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1、TRANSPORTATION AND LOGISTICSMARKET UPDATEQ3 2022Houlihan Lokey is a leading global investment bank with expertise in mergers and acquisitions,capital markets,financial restructuring,and financial and valuation advisory.Our firm is the trusted advisor to more top decision-makers than any other indepe
2、ndent global investment bank.We invite you to learn more about how our bankers can serve your needs:ABOUT OUR FIRM2Learn More About Corporate FinanceLearn More AboutFinancial RestructuringLearn More About Financial and Valuation AdvisoryLearn More AboutOur Industry CoverageKey Facts and FiguresOur R
3、anking by ServiceHoulihan Lokey Is a Global Firm No.1 Global M&A AdvisorLeading Capital Markets AdvisorNo.1 Global M&A Fairness Opinion Advisor Over the Past 20 Years1,000+Annual Valuation EngagementsNo.1 Global Restructuring Advisor1,500+Transactions Completed Valued at More Than$3.0 Trillion Colle
4、ctivelyCorporate FinanceFinancial RestructuringFinancial and Valuation Advisory2021 Investment Banking Rankings All Global TransactionsAdvisorDeals1Houlihan Lokey5492Goldman Sachs&Co5113JP Morgan5084Rothschild&Co4375Morgan Stanley393Source:Refinitiv.Excludes accounting firms and brokers.North Americ
5、aAtlantaBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoWashington,D.C.Europe and Middle EastAmsterdamDubaiFrankfurtLondonMadridManchesterMilanMunichParisStockholmTel AvivZurichAsia-PacificBeijingFukuokaGurugramHo Chi Minh CityHong Kong SARMumbaiNagoyaOsakaShanghaiSingapore
6、SydneyTokyo2,000+CLIENTS SERVEDANNUALLY306MANAGINGDIRECTORS(1)2,200TOTAL FINANCIALPROFESSIONALS35LOCATIONSWORLDWIDE$2.3BREVENUE$6.5B+MARKET CAPITALIZATION(2)23Senior officers dedicated to the sponsor community in North America and EuropeFully Integrated Financial Sponsor Coverage1,000+Sponsors cover
7、ed,providing market insights and knowledge of buyer behavior650+Companies sold to financial sponsors over the past five years2002 to 2021 Global M&A Fairness Advisory RankingsAdvisorDeals1Houlihan Lokey9522JP Morgan8903Duff&Phelps,A Kroll Business8824Morgan Stanley6025BofA Securities Inc531Source:Re
8、finitiv.Announced or completed transactions.2021 Global Distressed Debt&BankruptcyRestructuring RankingsAdvisorDeals1Houlihan Lokey632Rothschild&Co383Moelis&Co344PJT Partners Inc335Lazard24Source:Refinitiv.(1)As of March 31,2022.Excludes corporate managing directors.(2)As of November 2022.Houlihan L
9、okeys Business Services Group combines extensive industry relationships with substantial experience to offer a broad array of M&A,corporate finance,restructuring,and financial and valuation advisory services to the business services industry.Based on number of transactions and according to data prov
10、ided by Refinitiv,Houlihan Lokey was ranked the No.1 investment bank for all global business services M&A transactions in 2021.*Excludes accounting firms and brokers.ABOUT OUR BUSINESS SERVICES INDUSTRY GROUP3BPO ServicesEducation and TrainingEngineering and InfrastructureEnvironmental ServicesEquip
11、ment-as-a-ServiceFacility and Residential ServicesKey Facts and FiguresIndustry Sector CoverageWe cover a broad array of sectors,with bankers dedicated to each of our primary coverage areas.121Dedicated Business Services bankers 80Completed business services M&A/private placement transactions in CY2
12、1$2BIn disclosed financing deals in CY21Selected Business Services Industry TransactionsHCM ServicesIT ServicesMarketing ServicesSpecialty Consulting and Risk ServicesTesting,Inspection,Certification,and ComplianceTransportation and Logisticshas acquireda portfolio company ofBuyside Advisora portfol
13、io company ofhas been acquired bySellside Advisora portfolio company ofhas been recapitalized bySellside Advisora portfolio company of has been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas acquiredBuyside Advisora portfolio company ofhas been acquired bySe
14、llside Advisorhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas been acquired bySellside Advisora portfolio company ofhas been acquired bySellside Advisorhas been acquired bySellside AdvisorLearn More About OurBusiness Services Industry CoverageLeaders
15、hipFeatured TransactionsContact UsLearn More About UsRequest a MeetingPlease reach out to us to schedule a call to discuss this quarters market update or to explore how we can serve your business needs.Subsector CoverageThe transportation and logistics(T&L)sector operates within Houlihan Lokeys Busi
16、ness Services Group,which has earned a reputation for providing superior service and achieving outstanding results in M&A advisory,capital-raising,restructuring,and financial and valuation advisory services.Our clients run the gamut from early-stage businesses and midsized companies to large,market-
17、leading corporations.We understand that an industry driven by innovation and change requires the sophistication of an advisor who can think ahead of the market and utilize solid industry relationships to help advance your vision.We optimize client outcomes by running well-executed,competitive proces
18、ses,by focusing on deep domain knowledge to position for synergy and scarcity value,and by leveraging our world-class strategic and private equity access to bring the right senior decision-makers to the negotiation table.Asset-Based Trucking Asset-Light/Third-Party Logistics Helicopter Operators and
19、 Other Aviation Marine Services and Transportation Passenger Transportation Rail and Related Services Tech-Enabled Services Transportation Equipment LeasingTombstones included herein represent transactions closed from 2019 forward.*Selected transactions were executed by Houlihan Lokey professionals
20、while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.4TRANSPORTATION AND LOGISTICS TEAMBurke SmithManaging DirectorBurke.SmithHL.com310.872.0038Philip Keffer,CFASenior Vice PresidentPKefferHL.com212.497.7851Andy BattersbySenior Vice Presiden
21、tAndy.BattersbyHL.com+44 7583 007 355Nathan FeldmanVice PresidentNathan.FeldmanHL.com212.497.4269Ryosuke KatoExecutive DirectorRyosuke.KatoHL.com+81 80 5904 0729 Timo MaierSenior Vice PresidentTimo.MaierHL.com+49(0)89 413 121 18a portfolio company of has been acquired byandSellside Advisorhas receiv
22、ed a majority investment fromandSellside Advisorhas been acquired bySellside Advisora portfolio company ofhas completed a recapitalizationFairness Opiniona portfolio company of 225,000,000 Senior Secured Bridge FacilityAcquisition FinancingExclusive Placement Agenthas been acquired bySellside Adviso
23、rTerm Loan&Delayed Draw Term LoanRefinancing&Growth Financing$85,000,000Exclusive Placement Agenta portfolio company of Dividend Recapitalization&Acquisition FinancingRevolver&Term LoanRevolver&Term LoanExclusive Placement Agenthas been acquired byandSellside Advisora subsidiary of:has completed the
24、 sale of certain assets toSellside Advisorhas been acquired bySellside Advisorhas sold its International Freight Forwarding segment in Europe and the Far East to Sellside Advisor*The third quarter of 2022 was informed by the same factors that have defined global macroeconomics all year long:U.S.Fede
25、ral Reserve rate hikes,record-breaking inflation,and European volatility.The T&L sector as a whole continues to adapt to near-shoring distribution trends,growing demand for e-commerce fulfillment solutions,and lingering supply chain concerns sparked by the pandemic and the war in Ukraine(e.g.,rising
26、 fuel costs,frequent shipping delays,trucking and warehouse shortages,etc.).While private T&L M&A activity in Q3 lagged behind previous quarters,YTD disclosed transaction values in the sector are on track for their second-best year since 2018,with several billion-dollar transactions closing across s
27、ubsectors.We anticipate sector-wide revenues to increase in Q4 due to the upcoming holiday season,which should boost travel-and e-commerce-related spending and demand for T&L services.IntroductionQ3 2022 Quick FactsT&L Sector Index Revenue$283.3 Billionin Revenue-3.0%Decrease Over Prior QuarterSecto
28、r Index revenue and transaction volume decreased in Q3 due to ongoing macroeconomic conditions worldwide.1.Executive Summary.62.Featured Sector News.73.YTD 2022 Featured M&A Transactions.104.Transportation and Logistics M&A Highlights.125.Equity Market Index Performance.136.Equity Market Index Perfo
29、rmance:Transportation and Logistics Subsectors.147.Public Company Valuations.158.Public Comparables.179.Disclaimer.23Source:S&P Capital IQ.Data as of September 30,2022.Table of ContentsT&L M&A Transaction Volume106Transactions Q3 20225Q3 TRANSPORTATION AND LOGISTICS MARKET UPDATE138146155
30、6Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3202020212022Sector Business ConditionsAfter a shipping spot price shock last year that persisted into H1 2022,global supply chain issues are improving in Q3,with spot prices reverting to more palatable levels.Ongoing shipping delays and trucking shortages,however,ma
31、y impact the upcoming holiday season.The rise of pandemic-and remote-work-driven e-commerce shopping behaviors,alongside Chinas strict pandemic containment policies,have forced many companies to rely less on international shipping and more on“near-shore”warehousing solutions via regional distributio
32、n centers.The growing demand for lower emissions and dependable“last mile”shipping has led to the rise of mobility-as-a-service(MaaS)and multi-modal logistics solutions that focus on delivery destinations rather than modes of transportation.The American Trucking Association expects the nationwide tr
33、uck driver shortage to hit 100,000 by 2023,making the development of autonomous trucking technologies an ongoing priority.Smaller shipping fleets are finding it difficult to cover fixed overhead costs due to high fuel costs,and many are considering exiting the market.Due to a driver shortage,however
34、,capacity is likely to tighten,putting a floor on how far rates can fall.Skyrocketing fuel prices in Europe have decoupled freight rates from demand.Meanwhile,surging shipping energy costs have created a shortage of vessels carrying essential fuels to replace Russian energy supplies.News HighlightsF
35、edEx slashed earnings forecasts and plans to shut down stores and scale back hiring after suffering a$500M FedEx Express and a$300M FedEx Ground revenue shortfall.UPS plans to hire 100,000 seasonal workers ahead of the busy holiday shopping(and shipping)season this year,boosting pay by$1 an hour fro
36、m 2021 to$16 per hour base.UPS purchased eight 767 Freighters from Boeing,upping their Freighter fleet to 108 airplanes and expanding global delivery sustainability.COSCO Shipping Bulk and China Merchants have partnered to explore the feasibility of methanol marine fuel shipping as a future fuel cho
37、ice.HopSkipDrive,a school transportation solutions leader,raised a$37M Series D led by Energy Impact Partners and Keyframe Capital.XPO Logistics has announced a board of directors for spinoff RXO,a tech-enabled brokered transportation platform.Q3 earnings calls were mixed,with Knight-Swift Transport
38、ation reporting 14.5%and 15.5%YoY revenue increases,while C.H.Robinsons revenues fell 4%due to retail weakness.M&A HighlightsAs of September 2022,year-to-date disclosed transaction values have already eclipsed 2018 and 2020 and are on track to surpass 2019 by the end of Q4.Acquisition targets includ
39、ed supply chain insights and transparency enablement,e-commerce and omnichannel fulfillment solutions,and temperature-controlled trucking and warehousing.Investment funds led by Apollo Global acquired airline freight firm Atlas Air Worldwide for$5.2B in an all-cash deal.Food and apparel company Mark
40、s&Spencer(M&S)acquired Gist,principal contract logisticsprovider for M&S Food,for$304.9M to expand its food supply chain network.This is a continuation of a recent trend for CPG and Retail companies to acquire logistics operations to better control their supply chainAs is with the broader market,dea
41、l financing has become hard to find making the bigger deals less likely.Shifted the mix more to add-ons rather than platforms or large strategic dealsValuations have come down as a result of lower leverageThere are less deals in market which gives the ones that are,more attention from buyersOverall,
42、for companies that grew quickly in 2021,this market will be an opportunity to show buyers the sustainability of their business model and heighten interest once the market normalizesSources:,weforum.org,.EXECUTIVE SUMMARY6Sources:Company website,press releases.DateCompanySubsectorsDescriptionArticle
43、Link10/06/2022LogisticsPritzker Private Capital announced an agreement to invest in Kenco Logistics,a provider of outsourced distribution,warehousing,omni-channel fulfillment,transportation management and material handling services.Read More10/03/2022LogisticsLigentia completes deal to acquire VGL S
44、olid Group to form a diverse,customer-focused and responsive global supply chain management business.Read More09/27/2022Tech-Enabled ServicesMitsui&Co.has invested in supply chain insights firm FourKites to expand supply chain visibility services in the Asia-Pacific region.Read More09/26/2022Logisti
45、csDanx Carousel in the UK has purchased Alltrans,a full-service transportation and logistics company.Read More09/26/2022LogisticsDHL Supply Chain and Monta accelerate their international e-commerce growth ambitions by partnering up.Read More09/21/2022LogisticsLLR Partners announced a growth investme
46、nt in PCS Software,a transportation management(TMS)platform provider for North American shippers,carriers,and brokerages.Read More09/16/2022LogisticsCustoms Support announces the acquisition of Transito 2000,a provider of customs broker services intended to serve agricultural,automotive and aeronaut
47、ic companies.Read More09/16/2022AviationDelta Air Lines plans to experiment with renewable fuel feedstocks at its Trainer,Pennsylvania,refinery to slash emissions and reduce environmental impact by millions annually.Read More09/16/2022LogisticsDixon International Logistics,has acquired Monaghan-base
48、d Carna Transport Group to further strengthen its presence and ambition in temperature-controlled logistics in Ireland,Europe and the UK.Read MoreIn Q3 2022,the T&L sector continued to feel the aftershocks of a pandemic-induced global supply chain snarl.Faced with economic uncertainty and fears of a
49、 worldwide recession,M&A deal activity has slowed down compared to Q2,but several sizeable,billion-dollar transactions made headlines.7FEATURED SECTOR NEWSFEATURED SECTOR NEWS(CONT.)8DateCompanySubsectorsDescriptionArticle Link09/15/2022Asset-Based TruckingAustrian transportation and logistics provi
50、der Berger Logistik,which is partly owned by Red Bull,has acquired Idaho-based Super T Transport,which operates in the Western U.S.Read More09/15/2022LogisticsFedEx slashed earnings forecasts and plans to shut down stores and scale back hiring after suffering a$500M FedEx Express and a$300M FedEx Gr
51、ound revenue shortfall.Read More09/15/2022AviationAir Canada plans to purchase 30 battery-powered electric regional aircraft from Heart Aerospace for their lower emissions and fuel costs.Read More09/15/2022LogisticsHapag-Lloyd acquired Italian logistics company Spinelli Group,a provider of container
52、 terminal and logistics services.Read More09/13/2022PassengerTransportationHopSkipDrive,a school transportation solutions leader,raised a$37M Series D led by Energy Impact Partners and Keyframe Capital.Read More09/08/2022AviationUnited Airlines plans to invest$15M into electric aircraft manufacturer
53、 Eve Air Mobility and will purchase 200 of Eve Airs electric air taxes,with an option to buy 200 more.Read More09/07/2022LogisticsUPS plans to hire 100,000 seasonal workers ahead of the busy holiday shipping season,boosting pay by$1 an hour from 2021 to$16 an hour base.Read More09/05/2022MarineCOSCO
54、 Shipping Bulk and China Merchants have partnered to explore the feasibility of methanol marine fuel shipping as a future fuel choice.Read More 08/30/2022MarineHong Kong-based Taylor Maritime Investments(TMI)made a$618.4M offer for South Africa-based Grindrod Shipping.Read More08/29/2022Asset-Based
55、TruckingRoadOne IntermodaLogistics acquired Fort Worth,Texas-based Wilmac Enterprises,a U.S.truckload,intermodal,and drayage services provider.Read MoreSources:Company website,press releases.FEATURED SECTOR NEWS(CONT.)9DateCompanySubsectorsDescriptionArticle Link08/22/2022Asset-Based TruckingHeartla
56、nd Express acquired the dry van and temperature-controlled truckload business arm,as well as CFI Logistica,from TFI International for$525M.Read More08/22/2022LogisticsT&L company Hub Group acquired TAGG Logistics,a provider of e-commerce,B2B,and omnichannel fulfillment,including warehousing and tran
57、sportation services.Read More08/08/2022LogisticsUPS Completes Acquisition of Bomi Group,a provider a broad range of integrated logistics solutions for customers in more than 220 countries and territories.Read More08/05/2022LogisticsA.P.Moller Maersk acquire Martin Bencher Group,an asset-light logist
58、ics provider that specialises in project logistics.Read More08/04/2022LogisticsLineage Logistics announces acquisition of Grupo Fluentes,an operator of transport and cold storage facilities.Read More08/03/2022LogisticsLogsta and Ancla Logistik are merging.Through this merger,Ancla and Logsta aim at
59、becoming the largest Direct-to-Consumer(D2C)fulfilment provider in Europe.Read More07/21/2022LogisticsFood and apparel company Marks&Spencer(M&S)acquired Gist,principal contract logistics provider for M&S Food,for$304.9M to expand its food supply chain network.Read More07/19/2022AviationAlaska Airli
60、nes became the first U.S.airline to launch a mobile-connected electronic bag tag program,which expedites the check-in process for flyers.Read More07/15/2022MarineNorway-based SalMar,one of the worlds largest producers of farmed salmon,acquired NTS,an integrated aquaculture group,for$577.6M.Read More
61、07/14/2022Asset-Based TruckingKLLM Transport Services,a U.S.temperature-controlled carrier,acquired Georgia-based Quest Global,which provides refrigerated truckload services to Fortune 500s.Read MoreSources:Company website,press releases.Houlihan Lokey Advises Hallcon Hallcon Corp.,a portfolio compa
62、ny of Novacap,a Canadian private equity firm,has been acquired by GCM Grosvenor(NASDAQ:GCMG)and Blue Wolf Capital Partners LLC(Blue Wolf).The transaction closed on June 30,2022,and will accelerate the growth of Hallcons footprint through expansion into new North American markets and investment in el
63、ectric vehicle charging infrastructure.Hallcon is the leading North American provider of mission-critical transportation services and infrastructure for a broad range of customers,including railroads,universities,airports,hospitals and healthcare systems,public transit,technology and industrial comp
64、anies,and other large employers seeking custom transportation solutions.The company has a coast-to-coast North American footprint,with direct operations across 29 U.S.states and six Canadian provinces.GCM Grosvenor is a global alternative asset management solutions provider with approximately$70 bil
65、lion in assets under management across private equity,infrastructure,real estate,credit,and absolute-return investment strategies.The firm is investing in Hallcon through its Labor Impact Strategy,which seeks to originate and execute infrastructure projects that leverage the inclusion of union labor
66、 as a contributing factor to enabling attractive risk-adjusted returns.Blue Wolf is a private equity firm that specializes in control investments in middle-market companies.Leading by experience,and with a commitment to excellence,Blue Wolf transforms companies strategically,operationally,and collab
67、oratively.Blue Wolf manages challenging situations and complex relationships between business,customers,employees,unions,and regulators to build value for stakeholders.Houlihan Lokey served as the exclusive financial advisor to Hallcon and assisted in marketing,structuring,and negotiating the transa
68、ction on its behalf.Houlihan Lokey Advises Freymiller OBS Holdings,LLC(dba Freymiller)has received a majority investment from Angeles Equity Partners,LLC,in partnership with KJM Capital,LLC(KJM).Freymiller provides refrigerated load,dedicated refrigerated trucking,logistics brokerage,and intermodal
69、transportation services overa national network of freight lanes.Supported by its efficient fleet of more than 600 tractors,in-house maintenance,and fleetdealership capabilities,Freymiller provides highly reliable,late-model equipment to support the time-sensitive needs of leading food and other cold
70、 chain distribution partners nationwide.Angeles is a private equity firm that invests in companies across a wide range of sectors and specifically targets businesses that can directly benefit from the firms deep expertise in operational transformation and strategic repositioning.Angeles investment i
71、n Freymiller originated from a targeted sector focus on differentiated T&L providers.KJM invests in lower-to middle-market companies that serve business customers.KJM desires to partner with existing owners by providing operational expertise,including software applications and accounting/finance,to
72、support continued growth with a focus on delivering exceptional customer service.Houlihan Lokey served as the exclusive financial advisor to Freymiller and assisted in marketing,structuring,and negotiating the transaction on its behalf.10YTD 2022 FEATURED M&A TRANSACTIONSa portfolio company of has b
73、een acquired byandSellside Advisorhas received a majority investment fromandSellside AdvisorHoulihan Lokey Advises Carousel Houlihan Lokey is pleased to announce the sale of Carousel Logistics,a portfolio company of Livingbridge,to Danish private equity firm Axcel.The transaction was completed on 28
74、 February 2022.Founded in 1986 by former CEO Graham Martin and Michael Martin,Carousel Logistics has grown into a leading pan-European logistics specialist delivering aftermarket solutions to organisations in performance and life-critical industries.It is headquartered in the UK with offices in the
75、Netherlands,Germany,and Spain,and has 213 employees.The firm uses its proprietary technology platform Gateway to provide aftermarket logistics services to over 200 blue-chip Original Equipment Manufacturers(OEMs)clients.Key sectors include Agriculture&Construction,Electronics&Technology,Industrials&
76、Materials Handling,and Med-Tech&Pharmaceuticals,where bespoke logistics solutions are required to avoid the high cost of failure and enable service-led strategies.Axcel,a Nordic private equity firm focusing on mid-market companies and with a broad base of both Nordic and international investors,is a
77、cquiring Carousel alongside Danish based DANX.The two companies combined will form an in-night logistics specialist with strong positions in the Nordics,Baltics,UK,Ireland and Iberia,with a combined revenue of approximately 190m.The transaction is subject to clearance by the European competition aut
78、horities and is expected to complete in Q1 2022.Houlihan Lokey served as the exclusive financial advisor to Carousel Logistics on the transaction which highlights our deep sector expertise in the logistics space.11YTD 2022 FEATURED M&A TRANSACTIONS(CONT.)has been acquired bySellside Advisor As of Se
79、ptember 2022,year-to-date disclosed transaction values have already eclipsed 2018 and 2020 and are on track to surpass 2019 by the end of Q4.Quarterly acquisition targets offered buyers deeper supply chain insights and transparency,e-commerce and omnichannel fulfillment,and temperature-controlled tr
80、ucking and warehousing services.Notably,several deals were centered around cost-cutting and/or ESG considerations,such as electric trucking and air transportation or alternative fuels and feedstock,etc.Transaction Value and Deal VolumeNotable Transactions to DateKey Takeaways$in billionsSource:S&P C
81、apital IQ.(1)YTD Q3 2021.(2)YTD November 2022.12TRANSPORTATION AND LOGISTICS M&A HIGHLIGHTS$51.4$59.8$40.1$180.7$150.4$52.004393802002120212022Disclosed Value($B)DealsDateAcquirerTargetSubsectorDeal Value$M11/8/2022Tech-Enabled ServicesN/A11/7/2022Logistics112.411/3/2022Logisti
82、csN/A11/2/2022LogisticsN/A10/26/2022LogisticsN/A10/5/2022LogisticsN/A10/5/2022LogisticsN/A8/22/2022Logistics103.08/22/2022LogisticsN/A8/16/2022LogisticsN/A8/9/2022LogisticsN/A6/24/2022Transportation Equipment LeasingN/A6/1/2022Logistics265.05/16/2022Aviation7,891.0S&P Industrials(16.5%)S&P 500(17.7%
83、)Houlihan Lokey T&L Market Index(25.9%)The global economy continued its year-long downtrend in Q3,driven in large part by the Federal Reserves ongoing rate hikes and concerns over a potential recession.The Houlihan Lokey T&L Market Index ended the quarter down(25.9%LTM),faring worse than the S&P 500
84、(17.7%)and S&P Industrials(16.5%).On a quarterly basis,the Houlihan Lokey T&L Market Index(12.8%)trailed behind S&P Industrials(6.0%)and the S&P 500(6.3%)as well.Some T&L subsectors,such as rail(8.0%),asset-based trucking(14.2%),and transportation equipment leasing(10.9%),fared much better than othe
85、rs.LTM September 2022 PerformanceJuly September 2022 PerformanceS&P Industrials(6.0%)S&P 500(6.3%)Houlihan Lokey T&L Market Index(12.8%)(1)(1)658095110125Oct-21Nov-21Dec-21Feb-22Mar-22May-22Jun-22Aug-22Sep-22S&P 500 IndustrialsS&P 500Houlihan Lokey T&L Market Index80900Jul-22Jul-22Jul-22A
86、ug-22Aug-22Sep-22Sep-22S&P 500 IndustrialsS&P 500Houlihan Lokey T&L Market IndexSource:S&P Capital IQ.Data as of September 30,2022.All share prices rebased to 100.(1)The Houlihan Lokey T&L Index consists of a diversified set of companies across the transportation and logistics sector.See pages 17 22
87、 for a complete list.13EQUITY MARKET INDEX PERFORMANCEWhile supply chain snarls are not as common as they were in 2020 or 2021,higher costs,lower demand,and shipping/warehousing shortages continue to impact T&L as a whole.Ongoing rate hikes and inflation have also stymied investment.LTM September 20
88、22 Performance by Subsector30456075900Oct-21Dec-21Mar-22Jun-22Sep-22LogisticsAsset-Based TruckingMarineRailTransportation Equipment LeasingAviationPassenger TransportationTech-Enabled ServicesMonthly PerformanceYTD PerformanceThree-Year Performance-15%-9%-19%-12%-7%-17%-9%-6%-33%-28%-46%-
89、21%-17%-43%-54%-17%19%67%59%26%40%-51%-44%50%Source:S&P Capital IQ.Data as of September 30,2022.All share prices rebased to 100.14EQUITY MARKET INDEX PERFORMANCETRANSPORTATION AND LOGISTICS SUBSECTORSRail(8.0%)Assets-Based Trucking(14.2%)Transportation Eq.Leasing(10.9%)Tech-Enables Services(21.0%)Ma
90、rine(28.2%)Logistics(27.9%)Aviation(48.4%)Passenger Transportation(59.7%)EV/LTM RevenueEV/LTM EBITDAForward P/ELogisticsAsset-Based TruckingMarineRailTransportation Equipment LeasingAviationPassenger TransportationTech-Enabled Services0.6x1.0 x1.9x6.3x4.5x0.8x0.8x7.0 x5.7x5.6x8.0 x12.6x7.4x9.0 x7.9x
91、11.2x11.5x10.7x3.5x16.0 x6.0 x12.3x13.6x18.0 xSource:S&P Capital IQ.Data as of September 30,2022.15PUBLIC COMPANY VALUATIONS(LTM SEPTEMBER 2022)EV/2022E RevenueEV/2022E EBITDAForward P/ELogisticsAsset-Based TruckingMarineRailTransportation Equipment LeasingAviationPassenger TransportationTech-Enable
92、d Services0.6x0.9x1.8x6.1x4.6x0.7x0.8x10.8x5.2x5.4x3.7x12.2x7.5x6.6x5.2x24.6x11.2x11.0 x4.9x16.7x6.3x10.9x13.8x17.5xSource:S&P Capital IQ.Data as of September 30,2022.16PUBLIC COMPANY VALUATIONS(FY 2022E)Source:S&P Capital IQ.Data as of September 30,2022.PUBLIC COMPARABLES(LTM SEPTEMBER 2022)TRANSPO
93、RTATION AND LOGISTICSLTMTEV/RevenueUSDmEBITDAUSDmEBITDA MarginEPSForward P/ELTM EBITDALTM RevenueLogisticsAgility Public Warehousing Company K.S.C.P.$5,436.7$7,385.5$3,103.712.4x$2,153.5$288.813.4%$0.138.2x25.6x3.4xC.H.Robinson Worldwide,Inc.11,931.214,086.52,010.81.5x26,131.71,475.25.6%7.712.6x9.5x
94、0.5xCJ Logistics Corporation1,255.63,475.81,921.93.5x8,471.2669.47.9%6.010.5x5.2x0.4xDSV A/S26,432.830,582.93,554.81.5x32,378.43,604.411.1%8.314.3x8.5x0.9xExpeditors International of Washington,Inc.14,447.112,583.2(2,154.5)N/M 19,026.12,221.811.7%7.012.6x5.7x0.7xForward Air Corporation2,423.62,551.6
95、79.10.5x1,952.1268.613.8%7.212.5x9.5x1.3xGXO Logistics,Inc.4,158.65,690.61,449.03.0 x8,788.0631.07.2%2.912.2x9.0 x0.6xHub Group,Inc.2,390.22,380.8109.60.6x5,311.4569.810.7%9.17.6x4.2x0.4xKerry Logistics Network Limited2,905.73,945.0629.71.8x11,766.31,016.68.6%0.26.8x3.9x0.3xKuehne+Nagel Internationa
96、l AG24,757.124,502.3(1,133.0)0.4x42,349.04,572.310.8%18.111.4x5.4x0.6xLandstar System,Inc.5,259.05,364.1(21.3)0.3x7,709.6644.58.4%10.114.3x8.3x0.7xRadiant Logistics,Inc.275.8354.475.61.7x1,337.766.85.0%1.15.4x5.3x0.3xRXO,Inc.0.00.0(212.0)N/M 5,063.0312.06.2%NA NA 0.0 x0.0 xUniversal Logistics Holdin
97、gs,Inc.833.51,225.9392.41.7x1,964.0238.412.1%5.45.9x5.1x0.6xWincanton plc400.6631.8218.32.6x1,654.494.85.7%0.57.1x6.7x0.4xDeutsche Post AG$36,841.4$54,147.7$16,478.72.0 x$92,617.2$10,492.411.3%$3.19.7x5.2x0.6xFedEx Corporation38,634.851,841.813,207.02.1x94,751.09,679.010.2%15.49.6x5.4x0.5xPostNL N.V
98、.867.21,314.3471.25.3x3,347.2203.96.1%0.36.0 x6.4x0.4xInternational Distributions Services plc1,944.53,065.51,326.72.1x16,764.71,397.98.3%0.211.5x2.2x0.2xUnited Parcel Service,Inc.139,738.1148,350.08,979.01.2x101,076.016,655.016.5%12.912.6x8.9x1.5xZTO Express(Cayman)Inc.19,457.918,314.5(1,063.4)1.5x
99、4,880.81,336.527.4%1.318.6x13.7x3.8xMedian$471.21.7x$8,471.2$669.410.2%$5.711.5x5.7x0.6xMean$2,353.52.4x$23,309.2$2,687.610.4%$5.812.0 x7.3x0.9xAsset-Based TruckingArcBest Corporation$1,784.0$1,805.5($48.0)0.5x$5,265.1$542.210.3%$13.05.6x3.3x0.3xOld Dominion Freight Line,Inc.27,806.027,485.4(275.6)0
100、.1x6,178.81,937.831.4%12.220.4x14.2x4.4xSaia,Inc.5,002.44,914.9(115.0)0.1x2,753.4597.921.7%13.813.7x8.2x1.8xXPO Logistics,Inc.5,121.67,597.82,364.02.1x13,108.01,355.010.3%5.87.6x5.6x0.6xYellow Corporation261.71,549.61,275.55.4x5,353.4289.05.4%0.511.3x5.4x0.3xMarten Transport,Ltd.$1,552.3$1,489.3($71
101、.5)N/M$1,208.2$228.318.9%$1.414.2x6.5x1.2xMullen Group Ltd.963.01,564.5568.82.9x1,412.1198.714.1%1.010.7x7.9x1.1xTFI International Inc.8,056.110,143.21,562.31.4x8,996.71,196.113.3%7.811.7x8.5x1.1xCovenant Logistics Group,Inc.$414.8$487.7$32.20.6x$1,215.0$140.811.6%$4.26.8x3.5x0.4xDaseke,Inc.343.6853
102、.9443.13.3x1,759.4192.410.9%1.05.4x4.4x0.5xHeartland Express,Inc.1,129.61,003.4400.22.7x761.2174.823.0%1.310.9x5.7x1.3xJ.B.Hunt Transport Services,Inc.16,238.517,410.61,159.50.7x14,661.31,870.212.8%9.716.1x9.3x1.2xKnight-Swift Transportation Holdings Inc.7,861.39,674.31,683.91.1x7,501.81,768.123.6%4
103、.910.0 x5.5x1.3xP.A.M.Transportation Services,Inc.689.5884.6179.61.4x923.2188.120.4%4.27.3x4.7x1.0 xSchneider National,Inc.3,613.63,448.0(181.6)0.2x6,617.5998.415.1%2.58.2x3.5x0.5xU.S.Xpress Enterprises,Inc.126.6551.5464.76.0 x2,150.377.83.6%0.131.8x7.1x0.3xWerner Enterprises,Inc.2,384.52,813.6448.1
104、1.1x3,193.7533.916.7%3.710.1x5.3x0.9xMedian$443.11.2x$3,193.7$533.914.1%$4.210.7x5.6x1.0 xMean$581.81.8x$4,885.8$722.915.5%$5.111.9x6.4x1.1xNet Debt/LTM EBITDAAsset-Light/Third-Party LogisticsParcel DeliveryTruckloadMarket CapUSDmEVUSDmNet DebtUSDmSpecialty TruckingLess-Than-Truckload17Source:S&P Ca
105、pital IQ.Data as of September 30,2022.18PUBLIC COMPARABLES(LTM SEPTEMBER 2022)TRANSPORTATION AND LOGISTICS(CONT.)LTMTEV/RevenueUSDmEBITDAUSDmEBITDA MarginEPSForward P/ELTM EBITDALTM RevenueMarineA.P.Mller-Mrsk A/S$32,380.4$38,797.2$7,190.00.5x$82,215.0$32,382.039.4%$1,149.31.6x1.2x0.5xCOSCO SHIPPING
106、 Development Co.,Ltd.3,876.815,275.610,894.38.8x3,937.41,493.237.9%NA NA 10.2x3.9xEvergreen Marine Corporation(Taiwan)Ltd.9,720.33,312.1(7,757.7)0.3x21,147.714,565.768.9%3.31.4x0.2x0.2xHapag-Lloyd Aktiengesellschaft30,109.20.0(8,765.2)0.4x33,326.817,099.551.3%61.72.7x0.0 x0.0 xAtlas Corp.3,899.39,44
107、6.65,547.26.1x1,512.91,013.367.0%1.78.3x9.3x6.2xYang Ming Marine Transport Corporation6,755.9563.3(5,210.8)0.3x13,169.59,437.371.7%1.21.6x0.1x0.0 xDiana Shipping Inc.$282.8$621.7$342.13.1x$283.1$153.454.2%$0.93.8x4.1x2.2xEagle Bulk Shipping Inc.591.2846.7151.40.9x753.1387.251.4%12.43.5x2.2x1.1xGenco
108、 Shipping&Trading Limited529.8665.6102.00.6x593.2292.549.3%3.93.2x2.3x1.1xNavios Maritime Holdings Inc.42.61,358.01,258.04.2x612.3308.450.4%NA NA 4.4x2.2xSafe Bulkers,Inc.298.0613.3344.41.8x355.5249.970.3%1.22.1x2.5x1.7xTidewater Inc.1,003.41,101.753.64.3x566.139.67.0%0.1NM 27.8x1.9xAMSC ASA$215.2$6
109、63.9$474.66.2x$88.4$83.694.6%$0.48.5x7.9x7.5xKirby Corporation3,640.14,754.01,081.53.3x2,645.9338.612.8%2.821.6x14.0 x1.8xMatson,Inc.2,398.12,372.0275.80.3x4,808.41,833.538.1%17.83.4x1.3x0.5xSEACOR Marine Holdings Inc.150.1495.3299.9N/M 207.4(6.7)(3.2%)NA NA NM2.4xArdmore Shipping Corporation$365.1$
110、698.3$173.74.1x$365.4$57.015.6%$2.63.5x12.3x1.9xCapital Product Partners L.P.258.31,456.21,046.86.5x282.7181.264.1%4.72.9x8.0 x5.2xFrontline Ltd.2,433.34,475.22,042.410.6x903.3220.224.4%1.38.4x20.3x5.0 xNavigator Holdings Ltd.884.71,647.4715.05.1x482.8172.235.7%0.912.5x9.6x3.4xScorpio Tankers Inc.2,
111、289.44,567.21,973.66.8x1,217.0359.729.6%8.74.8x12.7x3.8xTeekay Corporation365.71,213.8161.620.0 x993.229.63.0%NA NA 41.0 x1.2xTsakos Energy Navigation Limited437.21,819.71,293.39.0 x729.3166.322.8%5.13.0 x10.9x2.5xMedian$344.44.1x$753.1$292.539.4%$2.83.5x8.0 x1.9xMean$595.14.7x$7,443.3$3,515.541.6%$
112、67.45.4x9.2x2.4xRailCanadian National Railway Company$74,255.9$84,457.8$10,917.41.7x$11,885.4$6,686.956.3%$5.619.3x12.6x7.1xCanadian Pacific Railway Limited62,466.577,181.614,885.54.5x6,112.43,328.354.5%3.121.7x23.2x12.6xCSX Corporation57,042.772,575.515,651.02.5x14,550.07,093.048.7%1.913.8x10.2x5.0
113、 xNorfolk Southern Corporation49,241.363,683.214,388.02.6x12,360.05,938.048.0%14.314.6x10.7x5.2xUnion Pacific Corporation121,660.9152,890.032,109.02.8x24,428.012,022.049.2%12.116.0 x12.7x6.3xMedian$14,885.52.6x$12,360.0$6,686.949.2%$5.616.0 x12.6x6.3xMean$17,590.22.8x$13,867.1$7,013.651.3%$7.417.1x1
114、3.9x7.2xTransportation Equipment LeasingAMERCO$9,984.7$12,932.0$3,200.22.7x$5,903.3$2,346.539.7%NA NA 5.5x2.2xBrambles Limited10,190.412,731.22,717.31.7x5,833.71,700.729.2%0.416.7x7.5x2.2xGATX Corporation3,006.98,848.75,785.29.3x1,271.3686.854.0%5.615.2x12.9x7.0 xRyder System,Inc.3,864.710,014.25,87
115、7.92.2x11,523.02,838.324.6%12.56.0 x3.5x0.9xTextainer Group Holdings Limited1,252.77,058.95,564.87.5x914.0760.283.2%5.94.5x9.3x7.7xTriton International Limited3,394.412,399.88,106.44.9x1,819.41,697.193.3%11.05.0 x7.3x6.8xMedian$5,675.03.8x$3,826.6$1,698.946.9%$5.96.0 x7.4x4.5xMean$5,208.64.7x$4,544.
116、1$1,671.654.0%$7.19.5x7.7x4.5xContainerDry Bulk&Offshore Vessel OperatorsNet Debt/LTM EBITDAMarket CapUSDmEVUSDmNet DebtUSDmJones ActTankerRailTransportation Equipment LeasingSource:S&P Capital IQ.Data as of September 30,2022.19PUBLIC COMPARABLES(LTM SEPTEMBER 2022)TRANSPORTATION AND LOGISTICS(CONT.
117、)LTMTEV/RevenueUSDmEBITDAUSDmEBITDA MarginEPSForward P/ELTM EBITDALTM RevenueAviationAir Canada$4,339.8$10,121.4$6,223.8N/M$10,639.1($542.7)(5.1%)($0.1)NM NM1.0 xAlaska Air Group,Inc.4,962.83,851.1(940.0)2.5x9,066.0892.09.8%5.17.7x4.3x0.4xAllegiant Travel Company1,313.62,065.8990.78.7x2,187.2228.610
118、.5%5.912.3x9.0 x0.9xAmerican Airlines Group Inc.7,824.132,371.125,702.039.7x45,210.0930.02.1%1.012.5x34.8x0.7xDelta Air Lines,Inc.17,909.633,078.615,965.07.1x46,617.03,436.07.4%4.46.4x9.6x0.7xFrontier Group Holdings,Inc.2,111.51,786.0(253.0)N/M 3,029.0(245.0)(8.1%)0.519.4xNM0.6xHawaiian Holdings,Inc
119、.675.7892.8298.4N/M 2,405.0(393.3)(16.4%)(1.4)NM NM0.4xJetBlue Airways Corporation2,147.23,485.21,666.0N/M 8,577.0(22.0)(0.3%)0.416.1xNM0.4xSkyWest,Inc.822.63,137.42,407.35.6x3,100.8610.619.7%1.511.0 x5.1x1.0 xSouthwest Airlines Co.18,298.912,406.9(4,977.0)3.7x22,693.02,346.010.3%2.412.7x5.3x0.5xSpi
120、rit Airlines,Inc.2,048.63,793.41,952.1N/M 4,664.7(134.1)(2.9%)(0.3)NM NM0.8xSun Country Airlines Holdings,Inc.791.31,124.9358.25.3x839.8119.014.2%0.816.9x9.5x1.3xUnited Airlines Holdings,Inc.10,629.024,440.714,332.021.3x40,747.01,553.03.8%2.711.8x15.7x0.6xBristow Group Inc.656.2916.7304.24.5x1,154.1
121、113.29.8%2.210.9x8.1x0.8xAir Transport Services Group,Inc.$1,780.9$3,157.4$1,316.22.2x$1,994.8$625.231.3%$2.59.8x5.0 x1.6xFraport AG3,369.311,442.57,939.321.2x2,989.4498.716.7%2.415.5x22.9x3.8xSATS Ltd.2,358.22,555.0114.946.1x983.912.91.3%0.0NM NM2.6xMedian$1,316.26.3x$3,100.8$228.67.4%$1.512.3x9.0
122、x0.8xMean$4,317.714.0 x$12,170.5$589.96.1%$1.812.5x11.8x1.1xPassenger TransportationComfortDelGro Corporation Limited$1,992.8$2,007.2($290.0)1.1x$2,627.8$371.714.1%$0.113.8x5.4x0.8xFirstGroup plc861.51,600.91,612.811.4x5,099.4201.64.0%0.113.4x7.9x0.3xLyft,Inc.4,645.63,728.2(902.6)N/M 3,890.1(867.1)(
123、22.3%)0.622.1xNM1.0 xNational Express Group PLC1,151.62,498.41,403.07.9x3,040.5229.77.6%0.29.3x10.9x0.8xUber Technologies,Inc.52,467.856,359.04,585.0N/M 29,048.0(1,425.0)(4.9%)(0.6)NM NM1.9xMedian$1,403.07.9x$3,890.1$201.64.0%$0.113.6x7.9x0.8xMean$1,281.76.8x$8,741.2($297.8)(0.3%)$0.114.7x8.1x1.0 xT
124、ech-Enabled ServicesAurionpro Solutions Limited$124.9$125.6$5.80.7x$69.7$15.422.1%NA NA 8.2x1.8xThe Descartes Systems Group Inc.5,416.95,269.0(189.0)N/M 460.7191.041.5%1.2NM 27.6x11.4xEnghouse Systems Limited1,167.31,015.1(163.1)0.2x337.590.726.9%1.218.0 x11.2x3.0 xManhattan Associates,Inc.8,343.58,
125、129.7(197.1)N/M 740.5148.020.0%2.4NM NM11.0 xMedian($176.0)0.4x$399.1$119.324.5%$1.218.0 x11.2x7.0 xMean($135.8)0.4x$402.1$111.327.6%$1.618.0 x15.6x6.8xOverall Median$568.82.6x$3,193.7$387.214.1%$2.510.8x7.5x1.0 xOverall Mean$2,742.14.8x$11,036.0$2,057.222.5%$17.310.8x8.8x2.1xNet Debt/LTM EBITDAMark
126、et CapUSDmEVUSDmNet DebtUSDmAirlines&Helicopter OperatorsAirport ServicesTech-Enabled ServicesPassenger TransportationSource:S&P Capital IQ.Data as of September 30,2022.PUBLIC COMPARABLES(FY 2022E)TRANSPORTATION AND LOGISTICSEV/RevenueEV/EBITDAP/EEBITDA Margin20212022E20212022E20212022ERevenueEBITDA
127、20212022E20212022ELogisticsAgility Public Warehousing Company K.S.C.P.10.3x4.6xNA24.6xNANM 38.3x(100.0%)(100.0%)18.7%NA34.3xNA C.H.Robinson Worldwide,Inc.1.8x0.6x0.6x12.3x9.7x15.3x10.9x25.2%38.8%5.0%5.7%14.8x16.5xCJ Logistics Corporation2.8x0.4x0.4x5.1x5.7x40.7x10.3x(4.2%)(9.2%)7.2%6.7%6.1x9.2xDSV A
128、/S1.4x1.1x0.9x11.7x7.4x16.0 x11.4x31.2%57.3%9.3%12.7%13.2x15.5xExpeditors International of Washington,Inc.(1.1x)0.8x0.7x6.4x6.2x10.7x10.8x36.0%42.9%11.9%11.5%12.9x13.6xForward Air Corporation0.4x1.5x1.3x13.0 x7.8x21.4x12.5x25.6%68.8%11.8%16.2%17.8x12.1xGXO Logistics,Inc.2.5x0.7x0.6x9.7x7.8x26.6x12.5
129、x20.4%32.3%7.4%8.1%14.4x13.5xHub Group,Inc.0.3x0.6x0.4x6.4x3.8x13.6x6.6x24.9%62.5%8.7%11.4%14.0 x8.3xKerry Logistics Network Limited0.8x0.4x0.4x4.8x3.9x7.1x6.0 x32.2%60.0%8.1%8.9%8.4x6.8xKuehne+Nagel International AG(0.3x)0.7x0.6x7.0 x5.2x11.1x9.2x32.3%81.5%9.8%11.8%13.9x13.0 xLandstar System,Inc.(0
130、.0 x)0.8x0.7x9.7x8.5x14.5x12.2x34.9%38.9%8.5%8.4%14.4x15.3xRadiant Logistics,Inc.1.4x0.3xNA6.4xNA9.7x5.0 x(100.0%)(100.0%)5.0%NA7.8xNA RXO,Inc.(0.8x)0.0 x0.0 x0.0 x0.0 xNA NA 20.8%38.5%5.9%6.3%NA 0.0 xUniversal Logistics Holdings,Inc.2.3x0.7x0.6x7.2x3.8x11.6x5.5x20.5%44.3%9.7%15.9%11.2x5.7xWincanton
131、 plc2.3x0.3x0.4x6.7x4.7x6.6x7.2x3.0%40.3%5.1%7.8%6.4x6.8xDeutsche Post AG1.5x0.6x0.6x5.0 x4.2x6.7x7.3x8.4%28.5%11.6%13.5%7.0 x9.2xFedEx Corporation1.1x0.6x0.5x4.4x5.2x8.2x8.4x12.7%12.4%13.1%10.5%6.6x9.7xInternational Distributions Services plc0.9x0.2x0.2x2.0 x3.5x2.1x6.8x(4.4%)(17.3%)8.9%5.9%2.4xNM
132、PostNL N.V.1.2x0.3x0.4x3.3x4.9x3.3x6.9x(9.0%)(16.0%)10.0%8.1%4.4x10.4xUnited Parcel Service,Inc.0.6x1.5x1.5x9.3x8.7x11.0 x12.6x9.4%22.8%16.4%16.8%13.5x13.0 xZTO Express(Cayman)Inc.(0.9x)3.8x3.7x15.1x12.3x26.3x21.6x13.8%21.5%25.4%29.8%21.3x17.4xMedian1.1x0.6x0.6x6.7x5.2x11.1x9.8x20.4%38.5%9.3%10.5%13
133、.1x11.2xMean1.3x1.0 x0.8x8.1x6.0 x13.8x11.1x6.4%21.4%10.4%11.4%12.3x10.9xAsset-Based TruckingArcBest Corporation(0.1x)0.5x0.3x4.6x3.0 x9.1x5.1x35.0%68.1%9.9%11.3%8.4x6.5xOld Dominion Freight Line,Inc.(0.2x)5.2x4.4x16.6x13.2x28.0 x21.1x25.0%33.5%31.4%33.2%24.8x21.2xSaia,Inc.(0.2x)2.1x1.8x10.4x7.6x20.
134、0 x13.7x24.1%43.4%20.7%22.9%17.0 x14.4xXPO Logistics,Inc.1.9x0.6x0.7x6.1x5.8x15.8x7.7x6.9%23.8%9.7%11.2%9.8x12.8xYellow Corporation6.8x0.3x0.3x8.2x4.1xNM 3.3x8.3%57.5%3.7%7.1%39.0 x8.7xMarten Transport,Ltd.(0.3x)1.5x1.2x7.3x5.8x18.8x13.7x20.1%15.2%21.0%20.2%17.4x14.0 xMullen Group Ltd.3.6x1.3x1.0 x9
135、.9x6.2x17.5x11.0 x27.7%34.3%13.6%17.0%16.5x10.5xTFI International Inc.1.7x1.4x1.1x10.9x6.9x13.1x11.2x53.9%62.0%12.9%16.3%15.6x12.3xCovenant Logistics Group,Inc.0.3x0.5x0.4x4.2x3.2x8.4x5.2x20.6%46.6%11.2%12.4%7.7x6.2xDaseke,Inc.2.4x0.5x0.5x4.6x3.6x7.0 x6.4x10.1%24.4%11.8%13.3%6.0 x6.0 xHeartland Expr
136、ess,Inc.2.3x1.7x1.1x5.8x3.8x14.4x12.6x21.5%18.0%28.4%27.7%13.9x12.6xJ.B.Hunt Transport Services,Inc.0.7x1.4x1.2x10.9x8.5x21.9x16.2x24.7%27.6%13.2%13.6%19.6x16.1xKnight-Swift Transportation Holdings Inc.1.1x1.6x1.3x6.6x5.4x11.0 x9.1x26.7%28.6%24.5%23.8%9.8x11.2xP.A.M.Transportation Services,Inc.1.2x1
137、.3x0.9x5.8x4.4x9.3x6.2x39.9%48.4%21.7%20.9%8.6x9.1xSchneider National,Inc.(0.2x)0.6x0.5x4.3x3.6x8.9x7.6x21.5%29.1%14.4%14.4%9.0 x8.9xU.S.Xpress Enterprises,Inc.5.1x0.3x0.3x6.1x8.7x11.4xNM 11.3%(29.0%)4.6%2.9%3.6xNM Werner Enterprises,Inc.0.9x1.0 x0.8x5.4x4.7x9.8x9.7x18.8%11.7%19.1%18.1%10.4x10.8xMed
138、ian1.1x1.3x0.9x6.1x5.4x12.3x9.4x21.5%29.1%13.6%16.3%10.4x11.0 xMean1.6x1.3x1.0 x7.5x5.8x14.0 x10.0 x23.3%32.0%16.0%16.8%14.0 x11.3xAsset-Light/Third-Party LogisticsParcel DeliveryNet Debt/2021 EBITDATruckload2020-22E CAGRForward P/ESpecialty TruckingLess-Than-Truckload2021PUBLIC COMPARABLES(FY 2022E
139、)TRANSPORTATION AND LOGISTICS(CONT.)Source:S&P Capital IQ.Data as of September 30,2022.EV/RevenueEV/EBITDAP/EEBITDA Margin20212022E20212022E20212022ERevenueEBITDA20212022E20212022EMarineA.P.Mller-Mrsk A/S0.3x0.6x0.5x1.8x1.1x1.9x1.1x44.2%136.6%35.7%44.6%1.6x2.8xAtlas Corp.5.6x6.4x5.6x9.6x8.0 x9.4x9.1
140、x17.2%20.8%67.1%69.5%8.0 x7.8xCOSCO SHIPPING Development Co.,Ltd.6.1x2.6xNA8.6xNA1.6xNA (100.0%)(100.0%)30.3%NANA NA Evergreen Marine Corporation(Taiwan)Ltd.(0.7x)0.2x0.2x0.3x0.3x1.1x0.9x65.4%190.9%60.4%65.6%1.2x3.6xHapag-Lloyd Aktiengesellschaft(0.8x)0.0 x0.0 x0.0 x0.0 x2.9x1.8x50.6%175.6%45.4%56.0
141、%3.2x3.4xYang Ming Marine Transport Corporation(0.7x)0.0 x0.0 x0.1x0.1x1.1x1.1x52.0%196.4%62.7%65.2%1.1x3.9xDiana Shipping Inc.3.5x2.9x2.2x6.4x3.7x5.9x3.1x28.9%133.6%45.6%59.4%2.6x5.2xEagle Bulk Shipping Inc.0.5x1.4x1.5x2.8x2.5x3.7x2.5x43.9%194.5%51.3%59.2%2.9x5.3xGenco Shipping&Trading Limited0.4x1
142、.2x1.8x2.7x2.9x2.9x2.9x2.5%84.0%44.4%60.8%2.6x4.2xNavios Maritime Holdings Inc.4.6x2.3xNA4.9xNA0.3xNA (100.0%)(100.0%)47.1%NANA NA Safe Bulkers,Inc.1.5x1.9x1.8x2.6x2.6x1.7x1.8x32.6%89.6%70.5%66.9%2.0 x2.7xTidewater Inc.(17.6x)3.0 x1.7xNM6.9xNM NM 28.7%NAN/M 24.4%NM 21.0 xAMSC ASA5.7x7.5x7.2x7.9x7.7x
143、14.6x10.8x2.0%0.4%94.8%93.6%11.5x6.7xKirby Corporation3.6x2.1x1.7x15.9x11.7xNM 29.3x13.0%5.0%13.3%14.6%33.3x18.9xMatson,Inc.0.2x0.6x0.5x1.9x1.5x2.9x2.0 x36.6%106.0%32.5%35.8%4.4x6.5xSEACOR Marine Holdings Inc.(1,586.8x)2.9xNANMNA14.1xNA (100.0%)(100.0%)N/M NANM NA Ardmore Shipping Corporation14.7x3.
144、6x2.5xNM3.7xNM 3.2x13.6%92.4%6.1%66.2%NM 3.6xCapital Product Partners L.P.8.3x7.9x5.0 x11.6x7.6x2.6x3.0 x43.3%38.2%67.9%66.3%3.4x3.1xFrontline Ltd.13.4x6.0 x5.4x29.4x7.7xNM 9.3x(17.4%)(2.9%)20.3%69.3%20.5x7.5xNavigator Holdings Ltd.5.2x4.1x4.4x12.0 x7.9xNM 15.6x5.9%37.4%33.8%55.8%8.5x10.4xScorpio Ta
145、nkers Inc.24.5x8.4x3.2xNM4.4xNM 4.6x25.8%54.2%14.9%70.9%NM 4.9xTeekay Corporation(3.6x)1.8xNANMNANM NA (100.0%)(100.0%)N/M NANA NA Tsakos Energy Navigation Limited13.0 x3.3x2.8x18.4x4.7xNM 2.9x0.2%22.3%18.2%60.3%17.4x2.8xMedian3.5x2.6x1.8x5.6x3.7x2.9x3.0 x17.2%46.2%44.9%60.8%3.3x4.9xMean(65.2x)3.1x2
146、.5x7.6x4.5x4.4x5.8x3.9%53.4%43.1%58.1%7.8x6.5xRailCanadian National Railway Company1.7x7.4x6.6x13.2x13.1x20.0 x20.6x8.4%3.5%56.0%50.6%21.0 x18.2xCanadian Pacific Railway Limited4.1x12.2x11.7x21.5x23.8x20.3x24.9x4.4%(3.0%)56.9%49.1%21.0 x20.2xCSX Corporation2.4x5.8x4.9x10.9x9.7x15.9x14.2x18.6%13.9%53
147、.1%50.1%15.2x13.9xNorfolk Southern Corporation2.5x5.7x5.0 x11.1x10.4x17.3x15.4x13.8%14.8%51.4%48.2%15.7x14.9xUnion Pacific Corporation2.8x7.0 x6.1x13.2x12.2x19.6x16.8x13.3%11.3%53.1%49.8%17.7x16.7xMedian2.5x7.0 x6.1x13.2x12.2x19.6x16.8x13.3%11.3%53.1%49.8%17.7x16.7xMean2.7x7.6x6.9x14.0 x13.9x18.6x18
148、.4x11.7%8.1%54.1%49.6%18.1x16.8xTransportation Equipment LeasingAMERCO1.4x2.3x2.2x5.6xNA9.0 x8.8x17.5%(100.0%)41.1%N/M NA NA Brambles Limited1.6x2.3x2.2x7.6x6.7x19.6x16.9x6.7%10.3%29.8%33.1%18.8x16.9xGATX Corporation8.6x7.0 x6.9x13.2x10.8x21.4x14.3x2.9%14.2%53.3%63.9%17.7x13.8xRyder System,Inc.2.2x1
149、.0 x0.8x3.8x3.1x7.8x5.1x19.0%27.8%27.6%26.7%8.3x6.3xTextainer Group Holdings Limited7.8x8.3x8.2x9.9x9.4x5.0 x4.4x13.7%24.5%83.5%87.3%4.5x4.6xTriton International Limited5.1x7.4x7.4x7.9x7.5x7.6x4.9x11.2%17.2%94.3%98.5%5.5x5.1xMedian3.7x4.7x4.6x7.7x7.5x8.4x6.9x12.5%15.7%47.2%63.9%8.3x6.3xMean4.5x4.7x4
150、.6x8.0 x7.5x11.7x9.1x11.8%(1.0%)54.9%61.9%11.0 x9.3xNet Debt/2021 EBITDADry Bulk&Offshore Vessel Operators2020-22E CAGRForward P/EContainerJones ActTankerRailTransportation Equipment Leasing22PUBLIC COMPARABLES(FY 2022E)TRANSPORTATION AND LOGISTICS(CONT.)Source:S&P Capital IQ.Data as of September 30
151、,2022.EV/RevenueEV/EBITDAP/EEBITDA Margin20212022E20212022E20212022ERevenueEBITDA20212022E20212022EAviationAir Canada(3.7x)2.0 x0.8xNM8.8xNM NM 63.3%NAN/M 9.4%NM 26.2xAlaska Air Group,Inc.(6.9x)0.6x0.4x28.1x2.6x10.4x8.8x64.9%NA2.2%15.1%11.1x8.5xAllegiant Travel Company4.9x1.2x0.9x10.3x7.0 x8.4x41.0
152、x51.7%3,541.5%11.7%12.9%7.8x17.1xAmerican Airlines Group Inc.(9.0 x)1.1x0.7xNM6.8xNM NM 67.2%NAN/M 9.8%NM 7.6xDelta Air Lines,Inc.(32.7x)1.1x0.7xNM5.7xNM 10.4x70.4%NAN/M 11.8%15.8x6.0 xFrontier Group Holdings,Inc.0.6x0.9x0.5xNM3.2xNM NM 64.0%NAN/M 16.8%NM 10.2xHawaiian Holdings,Inc.(1.1x)0.6x0.3xNM1
153、5.0 xNM NM 76.9%NAN/M 2.2%NM NM JetBlue Airways Corporation(4.0 x)0.6x0.4xNM6.6xNM NM 76.3%NAN/M 5.7%NM 7.3xSkyWest,Inc.6.4x1.2x1.0 x8.3x4.5x7.4x8.0 x20.8%72.0%13.9%22.7%6.5x24.8xSouthwest Airlines Co.44.4x0.8x0.5xNM3.6x19.2x14.8x63.7%NAN/M 14.4%29.9x10.9xSpirit Airlines,Inc.(8.2x)1.2x0.7xNM8.7xNM N
154、M 67.5%NAN/M 8.6%NM 36.4xSun Country Airlines Holdings,Inc.3.7x1.8x1.3x11.6x9.0 x10.4x45.4x49.2%1,072.6%15.5%14.0%14.9x13.7xUnited Airlines Holdings,Inc.(7.1x)1.0 x0.5xNM4.9xNM NM 70.8%NAN/M 11.1%NM 4.9xBristow Group Inc.2.4x0.8x0.8x7.2x5.2xNM 16.2x3.8%4.6%11.2%14.6%16.3x19.7xAir Transport Services
155、Group,Inc.2.4x1.8x1.5x5.8x4.9x8.6x10.6x15.3%13.4%31.5%30.8%12.8x10.0 xFraport AG18.0 x4.6x3.6x25.9x11.6x36.0 x33.1x22.9%NA17.8%31.2%16.1x12.2xSATS Ltd.1.5x3.0 x2.3x32.4x20.9xNM NM 15.0%36.8%9.2%10.9%39.1xNM Median0.6x1.1x0.7x11.0 x6.6x10.4x14.8x63.7%54.4%12.8%12.9%15.3x10.9xMean0.7x1.4x1.0 x16.2x7.6
156、x14.3x20.9x50.8%790.1%14.1%14.2%17.0 x14.4xPassenger TransportationComfortDelGro Corporation Limited(0.7x)0.8x0.7x5.1x4.2x20.7x14.8x5.3%19.6%15.0%17.8%12.9x14.2xFirstGroup plc4.6x0.3x0.3x4.6x1.7xNM 16.8x18.1%25.5%5.8%16.9%21.0 x13.4xLyft,Inc.1.0 x1.2x0.9xNM12.8xNM 31.4x31.5%NAN/M 7.1%22.1x17.1xNatio
157、nal Express Group PLC7.3x0.9x0.8x13.0 x5.2xNM 10.6x11.1%238.5%6.5%14.7%7.8x9.6xUber Technologies,Inc.(1.5x)3.2x1.8xNM33.8xNM NM 68.8%NAN/M 5.2%NM NM Median1.0 x0.9x0.8x5.1x5.2x20.7x15.8x18.1%25.5%6.5%14.7%17.0 x13.8xMean2.1x1.3x0.9x7.6x11.5x20.7x18.4x27.0%94.5%9.1%12.3%16.0 x13.6xTech-Enabled Servic
158、esAurionpro Solutions Limited0.5x2.0 xNA9.9xNANM NA (100.0%)(100.0%)19.7%NANA NA The Descartes Systems Group Inc.(1.2x)13.0 x10.8x32.2x24.6xNM NM 20.0%28.6%40.3%43.8%31.5xNM Enghouse Systems Limited(1.5x)2.7x3.3x9.4x10.0 x16.0 x19.9x(9.2%)(2.0%)28.7%32.7%15.9x17.5xManhattan Associates,Inc.(1.4x)12.3
159、x10.8xNM40.9xNM NM 13.2%27.2%21.4%26.5%NM NM Median(1.3x)7.5x10.8x9.9x24.6x16.0 x19.9x2.0%12.6%25.1%32.7%23.7x17.5xMean(0.9x)7.5x8.3x17.2x25.1x16.0 x19.9x(19.0%)(11.5%)27.5%34.3%23.7x17.5xOverall Median1.4x1.3x0.9x7.6x5.8x10.6x9.7x20.3%28.1%18.0%16.9%12.9x10.4xOverall Mean(14.1x)2.4x2.1x9.3x7.4x12.2
160、x11.6x17.1%85.5%26.2%28.6%13.1x11.1xNet Debt/2021 EBITDA2020-22E CAGRForward P/EAirport ServicesTech-Enabled ServicesAirlines&Helicopter OperatorsPassenger Transportation 2022 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistributed without t
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