ArcBest Corporation (ARCB)

Industry: Trucking Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
603056.SS	3	DEPPON LOGISTICS C	6,009	241.89	363.14	28.93	33.53	-	209.72
RXO	4	RXO, Inc.	5,940	-	-	20.91	20.91	-	-
TFII	5	TFI International	5,845	22.47	21.24	8.47	7.56	17.20	15.61
SNDR	6	Schneider National	5,614	32.51	36.03	6.45	6.31	28.59	25.00
ODFL	7	Old Dominion Freig	5,575	28.08	25.29	16.96	15.46	20.60	19.33
9076.T	8	Seino Holdings Co.	5,167	13.80	11.85	5.53	4.94	10.32	9.62
YELL	9	Yellow Corporation	4,846	-	-	4.94	4.65	9.85	78.68
ARCB	10	ArcBest Corporatio	4,039	16.49	13.92	6.08	5.49	8.27	11.09
600662.SS	11	Shanghai Foreign S	3,542	10.84	8.41	6.89	7.65	5.50	2.01
SAIA	12	Saia, Inc.	3,233	28.23	23.75	12.84	10.99	17.08	17.34
9956.HK	13	ANE (Cayman) Inc.	3,203	5.90	5.90	2.54	2.54	2.90	3.53
WERN	14	Werner Enterprises	2,991	63.53	91.53	6.31	6.68	-	48.10
USX	15	U.S. Xpress Enterp	2,137	-	-	42.59	58.81	-	-
9075.T	16	Fukuyama Transport	1,987	21.39	24.44	7.77	8.03	53.42	36.80
ULH	17	Universal Logistic	1,638	-	-	5.24	5.18	-	-
DSKE	18	Daseke, Inc.	1,569	-	-	6.70	6.45	-	17.27

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	22.47	23.75	6.70	6.68	10.32	17.30
Full Range Median Multiple	25.27	24.09	6.89	7.56	17.08	18.33
Industry Multiple	46.86	61.16	12.20	13.31	18.38	40.25
Market Implied Multiple	21.37	18.04	7.67	6.93	10.45	14.01
Company (ARCB) Multiple	16.49	13.92	6.08	5.49	8.27	11.09
(*) Net Income / EBITDA / Revenue	97	115	298	329	219	163
Winsorized Enterprise Value	N/A	N/A	1,993	2,198	2,254	2,820
Full Range Median Enterprise Value	N/A	N/A	2,051	2,488	3,731	2,988
(-) Net Debt	204	204	204	204	204	204
Winsorized Equity Value	2,185	2,737	1,789	1,994	2,050	2,616
Full Range Median Equity Value	2,458	2,776	1,846	2,284	3,527	2,784
(/) Shares Outstanding	23	23	23	23	23	23
Winsorized Fair Value	$95.19	$119.23	$77.93	$86.87	$89.30	$113.97
Full Range Median Fair Value	$107.08	$120.96	$80.45	$99.49	$153.65	$121.28
Current Price	$90.55	$90.55	$90.55	$90.55	$90.55	$90.55
Upside / Downside	5.13%	31.67%	-13.93%	-4.06%	-1.38%	25.87%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$66.63	$83.46	$54.55	$60.81	$62.51	$79.78
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy