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1、TRANSPORTATION AND LOGISTICSMarket UpdateQ1 2023Houlihan 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 Advisor for Transactions Under$1 BillionLeading Capital Markets AdvisorNo.1 Global M&A Fairness Opinion Advisor Over the Past 25 Years1,000+Annual Valuation EngagementsNo.1 Global Restructuring Advisor1,500+Transactions Completed Value
4、d at More Than$3.0 Trillion CollectivelyCorporate FinanceFinancial RestructuringFinancial and Valuation AdvisoryAmericasAtlantaBostonChicagoDallasHoustonLos AngelesMiamiMinneapolisNew YorkSan FranciscoSo PauloWashington,D.C.Europe and Middle EastAmsterdamAntwerpDubaiFrankfurtLondonMadridManchesterMi
5、lanMunichParisStockholmTel AvivZurichAsia-PacificBeijingFukuokaGurugramHong Kong SARMumbaiNagoyaOsakaShanghaiSingaporeSydneyTokyo2,000+CLIENTS SERVEDANNUALLY309MANAGINGDIRECTORS(1)2,000TOTAL FINANCIALPROFESSIONALS36LOCATIONSWORLDWIDE$1.8BREVENUE(3)$6BMARKET CAPITALIZATION(2)24Senior officers dedicat
6、ed to the sponsor community in the Americas and EuropeFully Integrated Financial Sponsors Coverage1,000+Sponsors covered,providing market insights and knowledge of buyer behavior700+Companies sold to financial sponsors over the last five years(1)As of December 31,2022.Excludes corporate managing dir
7、ectors.(2)As of April 2023.(3)LTM ended March 31,2023.2022 Global Distressed Debt&BankruptcyRestructuring RankingsAdvisorDeals1Houlihan Lokey582PJT Partners Inc303Lazard294Rothschild&Co255Moelis&Co21Source:Refinitiv.1998 to 2022 Global M&A Fairness Advisory RankingsAdvisorDeals1Houlihan Lokey1,2322J
8、P Morgan1,0303Duff&Phelps,A Kroll Business9384Morgan Stanley7255BofA Securities Inc710Source:Refinitiv.Announced or completed transactions.2022 M&A Advisory RankingsGlobal Transactions Under$1 BillionAdvisorDeals1Houlihan Lokey3812Rothschild&Co3693JP Morgan2174Lazard2065Goldman Sachs&Co203Source:Ref
9、initiv.Excludes accounting firms and brokers.Houlihan Lokeys 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.Bas
10、ed on number of transactions and according to data provided by Refinitiv,Houlihan Lokey was ranked the No.1 investment bank for all global business services M&A transactions in 2022.*Excludes accounting firms and brokers.ABOUT OUR BUSINESS SERVICES INDUSTRY GROUP3BPO ServicesEngineering and Infrastr
11、uctureEnvironmental ServicesEquipment-as-a-ServiceFacility and Residential ServicesHCM ServicesKey Facts and FiguresIndustry Sector CoverageWe cover a broad array of sectors,with bankers dedicated to each of our primary coverage areas.130+Dedicated Business Services bankers 69Completed business serv
12、ices M&A/private placement transactions in CY22$2.9BIn financing deals in CY22Selected Business Services Industry TransactionsIT ServicesMarketing ServicesSpecialty Consulting and Risk ServicesTesting,Inspection,Certification,and ComplianceTraining and EducationTransportation and Logisticshas acquir
13、eda portfolio company ofBuyside AdvisorLearn More About OurBusiness Services Industry Coveragea portfolio company ofhas acquiredBuyside Advisora portfolio company ofhas been acquired bySellside Advisorhas received a strategic investment fromSellside Advisorhas been acquired bySellside Advisor&Fairne
14、ss Opinionhas acquireda portfolio company ofBuyside Advisorhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Advisora portfolio company ofhas received secondaryinvestment fromSellside Advisorhas been acquired bySellside Advisorhas received a
15、n investment from Sellside Advisora portfolio company ofhas been acquired bya portfolio company ofSellside Advisora portfolio company ofhas been acquired bySellside Advisor2022 M&A Advisory Rankings All Global Business Services TransactionsAdvisorDeals1Houlihan Lokey692Rothschild&Co503Lincoln Intern
16、ational374Goldman Sachs&Co345GCG26Source:Refinitiv.Excludes accounting firms and brokers.U.S.LeadershipFeatured 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 need
17、s.Subsector CoverageThe transportation and logistics(T&L)sector operates within Houlihan Lokeys Business 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 se
18、rvices.Our clients run the gamut from early-stage businesses and midsized companies to large,market-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
19、 to help advance your vision.We optimize client outcomes by running well-executed,competitive processes,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 t
20、he negotiation table.Asset-Based Trucking Asset-Light/Third-Party Logistics Helicopter Ops and Other Aviation Marine Services and TransportationTombstones included herein represent transactions closed from 2020 forward.4TRANSPORTATION AND LOGISTICS TEAMBurke SmithManaging DirectorBurke.SmithHL.com21
21、2.497.4118Ryosuke KatoExecutive DirectorRyosuke.KatoHL.com+81 80 5904 0729 Philip Keffer,CFASenior Vice PresidentPKefferHL.com212.497.7851Timo MaierSenior Vice PresidentTimo.MaierHL.com+49(0)89 413 121 18Nathan FeldmanVice PresidentNathan.FeldmanHL.com212.497.4269 Passenger Transportation Rail and R
22、elated Services Tech-Enabled Services Transportation Equipment Leasinga portfolio company of has been acquired byandSellside Advisorhas received a majority investment fromandSellside Advisorhas been acquired bySellside Advisora portfolio company of 225,000,000 Senior Secured Bridge FacilityAcquisiti
23、on FinancingExclusive Placement Agenthas been acquired bySellside AdvisorTerm Loan&Delayed Draw Term LoanRefinancing&Growth Financing$85,000,000Exclusive Placement Agenta portfolio company of Dividend Recapitalization&Acquisition FinancingRevolver&Term LoanRevolver&Term LoanExclusive Placement Agent
24、has been acquired bySellside Advisora portfolio company ofhas completed a recapitalization and acquiredIntermodal&Drayage DivisionFairness OpinionInternational Leadershiphas been acquired bya portfolio company ofSellside Advisorhas been acquired bya portfolio company ofSellside Advisora joint-ventur
25、e betweenhas acquiredBuyside AdvisorWhile freight volumes and rates continue to be relatively bearish through Q1,and even April,there is cause for optimism in the transportation and logistics industryespecially for M&A.The generational market for freightfrom the start of COVID-19 through Q2/Q3 2022l
26、eft many strategic companies with stockpiles of cash on their balance sheets.This has enabled strong levels of M&A even“at the bottom of the cycle,which we find ourselves today,”said Knight-Swift(KNX)President,David Jackson.KNX has used this moment in time to aggressively add additional capacity for
27、 its truckload division with the announced acquisition of publicly traded U.S.Express as well as in its LTL division.Other major publicly traded logistics companies are following suit with TFIs Alain Bedard commenting,“We love this environment for M&A.So,youll see some more tuck-ins.And I said in my
28、 discussion,were going to be spending at least$300 million on M&A and on buybacks.”The opportunity for private equity to pursue a buy-and-build strategy in logistics is now compelling with EBITDA starting to normalize along with seller valuation expectations.Substantial dry powder and near-term hope
29、s for opening debt capital markets should accelerate this trend.IntroductionQ1 2023 Quick Facts1.Introduction.52.What We Are Reading.63.Transportation and Logistics M&A Highlights.84.Featured M&A Transactions.95.Equity Market Index Performance.106.Equity Market Index Performance:Transportation and L
30、ogistics Subsectors.117.Public Company Valuations.128.Public Comparables.139.Disclaimer.16Table of ContentsTransportation and LogisticsGlobal M&A Transaction Volume246Transactions Q1 20235TRANSPORTATION AND LOGISTICS MARKET UPDATETransportation and LogisticsSector Freight Index(1)80900140
31、Cass Freight Index:ShipmentsSources:Refinitiv,S&P Global Knight-Swift FQ1 2023 Earnings Call Transcripts,Federal Reserve Economic Data.Data as of March 31,2023.(1)The Cass Freight Index is updated with monthly freight expenditures and shipment volumes from the entire Cass client base.293208243283231
32、2538244233246Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q222023DateSubjectDescriptionArticle Link5/4/2023E-CommerceShopify Divests Logistics Arm to Flexport“Shopify Inc(SHOP.TO)has divested the logistics arm it built over the past few years,in a reversal of its strategy of aggressivel
33、y investing in fulfillment networks,the Canadian e-commerce platform said on Thursday.It has sold its logistics unit,including Deliverr Inc,a company it acquired for$2.1 billion less than a year ago,to freight forwarder Flexport in an all-stock deal in exchange for a 13%stake in the startup it has p
34、reviously invested in.The company on Thursday also said it would let go 20%of its staff,its second round of large layoffs within a year.It also reported stronger-than-expected earnings.Shopify shares were up nearly 20%in early trading on Thursday.”Read More4/25/2023Parcel DeliveryUPS Issues Downbeat
35、 Outlook for Shipping Volumes“The carrier is forecasting its first decline in annual revenue since 2009 after earnings and revenue both fell in the first quarter from a year ago,declines UPS said were driven by sagging consumer spending that pushed fewer packages through its U.S.and international ne
36、tworks.The company said in its first-quarter earnings report that it now expects full-year revenue to come in at around$97 billion,at the low end of earlier guidance and about 3%behind revenue during 2022.”Read More4/18/2023ForwardingCMA CGM Offers to Buy Bollor Logistics for$5.5 Billion“Maritime tr
37、ansport giant CMA CGM SA has entered exclusive talks to buy Bollor SEs logistics arm for an enterprise value of 5 billion euros($5.5 billion),in a sign shipping billionaire Rodolphe Saade isnt through with an acquisitions spree.”Read More4/18/2023NearshoringRedwood Logistics Doubles Down in Mexico a
38、s Nearshoring Investments Signal Manufacturing Revolution“Redwood Logistics(Redwood),one of the fastest-growing supply chain and logistics companies in North America,today announced an expansion of their operations into new offices in Monterrey,Mexico.Redwood Mexico already operates south of the bor
39、der,with boots on the ground for over 5 years,but the expansion of Monterrey operations reflects the investment businesses are making in nearshoring efforts as they look to reduce manufacturing and cash-to-cash cycles.”Read More4/12/2023Asset-LeasingBrookfield Infrastructure to Buy Triton in$4.7 Bil
40、lion Deal“Brookfield Infrastructure Partners agreed to buy Triton International,the worlds largest owner of intermodal shipping containers,for$4.7 billion to expand in transportation logistics supporting the global supply chain.”Read More4/10/2023LTL TruckingXPO Positive on LTL Focus,Investments Ami
41、d Rocky Market“We love LTL.Its a stable playing field,both in terms of pricing discipline and the competitive landscape,Faghrisaid.Were one of a handful of players that has a nationwide network,which is critical from a customer perspective.”Read MoreSources:Company websites,press releases.Freight vo
42、lumes continue to stagnate while market participants look for ways to lower costs,with nearshoring being a popularfocus.Yet,even in this down freight cycle,industry-changing M&A deals continue to occur,including the acquisitions of Bollor Logistics,Triton,and Kansas City Southern.6WHAT WE ARE READIN
43、GSources:Company websites,press releases.7WHAT WE ARE READING(CONT.)DateSubjectDescriptionArticle Link4/5/2023ParcelFedEx Restructures to Combine Ground and Express Delivery Networks“FedEx is combining its Express and Ground delivery units into a single business,changing an operating structure champ
44、ioned by founder Fred Smith and criticized by investors and analysts.”Read More3/23/2023Rail$31B Merger Will Make Rail Industry Even More Consolidated“Whats most interesting to me,a neophyte rail observer,is that its a sign that rail(or at least one major player)actually wants to grow volumes.Genera
45、lly,one assumes that an industry wants increasing revenues.That has not been the case with rail,which has become more keen on shrinking costs in the past decade.”Read More3/23/2023NearshoringWhy Nearshoring Is Closer Than Ever:How Mexico Is Becoming the Next Big Thing in Global Markets“With nearshor
46、ing nipping at the heels of the Mexican economy,industrial developers increased the speed of building new projects during 2022(70%more than in 2021).However,more than twice as much space would still be needed to be built in 2022.Mexico is becoming the hottest market in the region,in terms of product
47、ion,skilled professionals,and advanced facilities.This is going to renew the private sector in the country with long-lasting positive consequences.”Read More2/14/2023Asset-Light LogisticsFalling Truck Rates Give Supply Chains Chance to Cut Costs“Conditions fueled by the pandemic and shippers seeking
48、 any means necessary to meet customer orders have waned.The experts say soft economic conditions at least through the first half of the year wont be great for carriers in an environment,which now is a shippers market.”Read More1/29/2023TruckingVolume Returning to Trucking Market,but Carriers Arent F
49、eeling It(Yet)“There are encouraging signs that demand is returning to the U.S.trucking market,based on high-frequency truckload volume data from FreightWaves SONAR.Its Outbound Tender Volume Index,or OTVI,measures the volume of truckload tender requests in the North American freight market.”Read Mo
50、re Strategic acquirers continue to drive M&A volume through Q1 with notable acquisitions of U.S.Express,Taylored Services,Frontline Freight,Clear Lane,and Amware.While the debt markets remain challenged and have hindered private equity dealmaking to some degree,notable platforms have been acquired i
51、ncluding RBW Logistics,RoadOneIntermodal,and Flash Global.Core+Infrastructure firms have increasingly sought to access the logistics market as evidenced by the acquisition of Lazer Logistics,a provider of outsourced yard management and trailer spotting services.A substantial backlog of deals remains
52、 waiting in the wings and is expected to go to market once the debt capital and freight markets have settled.Transaction Deal ValueNotable Transactions to DateKey Takeaways$in billions8TRANSPORTATION AND LOGISTICS M&A HIGHLIGHTSDateAcquirerTargetSubsector03/29/23Facility Logistics03/24/23Freight For
53、warding03/21/23Trucking03/16/23Four-Walls Logistics03/01/23Four-Walls Logistics03/01/23Four-Walls Logistics02/13/23Marine Logistics02/02/23Passenger Transport01/17/23Intermodal01/05/23Intermodal01/05/23LTL Consolidation01/05/23LTL Consolidation12/08/22Freight Forwarding12/03/22Freight BrokerageSourc
54、e:Refinitiv.Data as of April 30,2023.$135.0$90.5$85.5$140.6$186.3$22.20202120222023 YTDDisclosed Value($B)Houlihan Lokey Advises Frontline Freight and Clear Lane Freight Systems Frontline Freight and Clear Lane Freight Systems(Clear Lane)are leading virtual,deferred less-than-truckload(LT
55、L)consolidators based in Southern California.The two companies provide specialized freight forwarding and consolidation services to most states across the U.S.,offering a cost-competitive option for LTL shippers with shipments suited to longer transit times.Frontline Freight was founded in 1989 by R
56、ick Jodzio and partners,while Clear Lane,founded in 2011,operated as an affiliate of Estes Express Lines,the largest privately held freight transportation company in North America.The Houlihan Lokey transportation banking team identified the opportunity to market the two companies together given ove
57、rlapping freight networks,complementary operations,and additive freight volume.This creative approach drove substantialincremental value for both shareholder groups.On January 3,2023,the two companies were acquired by STG Logistics,a portfolio company of Wind Point Partners and Oaktree Capital Manag
58、ement.Houlihan Lokey served as the exclusive financial advisor to both Frontline Freight and Clear Lane Freight Systems.Houlihan Lokey Advises Ridgewood Infrastructure Transportation Infrastructure Partners(TIP),a joint venture between Ridgewood Infrastructure and Savage Services(Savage),has acquire
59、d The Dupuy Group(Dupuy),a provider of near-port logistics infrastructure and services for customers in the food and agriculture sector.The transaction closed on April 28,2023.Dupuy was founded in 1936 and owns and operates strategically advantaged intermodal infrastructure near the ports of Houston
60、,Texas;Jacksonville,Florida;Charleston,South Carolina;and New Orleans,Louisiana.Dupuy plays a vital role in the supply chains of some of the largest coffee and tea companies in the U.S.with significant opportunities to expand and enhance operations,as well as the potential to realize synergies with
61、other ports owned by the buyer.Dupuy serves as an addition to TIPs joint venture portfolio and strengthens the Savage network of nearly 50 ports and terminals,with continued focus on enhancing Dupuys reputation for delivering critical supply chain services for current and future customers.Ridgewood
62、Infrastructure is a leading investor in essential infrastructure in the U.S.lower middle market.It is part of the affiliated Ridgewood Companies,a leading real asset investment manager with approximately$5 billion in total capital and commitments.Established in 1946,Savage is a privately held,global
63、 provider of supply chain infrastructure and solutions,with more than 4,000 employees in over 200 locations.Industry expertise and employee discipline enable Savage to deliver safe,reliable,and efficient services.From designing,building,and operating facilities to assisting customers in their plant
64、retirement or transition plans,the team strives to provide the best overall value and safety in supply chain services.Houlihan Lokey served as the exclusive financial advisor to Ridgewood Infrastructure.9FEATURED M&A TRANSACTIONShas been acquired bya portfolio company ofSellside Advisorhas been acqu
65、ired bya portfolio company ofSellside Advisora joint-venture betweenhas acquiredBuyside Advisor809002-Jan13-Jan24-Jan4-Feb15-Feb26-Feb9-Mar20-Mar31-MarS&P 500S&P 500 IndustrialsHoulihan Lokey T&L Index5060708090100110120Apr-22May-22Jun-22Aug-22Sep-22Nov-22Dec-22Feb-23Mar-23S&P 500S&P 500
66、IndustrialsHoulihan Lokey T&L IndexS&P Industrials(0.9%)S&P 500(9.6%)Houlihan Lokey T&L Index(18.0%)The Houlihan Lokey T&L Market Index(-18.0%)trailed both the S&P 500(-9.6%)and the S&P 500 Industrials Index(-0.9%)as of LTM March 31,2023.On a quarterly basis,the Houlihan Lokey T&L Market Index saw a
67、 lift of 1.9%,largely due to asset-based trucking and logistics sectors.Asset-light logistics and asset-based trucking have seen the best performance over the LTM as public markets are hopeful that rates and volume have hit their floors.(2)Passenger transportation was the worst performing sector ami
68、d low demand,with largest market cap player,Uber,publicly contemplating a spin-off of its Uber Freight division.(2)LTM March 2023 PerformanceJanuaryMarch 2023 PerformanceS&P 500 7.5%S&P Industrials2.8%Houlihan Lokey T&L Index1.9%(1)(1)Source:S&P Capital IQ.Data as of March 31,2023.All share prices r
69、ebased to 100.(1)The Houlihan Lokey T&L Market Index consists of a diversified set of companies across the transportation and logistics sector.See pages 1315 for a complete list.(2)Refer to the LTM March 2023 Performance by Subsector chart on page 11.10EQUITY MARKET INDEX PERFORMANCEThere is moderat
70、ed optimism within the general trucking and asset-light logistics sectors for the back half of 2023,which has buoyed public markets through Q1,while other sectors have not faired as strongly.LTM March 2023 Performance by Subsector20406080100120140Apr-22Jun-22Sep-22Dec-22Mar-23LogisticsAsset-Based Tr
71、uckingMarineAviationRailPassenger Transportation2023 PerformanceThree-Year Performance14%17%-10%10%-6%11%79%158%127%32%55%-16%Source:S&P Capital IQ.Data as of March 31,2023.All share prices rebased to 100.11EQUITY MARKET INDEX PERFORMANCETRANSPORTATION AND LOGISTICS SUBSECTORSAsset-Based Trucking11.
72、2%Logistics1.3%Rail(16.9%)Aviation(28.5%)Marine(33.4%)Passenger Transportation(43.6%)EV/LTM RevenueEV/LTM EBITDALogisticsAsset-Based TruckingMarineAviationRailPassenger TransportationSource:S&P Capital IQ.Data as of March 31,2023.12PUBLIC COMPANY VALUATIONS(LTM PAST THREE YEARS)1.5x1.2x1.0 x8.1x6.2x
73、5.9x2.9x2.2x2.1x9.9x3.1x4.5x3.4x1.4x1.0 x21.6x9.5x5.9x8.1x6.9x6.3x14.3x12.8x12.4x0.9x0.8x0.7x2021202220234.8x4.5x4.8x2021202220238.5x6.2x6.2x0.9x0.8x0.7xPUBLIC COMPARABLES(LTM MARCH 2023)TRANSPORTATION AND LOGISTICS13Source:S&P Capital IQ.Data as of March 31,2023.LTMTEV/RevenueUSDmEBITDAUSDmEBITDA M
74、arginEPSForward P/ELTM EBITDALTM RevenueLogisticsAgility Public Warehousing Company K.S.C.P.$5,166.4$8,708.7$3,136.85.9x$2,813.7$532.118.9%$0.121.1x16.4x3.1xC.H.Robinson Worldwide,Inc.11,575.313,719.01,756.21.2x24,696.61,464.25.9%7.421.8x9.4x0.6xCJ Logistics Corp.1,222.23,587.72,083.92.9x9,645.8724.
75、97.5%6.58.5x4.9x0.4xDSV A/S41,733.545,968.74,140.71.0 x33,860.04,320.612.8%10.923.7x10.6x1.4xExpeditors International of Washington,Inc.17,008.715,496.6(2,034.1)N/M 17,071.32,102.112.3%8.320.3x7.4x0.9xForward Air Corp.2,838.33,070.386.10.1x1,973.4849.043.0%7.116.8x3.6x1.6xGXO Logistics,Inc.5,993.49,
76、750.41,311.00.8x8,993.01,618.018.0%1.720.9x6.0 x1.1xHub Group,Inc.2,801.92,967.057.00.1x5,340.5652.912.2%10.611.0 x4.5x0.6xKerry Logistics Network Ltd.2,809.03,484.7318.50.4x11,112.8737.86.6%0.39.5x4.7x0.3xKuehne+Nagel International AG35,638.433,308.9(2,306.8)N/M 42,607.64,868.811.4%23.824.6x6.8x0.8
77、xLandstar System,Inc.6,457.46,262.3(197.2)N/M 7,439.7625.68.4%11.820.0 x10.0 x0.8xRadiant Logistics,Inc.316.1374.0(6.8)N/M 1,433.392.56.5%0.98.1x4.0 x0.3xRXO,Inc.2,290.12,809.1357.00.9x4,796.0381.07.9%0.825.2x7.4x0.6xUniversal Logistics Holdings,Inc.766.21,193.3321.30.9x2,015.5367.418.2%6.46.9x3.2x0
78、.6xWincanton plc328.4570.8218.31.7x1,654.4127.37.7%0.45.9x4.5x0.3xDeutsche Post AG$56,120.9$74,743.2$17,818.71.4x$101,288.9$12,980.712.8%$4.612.8x5.8x0.7xFedEx Corp.57,431.490,146.414,896.01.1x92,619.014,165.015.3%11.613.1x6.4x1.0 xPostNL N.V.886.21,422.9525.8N/M 3,361.1(1,267.5)(37.7%)(2.1)13.1xN/M
79、 0.4xInternational Distributions Services plc2,628.84,475.91,632.21.8x13,641.8931.56.8%0.3NM 4.8x0.3xUnited Parcel Service,Inc.166,189.1182,137.112,072.00.6x100,338.019,477.019.4%13.217.0 x9.4x1.8xZTO Express(Cayman)Inc.23,157.922,566.6(763.0)N/M 5,129.21,581.630.8%1.219.1x14.3x4.4xMedian$357.01.0 x
80、$8,993.0$849.012.2%$6.416.9x6.2x0.7xMean$2,639.21.4x$23,420.5$3,206.311.7%$6.016.0 x7.2x1.0 xAsset-Based TruckingArcBest Corp.$2,242.0$2,354.6($61.4)N/M$5,324.1$562.310.6%$11.79.3x4.2x0.4xOld Dominion Freight Line,Inc.37,501.437,463.8(135.7)N/M 6,260.12,136.734.1%12.228.5x17.5x6.0 xSaia,Inc.7,199.17
81、,166.3(156.4)N/M 2,792.1678.024.3%13.421.8x10.6x2.6xXPO Logistics,Inc.3,684.56,481.52,084.01.7x7,718.01,244.016.1%1.612.5x5.2x0.8xYellow Corp.105.21,555.81,302.94.0 x5,244.7329.66.3%0.4NM 4.7x0.3xMarten Transport,Ltd.$1,700.1$1,620.3($80.6)N/M$1,263.9$253.320.0%$1.416.1x6.4x1.3xMullen Group Ltd.1,00
82、6.61,526.6519.82.1x1,477.3243.716.5%1.212.8x6.3x1.0 xTFI International Inc.10,332.811,915.01,581.71.2x8,812.51,361.615.5%9.015.7x8.8x1.4xCovenant Logistics Group,Inc.$469.0$580.0$46.40.3x$1,216.9$172.314.2%$7.09.8x3.4x0.5xDaseke,Inc.348.81,102.7507.32.2x1,773.3229.612.9%0.79.0 x4.8x0.6xHeartland Exp
83、ress,Inc.1,257.51,642.0363.51.3x968.0278.828.8%1.716.5x5.9x1.7xJ.B.Hunt Transport Services,Inc.18,207.519,726.91,209.80.1x14,814.09,456.063.8%9.219.1x2.1x1.3xKnight-Swift Transportation Holdings Inc.9,105.911,008.41,705.31.0 x7,428.61,716.823.1%4.714.2x6.4x1.5xP.A.M.Transportation Services,Inc.633.7
84、783.5149.40.8x946.9185.719.6%4.09.2x4.2x0.8xSchneider National,Inc.4,762.34,614.7(216.5)N/M 6,604.41,021.015.5%2.612.2x4.5x0.7xU.S.Xpress Enterprises,Inc.312.31,137.0485.83.2x2,161.2152.27.0%(0.9)NM 7.5x0.5xWerner Enterprises,Inc.2,877.23,544.7586.51.1x3,290.0543.016.5%3.714.2x6.5x1.1xMedian$485.81.
85、2x$3,290.0$543.016.5%$3.714.2x5.9x1.0 xMean$581.91.6x$4,593.9$1,209.720.3%$4.914.7x6.4x1.3xNet Debt/LTM EBITDAAsset-Light/Third-Party LogisticsParcel DeliveryLess-Than-TruckloadSpecialty TruckingTruckloadMarket CapUSDmEVUSDmNet DebtUSDm14PUBLIC COMPARABLES(LTM MARCH 2023)TRANSPORTATION AND LOGISTICS
86、(CONT.)Source:S&P Capital IQ.Data as of March 31,2023.LTMTEV/RevenueUSDmEBITDAUSDmEBITDA MarginEPSForward P/ELTM EBITDALTM RevenueMarineA.P.Mller-Mrsk A/S$31,038.2$36,808.6$4,644.00.1x$81,529.0$36,726.045.0%$1,595.08.6x1.0 x0.5xCOSCO SHIPPING Development Co.,Ltd.4,029.34,040.411.10.0 x3.7305.48,270.
87、9%0.0NA 13.2xN/M Evergreen Marine Corporation(Taiwan)Ltd.10,996.32,728.9(9,196.9)N/M 20,418.713,067.464.0%2.824.4x0.2x0.1xHapag-Lloyd Aktiengesellschaft57,670.244,013.7(13,452.1)N/M 36,916.420,624.255.9%103.516.3x2.1x1.2xYang Ming Marine Transport Corp.7,360.61,051.2(6,292.1)N/M 12,235.97,840.164.1%
88、1.7NM 0.1x0.1xDiana Shipping Inc.$384.4$792.8$408.42.3x$290.0$175.660.6%$1.46.2x4.5x2.7xEagle Bulk Shipping Inc.623.7787.8138.80.4x719.8343.547.7%15.66.3x2.3x1.1xGenco Shipping&Trading Ltd.662.8770.4100.50.4x536.9248.546.3%3.76.1x3.1x1.4xNavios Maritime Holdings Inc.41.2712.4606.26.8x255.488.734.7%(
89、3.9)NA 8.0 x2.8xSafe Bulkers,Inc.438.7739.7301.01.3x349.7234.267.0%1.43.5x3.2x2.1xTidewater Inc.2,229.02,241.54.80.0 x647.7110.617.1%(0.5)20.8x20.3x3.5xAMSC ASA$285.1$828.7$577.16.5x$93.7$88.694.6%$0.39.3x9.4x8.8xKirby Corp.4,183.05,363.0999.02.1x2,784.8473.917.0%2.019.5x11.3x1.9xMatson,Inc.2,152.32
90、,813.2254.80.2x4,343.01,585.036.5%27.113.8x1.8x0.6xSEACOR Marine Holdings Inc.204.0500.3288.9N/M 217.34.42.0%(2.7)NA N/M 2.3xArdmore Shipping Corp.$609.6$775.8$118.80.6x$445.7$195.944.0%$3.55.1x4.0 x1.7xCapital Product Partners LP258.91,403.31,144.45.3x299.1216.772.5%6.23.7x6.5x4.7xFrontline Ltd.3,6
91、86.65,569.61,880.03.2x1,430.2587.041.0%2.25.8x9.5x3.9xNavigator Holdings Ltd.1,065.61,782.0701.24.2x473.8165.334.9%0.711.7x10.8x3.8xScorpio Tankers Inc.3,172.04,727.21,555.21.5x1,562.91,035.566.3%10.35.6x4.6x3.0 xTeekay Corp.607.61,444.034.10.1x1,190.2335.228.2%1.0NA 4.3x1.2xTsakos Energy Navigation
92、 Ltd.556.31,824.71,268.43.3x860.4383.644.6%6.02.0 x4.8x2.1xMedian$295.01.4x$683.8$320.345.7%$2.16.3x4.5x2.1xMean($632.0)2.1x$7,618.4$3,856.2420.7%$80.89.9x5.9x2.4xContainerDry Bulk&Offshore Vessel OperatorsJones ActTankerNet Debt/LTM EBITDAMarket CapUSDmEVUSDmNet DebtUSDm15PUBLIC COMPARABLES(LTM MAR
93、CH 2023)TRANSPORTATION AND LOGISTICS(CONT.)Source:S&P Capital IQ.Data as of March 31,2023.LTMTEV/RevenueUSDmEBITDAUSDmEBITDA MarginEPSForward P/ELTM EBITDALTM RevenueAviationAir Canada$5,072.8$11,505.8$6,431.16.4x$12,232.7$1,010.08.3%($3.5)27.7x11.4x0.9xAlaska Air Group,Inc.5,348.46,703.4(266.0)N/M
94、9,646.01,479.015.3%0.57.4x4.5x0.7xAllegiant Travel Company1,627.32,884.21,141.93.9x2,301.8293.412.7%0.115.6x9.8x1.3xAmerican Airlines Group Inc.9,629.144,351.126,698.03.0 x48,971.08,872.018.1%0.26.8x5.0 x0.9xDelta Air Lines,Inc.22,283.547,459.517,596.02.0 x50,582.08,747.017.3%2.16.5x5.4x0.9xFrontier
95、 Group Holdings,Inc.2,145.74,312.7(332.0)N/M 3,326.0591.017.8%(0.2)8.9x7.3x1.3xHawaiian Holdings,Inc.471.31,253.3356.41.9x2,641.3183.16.9%(4.7)NM 6.8x0.5xJetBlue Airways Corp.2,382.55,373.52,255.02.2x9,158.01,008.011.0%(1.1)15.6x5.3x0.6xSkyWest,Inc.1,082.33,575.72,333.13.4x3,004.9681.722.7%1.4NM 5.2
96、x1.2xSouthwest Airlines Co.19,338.116,477.1(4,204.0)N/M 23,814.02,597.010.9%0.911.9x6.3x0.7xSpirit Airlines,Inc.1,874.36,612.02,093.83.5x5,068.4604.911.9%(5.1)42.6x10.9x1.3xSun Country Airlines Holdings,Inc.1,175.21,533.8332.52.4x894.4137.615.4%0.313.2x11.1x1.7xUnited Airlines Holdings,Inc.14,473.93
97、5,359.915,866.01.9x44,955.08,368.018.6%2.25.2x4.2x0.8xBristow Group Inc.627.51,140.8347.71.6x1,173.5223.719.1%0.310.3x5.1x1.0 xAir Transport Services Group,Inc.$1,490.2$3,004.8$1,439.72.1x$2,045.5$685.133.5%$2.310.7x4.4x1.5xFraport AG4,648.713,843.58,806.79.1x3,456.6970.528.1%1.513.9x14.3x4.0 xSATS
98、Ltd.3,120.63,458.2184.13.3x1,178.155.74.7%(0.0)22.3xN/M 2.9xMedian$1,439.72.7x$3,456.6$685.115.4%$0.311.9x5.9x1.0 xMean$4,769.43.3x$13,202.9$2,147.516.0%($0.2)14.6x7.3x1.3xRailCanadian National Railway Company$78,679.9$90,185.4$11,157.71.5x$12,639.8$7,282.357.6%$5.520.4x12.4x7.1xCanadian Pacific Rai
99、lway Ltd.71,600.285,990.314,186.34.0 x6,512.43,522.954.1%2.823.0 x24.4x13.2xCSX Corp.61,330.077,975.016,078.02.1x14,853.07,499.050.5%2.016.0 x10.4x5.2xNorfolk Southern Corp.48,257.263,927.215,260.02.3x12,745.06,513.051.1%13.915.5x9.8x5.0 xUnion Pacific Corp.123,145.6157,083.632,307.02.6x24,875.012,4
100、48.050.0%11.217.5x12.6x6.3xMedian$15,260.02.3x$12,745.0$7,282.351.1%$5.517.5x12.4x6.3xMean$17,797.82.5x$14,325.0$7,453.052.7%$7.118.5x13.9x7.4xPassenger TransportationComfortDelGro Corporation Ltd.$1,922.1$1,897.0($346.0)N/M$2,819.7$440.015.6%$0.114.1x4.3x0.7xFirstGroup plc911.82,749.81,612.82.8x5,0
101、99.4570.211.2%0.113.5x4.8x0.5xLyft,Inc.3,504.82,804.7(922.3)0.8x4,095.1(1,142.9)(27.9%)(4.5)NM N/M 0.7xNational Express Group plc922.72,489.21,473.93.2x3,382.7460.913.6%(0.5)8.4x5.4x0.7xUber Technologies,Inc.63,839.770,178.75,478.0N/M 31,877.0(449.0)(1.4%)(4.6)NM N/M 2.2xMedian$1,473.92.8x$4,095.1$4
102、40.011.2%($0.5)13.5x4.8x0.7xMean$1,459.32.3x$9,454.8($24.2)2.2%($1.9)12.0 x4.8x1.0 xOverall Median$513.61.7x$3,775.8$597.917.5%$1.713.1x5.8x1.1xOverall Mean$2,599.72.1x$12,282.7$2,799.8118.1%$22.813.9x7.0 x1.8xRailPassenger TransportationAirlines&Helicopter OperatorsAirport ServicesNet Debt/LTM EBIT
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