% | 2% | 3% | 54% | 4.9x | 3.1x | 26.0x | 20.4x | 10.2x | ||||||||||||||

U.S. Xpress Enterprises, Inc. | USX | Dec-31 | 2.61 | 3% | 0% | 0% | 0% | 79% | 8.1x | 8.1x | 5.8x | (1.9x) | 1.5x | ||||||||||||||

Covenant Logistics Group, Inc. | CVLG | Dec-31 | 1.64 | 1% | (5%) | (2%) | 0% | 57% | 5.0x | 4.8x | 7.5x | 0.9x | 1.0x | ||||||||||||||

P.A.M. Transportation Services, Inc. | PTSI | Dec-31 | 1.69 | (0%) | (7%) | (2%) | 0% | 74% | 7.1x | 6.6x | 7.3x | 0.6x | (0.0x) | ||||||||||||||

YRC Worldwide Inc. | YRCW | Dec-31 | 3.19 | 0% | 14% | (2%) | 0% | NM | 17.3x | 14.2x | 1.1x | 0.5x | 0.0x | ||||||||||||||

Mean | 4% | 4% | 2% | 3% | 61% | 6.4x | 5.5x | 62.8x | (3.7x) | 23.6x | |||||||||||||||||

Median | 3% | 5% | 0% | 0% | 57% | 5.0x | 4.8x | 7.4x | 0.6x | 1.3x | |||||||||||||||||

High | 10% | 14% | 8% | 16% | NM | 17.3x | 14.2x | NM | 20.4x | NM | |||||||||||||||||

Low | (0%) | (7%) | (2%) | 0% | 25% | 1.2x | 0.7x | 1.1x | (42.4x) | (0.0x) | |||||||||||||||||

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 |
2020E Revenue |
2021E Revenue |
LTM EBITDA |
2020E EBITDA |
2021E EBITDA |
LTM EBIT |
2020E EBIT |
2021E EBIT |
LTM EBITDA Margin |
Total Debt / EBITDA |
LTM EPS |
2020E EPS |
2021E EPS |
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Universal Logistics Holdings, Inc. | ULH | $ 21.8 | 91% | $ 587.1 | $ 1,135.1 | 0.8x | 0.8x | 0.7x | 7.7x | 7.5x | 5.5x | 16.2x | 12.5x | 8.5x | 11% | 5.7x | 14.6x | 13.1x | 7.2x | ||||||||

Heartland Express, Inc. | HTLD | 18.8 | 82% | 1,515.0 | 1,433.0 | 2.2x | 2.2x | 2.1x | 7.8x | 7.0x | 6.3x | 20.0x | 15.4x | 12.8x | 28% | 1.3x | 23.2x | 21.3x | 18.2x | ||||||||

Marten Transport, Ltd. | MRTN | 17.9 | 89% | 1,482.5 | 1,395.3 | 1.6x | 1.6x | 1.5x | 7.9x | 7.1x | 6.5x | 18.5x | 14.6x | 13.3x | 21% | 1.2x | 22.7x | 21.8x | 18.9x | ||||||||

ArcBest Corporation | ARCB | 38.1 | 95% | 968.3 | 1,028.1 | 0.4x | 0.4x | 0.3x | 5.4x | 4.5x | 4.1x | 13.7x | 8.4x | 7.6x | 7% | 4.9x | 24.2x | 12.3x | 10.8x | ||||||||

U.S. Xpress Enterprises, Inc. | USX | 7.7 | 68% | 405.4 | 1,073.2 | 0.6x | 0.6x | 0.6x | 9.3x | 7.0x | 5.6x | 36.1x | 17.1x | 11.3x | 7% | 8.1x | NM | 15.3x | 7.0x | ||||||||

Covenant Logistics Group, Inc. | CVLG | 17.3 | 84% | 297.1 | 417.1 | 0.5x | 0.5x | 0.5x | 5.1x | 4.6x | 4.1x | 36.4x | 30.3x | 20.1x | 10% | 5.0x | (16.8x) | 17.1x | 10.7x | ||||||||

P.A.M. Transportation Services, Inc. | PTSI | 46.5 | 70% | 266.5 | 514.0 | 1.1x | 1.1x | 1.0x | 9.2x | 6.3x | 5.2x | NM | 15.2x | 11.2x | 12% | 7.1x | (27.3x) | 21.5x | 11.2x | ||||||||

YRC Worldwide Inc. | YRCW | 5.3 | 93% | 280.8 | 1,265.8 | 0.3x | 0.3x | 0.3x | 9.0x | 6.8x | 4.3x | NM | 25.3x | 8.4x | 3% | 17.3x | (3.9x) | (4.3x) | 30.9x | ||||||||

Mean | 0.9x | 0.9x | 0.9x | 7.7x | 6.2x | 5.2x | NM | 18.0x | 12.1x | 12% | 6.4x | 82.3x | 15.0x | 15.4x | |||||||||||||

1st Quartile | 0.4x | 0.4x | 0.4x | 6.6x | 5.5x | 4.2x | 16.1x | 14.9x | 9.8x | 7% | 3.1x | (10.4x) | 13.8x | 10.8x | |||||||||||||

Median | 0.6x | 0.6x | 0.6x | 7.9x | 6.8x | 5.2x | 20.0x | 15.4x | 11.3x | 10% | 5.0x | 22.7x | 17.1x | 11.2x | |||||||||||||

3rd Quartile | 1.4x | 1.4x | 1.2x | 9.1x | 7.0x | 5.9x | 36.3x | 21.2x | 13.0x | 16% | 7.6x | 23.7x | 21.4x | 18.6x | |||||||||||||

High | 2.2x | 2.2x | 2.1x | 9.3x | 7.1x | 6.5x | NM | 30.3x | 20.1x | 28% | 17.3x | NM | 21.8x | 30.9x | |||||||||||||

Low | 0.3x | 0.3x | 0.3x | 5.1x | 4.5x | 4.1x | NM | 8.4x | 7.6x | 3% | 1.2x | (27.3x) | (4.3x) | 7.0x | |||||||||||||

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 |
2020E | 2021E | 2020E EBITDA Margin |
LTM Debt / EBITDA |
LTM Int. Exp / EBITDA |
2020E | 2021E | LT EPS Growth |
Dividend Yield |
|||||||||||||

Universal Logistics Holdings, Inc. | ULH | $ 21.8 | 91% | $ 587.1 | $ 1,135.1 | 7.5x | 5.5x | 11% | 5.7x | 0.1x | 13.1x | 7.2x | 2% | 0% | |||||||||||||

Heartland Express, Inc. | HTLD | 18.8 | 82% | 1,515.0 | 1,433.0 | 7.0x | 6.3x | 31% | 1.3x | 0.0x | 21.3x | 18.2x | 4% | 2% | |||||||||||||

Marten Transport, Ltd. | MRTN | 17.9 | 89% | 1,482.5 | 1,395.3 | 7.1x | 6.5x | 22% | 1.2x | NA | 21.8x | 18.9x | 2% | 16% | |||||||||||||

ArcBest Corporation | ARCB | 38.1 | 95% | 968.3 | 1,028.1 | 4.5x | 4.1x | 8% | 4.9x | 0.0x | 12.3x | 10.8x | 4% | 3% | |||||||||||||

U.S. Xpress Enterprises, Inc. | USX | 7.7 | 68% | 405.4 | 1,073.2 | 7.0x | 5.6x | 9% | 8.1x | 0.2x | 15.3x | 7.0x | 2% | 0% | |||||||||||||

Covenant Logistics Group, Inc. | CVLG | 17.3 | 84% | 297.1 | 417.1 | 4.6x | 4.1x | 11% | 5.0x | 0.1x | 17.1x | 10.7x | 2% | 0% | |||||||||||||

P.A.M. Transportation Services, Inc. | PTSI | 46.5 | 70% | 266.5 | 514.0 | 6.3x | 5.2x | 17% | 7.1x | 0.1x | 21.5x | 11.2x | 2% | 0% | |||||||||||||

YRC Worldwide Inc. | YRCW | 5.3 | 93% | 280.8 | 1,265.8 | 6.8x | 4.3x | 4% | 17.3x | 0.9x | (4.3x) | 30.9x | 4% | 0% | |||||||||||||

Mean | 6.2x | 5.2x | 15% | 6.4x | 0.2x | 15.0x | 15.4x | 3% | 3% | ||||||||||||||||||

1st Quartile | 5.5x | 4.2x | 8% | 3.1x | 0.1x | 13.8x | 10.8x | 2% | 0% | ||||||||||||||||||

Median | 6.8x | 5.2x | 11% | 5.0x | 0.1x | 17.1x | 11.2x | 2% | 0% | ||||||||||||||||||

3rd Quartile | 7.0x | 5.9x | 20% | 7.6x | 0.2x | 21.4x | 18.6x | 4% | 3% | ||||||||||||||||||

High | 7.1x | 6.5x | 31% | 17.3x | 0.9x | 21.8x | 30.9x | 4% | 16% | ||||||||||||||||||

Low | 4.5x | 4.1x | 4% | 1.2x | 0.0x | (4.3x) | 7.0x | 2% | 0% |

Data sourced from © 2020, S&P Global Market Intelligence.