Calculation of Fully Diluted Shares Outstanding American Airlines Group’s most recent basic shares outstanding count is 654,760 million, as sourced from the first page of its latest 10-K
General Information 22c cs cv
United Airlines Holdings, Inc., ticker symbol UAL, is a U.S.-based company that is listed on NYSE United Airlines Holdings reports its financial results based on a fiscal year ending December 31 and has corporate credit ratings of Ba2 and BB- as rated by Moody’s and S&P, respectively United Airlines Holdings’s predicted levered beta is 1,00 All of this information is sourced from American Airlines Group’s Market
8-1I Summary °" We also determined a 27% marginal tax rate from United Airlines Holdings’s tax rate disclosures in its 10-K °7!
Company Name United Airlines Holdings, Inc
Ticker Stock Exchange Fiscal Year Ending Moody's Corporate Rating S&P Corporate Rating Predicted Beta Marginal Tax Rate
Calculation of Fully Diluted Shares Outstanding
Consequently, fully diluted shares outstanding is equal to basic shares outstanding, both of which equal 328.015 million shares.
Balance Sheet Data Q.2 2n nh nh nh nh nh nh nh xi xác vài TÔ 3.4 Selected Market Data c cà ch nh nh nhe nh Hy nh nh vi 3.5 Reported Income Statement
Cash and Cash Equivalents Accounts Receivable
Inventories Prepaids and Other Current Assets
Property, Plant and Equipment, net Goodwill and Intangible Assets Other Assets
Accounts Payable Accrued Liabilities Other Current Liabilities
Total Debt Other Long-Term Liabilities
3.4, Selected Market Data Under “Selected Market Data, United Airlines Holdings's share price was
$45,65 as of market close on February 26, 2024, representing 78,4% of its 52- week high and its 52-week range was $58,23 - $33,68 °!
Selected Market Data Current Price
% of 52-week High 52-week High Price 52-week Low Price Dividend Per Share (MRQ)
Plus: Preferred Stock Plus: Noncontrolling Interest -
Less: Cash and Cash Equivalents
3.4.1 Equity Value The 328,015 million fully diluted shares outstanding output feeds into the
“Selected Market Data” section, where it is multiplied by American Airlines Group’s current share price of $45,65 to produce an equity value of $14.973,9 million This calculated equity value forms the basis for calculating enterprise value
Selected Market Data Current Price
% of 52-week High 52-week High Price 52-week Low Price Dividend Per Share (MRQ)
Fully Diluted Shares Outstanding 328 Equity Value $14.973,9
Less: Cash and Cash Equivalents Enterprise Value
3.4.2 Enterprise Value We used selected balance sheet data, specifically total debt and cash, together with the previously calculated equity value to determine United Airlines Holdings’s enterprise value United Airlines Holdings had $35.014 million of of $17.086 million as of 30/09/2023 The net debt balance of $17.928 million was added to equity value of Total debt outstanding, Cash & Cash Equivalents
$14.973,9 million to produce an enterprise value of $32.901,9 million
Fully Diluted Shares Outstanding Equity Value
Plus: Total Debt Plus: Preferred Stock Plus: Noncontrolling Interest Less: Cash and Cash Equivalents
3.5 Reported Income Statement In the “Reported Income Statement” section, income statement items directly from United Airlines Holdings’s 10-K and 10-Q
The LTM column automatically calculates United Airlines Holdings’s LTM financial data on the basis of the prior annual year, and the prior and current year stub inputs
- The figures for 2020A, 2021A, 2022A are taken from Consolidated Statements of Operations in Form 10-K for the fiscal year ended December 31, 2022 °7!,
- The data of Prior Stub and Current Stub is taken from Consolidated Condensed Statements of Operations in Form 10-Q for the quarterly period ended September 30, 2023 “I, particularly “Nine months ended September 30” section
- LTM index = FYE + Current Stub - Prior Stub
Eiscal Year Ending tháng 12 31, Stub Stub LIM
3.6 Adjusted Income Statement After entering the reported income statement, we made adjustments in the
“Adjusted Income Statement” section, as appropriate We entered the adjusted items directly from United Airlines Holdings's News Release °7!9 418!
Non-recurring Items in COGS 140.0 124.0 902.0 918.0
Non-recurring Items in COGS 2.616,0 3.367,0 140,0 124.0 902/0 918.0
Reported Net Income ($7.069,0) ($1.964,0) $878,0 (§106,0) $2.018,0 $2.861,0 Non-recurring Items in COGS (2.616,0) (3.367,0) 140,0 124.0 902/0 918.0
Non-operating Non-rec Items 19.0 (75,0)
3.7 Cash Flow Statement Data United Airlines Holdings’s historical Depreciation & Amortization and Capital Expenditures were entered directly into the input page as they appeared in the cash flow statement from its 10-K E31 necessary for non-recurring items
Cash How Sfatement Dafa Depreciation & Amortization 2.488 |
3.8 LTM Return on Investment Ratios 3.8.1 Return on Invested Capital
12.7% and 10-Q ©“! with adjustments made as
For ROIC, we calculated 17,2% by dividing United Airlines Holdings’s LTM 30/09/2023 adjusted EBIT of $5.604 million by the sum of its average net debt and shareholders’ equity balances for the periods ending 31/12/2022 and 30/09/2023
EBIT $5.604 © Average Net Debt Equity ($38.718—$ 7.166+$ 6.896)+($35.014—$ 17.086+$8.853)
For ROE, we calculated 44,1% by dividing United Airlines Holdings’s LTM 30/09/2023 adjusted Net income of $3.476,4 million by its average shareholders’ equity balance for the periods ending 31/12/2022 and 30/09/2023
3.8.3 Return on Assets For ROA, we calculated 4,9% by dividing United Airlines Holdings’s LTM 30/09/2023 adjusted Net income of $3.476,4 million by its average total assets for the periods ending 31/12/2022 and 30/09/2023
LTM Return on Investment Ratios
Implied Annual Dividend Per Share -
3.9, LTM Credit Statistics 3.9.1 Debt-to-Total Capitalization
For Debt-to-Total Capitalization, we divided American Airlines Group’s total debt of $35.014 million as of 30/09/2023 by the sum of its total debt and shareholders’ equity for the same period ($35.014 million + $8.853 million) This provided a Debt-to-Total Capitalization ratio of 79,8%
Debt/Total Capitalization / p ~ Total Debt39/99/2023+ Shareholders Equity 39/09/2023 TotalDebtso 1s i200
3.9.2 Total Debt-to-EBITDA For Total Debt-to-EBITDA, we divided American Airlines Group’s total debt of $35.014 million by its LTM 30/09/2023 adjusted EBITDA of $8.215 million This provided a total leverage multiple of 4,3x (2,2x on a net debt basis)
Total Debt59/o9/2025 _ $35.014 _ 43x oT LTM AdiustedEBITDA ` $8.215 =¿4,
3.9.3 EBITDA-to-Interest Expense Total Debt/EBITDA ô
For EBITDA-to-Interest Expense, we divided United Airlines Holdings’s LTM 30/09/2023 adjusted EBITDA of $8.215 million by its interest expense of
$940 million for the same period This provided a ratio of 8,7x We also calculated the company’s (EBITDA -—- capex)-to-Interest Expense and EBIT-to-Interest Expense ratios at 0,6x and 6,0x, respectively
LTM InterestExpense $ 940 EBITDA/Interest Expense ¿
EBITDA/Interest Expense 8,7x (EBITDA-capex)/Interest Expense 0,6x EBIT/Interest Expense 6,0x
3.10 Trading Multiples In the “Trading Multiples” section, we entered consensus estimates for United Airlines Holdings’s 2023E and 2024E sales, EBITDA, EBIT, and EPS P“!_ These estimates, along with the calculated enterprise and equity values, were used to calculate forward trading multiples United Airlines Holdings’s LTM adjusted financial data is also linked to this section and used to calculate trailing trading multiples
3.10.1 Enterprise Value Multiples For Enterprise Value-to-LTM EBITDA, we divided United Airlines Holdings’s enterprise value of $32.901,9 million by its LTM 30/09/2023 adjusted EBITDA of $8.215 million, providing a multiple of 4,0x For EV/2023E EBITDA, we divided the same enterprise value of $32.901,9 million by United Airlines Holdings’s 2023E EBITDA of $7.938 million to calculate a multiple of 4,1x This same methodology was used for EV/2024E EBITDA, as well as for the trailing and forward sales and EBIT enterprise value multiples
Enterprise Value _$32.091,9 _ LTM AdjustedEBITDA $8.215 3.10.2 Price-to-Earnings Ratio
The approach for calculating P/E mirrors that for EV/ EBITDA We divided United Airlines Holdings’s current share price of $45,65 by its LTM, 2023E,
2024E EPS of $10,57, $10,05 and $10,35, respectively These calculations provided P/E ratios of 4,3x, 4,5x and 4,4x, respectively
3.11 Growth Rates In the “Growth Rates” section, we calculated United Airlines Holdings’s historical and estimated growth rates for sales, EBITDA, and EPS for various periods For historical data, we used the adjusted income statement financials from 3.6 section As shown in the below table, United Airlines Holdings’s EPS grew - 121,8% over the past year (1-year historical growth)
For the forward growth rates, we used consensus estimates from the “Trading Multiples” (3.10 section) On a forward year basis, United Airlines Holdings’s expected EPS growth rate for 2022A to 2023E is 241,7%, with an expected 2022A to 2024E CAGR of 87,6% We sourced United Airlines Holdings’s long-term EPS growth rate of 20%, which is based on equity research analysts’ estimates, from consensus estimates
4.1 General Information C.H Robinson Worldwide Inc., ticker symbol CHRW, is a U.S.-based company that is listed on Nasdaq C.H Robinson Worldwide Inc reports its financial results based on a fiscal year ending December 31 and has corporate credit ratings of Baa2 and BBB+ as rated
C.H Robinson Worldwide Inc’s predicted levered beta is 0,61 All of this information is sourced from C.H Robinson Worldwide Inc’s Market Summary"
We also determined a 20,54% marginal tax rate from C.H Robinson Worldwide
Inc’s tax rate disclosures in its 10-K 42
Ticker Stock Exchange Fiscal Year Ending Moody's Corporate Rating S&P Corporate Rating Predicted Beta Marginal Tax Rate by Moody’s and S&P, respectively
4.2 Calculation of Fully Diluted Shares Outstanding
C.H Robinson Worldwide Inc most recent basic shares outstanding count is 116,890 million, as sourced from the first page of its latest 10-K _“*| We searched recent press releases and SEC filings to ensure that no stock splits, follow-on offerings, or major share buybacks, for example, took place following the most recent 10-Q filing _“*! We also confirmed that C.H Robinson Worldwide Inc does not have any tranche of options/warrants and convertible securities outstanding
Plus: Shares from In-the-Money Options -
Less: Shares Repurchased Net New Shares from Options Plus: Shares from Convertible Securities
Number of Exercise In-the-Money
Tranche Shares Price Shares Proceeds
Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5
Issue 1 Issue 2 Issue 3 Issue 4 Issue 5 Total
Consequently, fully diluted shares outstanding is equal to basic shares outstanding, both of which equal 116,890 million shares
4.3 Balance Sheet Data In the “Balance Sheet Data" section, we entered C.H Robinson Worldwide Inc balance sheet data for the prior fiscal year ending 31/12/2022 and the most recent quarter ending 30/9/2023, as sourced directly from its 10-K “and 10-Q “4
Cash and Cash Equivalents Accounts Receivable Inventories Prepaids and Other Current Assets
Property, Plant and Equipment, net Goodwill and Intangible Assets Other Assets
Under “Selected Market Data”, we entered C.H Robinson Worldwide Inc share price information as well as the most recent quarterly (MRQ) dividend paid of $0,61 per share (as sourced from C.H Robinson Worldwide Inc's Dividend History_!*!), C.H Robinson Worldwide Inc's share price was $69,65 as of market close on March 5, 2024, representing 65,5% of its 52-week high and its 52-week range was $106,36 - $69,12_""
Selected Market Data Current Price
% of 52-week High 52-week High Price 52-week Low Price Dividend Per Share (MRQ)
Plus: Noncontrolling Interest Less: Cash and Cash Equivalents
4.4.1, Equity Value The 116,890 million fully diluted shares outstanding output feeds into the
Cash Flow Statement Data cà cà nh nh nh nh noel 3.8 LTM Return on Investment Ratlos
necessary for non-recurring items
Cash How Sfatement Dafa Depreciation & Amortization 2.488 |
3.8 LTM Return on Investment Ratios 3.8.1 Return on Invested Capital
12.7% and 10-Q ©“! with adjustments made as
For ROIC, we calculated 17,2% by dividing United Airlines Holdings’s LTM 30/09/2023 adjusted EBIT of $5.604 million by the sum of its average net debt and shareholders’ equity balances for the periods ending 31/12/2022 and 30/09/2023
EBIT $5.604 © Average Net Debt Equity ($38.718—$ 7.166+$ 6.896)+($35.014—$ 17.086+$8.853)
For ROE, we calculated 44,1% by dividing United Airlines Holdings’s LTM 30/09/2023 adjusted Net income of $3.476,4 million by its average shareholders’ equity balance for the periods ending 31/12/2022 and 30/09/2023
3.8.3 Return on Assets For ROA, we calculated 4,9% by dividing United Airlines Holdings’s LTM 30/09/2023 adjusted Net income of $3.476,4 million by its average total assets for the periods ending 31/12/2022 and 30/09/2023
LTM Return on Investment Ratios
Implied Annual Dividend Per Share -
3.9, LTM Credit Statistics 3.9.1 Debt-to-Total Capitalization
For Debt-to-Total Capitalization, we divided American Airlines Group’s total debt of $35.014 million as of 30/09/2023 by the sum of its total debt and shareholders’ equity for the same period ($35.014 million + $8.853 million) This provided a Debt-to-Total Capitalization ratio of 79,8%
Debt/Total Capitalization / p ~ Total Debt39/99/2023+ Shareholders Equity 39/09/2023 TotalDebtso 1s i200
3.9.2 Total Debt-to-EBITDA For Total Debt-to-EBITDA, we divided American Airlines Group’s total debt of $35.014 million by its LTM 30/09/2023 adjusted EBITDA of $8.215 million This provided a total leverage multiple of 4,3x (2,2x on a net debt basis)
Total Debt59/o9/2025 _ $35.014 _ 43x oT LTM AdiustedEBITDA ` $8.215 =¿4,
3.9.3 EBITDA-to-Interest Expense Total Debt/EBITDA ô
For EBITDA-to-Interest Expense, we divided United Airlines Holdings’s LTM 30/09/2023 adjusted EBITDA of $8.215 million by its interest expense of
$940 million for the same period This provided a ratio of 8,7x We also calculated the company’s (EBITDA -—- capex)-to-Interest Expense and EBIT-to-Interest Expense ratios at 0,6x and 6,0x, respectively
LTM InterestExpense $ 940 EBITDA/Interest Expense ¿
EBITDA/Interest Expense 8,7x (EBITDA-capex)/Interest Expense 0,6x EBIT/Interest Expense 6,0x
3.10 Trading Multiples In the “Trading Multiples” section, we entered consensus estimates for United Airlines Holdings’s 2023E and 2024E sales, EBITDA, EBIT, and EPS P“!_ These estimates, along with the calculated enterprise and equity values, were used to calculate forward trading multiples United Airlines Holdings’s LTM adjusted financial data is also linked to this section and used to calculate trailing trading multiples
3.10.1 Enterprise Value Multiples For Enterprise Value-to-LTM EBITDA, we divided United Airlines Holdings’s enterprise value of $32.901,9 million by its LTM 30/09/2023 adjusted EBITDA of $8.215 million, providing a multiple of 4,0x For EV/2023E EBITDA, we divided the same enterprise value of $32.901,9 million by United Airlines Holdings’s 2023E EBITDA of $7.938 million to calculate a multiple of 4,1x This same methodology was used for EV/2024E EBITDA, as well as for the trailing and forward sales and EBIT enterprise value multiples
Enterprise Value _$32.091,9 _ LTM AdjustedEBITDA $8.215 3.10.2 Price-to-Earnings Ratio
The approach for calculating P/E mirrors that for EV/ EBITDA We divided United Airlines Holdings’s current share price of $45,65 by its LTM, 2023E,
2024E EPS of $10,57, $10,05 and $10,35, respectively These calculations provided P/E ratios of 4,3x, 4,5x and 4,4x, respectively
3.11 Growth Rates In the “Growth Rates” section, we calculated United Airlines Holdings’s historical and estimated growth rates for sales, EBITDA, and EPS for various periods For historical data, we used the adjusted income statement financials from 3.6 section As shown in the below table, United Airlines Holdings’s EPS grew - 121,8% over the past year (1-year historical growth)
For the forward growth rates, we used consensus estimates from the “Trading Multiples” (3.10 section) On a forward year basis, United Airlines Holdings’s expected EPS growth rate for 2022A to 2023E is 241,7%, with an expected 2022A to 2024E CAGR of 87,6% We sourced United Airlines Holdings’s long-term EPS growth rate of 20%, which is based on equity research analysts’ estimates, from consensus estimates
4.1 General Information C.H Robinson Worldwide Inc., ticker symbol CHRW, is a U.S.-based company that is listed on Nasdaq C.H Robinson Worldwide Inc reports its financial results based on a fiscal year ending December 31 and has corporate credit ratings of Baa2 and BBB+ as rated
C.H Robinson Worldwide Inc’s predicted levered beta is 0,61 All of this information is sourced from C.H Robinson Worldwide Inc’s Market Summary"
We also determined a 20,54% marginal tax rate from C.H Robinson Worldwide
Inc’s tax rate disclosures in its 10-K 42
Ticker Stock Exchange Fiscal Year Ending Moody's Corporate Rating S&P Corporate Rating Predicted Beta Marginal Tax Rate by Moody’s and S&P, respectively
4.2 Calculation of Fully Diluted Shares Outstanding
C.H Robinson Worldwide Inc most recent basic shares outstanding count is 116,890 million, as sourced from the first page of its latest 10-K _“*| We searched recent press releases and SEC filings to ensure that no stock splits, follow-on offerings, or major share buybacks, for example, took place following the most recent 10-Q filing _“*! We also confirmed that C.H Robinson Worldwide Inc does not have any tranche of options/warrants and convertible securities outstanding
Plus: Shares from In-the-Money Options -
Less: Shares Repurchased Net New Shares from Options Plus: Shares from Convertible Securities
Number of Exercise In-the-Money
Tranche Shares Price Shares Proceeds
Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5
Issue 1 Issue 2 Issue 3 Issue 4 Issue 5 Total
Consequently, fully diluted shares outstanding is equal to basic shares outstanding, both of which equal 116,890 million shares
4.3 Balance Sheet Data In the “Balance Sheet Data" section, we entered C.H Robinson Worldwide Inc balance sheet data for the prior fiscal year ending 31/12/2022 and the most recent quarter ending 30/9/2023, as sourced directly from its 10-K “and 10-Q “4
Cash and Cash Equivalents Accounts Receivable Inventories Prepaids and Other Current Assets
Property, Plant and Equipment, net Goodwill and Intangible Assets Other Assets
Under “Selected Market Data”, we entered C.H Robinson Worldwide Inc share price information as well as the most recent quarterly (MRQ) dividend paid of $0,61 per share (as sourced from C.H Robinson Worldwide Inc's Dividend History_!*!), C.H Robinson Worldwide Inc's share price was $69,65 as of market close on March 5, 2024, representing 65,5% of its 52-week high and its 52-week range was $106,36 - $69,12_""
Selected Market Data Current Price
% of 52-week High 52-week High Price 52-week Low Price Dividend Per Share (MRQ)
Plus: Noncontrolling Interest Less: Cash and Cash Equivalents
4.4.1, Equity Value The 116,890 million fully diluted shares outstanding output feeds into the
“Selected Market Data” section, where it is multiplied by C.H Robinson Worldwide Inc current share price of $69,65 to produce an equity value of $8.141,4 million This calculated equity value forms the basis for calculating enterprise value
Selected Market Data Current Price
52-week Low Price 3/05/2024 Dividend Per Share (MRQ)
Plus: Noncontrolling Interest Less: Cash and Cash Equivalents
We used selected balance sheet data, specifically total debt and cash, together with the previously calculated equity value to determine C.H Robinson Worldwide Inc enterprise value C.H Robinson Worldwide Inc had $920,7 million of Total debt outstanding, Cash & Cash Equivalents of $174,7 million as of 30/09/2023 The net debt balance of $746 million was added to equity value of
$8.141,4 million to produce an enterprise value of $8.887,4 million
% of 52-week High 52-week High Price 52-week Low Price Dividend Per Share (MRQ)
Less: Cash and Cash Equivalents (174.7)
4.5 Reported Income Statement In the “Reported Income Statement” section, we entered the historical income statement items directly from C.H Robinson Worldwide Inc 10-K and 10- Q The LTM column automatically calculates C.H Robinson Worldwide Inc LTM financial data on the basis of the prior annual year, and the prior and current year stub inputs
Oo The figures for 2020A, 2021A, 2022A are taken from Consolidated Statements of Operations in Form 10-K for the fiscal year ended December 31, 2022 “ og ©The data of Prior Stub and Current Stub is taken from Consolidated Condensed Statements of Operations in Form 10-Q for the quarterly period ended September 30, 2023_“4, particularly “Nine months ended September 30” section go ©LTMindex = FYE + Current Stub - Prior Stub
Net Income Effective Tax Rate
Weighted Avg Diluted Shares Diluted EPS
4.6 Adjusted Income Statement After entering the reported income statement, we made adjustments in the
“Adjusted Income Statement” section, as appropriate We entered the adjusted items directly from C.H Robinson Worldwide Inc’s News Release #214
Non-recurring Items in COGS 66 20.2 18.8 24, 310
Non-recurring Items in COGS 16.6 20,2 255 18,8 243 31,0
Non-recurring Items in COGS 16.6 20,2 : 18,8 243 31,0
Non-operating Non-rec Items 3 243 23,5
Tax Adjustment Adjusted Net Income
General Information cà c.c cv 3Ó 4.2 Calculation of Fully Diluted Shares Outstanding
C.H Robinson Worldwide Inc’s predicted levered beta is 0,61 All of this information is sourced from C.H Robinson Worldwide Inc’s Market Summary"
We also determined a 20,54% marginal tax rate from C.H Robinson Worldwide
Inc’s tax rate disclosures in its 10-K 42
Ticker Stock Exchange Fiscal Year Ending Moody's Corporate Rating S&P Corporate Rating Predicted Beta Marginal Tax Rate by Moody’s and S&P, respectively
4.2 Calculation of Fully Diluted Shares Outstanding
C.H Robinson Worldwide Inc most recent basic shares outstanding count is 116,890 million, as sourced from the first page of its latest 10-K _“*| We searched recent press releases and SEC filings to ensure that no stock splits, follow-on offerings, or major share buybacks, for example, took place following the most recent 10-Q filing _“*! We also confirmed that C.H Robinson Worldwide Inc does not have any tranche of options/warrants and convertible securities outstanding
Plus: Shares from In-the-Money Options -
Less: Shares Repurchased Net New Shares from Options Plus: Shares from Convertible Securities
Number of Exercise In-the-Money
Tranche Shares Price Shares Proceeds
Tranche 1 Tranche 2 Tranche 3 Tranche 4 Tranche 5
Issue 1 Issue 2 Issue 3 Issue 4 Issue 5 Total
Consequently, fully diluted shares outstanding is equal to basic shares outstanding, both of which equal 116,890 million shares.
Balance Sheet Dafa e cre tee nh nhe kh kh ch sẻ xà vài DS 4.4 Selected Market Data cá cọc n nàn nh nh nh nh hs xi cà 59 4.5 Reported Income Statement
Cash and Cash Equivalents Accounts Receivable Inventories Prepaids and Other Current Assets
Property, Plant and Equipment, net Goodwill and Intangible Assets Other Assets
Under “Selected Market Data”, we entered C.H Robinson Worldwide Inc share price information as well as the most recent quarterly (MRQ) dividend paid of $0,61 per share (as sourced from C.H Robinson Worldwide Inc's Dividend History_!*!), C.H Robinson Worldwide Inc's share price was $69,65 as of market close on March 5, 2024, representing 65,5% of its 52-week high and its 52-week range was $106,36 - $69,12_""
Selected Market Data Current Price
% of 52-week High 52-week High Price 52-week Low Price Dividend Per Share (MRQ)
Plus: Noncontrolling Interest Less: Cash and Cash Equivalents
4.4.1, Equity Value The 116,890 million fully diluted shares outstanding output feeds into the
“Selected Market Data” section, where it is multiplied by C.H Robinson Worldwide Inc current share price of $69,65 to produce an equity value of $8.141,4 million This calculated equity value forms the basis for calculating enterprise value
Selected Market Data Current Price
52-week Low Price 3/05/2024 Dividend Per Share (MRQ)
Plus: Noncontrolling Interest Less: Cash and Cash Equivalents
We used selected balance sheet data, specifically total debt and cash, together with the previously calculated equity value to determine C.H Robinson Worldwide Inc enterprise value C.H Robinson Worldwide Inc had $920,7 million of Total debt outstanding, Cash & Cash Equivalents of $174,7 million as of 30/09/2023 The net debt balance of $746 million was added to equity value of
$8.141,4 million to produce an enterprise value of $8.887,4 million
% of 52-week High 52-week High Price 52-week Low Price Dividend Per Share (MRQ)
Less: Cash and Cash Equivalents (174.7)
4.5 Reported Income Statement In the “Reported Income Statement” section, we entered the historical income statement items directly from C.H Robinson Worldwide Inc 10-K and 10- Q The LTM column automatically calculates C.H Robinson Worldwide Inc LTM financial data on the basis of the prior annual year, and the prior and current year stub inputs
Oo The figures for 2020A, 2021A, 2022A are taken from Consolidated Statements of Operations in Form 10-K for the fiscal year ended December 31, 2022 “ og ©The data of Prior Stub and Current Stub is taken from Consolidated Condensed Statements of Operations in Form 10-Q for the quarterly period ended September 30, 2023_“4, particularly “Nine months ended September 30” section go ©LTMindex = FYE + Current Stub - Prior Stub
Net Income Effective Tax Rate
Weighted Avg Diluted Shares Diluted EPS
Adjusted Income Statement 42 4.7 Cash Flow Statement Dafa uc cà nh nh nh eeeeessev 2 4.8 LTM Return on Investment RatIos c3 4.9 LTM Credit iiiiaẳiẳaẳỶỳỲậỶ
“Adjusted Income Statement” section, as appropriate We entered the adjusted items directly from C.H Robinson Worldwide Inc’s News Release #214
Non-recurring Items in COGS 66 20.2 18.8 24, 310
Non-recurring Items in COGS 16.6 20,2 255 18,8 243 31,0
Non-recurring Items in COGS 16.6 20,2 : 18,8 243 31,0
Non-operating Non-rec Items 3 243 23,5
Tax Adjustment Adjusted Net Income
C.H Robinson Worldwide Inc’s historical Depreciation & Amortization and Capital Expenditures were entered directly into the input page as they appeared in the cash flow statement from its 10-K and 10-Q with adjustments made as necessary for non-recurring items
4.8 LTM Return on Investment Ratios 4.8.1 Return on Invested Capital
For ROIC, we calculated 30,9% by dividing C.H Robinson Worldwide Inc’s LTM 30/09/2023 adjusted EBIT of $650,2 million by the sum of its average net debt and shareholders’ equity balances for the periods ending 31/12/2022 and 30/09/2023
EBIT $650,2 © Average Net Debtt Equity ($ 920,049-$217,482+$ 1.353,422)+($920,72—$ 174,733+$ 1,404,584)
For ROE, we calculated 33,5% by dividing C.H Robinson Worldwide Inc’s LTM 30/09/2023 adjusted Net income of $461,5 million by its average shareholders’ equity balance for the periods ending 31/12/2022 and 30/09/2023
4.8.3 Return on Assets For ROA, we calculated 8,2% by dividing C.H Robinson Worldwide Inc’s LTM 30/09/2023 adjusted Net income of $461,5 million by its average total assets for the periods ending 31/12/2022 and 30/09/2023
To calculate dividend yield, we annualized C.H Robinson Worldwide Inc’s dividend payment of $0,61 per share for the most recent quarter, which implied an annual dividend payment of $2,44 per share The implied annualized dividend payment of $2,44 per share was then divided by C.H Robinson Worldwide Inc’s current share price of $69,65 to calculate an implied annual dividend yield of 3,5%
Implied Annual Dividend Yield = Most Recent Quarterly DividendPer Sharex4
LTM Return on Investment Ratios Retum on Invested Capital 30,9%
Implied Annual Dividend Per Share 3.5%
4.9 LTM Credit Statistics 4.9.1, Debt-to-Total Capitalization
For Debt-to-Total Capitalization, we divided C.H Robinson Worldwide Inc’s total debt of $920,72 million as of 30/09/2023 by the sum of its total debt and shareholders’ equity for the same period ($920,72 million - $1.404,584 million)
This provided a Debt-to-Total Capitalization ratio of 39,6%
TotalDebtao,as,asa; ? Shareholders EqultY 30, 09/2023
4.9.2 Total Debt-to-EBITDA For Total Debt-to-EBITDA, we divided C.H Robinson Worldwide Inc’s total debt of $920,72 million by its LTM 30/09/2023 adjusted EBITDA of $750,2 million This provided a total leverage multiple of 1,2x (1x on a net debt basis)
Total Debtso/o9/2023 _ $920/72 _ Total Debt/EBITDA i ‘LTM AdiustedEBITDA $750.2 ° - ={ 12x
For EBITDA-to-Interest Expense, we divided C.H Robinson Worldwide Inc’s LTM 30/09/2023 adjusted EBITDA of $750,2 million by its interest expense of $109,7 million for the same period This provided a ratio of 6,8x We also calculated the company’s (EBITDA — capex)-to-Interest Expense and EBIT-to- Interest Expense ratios at 5,4x and 5,9x, respectively
LTM AdjustedEBITDA | $750,2 =6.8x EBITDA/Interest E mlerest Expense | TM InterestExpense ^ $ 109,7 i
In the “Trading Multiples” section, we entered consensus estimates for C.H
Robinson Worldwide Inc’s 2023E and 2024E sales, EBITDA, EBIT, and EPS_““, These estimates, along with the calculated enterprise and equity values, were used to calculate forward trading multiples C.H Robinson Worldwide Inc’s LTM adjusted financial data is also linked to this section and used to calculate trailing trading multiples
4.10.1 Enterprise Value Multiples For Enterprise Value-to-LTM EBITDA, we divided C.H Robinson Worldwide Inc’s enterprise value of $8.887,4 million by its LTM 30/09/2023
46 adjusted EBITDA of $750,2 million, providing a multiple of 11,8x For EV/2023E EBITDA, we divided the same enterprise value of $8.887,4 million by C.H
Robinson Worldwide Inc’s 2023E EBITDA of $651,6 million to calculate a multiple of 13,6x This same methodology was used for EV/2024E EBITDA, as well as for the trailing and forward sales and EBIT enterprise value multiples
, Enterprise Value _ $8.887,4 _p 5 EV/Sales ; LTMSales $184414 5
EV/EBITDA ; “ LIM AdiustedEBITDA $750,2 = + 11.8 ` 4.10.2 Price-to-Earnings Ratio
The approach for calculating P/E mirrors that for EV/ EBITDA We divided C.H Robinson Worldwide Inc’s current share price of $69,65 by its LTM, 2023E, 2024E EPS of $3,88, $2,72 and $3,41 respectively These calculations provided P/E ratios of 17,9x, 25,6x and 20,4x, respectively
4.11 Growth Rates In the “Growth Rates” section, we calculated C.H Robinson Worldwide Inc’s historical and estimated growth rates for sales, EBITDA, and EPS for various periods For historical data, we used the adjusted income statement financials from
4.6 section As shown in the below table, C.H Robinson Worldwide Inc’s EPS grew 23% over the past year (1-year historical growth)
For the forward growth rates, we used consensus estimates from the “Trading Multiples” (4.10 section) On a forward year basis, C.H Robinson Worldwide Inc’s expected EPS growth rate for 2022A to 2023E 1s -64,3%, with an expected 2022A to 2024E CAGR of -33,1% We sourced C.H Robinson Worldwide Inc’s long-term EPS growth rate of 23,2%, which is based on equity research analysts’ estimates, from consensus estimates “1
B BENCHMARK THE COMPARABLE COMPANIES AND DETERMINE VALUATION
After completing the Calculation of Key ratios and multiples, we were prepared to perform the benchmarking analysis for American Airlines Group Inc
The first two benchmarking output pages focused on the comparables’ financial characteristics, enabling us to determine American Airlines Group Inc.’s relative position among its peers for key value drivers (see Page | & Page 2) This benchmarking analysis, in combination with a review of key business characteristics, also enabled us to identify American Airlines Group Inc.’s closest comparables—in this case, S.F Holding Co., Ltd; United Airlines Holdings, Inc.;
C.H Robinson Worldwide Inc These closest comparables were instrumental in helping to frame the ultimate valuation range
Benchmarking analysis - Financial $tatistics and Ratios, Page †
(Sin millions, except per shar data)
| Maret Valuation RE TẾ Tô LTM Pofgbilt Mai Growth Rates
Gross Net Sales EBITDA EPS
Equity Enterprise Gross Net Profit EBITDA EBIT Income Hist Est Hist Est Hist Est Est Company Ticker Value Value Sales Profit EBITDA EBIT lncome (⁄) (M) (%) (h) lyear lyear lyear lyear lyear fear LI American Airlines Group Inc AAL $10.175 $28390 $52.914 $12439 $7,024 3476 $2451 24% 13% % 5% 64% = 8% -50% 359% 6X 133% 18%
Tier |: Larqe-Gap S.F Holding Co., Ltd 00232 $27097 $26.550 $35632 $4501 $2271 $1651 $1016 = 13% 11% 5% 3% 20% 3% 37% 31% 18% 30% 5%
United Airlines Holdings, Inc, UAL 14974 392 524W 153% 2611 56M 3476 29% 16% 11% 7% 82% 19% 379% 00% 122% 242% 0%
Source: Company filings, Bloomberg, Consensus Estimates
Benchmarking analysis - Financial Statistics and Ratios, Page 2 a Se Implied Debt nã Debi/í NetDebt/ị EBITDA/ EBITDA EBIT/ rete Emm
Predicted ROC ROE ROA DWVield TotCap EBITDA EBITDA IntExp -Cpxilnt lntExp
Company Ticker FYE Beta (%) {h) 6) 6) 6) ) 6) 6) tì ) Moody's $&P
American Airlines Group Inc AAL thg 12-31 0,82 32% 45% 4% % 121% 42x 2,6x 42x 5,7x 2,8x BI B-
Tier Ì: Larqe-Cap §.F Holding Co., Ltd 002352 thg1231 0,59 14% Th 4% % 29% 1Áx 05x 12,0x 17,7x 5,1x AM A
United Airlines Holdings, Inc UAL thg 12-31 1,00 17% 44% 5% 0% 80% 43x 22x 87x 0ôx 60x Ba2 BB- C.H Robinson Worldwide Inc CHRW thạ 1231 0,61 31% 33% 8% 4% 40% 12x 10x 6,âx 5,4x 5,9x Baa2 BBB+
Source: Company filings, Bloomberg, Consensus Estimates
We used the output page below to analyze and compare the trading multiples for American Airlines Group Inc.’s comparables As previously discussed, financial performance typically translates directly into valuation Therefore, we focused on the multiples for American Airlines Group Inc.’s closest comparables as the basis for framing valuation
2 Determine Valuation The means and medians for the comparables universe helped establish an initial valuation range for American Airlines Group Inc, with the highs and lows providing further perspective To fine-tune the range, however, we focused on those comparables deemed closest to American Airlines Group Inc in terms of business and financial profile—namely S.F Holding Co., Ltd; United Airlines Holdings, Inc.; C.H Robinson Worldwide Inc
Companies in American Airlines Group’s sector tend to trade on the basis of forward EV/EBITDA multiples Therefore, we framed our valuation of American