Reported Earnings • Aug 10
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: US$0.36 (down from US$0.48 in 2Q 2021). Revenue: US$202.1m (up 19% from 2Q 2021). Net income: US$3.20m (down 24% from 2Q 2021). Profit margin: 1.6% (down from 2.5% in 2Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 58%. Over the next year, revenue is forecast to grow 3.7%, compared to a 14% growth forecast for the industry in the US. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 56% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improved over the past week After last week's 120% share price gain to US$31.00, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Transportation industry in the US. Total returns to shareholders of 207% over the past three years. Valuation Update With 7 Day Price Move • May 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$14.73, the stock trades at a forward P/E ratio of 3x. Average forward P/E is 9x in the Transportation industry in the US. Total returns to shareholders of 21% over the past three years. Reported Earnings • May 01
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$1.49 (up from US$0.41 in 1Q 2021). Revenue: US$201.1m (up 27% from 1Q 2021). Net income: US$13.1m (up 265% from 1Q 2021). Profit margin: 6.5% (up from 2.3% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) also surpassed analyst estimates by 59%. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target decreased to US$21.50 Down from US$32.00, the current price target is provided by 1 analyst. New target price is 43% above last closing price of US$14.99. Stock is down 2.9% over the past year. The company is forecast to post earnings per share of US$3.85 for next year compared to US$2.81 last year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Director Raj Penkar was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Apr 14
Price target decreased to US$21.50 Down from US$33.00, the current price target is provided by 1 analyst. New target price is 45% above last closing price of US$14.86. Stock is down 11% over the past year. The company is forecast to post earnings per share of US$3.85 for next year compared to US$2.81 last year. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$17.93, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 13x in the Transportation industry in the US. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$22.22, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 14x in the Transportation industry in the US. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorated over the past week After last week's 15% share price decline to US$23.84, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Transportation industry in the US. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improved over the past week After last week's 23% share price gain to US$24.17, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 11x in the Transportation industry in the US. Total returns to shareholders of 29% over the past three years. Reported Earnings • Feb 05
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$2.81 (up from US$0.54 in FY 2020). Revenue: US$710.4m (up 29% from FY 2020). Net income: US$24.8m (up 422% from FY 2020). Profit margin: 3.5% (up from 0.9% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improved over the past week After last week's 19% share price gain to US$20.22, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Transportation industry in the US. Total returns to shareholders of 34% over the past three years. Board Change • Dec 06
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Director Raj Penkar was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 25
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$18.97, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Transportation industry in the US. Total loss to shareholders of 8.9% over the past three years. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improved over the past week After last week's 19% share price gain to US$22.25, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 16x in the Transportation industry in the US. Total returns to shareholders of 3.0% over the past three years. Reported Earnings • Oct 31
Third quarter 2021 earnings released: EPS US$0.55 (vs US$0.26 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$181.0m (up 28% from 3Q 2020). Net income: US$4.81m (up 110% from 3Q 2020). Profit margin: 2.7% (up from 1.6% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Price Target Changed • Oct 30
Price target increased to US$28.00 Up from US$23.50, the current price target is provided by 1 analyst. New target price is 45% above last closing price of US$19.27. Stock is up 125% over the past year. The company posted earnings per share of US$0.54 last year. Valuation Update With 7 Day Price Move • Oct 20
Investor sentiment improved over the past week After last week's 19% share price gain to US$19.15, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Transportation industry in the US. Total returns to shareholders of 7.6% over the past three years. Price Target Changed • Sep 16
Price target increased to US$23.50 Up from US$21.50, the current price target is provided by 1 analyst. New target price is 64% above last closing price of US$14.29. Stock is up 36% over the past year. Price Target Changed • Aug 02
Price target decreased to US$21.50 Down from US$24.50, the current price target is provided by 1 analyst. New target price is 53% above last closing price of US$14.04. Stock is up 41% over the past year. Reported Earnings • Jul 31
Second quarter 2021 earnings released: EPS US$0.48 (vs US$0.11 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$170.0m (up 37% from 2Q 2020). Net income: US$4.19m (up US$5.12m from 2Q 2020). Profit margin: 2.5% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 30
Price target increased to US$29.00 Up from US$24.50, the current price target is provided by 1 analyst. New target price is 108% above last closing price of US$13.96. Stock is up 43% over the past year. Reported Earnings • May 04
First quarter 2021 earnings released: EPS US$0.41 (vs US$0.29 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$158.5m (up 25% from 1Q 2020). Net income: US$3.60m (up US$6.15m from 1Q 2020). Profit margin: 2.3% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 55 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Apr 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from US$1.95 to US$1.75 per share. Revenue forecast steady at US$652.2m. Net income forecast to grow 267% next year vs 31% growth forecast for Transportation industry in the US. Consensus price target up from US$17.69 to US$19.50. Share price rose 24% to US$19.11 over the past week. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 17% share price gain to US$18.56, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 18x in the Transportation industry in the US. Total loss to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 21% share price gain to US$16.50, the stock is trading at a trailing P/E ratio of 30.5x, up from the previous P/E ratio of 25.2x. This compares to an average P/E of 29x in the Transportation industry in the US. Total return to shareholders over the past three years is a loss of 35%. Is New 90 Day High Low • Mar 02
New 90-day high: US$15.62 The company is up 68% from its price of US$9.31 on 01 December 2020. The American market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 6.0% over the same period. Reported Earnings • Feb 28
Full year 2020 earnings released: EPS US$0.54 (vs US$0.55 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$551.1m (up 5.5% from FY 2019). Net income: US$4.75m (up US$9.44m from FY 2019). Profit margin: 0.9% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 77% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 28
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 430%. Over the next year, revenue is forecast to grow 17%, compared to a 17% growth forecast for the Transportation industry in the US. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 16% share price gain to US$12.80, the stock is trading at a trailing P/E ratio of 23.7x, up from the previous P/E ratio of 20.4x. This compares to an average P/E of 25x in the Transportation industry in the US. Total return to shareholders over the past three years is a loss of 50%. Is New 90 Day High Low • Feb 09
New 90-day high: US$12.51 The company is up 36% from its price of US$9.21 on 10 November 2020. The American market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Transportation industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$14.61 per share. Price Target Changed • Feb 09
Price target raised to US$17.00 Up from US$14.00, the current price target is an average from 2 analysts. The new target price is 36% above the current share price of US$12.51. As of last close, the stock is up 142% over the past year. Reported Earnings • Feb 07
Full year 2020 earnings released: EPS US$0.54 (vs US$0.55 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: US$551.1m (up 5.5% from FY 2019). Net income: US$4.75m (up US$9.44m from FY 2019). Profit margin: 0.9% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 77% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 07
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 2.5%. Earnings per share (EPS) also surpassed analyst estimates by 430%. Over the next year, revenue is forecast to grow 9.2%, compared to a 13% growth forecast for the Transportation industry in the US. Is New 90 Day High Low • Jan 19
New 90-day high: US$10.36 The company is up 11% from its price of US$9.33 on 21 October 2020. The American market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$7.54 per share. Price Target Changed • Nov 01
Price target raised to US$15.25 Up from US$13.50, the current price target is an average from 3 analysts. The new target price is 78% above the current share price of US$8.57. As of last close, the stock is up 18% over the past year. Analyst Estimate Surprise Post Earnings • Oct 31
Third-quarter earnings released: Revenue and earnings beat expectations Third-quarter revenue exceeded analyst estimates by 5.1% at US$141.8m. Earnings per share (EPS) also surpassed analyst estimates by 271% at US$0.26. Revenue is forecast to grow 6.4% over the next year, compared to a 6.2% growth forecast for the Transportation industry in the US. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total losses of US$6.01m, with earnings decreasing by US$11.4m from the prior year. Total revenue was US$516.4m over the last 12 months, down 4.3% from the prior year. Is New 90 Day High Low • Oct 28
New 90-day low: US$8.41 The company is down 13% from its price of US$9.66 on 30 July 2020. The American market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 7.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$6.53 per share. Price Target Changed • Oct 17
Price target raised to US$13.50 Up from US$12.25, the current price target is an average from 3 analysts. The new target price is 29% above the current share price of US$10.44. As of last close, the stock is up 33% over the past year.