Old Dominion Freight Line, Inc. (ODFL)

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
9064.T	1	Yamato Holdings Co	11,527	14.44	13.92	6.00	6.21	-	34.13
KNX	2	Knight-Swift Trans	7,478	45.08	53.51	8.41	8.29	25.92	32.01
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

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	18.94	17.58	6.45	6.68	10.32	17.34
Full Range Median Multiple	21.93	22.49	6.89	7.56	13.70	25.00
Industry Multiple	43.05	55.63	11.64	12.84	17.90	40.28
Market Implied Multiple	35.03	31.56	21.16	19.28	25.69	24.11
Company (ODFL) Multiple	28.08	25.29	16.96	15.46	20.60	19.33
(*) Net Income / EBITDA / Revenue	1,057	1,174	1,753	1,923	1,443	1,538
Winsorized Enterprise Value	N/A	N/A	11,310	12,843	14,890	26,665
Full Range Median Enterprise Value	N/A	N/A	12,079	14,535	19,768	38,453
(-) Net Debt	38	38	38	38	38	38
Winsorized Equity Value	20,028	20,637	11,271	12,805	14,852	26,627
Full Range Median Equity Value	23,187	26,406	12,041	14,497	19,730	38,415
(/) Shares Outstanding	211	211	211	211	211	211
Winsorized Fair Value	$94.96	$97.85	$53.45	$60.71	$70.42	$126.25
Full Range Median Fair Value	$109.95	$125.21	$57.09	$68.74	$93.55	$182.15
Current Price	$175.65	$175.65	$175.65	$175.65	$175.65	$175.65
Upside / Downside	-45.94%	-44.29%	-69.57%	-65.43%	-59.91%	-28.12%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$66.47	$68.50	$37.41	$42.50	$49.29	$88.38
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy