EFTA01434677Set 10
2018-02-2291p10,836w
Spot Rate
Note: Avg. truck count includes Swift TL, KNX Asset-Based, WERN, and .JBHT
Truck division
Source: Deutsche Bank, Company Filings, Transcore
Note: Data includes Swift TL, KNX Asset ... Based, WERN TL, and 3BHT Truck
division
Source: Deutsche Bank, Company filings
6.0%
4.9%
3.8%
2.3%
1.2%
0.0%
(1.5%)
(2.7%)
(0.9%) (1.1%)
0.5%
8.6%
We are seeing a similar dynamic ... downside risks include
weaker-than-expected volume and pricing trends as well as valuation.
■
WERN Est./PT revisions: While WERN's 04 results came largely inline
with expectations, the outlook
https://www.justice.gov/epstein/files/DataSet%2010/EFTA01434677.pdf
EFTA01040833Set 9
2017-07-102p880w
JBHT to
$109/$98, KNX to $43/$41, SWFT to $31/$29, WERN to $30/$25 & reduces target multiples 1-1.5x for
SNDR, JBHT, and WERN as move ... target multiples actually decrease 1-1.5x for SNDR,
JBHT, and WERN as he moves closer to top of historical trading ranges from above range on trough
earnings. The data
https://www.justice.gov/epstein/files/DataSet%209/EFTA01040833.pdf
EFTA00413694Set 9
2012-05-086p2,161w
HDNG, HSKA,
HTCO, KDN, L, MMM, ORLY, WERN, CLF, DST, HNI, NVR, CBG, ALTE, AMTG, BLC, BMRN, COBR, 0, TC,
TTI, TRC, XTXI, HEK, ORA, ANTH, PRO, CRFN, DHR, GBNK
https://www.justice.gov/epstein/files/DataSet%209/EFTA00413694.pdf
EFTA00425736Set 9
2011-10-185p1,618w
FSII,
FULT, HA, INFN, LBAI, MRTN, PNFP, PTP, RLI, RNST, SON, SONC, URI, WCN, WERN
Economic Data: PPI @ 8:30am, TIC Flows @ 9am, NAHB Housing Market Index @ 10am
https://www.justice.gov/epstein/files/DataSet%209/EFTA00425736.pdf
EFTA00414936Set 9
2012-04-185p1,806w
IBKC, KMP, LHO, MCRI, MLNX, PCBK, PLXS,
PTP, RLI, SCSS, UFPI, UMPQ, VMW, WERN, WTFC
Economic Data: MBA Mortgage Applications @ 7am
Conferences: No major conferences
Analyst/Investor Days: ERF
Non-Deal
https://www.justice.gov/epstein/files/DataSet%209/EFTA00414936.pdf