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Logistics & Transportation Industry Seale & Associates Creative Solutions. Trusted Advice. LOGISTICS & TRANSPORTATION INDUSTRY Q1 2020 VALUATION UPDATE LOGISTICS & TRANSPORTATION INDUSTRY – VALUATION UPDATE “Industry valuation multiples have varied significantly due to the recent market dislocation caused by COVID-19’s global pandemic. We present below valuation multiples before the market disruption (February 19, 2020) as well as the latest available as of the publication date of this report” CURRENT MARKET SITUATION PUBLIC COMPARABLE COMPANIES - GLOBAL ROAD FREIGHT Annual Average Pre Downturn After Downturn Market Annual Enterprise EBITDA EV / EBITDA February 19, 2020 April 24, 2020 Company Country Cap. Revenue Value Margin EV / EV / EV / EV / US$MM US$MM 2018 2019 EBITDA Revenue EBITDA Revenue CJ Logistics KOR $2,149 $4,950 $9,021 7.0% 13.6x 14.2x 12.9x 0.7x 8.4x 0.6x Corporation J.B. Hunt Transport USA $10,715 $11,969 $9,356 13.3% 13.0x 10.9x 10.5x 1.4x 9.3x 1.3x Services, Inc. Knight-Swift Transportation USA $6,092 $7,046 $4,764 18.8% 14.4x 6.7x 7.4x 1.6x 7.2x 1.5x Holdings Inc. Landstar System, USA $3,943 $3,870 $3,984 7.9% 14.3x 11.3x 12.3x 1.0x 12.3x 1.0x Inc. Nippon Express Co., JPN $4,366 $6,363 $19,364 5.7% 7.4x 6.1x 6.4x 0.4x 5.7x 0.3x Ltd. Old Dominion USA $16,823 $16,511 $4,106 26.2% 13.9x 11.7x 16.3x 4.3x 15.1x 4.0x Freight Line, Inc. Schneider National, USA $3,720 $3,564 $4,747 13.5% 8.1x 5.5x 5.5x 0.8x 5.3x 0.8x Inc. TFI International CAN $2,244 $3,566 $3,660 14.4% 9.1x 7.5x 7.6x 1.2x 5.9x 1.0x Inc. Mean 13.3% 11.7x 9.2x 9.9x 1.4x 8.6x 1.3x Median 13.4% 13.3x 9.2x 9.1x 1.1x 7.8x 1.0x Logistics & Transportation Source: Capital IQ, Mergermarket Seale & Associates Industry Q1 2020 Creative Solutions. Trusted Advice. LOGISTICS & TRANSPORTATION INDUSTRY – VALUATION UPDATE CURRENT MARKET SITUATION PUBLIC COMPARABLE COMPANIES - GLOBAL RAIL FREIGHT Annual Average Pre Downturn After Downturn Cap. Annual Enterprise EBITDA EV / EBITDA February 19, 2020 April 24, 2020 Company Country Mkt. Revenue Value Margin EV / EV / EV / EV / US$M US$MM 2018 2019 EBITDA Revenue EBITDA Revenue Aurizon Holdings AUS $5,494 $7,631 $2,097 49.4% 8.3x 9.7x 9.6x 4.7x 8.1x 4.0x Limited Canadian National CAN $56,313 $66,412 $11,501 50.3% 13.2x 13.3x 13.1x 6.8x 12.0x 6.3x Railway Company Canadian Pacific CAN $31,103 $38,072 $5,692 55.5% 12.8x 12.6x 13.3x 7.4x 11.7x 6.7x Railway Limited CSX Corporation USA $49,187 $63,943 $11,779 53.1% 12.1x 11.1x 11.3x 6.4x 9.5x 5.4x GMéxico MEX $3,295 $4,874 $2,525 42.7% 10.1x 7.7x 8.3x 3.3x 6.0x 2.5x Transportes Kansas City USA $12,487 $16,021 $2,923 50.4% 11.0x 11.5x 14.0x 7.2x 10.5x 5.5x Southern Norfolk Southern USA $41,312 $53,746 $11,296 46.0% 11.2x 11.5x 12.1x 5.9x 9.8x 4.8x Corporation Union Pacific USA ####### $134,269 $21,553 51.1% 12.2x 13.2x 13.7x 7.0x 11.8x 6.2x Corporation West Japan Railway JPN $11,863 $20,876 $14,280 23.9% 6.8x 7.2x 7.2x 1.7x 6.0x 1.4x Company Mean 46.9% 10.9x 10.9x 11.4x 5.6x 9.5x 4.8x Median 50.3% 11.2x 11.5x 12.1x 6.4x 9.8x 5.4x Logistics & Transportation Source: Capital IQ, Mergermarket Seale & Associates Industry Q1 2020 Creative Solutions. Trusted Advice. LOGISTICS & TRANSPORTATION INDUSTRY – VALUATION UPDATE CURRENT MARKET SITUATION PUBLIC COMPARABLE COMPANIES - GLOBAL AIR FREIGHT Annual Average Pre Downturn After Downturn Market Annual Enterprise EBITDA EV / EBITDA February 19, 2020 April 25, 2020 Company Country Cap. Revenue Value Margin EV / EV / EV / EV / US$MM US$MM 2018 2019 EBITDA Revenue EBITDA Revenue Bollore FRA $7,336 $33,651 $27,879 10.4% 18.6x 12.5x 11.5x 1.5x 11.6x 1.3x C.H. Robinson USA $9,493 $10,601 $15,310 5.7% 15.6x 12.2x 11.6x 0.7x 11.1x 0.7x Worldwide, Inc. Deutsche Post AG DEU $34,773 $49,881 $71,359 7.6% 9.7x 8.0x 8.5x 0.9x 6.7x 0.7x Expeditors International of USA $12,083 $11,247 $8,175 10.0% 14.2x 13.6x 12.3x 1.5x 12.2x 1.4x Washington, Inc. FedEx Corporation USA $32,149 $63,825 $69,666 5.8% 9.2x 10.1x 11.4x 1.1x 6.5x 0.9x Financière de FRA $2,631 $32,722 $27,879 10.4% 16.9x 11.2x 10.2x 1.3x 11.3x 1.2x l'Odet SA United Parcel USA $85,999 $108,453 $74,094 10.7% 12.0x 13.8x 12.2x 1.5x 11.0x 1.5x Service, Inc. ZTO Express CHN $22,647 $20,416 $3,175 30.4% 16.4x 16.4x 19.3x 5.9x 20.1x 6.4x (Cayman) Inc. Mean 11.4% 14.1x 12.2x 12.1x 1.8x 11.3x 1.8x Median 10.2% 14.9x 12.4x 11.5x 1.4x 11.2x 1.2x Logistics & Transportation Source: Capital IQ, Mergermarket Seale & Associates Industry Q1 2020 Creative Solutions. Trusted Advice. LOGISTICS & TRANSPORTATION INDUSTRY – VALUATION UPDATE CURRENT MARKET SITUATION PUBLIC COMPARABLE COMPANIES - GLOBAL SEA FREIGHT Annual Average Pre Downturn After Downturn Market Annual Enterprise EBITDA EV / EBITDA February 19, 2020 April 24, 2020 Company Country Cap. Revenue Value Margin EV / EV / EV / EV / US$MM US$MM 2018 2019 EBITDA Revenue EBITDA Revenue A.P. Møller - Mærsk DNK $17,673 $29,940 $38,890 11.5% 11.7x 8.8x 7.3x 0.9x 5.1x 0.8x A/S Kuehne + Nagel CHE $17,216 $18,647 $21,780 5.9% 15.1x 13.6x 13.0x 1.0x 10.5x 0.9x International AG Hapag-Lloyd DEU $22,582 $28,952 $14,149 11.8% 11.3x 9.5x 10.8x 1.6x 13.7x 2.1x Aktiengesellschaft Mitsui O.S.K. Lines, JPN $1,984 $12,435 $10,666 10.8% 13.5x 12.2x 10.1x 1.2x 9.5x 1.2x Ltd. Nippon Yusen JPN $2,144 $12,223 $15,624 7.7% 11.7x 12.7x 9.2x 0.8x 8.7x 0.8x Kabushiki Kaisha MISC Berhad MYS $7,987 $9,956 $2,189 40.1% 9.0x 10.9x 10.0x 4.9x 10.3x 4.8x Kirby Corporation USA $2,942 $4,456 $2,838 16.3% 14.1x 12.3x 13.4x 2.1x 8.3x 1.6x Orient Overseas HKG $2,612 $2,952 $6,879 6.7% 16.1x 10.2x 6.9x 0.7x 4.4x 0.4x Limited Mean 13.8% 12.8x 11.3x 10.1x 1.7x 8.8x 1.6x Median 11.1% 12.6x 11.6x 10.0x 1.1x 9.1x 1.0x Logistics & Transportation Source: Capital IQ, Mergermarket Seale & Associates Industry Q1 2020 Creative Solutions. Trusted Advice. LOGISTICS & TRANSPORTATION INDUSTRY – VALUATION UPDATE GLOBAL TRANSACTIONS ROAD FREIGHT % Size EV / EV / Date Target Country Description Buyer Acquired US$MM EBITDA Revenue Warehousing and Jan-20 Prime Distribution Services, Inc. USA C.H. Robinson Worldwide, Inc. 100% $10 - 2.1x freight services Xin Yuan Enterprises Group Asphalt tanker Oct-19* CHN Well Grace Trading Co., Limited 12% $10 10.3x 3.9x Limited chatering services Dry-van truck load Aug-19 Millis Transfer, Inc. USA Heartland Express, Inc. 100% $150 - 1.0x services Jun-19 Chalmers Limited AUS Road freight services Qube Logistics (Aust) Pty Ltd 100% $53 NM 1.0x Mar-19 Space Cargo Headquarters SA ESP Road freight services C.H. Robinson Worldwide, Inc. 100% $53 - 0.6x Autotransportes El Bisonte, S.A. DE Aug-18 MEX Road freight services Grupo Traxión, S.A.B. de C.V. 100% $76 7.1x 1.4x C.V. Sichuan Fulin Transportation Jun-18 CHN Road freight services Undisclosed 19% $150 - - Group Co., Ltd. CM Downton (Haulage Mar-18 GBR Logistic services EmergeVest Limited 100% $104 - 0.6x Contractors) Ltd. Two modern Big Box logistics Oct-17 GBR Logistic centres Tritax Big Box REIT plc 100% $104 - 0.0x facilities at Prologis Park Aug-17 Milgram & Company Ltd. CAN Logistic services C.H. Robinson Worldwide, Inc. 100% $49 - 0.4x Jul-17 Interstate Distributor Co., Inc. USA Road freight services Heartland Express, Inc. 100% $117 - 0.3x Apr-17 Swift Transportation Company USA Road freight services Knight Transportation, Inc. 100% $2,971 - - Jul-16 Paragon Automotive Ltd. GBR Logistic services BCA Marketplace plc 100% $174 12.1x 0.8x Road freight services Jul-16 Span-Alaska Transportation, Inc. USA Matson Logistics, Inc. 100% $198 9.4x - in Alaska Jun-16 Palletways Group Limited GBR Distribution services Imperial Mobility International BV 100% $235 9.9x 1.2x NM: Not Meaningful Mean 9.8x 1.1x *Announced Median 9.9x 0.9x Logistics & Transportation Source: Capital IQ, Mergermarket Seale & Associates Industry Q1 2020 Creative Solutions. Trusted Advice. LOGISTICS & TRANSPORTATION INDUSTRY – VALUATION UPDATE GLOBAL TRANSACTIONS RAIL FREIGHT % Size EV / EV / Date Target Country Description Buyer Acquired US$MM EBITDA Revenue Container leasing Brookfield Asset Management Inc.
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