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| Universal Logistics Holdings, Inc. | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $ 578.2 | $ 1,098.8 | $ 1,381.1 | $ 146.7 | $ 70.1 | $ 40.6 | 11% | 5% | 3% | (9%) | (10%) | (15%) | (9%) | 12% | 20% | |||||||||||
| Heartland Express, Inc. | HTLD | 1,553.4 | 1,420.4 | 645.3 | 187.6 | 78.6 | 70.8 | 29% | 12% | 11% | 8% | 2% | 14% | 18% | (2%) | 20% | |||||||||||
| Marten Transport, Ltd. | MRTN | 1,371.7 | 1,226.5 | 864.2 | 177.2 | 75.5 | 65.6 | 21% | 9% | 8% | 4% | 3% | 6% | 20% | 6% | 11% | |||||||||||
| ArcBest Corporation | ARCB | 1,200.3 | 1,214.4 | 2,841.2 | 191.1 | 74.9 | 41.6 | 7% | 3% | 1% | (7%) | (2%) | (4%) | 21% | (31%) | NM | |||||||||||
| U.S. Xpress Enterprises, Inc. | USX | 374.6 | 1,018.6 | 1,736.1 | 115.4 | 29.7 | 0.4 | 7% | 2% | 0% | 1% | 2% | (20%) | 32% | (95%) | NM | |||||||||||
| Covenant Logistics Group, Inc. | CVLG | 268.8 | 421.8 | 838.6 | 73.2 | 4.8 | (42.7) | 9% | 1% | (5%) | (6%) | 0% | (24%) | 25% | NM | NM | |||||||||||
| P.A.M. Transportation Services, Inc. | PTSI | 298.8 | 529.9 | 467.6 | 55.9 | (0.2) | (9.8) | 12% | (0%) | (2%) | (12%) | (9%) | (43%) | 19% | NM | 61% | |||||||||||
| YRC Worldwide Inc. | YRCW | 282.9 | 1,267.9 | 4,508.7 | 140.3 | 1.2 | (50.1) | 3% | 0% | (1%) | (9%) | (7%) | (24%) | 17% | (38%) | (75%) | |||||||||||
| Mean | 12% | 4% | 2% | (3%) | (1%) | (14%) | 22% | (82%) | NM | ||||||||||||||||||
| Median | 9% | 2% | 0% | (6%) | 0% | (20%) | 20% | (38%) | 11% | ||||||||||||||||||
| High | 29% | 12% | 11% | 8% | 3% | 14% | 32% | 6% | NM | ||||||||||||||||||
| Low | 3% | (0%) | (5%) | (12%) | (9%) | (43%) | 17% | 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) |
||||||||||||||
| Universal Logistics Holdings, Inc. | ULH | Dec-31 | 1.58 | 7% | 19% | 4% | 0% | 78% | 5.7x | 5.5x | 9.4x | 3.5x | 4.5x | ||||||||||||||
| Heartland Express, Inc. | HTLD | Dec-31 | 0.54 | 9% | 10% | 8% | 2% | 24% | 1.2x | 0.6x | NM | NA | 93.3x | ||||||||||||||
| Marten Transport, Ltd. | MRTN | Dec-31 | 1.06 | 10% | 11% | 8% | 17% | 25% | 1.2x | 0.7x | NA | NA | NA | ||||||||||||||
| ArcBest Corporation | ARCB | Dec-31 | 1.8 | 5% | 5% | 2% | 3% | 54% | 4.9x | 3.1x | 26.0x | 20.4x | 10.2x | ||||||||||||||
| U.S. Xpress Enterprises, Inc. | USX | Dec-31 | 2.36 | 3% | 0% | 0% | 0% | 79% | 8.1x | 8.1x | 5.8x | (1.9x) | 1.5x | ||||||||||||||
| Covenant Logistics Group, Inc. | CVLG | Dec-31 | NA | NA | (13%) | NA | 0% | NA | NA | NA | 10.7x | NA | 0.7x | ||||||||||||||
| P.A.M. Transportation Services, Inc. | PTSI | Dec-31 | 1.65 | (0%) | (7%) | (2%) | 0% | 74% | 7.1x | 6.6x | 7.3x | 0.6x | (0.0x) | ||||||||||||||
| YRC Worldwide Inc. | YRCW | Dec-31 | 3.27 | 0% | 14% | (2%) | 0% | NM | 17.3x | 14.2x | 1.1x | 0.5x | 0.0x | ||||||||||||||
| Mean | 5% | 3% | 2% | 3% | 62% | 6.7x | 5.6x | 45.6x | 4.9x | 17.6x | |||||||||||||||||
| Median | 4% | 5% | 1% | 0% | 64% | 6.0x | 4.9x | 9.0x | 0.6x | 1.1x | |||||||||||||||||
| High | 10% | 14% | 8% | 17% | NM | 17.3x | 14.2x | NM | 20.4x | 93.3x | |||||||||||||||||
| Low | (0%) | (13%) | (2%) | 0% | 24% | 1.2x | 0.6x | 1.1x | (1.9x) | (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 |
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 |
||||||||
| Universal Logistics Holdings, Inc. | ULH | $ 21.5 | 90% | $ 578.2 | $ 1,098.8 | 0.8x | 0.8x | 0.7x | 7.5x | 7.3x | 5.3x | 15.7x | 14.0x | 8.9x | 11% | 5.7x | 14.3x | 13.3x | 7.3x | ||||||||
| Heartland Express, Inc. | HTLD | 19.3 | 85% | 1,553.4 | 1,420.4 | 2.2x | 2.1x | 2.1x | 7.6x | 6.4x | 6.1x | 18.1x | 12.3x | 11.9x | 29% | 1.2x | 22.1x | 18.4x | 17.4x | ||||||||
| Marten Transport, Ltd. | MRTN | 16.6 | 82% | 1,371.7 | 1,226.5 | 1.4x | 1.4x | 1.3x | 6.9x | 6.3x | 5.7x | 16.2x | 13.3x | 11.6x | 21% | 1.2x | 21.0x | 20.1x | 17.4x | ||||||||
| ArcBest Corporation | ARCB | 47.2 | 94% | 1,200.3 | 1,214.4 | 0.4x | 0.4x | 0.4x | 6.4x | 5.3x | 4.7x | 16.2x | 10.4x | 8.6x | 7% | 4.9x | 30.0x | 15.1x | 12.3x | ||||||||
| U.S. Xpress Enterprises, Inc. | USX | 7.1 | 62% | 374.6 | 1,018.6 | 0.6x | 0.6x | 0.5x | 8.8x | 6.9x | 5.3x | 34.3x | 22.6x | 11.7x | 7% | 8.1x | NM | 16.3x | 6.7x | ||||||||
| Covenant Logistics Group, Inc. | CVLG | 15.7 | 76% | 268.8 | 421.8 | 0.5x | 0.5x | 0.5x | 5.8x | 4.6x | 4.2x | 87.2x | 13.9x | 9.5x | 9% | NA | (19.3x) | 15.5x | 9.7x | ||||||||
| P.A.M. Transportation Services, Inc. | PTSI | 52.1 | 81% | 298.8 | 529.9 | 1.1x | 1.1x | 1.0x | 9.5x | 6.5x | 5.3x | NM | 21.2x | 12.6x | 12% | 7.1x | (30.6x) | 24.1x | 12.6x | ||||||||
| YRC Worldwide Inc. | YRCW | 5.3 | 81% | 282.9 | 1,267.9 | 0.3x | 0.3x | 0.3x | 9.0x | 6.8x | 4.3x | NM | 20.3x | 9.9x | 3% | 17.3x | (4.0x) | (6.7x) | NM | ||||||||
| Mean | 0.9x | 0.9x | 0.9x | 7.7x | 6.1x | 5.1x | NM | 16.3x | 10.8x | 12% | 6.7x | 75.4x | 14.7x | 26.1x | |||||||||||||
| 1st Quartile | 0.5x | 0.5x | 0.4x | 6.6x | 5.8x | 4.5x | 16.2x | 12.8x | 9.7x | 7% | 2.1x | (11.6x) | 15.3x | 11.0x | |||||||||||||
| Median | 0.6x | 0.6x | 0.5x | 7.6x | 6.4x | 5.3x | 18.1x | 13.9x | 11.6x | 9% | 6.0x | 21.0x | 16.3x | 12.6x | |||||||||||||
| 3rd Quartile | 1.3x | 1.3x | 1.2x | 8.9x | 6.7x | 5.5x | 60.8x | 20.7x | 11.8x | 16% | 7.9x | 26.0x | 19.2x | 17.4x | |||||||||||||
| High | 2.2x | 2.1x | 2.1x | 9.5x | 6.9x | 6.1x | NM | 22.6x | 12.6x | 29% | 17.3x | NM | 24.1x | NM | |||||||||||||
| Low | 0.3x | 0.3x | 0.3x | 5.8x | 4.6x | 4.2x | NM | 10.4x | 8.6x | 3% | 1.2x | (30.6x) | (6.7x) | 6.7x | |||||||||||||
| 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 | $ 21.5 | 90% | $ 578.2 | $ 1,098.8 | 7.3x | 5.3x | 11% | 5.7x | 0.1x | 13.3x | 7.3x | 2% | 0% | |||||||||||||
| Heartland Express, Inc. | HTLD | 19.3 | 85% | 1,553.4 | 1,420.4 | 6.4x | 6.1x | 34% | 1.2x | 0.0x | 18.4x | 17.4x | 78% | 2% | |||||||||||||
| Marten Transport, Ltd. | MRTN | 16.6 | 82% | 1,371.7 | 1,226.5 | 6.3x | 5.7x | 22% | 1.2x | NA | 20.1x | 17.4x | 2% | 17% | |||||||||||||
| ArcBest Corporation | ARCB | 47.2 | 94% | 1,200.3 | 1,214.4 | 5.3x | 4.7x | 8% | 4.9x | 0.0x | 15.1x | 12.3x | 23% | 3% | |||||||||||||
| U.S. Xpress Enterprises, Inc. | USX | 7.1 | 62% | 374.6 | 1,018.6 | 6.9x | 5.3x | 8% | 8.1x | 0.2x | 16.3x | 6.7x | 2% | 0% | |||||||||||||
| Covenant Logistics Group, Inc. | CVLG | 15.7 | 76% | 268.8 | 421.8 | 4.6x | 4.2x | 11% | NA | 0.1x | 15.5x | 9.7x | 2% | 0% | |||||||||||||
| P.A.M. Transportation Services, Inc. | PTSI | 52.1 | 81% | 298.8 | 529.9 | 6.5x | 5.3x | 17% | 7.1x | 0.1x | 24.1x | 12.6x | 2% | 0% | |||||||||||||
| YRC Worldwide Inc. | YRCW | 5.3 | 81% | 282.9 | 1,267.9 | 6.8x | 4.3x | 4% | 17.3x | 0.9x | (6.7x) | NM | NM | 0% | |||||||||||||
| Mean | 6.1x | 5.1x | 15% | 6.7x | 0.2x | 14.7x | 26.1x | 38% | 3% | ||||||||||||||||||
| 1st Quartile | 5.8x | 4.5x | 8% | 2.1x | 0.1x | 15.3x | 11.0x | 2% | 0% | ||||||||||||||||||
| Median | 6.4x | 5.3x | 11% | 6.0x | 0.1x | 16.3x | 12.6x | 2% | 0% | ||||||||||||||||||
| 3rd Quartile | 6.7x | 5.5x | 20% | 7.9x | 0.2x | 19.2x | 17.4x | 50% | 2% | ||||||||||||||||||
| High | 6.9x | 6.1x | 34% | 17.3x | 0.9x | 24.1x | NM | NM | 17% | ||||||||||||||||||
| Low | 4.6x | 4.2x | 4% | 1.2x | 0.0x | (6.7x) | 6.7x | 2% | 0% | ||||||||||||||||||
Data sourced from © 2020, S&P Global Market Intelligence.
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