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Transportation & Logistics TRANSPORTATION & LOGISTICS INDUSTRY UPDATE | DECEMBER 2017 www.harriswilliams.de Harris Williams & Co. Ltd is a private limited company authorised and regulated by the Financial Conduct Authority, incorporated under English law with its registered office at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered with the Registrar of Companies for England and Wales under company number 07078852. Directors: Mr. Ned Valentine, Mr. Paul Poggi, Mr. Thierry Monjauze and Mr. Aadil Khan. Harris Williams & Co. Ltd Niederlassung Frankfurt (German branch) is registered in the Commercial Register (Handelsregister) of the Local Court (Amtsgericht) of Frankfurt am Main, Germany, under registration number HRB 96687, having its business address at Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany. Permanent Representative (Ständiger Vertreter) of the Branch Niederlassung: Mr. Jeffery H. Perkins. 0 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ DECEMBER 2017 WHAT WE’RE READING CONTENTS LOGISTICS | SUPPLY CHAINS ARE GOING TO GET SMARTER IN 2018 . M&A TRANSACTIONS By the end of 2020, one-third of all manufacturing supply chains will be using . PUBLIC MARKETS OVERVIEW analytics-driven cognitive capabilities, thus increasing cost efficiency by 10% and . STOCK PRICE PERFORMANCE service performance by 5%. "Manufacturers of every size and shape are changing . OUR GROUP rapidly because of new digital technologies, new competitors, new ecosystems, and new ways of doing business,” says Kimberly Knickle, research vice president, IT Priorities and Strategies with analyst firm IDC Manufacturing Insights. “Manufacturers that can speed their adoption of digital capabilities in order to CONTACTS create business value will be the leaders of their industry.“ Technologies that will have the greatest impact include cloud, mobile, Big Data and analytics, and the Internet of Things (IoT). UNITED STATES Material Handling & Logistics Frank Mountcastle TRUCKING | TONNAGE AND CASS FREIGHT INDEX STRONG IN NOVEMBER Managing Director [email protected] The American Trucking Associations (ATA) For-Hire Truck Tonnage Index and the +1 (804) 915-0124 Cass Freight Index Report reported positive news for November. The ATA’s Jason Bass advanced seasonally-adjusted (SA) index at 115.8 was up 2.3% in November, Managing Director following a 3.9% October gain. On a YTD basis through November, the SA is up [email protected] 3.5% annually. The Cass Freight Index Report, showed both sequential and annual +1 (804) 915-0132 gains for November freight shipments and expenditures. November shipments, at Joe Conner 1.155, were up 0.2% over October and 6.3% annually and have been positive for Managing Director the last 14 months. Freight expenditures in November, at 2.629, saw 0.9% gain over [email protected] October and a 14.3% annual hike. +1 (804) 915-0151 Logistics Management Jershon Jones Director MARINE | OCEAN CARGO RATES WILL FIRM UP IN 2018 [email protected] +1 (804) 932-1356 During 2017, freight rates in global ocean container transportation saw strong upwards correction mainly due to the bankruptcy of Hanjin Shipping (then the 6th Jeff Burkett largest global ocean carrier) in September 2016. Other factors supporting the rate Director increases of 2017 will continue in 2018: a return of higher trade volume growth and [email protected] +1 (804) 932-1334 a further increases in fuel prices (triggering higher fuel surcharges), among others. Some of these price drivers will continue to influence the direction of prices in Jeff Kidd 2018, whereas other were short term and will have no further effects. Vice President [email protected] Logistics Management +1 (804) 915-0178 RAIL | CN PLACES MAJOR POWER ORDER WITH GE James O’Malley Vice President CN will acquire 200 new locomotives over the next three years from GE [email protected] Transportation. CN said it ordered the ET44AC locomotives “to accommodate +1 (804) 915-0165 future growth opportunities and drive operational efficiency across [our] system.” The order is the largest by any Class I railroad since 2014. “We are bullish on the EUROPE North American economy and on our ability to compete and win new business with our superior service model,” said CN President and CEO Luc Jobin. “These GE Jeffery Perkins Transportation locomotives and their digital technology will support and enhance Managing Director our operational efficiency. We look forward to adding these units to our fleet as [email protected] part of our commitment to operational and service excellence.” +49 (0) 69 3650638 00 Railway Age AIR | AIR CARGO SECTOR CONTINUES TO SHOW SIGNS OF REVIVAL While the nation’s air cargo industry remains strong, several indicators suggest that demand may have passed the growth peak. According to IATA, inventory-to-sales ratio in the U.S. is “tracking sideways,” signaling that the period when companies look to restock inventories quickly—which often gives air cargo a boost—has ended. Meanwhile, the new export orders component of the global Purchasing Managers' Index (PMI) is stable. And the upward trend in seasonally-adjusted freight volumes has moderated. Freight volumes are still expected to grow in 2018, although at a slower pace than in 2017. Logistics Management PAGE | 1 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ DECEMBER 2017 M&A TRANSACTIONS(1,2,3) RECENT M&A TRANSACTIONS Date Sector Target Business Description Acquirer 1/2/2018 Logistics Redwood Logistics Provides freight transportation services CI Capital Partners 12/21/2017* Marine Gener8 Maritime, Inc. Provides transportation services Euronav NV 12/19/2017 Marine Magnes & Co. SASU Provides freight forwarding services Financière Magnes SAS 12/15/2017 Marine KNOT Shuttle Tankers 32 Provides deep sea foreign transportation services KNOT Shuttle Tankers AS AS 12/14/2017 Logistics Channel Distribution Operates as a full service warehouse and distribution center Wind Point Advisors LLC; Corp. St. George Logistics Corp. 12/13/2017 Logistics Shipt, Inc. Provides a local network of reliable shoppers and connects Target Corporation members to groceries and everyday essentials 12/12/2017 Logistics G. Bosman Transport Provides agri and food chain logistics services AB Transport Group BV Nisse BV 12/11/2017 Logistics Grocontinental Ltd. Provides logistics services for food industry Oaktree Capital Management Private Equity; AGRO Merchants 12/11/2017 Logistics MR Coal Marketing & Provides logistics services Blackjewel LLC Trading LLC 12/8/2017 Logistics AB Transport + Service Provides logistics solutions services Heppner Société de GmbH Transports SAS 12/7/2017 Logistics Charlier N. SA Provides logistics solutions services Jost Logistics SA 12/7/2017 Marine Freight Handlers, Inc. Provides third-party logistics and freight management services GlobalTranz Enterprises, Inc. 12/7/2017 Logistics WINDEA Offshore GmbH Provides logistics and supply solutions for the construction and Buss Group GmbH & Co. & Co. KG operation of offshore wind farms KG 12/7/2017 Logistics Keen Transport Provides heavy-haul logistics and transportation services for the Wallenius Wilhelmsen construction, mining, and agriculture equipment markets Logistics ASA 12/7/2017 Marine M/G Transport Services Provides barge transportation services Auxo Investment Partners 12/6/2017 Logistics U.S. Growers Cold Provides cold storage or refrigerated warehousing Lineage Logistics / Bay Storage Grove LLC 12/5/2017 Logistics Metro Title Services Provides title and registration services to the fleet industry and auto MetroGistics Holdings dealers 12/5/2017 Trucking JS Transportation Co. Provides trucking services for hazardous materials Rinchem Co., Inc. Ltd. 12/4/2017 Trucking TSH & Co. / The Provides long and short haul trucking services in the US and Daseke, Inc. Roadmaster Group / worldwide Moore Freight Service *Denotes pending transaction PAGE | 2 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ DECEMBER 2017 PUBLIC MARKETS OVERVIEW(1) TEV / LTM EBITDA TEV / 2017E EBITDA Logistics Providers 13.2x Logistics Providers 12.0x Rail & Rail Services 11.9x Rail & Rail Services 11.6x Marine 9.8x Marine 10.4x Transportation 8.6x Equipment Trucking 9.0x Transportation Trucking 8.5x 8.6x Equipment AVERAGE REVENUE GROWTH (2013 – 2016) AVERAGE REVENUE GROWTH (2016 – 2018P) Transportation Transportation Equipment 4.7% 10.5% Equipment Logistics Providers 4.0% Logistics Providers 9.7% Trucking 2.8% Trucking 8.2% Rail & Rail Services 2.1% Marine 6.4% Marine (4.3%) Rail & Rail Services 0.8% AVERAGE EBITDA GROWTH (2013 – 2016) AVERAGE EBITDA GROWTH (2016 – 2018P) Transportation 19.4% Transportation 19.9% Equipment Equipment 6.0% Rail & Rail Services Logistics Providers 13.2% 5.1% Trucking Trucking 10.9% 5.1% Logistics Providers Rail & Rail Services 3.2% (0.8%) Marine Marine (2.7%) PAGE | 3 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ DECEMBER 2017 STOCK PRICE PERFORMANCE(1) MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) Rail & Rail Services 5.1% Transportation 47.0% Equipment Logistics Providers 3.4% Trucking 35.7% S&P 500 2.7% Rail & Rail Services 30.5% Trucking 2.1% Logistics Providers 22.5% Marine 1.9% S&P 500 20.2% Transportation Equipment (3.7%) Marine 0.3% TRAILING TWELVE MONTHS (Indexed to January 3rd, 2017) 60% 50% 40% 30% 20% 10% 0% (10%) (20%) (30%) (40%) Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Logistics Providers Trucking Rail and Rail Services Marine Transportation Equipment S&P 500 Index
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