Transportation & Logistics Services Report - Baird
M&A Market Analysis and Capital Markets Update September 2012 Transportation & Logistics Services Report A Middle-Market Perspective on the Transportation & Logistics Industry Bret Schoch Managing Director bschoch@rwbaird.com 312 609-4965 Jonathan J. Harrison Managing Director, Europe jjharrison@rwbaird.com 44 (0) 20 7667 8414 Brian Doyal Managing Director, Head of Business Services bdoyal@rwbaird.com 312 609-4916 Lance Lange Managing Director, Equity Capital Markets llange@rwbaird.com 414 765-7079 Tyler Pace Vice President tpace@rwbaird.com 312 609-4672
In This Issue Page Monthly Report Overview .1 Macroeconomic Commentary .3 T&L Industry Commentary .4 T&L – Q2 Actual Growth & Q3 Consensus Growth .5 T&L – Select Projected Operating / Valuation Metrics .6 T&L – Select Equity Research Commentary .7 Equity Activity – Market Overview.8 Equity Activity – T&L .9 M&A Activity – Market Overview .10 M&A Activity – T&L .11 Robert W. Baird & Co.12 Appendix Current Market Valuations .14 Current Market Multiples .15 Current Margins and Select Other Ratios .16 LTM Stock Price Charts Third Party Logistics .17 Truckload Services .19 Less Than Truckload .20 Integrators & Airfreight .21 Leasing Services .22 Railroads .23 Glossary of Terms & Other Important Information .25 The following report has been prepared by the Investment Banking Department of Robert W. Baird & Co. This report is an overview and analysis of consolidation trends and is not intended to provide investment recommendations on any specific industry or company. A complete listing of all companies covered by Baird U.S. Equity Research and applicable research disclosures can be accessed at http://www.rwbaird.com/researchdisclosure. You can also call 1-800-792-2473 or write: Robert W. Baird & Co., Equity Research, 24th Floor, 777 E. Wisconsin Avenue, Milwaukee, WI 53202. Please refer to Appendix – Disclaimers and Other Disclosures on page 24.
Monthly Report Overview The Transportation and Logistics Services report, created by Baird’s Investment Banking Department, highlights capital markets trends and events that impact middle-market companies within these sectors. Detailed below are the report’s six areas of focus and representative companies within each group. The statistics at the right of each group represent the current mean for the group and the arrows indicate movement up or down from last month. Third Party Logistics Truckload C.H. Robinson Echo Global Logistics Expeditors International Forward Air Corp Hub Group J.B. Hunt Trans. Kuehne & Nagel Landstar Pacer International Panalpina World Trans. Quality Distribution Roadrunner Trans. Systems Universal Truckload UTi Worldwide Monthly Change in Stock Price Celadon Group Covenant Trans. Heartland Express Knight Transportation Marten Trans. Swift Transportation USA Truck Werner Enterprises Monthly Change in Stock Price LTM EBIT Multiple 12.7x 11.9x July August 0.8% LTM EBIT Multiple 11.3x 9.8x (2.4%) July Arkansas Best Con-way Old Dominion Saia Vitran Corporation YRC Worldwide Monthly Change in Stock Price Less Than Truckload August LTM EBIT Multiple 9.9x 9.5x July August (2.5%) Integrators & Airfreight Atlas Air Deutsche Post FedEx Corp Post NL NV United Parcel Service Monthly Change in Stock Price 2.8% Leasing Services CAI International GATX Corp. Ryder TAL International Group Textainer Group Holdings Monthly Change in Stock Price LTM EBIT Multiple 9.3x 9.9x July August LTM EBIT Multiple 12.9x 12.7x July August (0.3%) Canadian National CSX Genesee & Wyoming Railroad Kansas City Southern Norfolk Southern RailAmerica Union Pacific Monthly Change in Stock Price LTM EBIT Multiple 12.4x 12.7x July August 1.9% Source: Capital IQ. As of August 31, 2012. Please see glossary on page 25 for definitions and other important information. Robert W. Baird & Co. 1
Monthly Report Overview LTM Stock Price Performance 150% 140% Railroad 35.2% 130% Leasing Services 23.5% 120% S&P 500 16.8% 110% Integrators & Airfreight 5.2% 100% Third Party Logistics 0.3% 90% Truckload (2.9%) 80% Less than Truckload (5.0%) 70% 60% 9/1/11 10/16/11 12/1/11 1/15/12 3/1/12 4/16/12 5/31/12 7/16/12 8/31/12 Source: Capital IQ. As of August 31, 2012. A list of companies comprising each index may be found on page 1. The S&P 500 Index is an unmanaged index commonly used to measure common stock total performance. YTD Stock Price Performance 130% 125% Railroad 18.3% 120% Integrators & Airfreight 14.5% 115% S&P 500 10.14% 110% Leasing Services 5.2% 105% Truckload 0.9% 100% Third Party Logistics (5.0%) 95% Less than Truckload (6.4%) 90% 1/3/12 1/29/12 2/25/12 3/23/12 4/19/12 5/15/12 6/11/12 7/8/12 8/4/12 8/31/12 Source: Capital IQ. As of August 31, 2012. A list of companies comprising each index may be found on page 1. The S&P 500 Index is an unmanaged index commonly used to measure common stock total performance. Please see glossary on page 25 for definitions and other important information. Robert W. Baird & Co. 2
Macroeconomic Commentary Real GDP Economic Expectations Change from previous quarter at annual rate, seasonally adjusted Better 6.0% 4.0% 2.0% Expected 0.0% (2.0%) (4.0%) Worse (6.0%) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009 2010 2011 2012 Source: Department of Commerce. Please see glossary on page 25 for definitions and other important information. Industrial Production Change from previous month, seasonally adjusted 1.5% Better The S&P 500 fell for the second week in a row last week. At last week’s close, 79% of the industry groups within the S&P 500 were in uptrends. Few stocks are hitting new 52-week highs this cycle suggesting fewer stocks are leading the surge. Second-quarter GDP was revised to 1.7% from 1.5% annual rate, which was in line with expectations. Interest rates were little changed last week with the yield on the benchmark 10-year Treasury note spending most of the period anchored at 1.62%. Business capital spending fell sharply and is growing at the slowest rate since 2009. August non-farm payrolls are expected to show the economy produced 125,000 new jobs with the unemployment rate unchanged at 8.3%. Factory orders rose in July by the most in nearly a year. The U.S. economy is ultimately driven by savings, investment and production. Weakness in these areas suggests an economy that is likely to remain in a slow growth mode into 2013. 1.0% Market Notes 0.5% Expected Federal Reserve policy is bullish. The heads of the Federal Reserve and the ECB have managed to support the equity markets by talking about additional easing, without having to actually engage in any concrete action. Valuations are neutral based on our most preferred indicator, which looks at the price-earnings ratio for the median company in the S&P 500 (using for earnings the trailing 12-month reported number – no forecasts, no exclusions) Economic Fundamentals remain bearish. The downside surprises on the economy have moderated in recent weeks, but this is more a function of lowered expectations than improving data. The good news from a breadth perspective is that the number of industry groups in uptrends has expanded as the S&P 500 has moved towards its March peak, indicating generally broad participation in the rally Sentiment is neutral, but is moving toward bearish as optimism is growing excessive 0.0% (0.5%) Worse (1.0%) 2009 2010 2011 2012 Source: Federal Reserve. Unemployment Rate Seasonally adjusted Better 11.0% 10.0% 9.0% 8.0% Expected 7.0% 6.0% 5.0% Worse 4.0% 2008 2009 2010 2011 2012 Source: Bureau of Labor Statistics. Note: Thermometers indicate whether the specific measures were above, at or below forecasts. Source: Robert W. Baird & Co. Market Commentary. Robert W. Baird & Co. 3
T&L Industry Commentary Truck Industry Volume Growth Baird’s Domestic Freight Index, a proxy for monthly domestic freight activity, grew 3% in July compared to 4% 2Q12, 5% 1Q12. Capacity remains stable at current levels, but softer demand trends are limiting upside to spot market pricing. Fleet growth continues to be constrained by an ongoing shortage of qualified drivers and more expensive equipment influencing capital deployment decisions. Spot market demand moderated seasonally through July but trended below seasonally in August. Without any pickup in demand, finding access to capacity will remain more manageable and spot rates should remain relatively muted. Diesel fuel prices have risen the past eight weeks from a 3.65 early July low to 4.09/gallon on August 27. WTI crude oil prices have also rallied recently, trading above 95/barrel after ending June below 80/barrel. Rising fuel prices through 3Q ( 13% QTD) could prove a headwind for transports, particularly truckload carriers and railroads. Source: American Trucking Association, Baird estimates. Spot Truck Demand Indicator Source: Industry data, Baird estimates. Diesel Prices Source: Energy Information Administration. Robert W. Baird & Co. 4
T&L – Q2 Actual Growth & Q3 Consensus Growth Below is 2012 Q2 YoY actual growth figures compared to 2012 Q3 YoY consensus growth estimates for transportation and logistics companies. Q2 12 Revenue Growth Q3 12 Consensus Revenue Growth Mean Mean 13.1% 17.8% 7.4% 6.2% 5.9% 6.7% 5.3% 2.4% 1.4% Third Party Logistics Truckload 4.2% 3.4% 4.0% Less Than Integrators & Truckload Airfreight Leasing Services Railroad Q2 12 EBIT Growth Third Party Logistics Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad Q3 12 Consensus EBIT Growth Mean Mean 22.1% 20.2% 21.6% 19.6% 17.7% 13.1% 10.2% 5.4% 5.1% 3.4% 3.0% 1.3% Third Party Logistics Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad Q2 12 EPS Growth Third Party Logistics Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad Q3 12 Consensus EPS Growth Mean Mean 46.7% 30.6% 16.4% 26.1% 13.2% 12.4% 17.7% 19.8% 19.4% 2.2% 6.3% (4.3%) Third Party Logistics Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad Third Party Logistics Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad Source: Capital IQ and company press releases. As of August 31, 2012. Note: Q2 Actual growth figures only reflect companies that have reported to date. Robert W. Baird & Co. 5
T&L – Select Projected Operating / Valuation Metrics Below are summary operating and valuation metrics for transportation and logistics companies As of August 31, 2012. A company-by-company analysis is located in the appendix. 2012E Consensus Revenue Growth 2012E EBITDA Multiple Mean Mean 9.2x 9.1x 15.8% 7.0x 12.5% 6.0x 5.8x 5.0x 7.5% 7.0% 6.9% 5.3% Third Party Logistics Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad Third Party Logistics 2012E Consensus EBIT Margins Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad 2012E EBIT Multiple Mean Mean 44.5% 11.6x 11.7x 11.9x Leasing Services Railroad 9.2x 29.9% 5.9% Third Party Logistics 8.2x 7.9x 10.0% 8.3% 4.0% Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad Third Party Logistics Truckload Less Than Integrators & Truckload Airfreight 2012E P/E 2012E Consensus Net Income Margins Mean Mean 18.8x 22.4% 17.3x 14.8x 17.0% 13.3x 11.1x 9.8x 3.5% 6.0% 4.6% 2.5% Third Party Logistics Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad Third Party Logistics Truckload Less Than Integrators & Truckload Airfreight Leasing Services Railroad Source: Capital IQ. As of August 31, 2012. Please see glossary on page 25 for definitions and other important information. Robert W. Baird & Co. 6
T&L – Select Equity Research Commentary Baird’s top-ranked* research department provides active, high quality equity research on various transportation & logistics companies. Excerpts from recent research notes are below. Click on the quote to read the entire note and related disclosures. For detailed information on Baird’s Transportation & Logistics Research, click here “ODFL’s limited share penetration and low-cost model facilities above-market volume growth while maintaining pricing discipline.” — Research note on September 10, 2012 “Through its Regional Performance Model (RPM) initiative, ABFS has developed one-and two-day service capabilities as a means to increase its presence in the faster-growing regional market.” — Research note on September 7, 2012 “Ultimately, a better external environment and further progress on business transformational initiatives are required to unlock the full potential earnings power.” — Research note on August 30, 2012 “By relying on independent sales agents and third-party capacity providers, LSTR limits asset ownership, providing a variable-cost model that scales more flexibly with market demand.” — Research note on August 30, 2012 * Greenwich Associates U.S. Equity Investors – Small/Mid-Cap Funds, 2011. Surveys conducted with 98 U.S. small-cap and mid-cap fund managers. Rankings based on top 10 research firms in survey. Robert W. Baird & Co. 7
Equity Activity – Market Overview IPO PRICING ACTIVITY In 2012 YTD there were 103 IPOs filed and 92 priced, raising 32.1 billion, compared to 207 IPOs filed and 100 priced raising 33.3 billion in 2011 YTD Median deal size was 112.1 million and the median post-offering market capitalization was 453.8 million – IPO Pricing Statistics 2011 YTD (100 deals) Below the Range 30.0% Within the Range 41.0% 2012 YTD (92 deals) Within the Range 31.5% Below the Range 45.7% Price Change Offer to Current 25.6% 16.6% Above the Range 29.0% Above the Range 22.8% July August Source: Dealogic as of August 31, 2012. Note: Excludes deals under 15 million. FOLLOW-ON OFFERING PRICING ACTIVITY In 2012 YTD there were 350 follow-on offerings of which 39 were traditional and 311 were shelf takedowns, compared to 354 follow-on offerings of which 57 were traditional and 297 were shelf takedowns in 2011 YTD – Median deal size was 117.5 million Price Change File to Offer Discount Last Trade to Offer Price Change Offer to Current 4.7% 3.7% (6.3%) (4.5%) (5.1%) (6.9%) July August July August July August Source: Dealogic as of August 31, 2012. Note: Follow-on offering pricing and performance statistics exclude bought deals and deals under 15 million. Robert W. Baird & Co. 8
Equity Activity – T&L Aggregate Offering Activity Relevant Activity ( in billions) ( in millions) IPOs 100 50 0 Taken off shelf IPOs Follow-on excluding shelf 40 20 0 Q2 2006 2007 2008 2009 2010 2011 2012 35 20 Follow-on 4,879.8 18 2,005.5 1,716.4 2010 2011 2012 YTD Number of Transactions Source: Dealogic. Excludes closed-end funds. August 31, 2012. 2010 5,000 2,500 0 2011 2012 YTD Dollars Raised Recent Relevant Offerings ( in millions) Issuer Ticker Ridgebury Tankers Ltd Acquires and deploys Suezmax tankers. CEVA Logistics Inc. Non-asset based supply chain management company. Erickson Air-Crane Inc Manufacturer and operator of heavy-lift helicopters. GasLog Ltd Midstream gas company engaged in the gas shipping and the marine gas sector. Box Ships Inc Shipping services company. Pricing Date Day Filed / Offer Pending IPO Pending IPO N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A IPO 04/11/12 700 76.8 38.4 (42.9%) N/A (20.0%) IPO 03/29/12 72 879.5 329.0 (17.7%) N/A (29.2%) IPO 04/14/11 9 193.4 132.0 (25.0%) N/A (46.7%) 383.2 193.4 166.5 132.0 (28.5%) (25.0%) N/A N/A (32.0%) (29.2%) (0.7%) Mean Median Aircastle Ltd Acquires, owns and leases commercial aircraft and related assets. Spirit Airlines Inc Offers scheduled air transportation. Diana Containerships Inc Company whose objective is to pursue vessel acquisitions in the container shipping industry. Box Ships Inc Shipping services company. Golar LNG Partners LP Owns and operates floating storage and regasification units (or FSRUs) and LNG carriers under long-term charters. Navios Maritime Partners LP Owner and operator of drybulk carriers. Tsakos Energy Navigation Ltd Provider of World-wide marine transportation services. Costamare Inc Shipping company. XPO Logistics Inc Provides transportation logistics management and support services )Knightsbridge Tankers Ltd International seaborne transportation of crude oil and dry bulk. Safe Bulkers Inc Provider of marine drybulk transportation services. Quality Distribution Inc Tank truck carrier engaged in the transportation of bulk liquid products. Aircastle Ltd Acquires, owns and leases commercial aircraft and related assets. Student Transportation Inc Provider of school bus transportation services. Genco Shipping & Trading Ltd Shipping company. Involved in dry goods transportation via water. Teekay Tankers Ltd Operator of oil tankers. Nordic American Tankers Ltd Shipping company that owns and charters tankers for oil transportation. Spirit Airlines Inc Offers scheduled air transportation. Scorpio Tankers Inc Seaborne transportation of crude oil and other petroleum products. Hornbeck Offshore Services Inc Operator of deepwater-capable offshore supply vessels. Teekay LNG Partners LP Marine transportation. Rand Logistics Inc Provides bulk freight shipping services. Star Bulk Carriers Corp Maritime shipping company. Globus Maritime Ltd Operates a fleet of dry bulk vessels that transport iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes. Odyssey Marine Exploration Inc Engaged in the exploration and recovery of deep-ocean shipwrecks. Diana Containerships Inc Company whose objective is to pursue vessel acquisitions in the container shipping industry. Scorpio Tankers Inc Seaborne transportation of crude oil and other petroleum products. Aircastle Ltd Acquires, owns and leases commercial aircraft and related assets. Safe Bulkers Inc Provider of marine drybulk transportation services. Navios Maritime Partners LP Owner and operator of drybulk carriers. Teekay LNG Partners LP Marine transportation. DHT Holdings Inc Charters vessels for international shipping. Teekay Tankers Ltd Operator of oil tankers. Quality Distribution Inc Tank truck carrier engaged in the transportation of bulk liquid products. Mkt. Cap Amount Offered File / Offer(1) % Change Last Trade / Offer Type of Issuance Offer / Current N/A N/A FO 08/08/12 1 867.8 106.4 (3.9%) (3.9%) FO 08/01/12 1 1,457.9 193.5 (4.2%) (4.2%) (5.1%) FO 07/19/12 1 231.8 57.0 (13.2%) (13.2%) (14.2%) FO 07/13/12 1 115.9 30.0 (13.7%) FO 07/10/12 0 1,490.8 195.8 (3.7%) (3.7%) 2.8% FO 05/03/12 1 751.7 72.1 (4.5%) (4.5%) (7.7%) FO 04/19/12 1 375.6 65.0 (17.0%) (3.4%) (17.2%) FO 03/22/12 1 1,050.2 105.8 (9.0%) (9.0%) (6.6%) FO 03/14/12 2 284.8 144.9 (3.0%) (2.8%) (5.8%) FO 03/13/12 0 362.8 34.7 (4.0%) (4.0%) (55.0%) FO 03/13/12 1 430.8 37.4 (9.1%) (9.1%) (6.8%) FO 03/08/12 2 357.6 73.9 (5.0%) (2.0%) (25.2%) FO 03/07/12 1 1,075.1 65.5 (3.6%) (3.6%) (12.8%) FO 02/27/12 0 530.6 84.0 (3.3%) (3.3%) (4.8%) FO 02/23/12 1 321.9 53.3 (13.5%) (13.5%) (59.3%) FO 02/08/12 1 191.4 69.0 (11.7%) (11.7%) (0.3%) FO 01/19/12 1 692.1 77.6 (9.4%) (9.4%) (17.0%) FO 01/19/12 44 1,064.0 183.4 (10.4%) (1.2%) 34.8% FO 12/01/11 1 212.3 38.5 (17.4%) (17.4%) FO 11/09/11 2 1,063.3 241.5 (15.4%) (1.3%) 29.5% FO 11/02/11 0 2,244.1 183.7 (3.5%) (3.5%) 18.9% FO 09/16/11 3 107.8 16.8 (12.0%) (1.6%) FO 07/19/11 1 161.5 30.1 (10.5%) (10.5%) (71.1%) FO 06/28/11 41 82.7 22.0 (10.1%) (2.9%) (67.3%) FO 06/16/11 9 227.1 16.8 (26.5%) (2.2%) 19.0% FO 06/09/11 31 183.0 106.9 (30.8%) (5.7%) (28.5%) FO 05/13/11 1 358.0 72.5 (6.7%) (6.7%) (49.3%) FO 05/11/11 1 1,054.3 65.8 (4.0%) (4.0%) (13.2%) FO 04/12/11 1 656.4 42.0 (9.3%) (9.3%) (27.9%) FO 04/08/11 1 1,136.9 90.5 (4.8%) (4.8%) (26.5%) FO 04/05/11 1 2,404.0 165.3 (4.0%) (4.0%) FO 02/04/11 1 326.9 71.7 (8.5%) (8.5%) (90.1%) FO 02/04/11 1 745.6 112.1 (6.0%) (6.0%) (64.8%) FO 02/04/11 2 232.3 43.7 1.6% (3.8%) 2.4% 672.0 403.2 87.3 71.9 (9.1%) (8.7%) (5.9%) (4.0%) (16.7%) (10.3%) Mean Median N/A (13.3%) (3.3%) 18.3% 2.2% (1) For IPO, lists if the offering was In, Above or Below the filing range. (2) Indicates foreign issuers that can initially file on a confidential basis. Source: Dealogic and Capital IQ. As of August 31, 2012. Note: Offerings chosen by Robert W. Baird & Co. Investment Banking for relevance to the transportation and logistics services subsectors. Robert W. Baird & Co. 9
M&A Activity – Market Overview Quarterly M&A Volume Trends – U.S. Middle Market ( in billions) In YTD 2012, there were a total of 2,907 disclosed middle-market transactions, down from the 3,264 transactions in YTD 2011. Middle-market deal value of 216.4 billion was 10.6% below the YTD 2011 value. # of Deals – 100M # of Deals – 100M - 499M # of Deals – 500M - 1,000M Total Deal Value 1,800 120 100 1,400 1,200 80 1,000 60 800 600 40 400 Transaction Dollar Value Number of Transactions 1,600 20 200 0 Q407 Q108 Q208 Q308 Q408 Q109 # of Deals – 500M - 1,000M 50 31 45 32 12 16 # of Deals – 100M - 499M 212 185 168 169 79 76 # of Deals – 100M 711 795 614 708 762 671 Total Deal Value 97 82 82 74 40 38 Q209 Q309 Q409 Q110 Q210 Q310 Q410 Q111 Q211 Q311 Q411 Q112 11 24 27 27 33 52 62 47 36 35 35 30 102 107 146 140 191 187 176 217 203 167 148 698 669 762 1104 1446 1065 165 892 918 967 977 752 783 40 51 65 66 102 89 92 88 78 66 75 97 0 Source: Dealogic and Robert W. Baird & Co. M&A Market Analysis. Note: Middle-market transactions defined as those with a disclosed value of less than 1 billion. U.S. EBITDA Multiples by Deal Value Current closed deal multiples have increased compared to recent years. In LTM 2012, for all middle-market transactions across all industry sectors, the median Enterprise Value / EBITDA multiple was 8.2x compared to 9.2x in LTM 2011. 100M 12.0x 11.2x 11.1x 10.8x 500M - 1,000M 10.6x 9.9x 10.0x 100M - 499M EBITDA Multiple 10.4x 10.1x 9.5x 9.0x 8.5x 7.8x 8.0x Total Middle-Market 7.0x 7.4x 7.8x 7.5x 9.3x 8.6x 10.2x 9.3x 9.2x 8.5x 8.2x 7.0x 7.0x 6.0x 4.0x 2.0x 0.0x 2007 2008 2009 2010 2011 LTM 2012 Source: Capital IQ and Robert W. Baird & Co. M&A Market Analysis. Note: Middle-market transactions defined as those with a disclosed value of less than 1 billion. LTM as of August 31, 2012. Robert W. Baird & Co. 10
M&A Activity – T&L Mergers & Acquisitions ( in billions) Deal Value 50.0 124 30.0 186 143 106 135 146 37.9 25.7 86 16.8 20.0 17.6 11.7 10.0 5.2 5.0 2003 2004 139 111 5.6 4.2 200 175 150 125 100 75 15.4 0.0 50 25 Number of Deals Deal Value 40.0 169 Number of Deals 0 2005 2006 2007 2008 2009 2010 2011 YTD 2012 Source: Dealogic, Capital IQ and Robert W. Baird & Co. M&A Market Analysis. Number of deals reflects transactions with disclosed and undisclosed deal size. As of August 31, 2012. Note: Deals classified by announcement date. Recent Transportation Related Transactions ( in millions) Date Effective 24-Aug-12 24-Aug-12 14-Aug-12 14-Aug-12 13-Aug-12 11-Aug-12 9-Aug-12 8-Aug-12 6-Aug-12 6-Aug-12 6-Aug-12 3-Aug-12 2-Aug-12 31-Jul-12 26-Jul-12 26-Jul-12 23-Jul-12 2-Jul-12 18-May-12 10-May-12 9-May-12 8-May-12 7-May-12 19-Apr-12 19-Apr-12 5-Apr-12 2-Apr-12 2-Apr-12 29-Mar-12 29-Mar-12 21-Mar-12 12-Mar-12 1-Mar-12 29-Feb-12 29-Feb-12 27-Feb-12 24-Feb-12 24-Feb-12 23-Feb-12 23-Feb-12 17-Feb-12 17-Feb-12 13-Feb-12 10-Feb-12 8-Feb-12 1-Feb-12 1-Feb-12 1-Feb-12 26-Jan-12 24-Jan-12 23-Jan-12 20-Jan-12 19-Jan-12 18-Jan-12 17-Jan-12 17-Jan-12 13-Jan-12 12-Jan-12 6-Jan-12 Target Name Scott’s Express & Transportation Services Penske Truck Leasing Co LP (Utility rental division ) Concept Mobility Services Diamondback Signal LLC (Majority%) Expedited Freight Systems Inc Dixon Meyers Transportation Inc CrossGlobe Transport Ltd AtLast Fulfillment Inc Cardinal Logistics Management Inc Winco Equipamentos Ferroviarios Ltda Kelron Logistics R&M Transportation Inc; Sortinos Transportation Inc Euroway Group Ltd Charles G Lawson Trucking Inc LINC Logistics Co. Shipper Direct Logistics Inc RailAmerica Inc Robart Transportation Inc Coach America Holdings, Inc Caterpillar Logistics Services, Inc Continental Freight Services, Inc M.G. Maher & Company, Inc and MCLX, Inc Wylie Bice Trucking LLC and RM Resources LLC D&E Transport Inc Interdom Partners Ltd Opek Sp JP Morgan Chase Vastera, Inc Trojan Vacuum Services (operating assets) Associated global systems Inc Maptuit Corp C&F Worldwide Agency Corp Dell Will Customs Brokers, Inc Stanrail Corp Central Parking Corp Teton Transportation Inc (operating equipment) Albs Logistics Capital Transportation Logistics Recycling Services Inc Lee's Trucking Inc Detwiler Industries LLC TNT Express NV Sprint Logistics M7 Worldwide Transportation Keeney Ambulance & Transport Service Headhaul.com LLC Marquette Rail LLC Lies Trash Services W & C Railroad (70%); Industrial Waste Group LLC Albert Moving & Storage Agentrics (PLM Business Unit ) Page Brake Warehouse Inc Kelley Fleet Services LLC EagleOne Inc Polar Express Transportation Ltd MYK Global Services Inc Gilbert Co (Certain assets) OTS Logistics Group Graham-White (Majority%) LTL Rates Acquiror Name Bison Transport Nesco LLC SIRVA Inc Regional Rail LLC Roadrunner Transportation Systems Inc Windstar Lines Inc Logistec Corp Newgistics Inc Centerbridge Partners LP Westinghouse Air Brake Technologies Corp - Wabtec Corp XPO Logistics Inc Roadrunner Transportation Systems Inc Ryder System Inc Cardinal Agri-Logistics; Existing Management Universal Truckload Services Inc Echo Global Logistics Inc Genesee & Wyoming Inc Saia Inc Stagecoach Group plc Platinum Equity, LLC XPO Logistics, Inc Livingston International Income Fund Quality Distribution Inc Roadrunner Transportation Systems Inc Odyssey Logistics & Technology Corp FedEx Corp Livingston International Income Fund Quality Distribution Inc Nippon Express Co Ltd Telogis Inc Leading Edge Logistics Livingston International Income Fund Samuel Son & Co Ltd Standard Parking Corp Celadon Group Inc Radiant Logistics Inc Roadrunner Transportation Systems Inc Waste Management Inc Sherman Brothers Heavy Trucking HIG Capital LLC United Parcel Service Inc Aperion Management LLC Tristar Worldwide Chauffeur Services Prompt Ambulance Service RedStone Logistics RailAmerica Inc Waste Management Inc RailAmerica Inc Arkansas Best Corp Trace One Fleet Brake Parts & Service Ltd KelleyAmerit Fleet Services Inc Express Courier International Inc Kool Pak LLC Dimerco Express (Taiwan) Corp GPR Logistics LLC Man Capital LLP Faiveley SA Count Time Logistics Median Mean Enterprise Value N/A N/A N/A N/A N/A N/A 16.0 N/A N/A N/A 8.0 29.4 N/A N/A 335.0 N/A 1,967.9 N/A 134.2 750.0 3.7 N/A 98.3 11.2 N/A N/A N/A 9.7 N/A N/A N/A N/A N/A 345.1 N/A N/A 6.3 N/A N/A N/A 6,440.4 N/A N/A N/A N/A 40.0 N/A 18.0 N/A N/A N/A N/A N/A N/A N/A N/A N/A 15.0 N/A Enterprise Value / Revenue EBITDA N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.1x N/A N/A N/A N/A N/A 3.5 N/A N/A N/A 0.2 N/A 0.9 0.5 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.7 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 9.9x N/A N/A N/A N/A N/A 7.7 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 11.7 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 0.6x 1.0 9.9x 9.8 Source: Dealogic and Capital IQ. List does not reflect all acquisitions. Robert W. Baird & Co. 11
Robert W. Baird & Co. OVERVIEW Baird’s comprehensive M&A and capital raising capabilities make it a leading middle-market investment bank – Over 78.6 billion in M&A deal value since 2000 with typical transactions ranging from 100 to 500 million – Over 116.7 billion of equity raised since 2000 with typical transactions ranging from 30 to 300 million With nineteen capital markets locations worldwide, Baird has access to the best partners for its clients – Contact us if you would like more information or would like to learn more about our advisory capabilities TRANSPORTATION & LOGISTICS EQUITY RESEARCH COVERAGE Third Party Logistics C. H. Robinson Less Than Truckload CHRW Expeditors International EXPD Forward Air Corp FWRD Hub Group HUBG Arkansas Best ABFS Con-Way CNW Old Dominion ODFL J.B. Hunt Transportation JBHT Integrators Landstar LSTR FedEx Corp FDX Pacer International PACR United P
Transportation & Logistics Services Report A Middle-Market Perspective on the Transportation & Logistics Industry Bret Schoch Managing Director bschoch@rwbaird.com 312 609-4965 Jonathan J. Harrison Managing Director, Europe jjharrison@rwbaird.com 44 (0) 20 7667 8414 Tyler Pace Vice President tpace@rwbaird.com 312 609-4672 Brian Doyal
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Industry Profiles – Logistics & Transportation . The Logistics & Transportation cluster includes industries related to the storage, transportation and distribution of goods. This cluster includes all modes of transport, includingairlines, railroads, shipping and trucking companies, as well as logistics consulting and other supporting industries.
logistics, and transportation issues. Performed analyses to: o. Identify which transportation and logistics challenges affect wind plant installations today . o. Determine the increase in turbine size that could be achieved if transportation and logistics challenges are solved. Liebherr's 1,350 t hydraulic crane lifting tower section of .
