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Transportation & Logistics Industry Update TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ JANUARY 2017 www.harriswilliams.com Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is private limited company 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 (registration number 7078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. 0 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ JANUARY 2017 WHAT WE’RE READING CONTENTS LOGISTICS | ONLINE HOLIDAY SHOPPING DRIVES RECORD RETURNS . M&A TRANSACTIONS Ecommerce sales are causing a record in returns. National Returns Day, January 5, . PUBLIC MARKETS OVERVIEW will reach a new peak, according to UPS. Holiday shoppers are projected to . STOCK PRICE PERFORMANCE return 1.3 million packages with UPS on National Returns Day and more than 5.8 . OUR GROUP million packages during the first full week of January 2017. In 2016, shoppers returned more than 1 million packages on National Returns Day and 5 million packages during the peak returns week. The process of returning packages has seen improvement, according to the UPS Pulse of the Online Shopper study. CONTACTS Material Handling & Logistics UNITED STATES TRUCKING | TRUCKLOAD SPOT RATES SHOW TRUCKING INDUSTRY REBOUND Frank Mountcastle An index that measures truckload pricing showed that spot rates continue to Managing Director exceed contract rates, which analysts predict will result in a rebound in the [email protected] industry in 2017. The Cowen-Chainalytics Freight Indices report, distributed by +1 (804) 915-0124 Cowen analyst Jason Seidl, showed that dry-van spot rates were 4.5% higher than Jason Bass contract rates late November, which was the biggest gap of 2016. “The trend may Managing Director be because of capacity constraints related to the peak shipping season,” Seidl [email protected] explained in the report. “Notably, we did not see this type of activity last year in +1 (804) 915-0132 the dry-van market.” Joe Conner Transport Topics Managing Director [email protected] MARINE | SHIPPING ALLIANCES SHORE UP INDUSTRY, UNSETTLE CUSTOMERS +1 (804) 915-0151 Jeff Burkett A tumultuous year in the container-shipping industry, which included one big Director operator going under and others bundling together to stay afloat, ended with [email protected] three major alliances poised to dominate ocean trade for years to come. +1 (804) 932-1334 Container shipping, which moves 95% of all manufactured goods, is estimated by industry executives to be worth $1 trillion a year. Traditionally controlled by Jershon Jones sovereign-wealth funds and deep-pocketed individuals, it has been a fragmented Director [email protected] industry over the past 30 years, with dozens of operators regularly undercutting +1 (804) 932-1356 each other on price. But overcapacity and sluggish global trade have forced the biggest players to merge or form alliances, allowing them to cut operating costs Jeff Kidd by hundreds of millions of dollars by sharing ships and port calls. Vice President [email protected] Wall Street Journal +1 (804) 915-0178 RAIL | GLOBAL RAIL LOGISTICS TO SURPASS $210 BILLION BY 2021 James O’Malley Vice President According to the latest market study released by Technavio, the global rail [email protected] logistics market is expected to grow at a compound annual growth rate (CAGR) +1 (804) 915-0165 of nearly four percent between 2017 and 2021. This research report provides an analysis of the market in terms of revenue and emerging market trends and includes analysis and forecasts for various market segments and all geographical regions. The important market drivers responsible for the growth of the global rail EUROPE logistics market are the increased efficiency of rail freight over truck freight, reduction in traffic and road congestion on highways, and growth of rail Jeffery Perkins intermodal transportation. Managing Director Global Trade Magazine [email protected] +49 (0) 69 3650638 00 AIR | AIR CARGO SURGE COULD CONTINUE THROUGH 2017 Global air freight traffic increased 6.8% in November from a year earlier, driven by strong growth in most regions, particularly Europe, and could continue rising through 2017, the International Air Transport Association said. The uptick in growth coincides with an increase in the shipment of silicon materials used in high-value consumer electronics products shipped by air and an “apparent” turnaround in new export orders, IATA said. The modal shift to air cargo following the collapse of Sout Korean container line Hanjin Shipping in August may have also contributed to the increase in demand for air cargo. Journal of Commerce www.harriswilliams.com PAGE | 1 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ JANUARY 2017 M&A TRANSACTIONS RECENT M&A TRANSACTIONS1,2 Date Sector Target Business Description Acquirer 1/17/2017 Logistics Worldwide Express Provides non-asset based third party logistics solutions to small and Ridgemont Equity Partners medium sized businesses. 1/13/2017 Transportation Randall Manufacturing Manufactures specialty products used primarily in refrigerated semi- Safe Fleet Equipment LLC trailers in connection with the transportation of food and beverages. 1/10/2017 Logistics Global Freight Source Provides logistics and freight forwarding services. GlobalTranz Enterprises Inc. Inc. 1/9/2017 Logistics Freightex Ltd. Provides cross-channel and international freight, freight prices, and United Parcel Service, truck capacity across Europe. Inc. 1/9/2017* Rail RailPros Offers construction/project management, railroad coordination, Bow River Capital training and inspections. Partners 1/5/2017 Logistics Lomas Logistics, Inc. Provides logistics, packaging, warehousing, and storage services. Radiant Logistics, Inc. 1/5/2017 Logistics C&S Carpet Distribution, Provides delivery services for manufacturers of carpet and floor Best Services Group, Inc. Inc. coverings. 1/4/2017 Logistics Elite Express Provides less-than truckload, truckload and temperature-controlled Linx Partners freight services. 1/4/2017 Transportation NEBR Provides mass transit repair and maintenance services. Linx Partners Equipment 1/4/2017 Logistics TTS, LLC Provides multimodal, agent-based freight management services. Sunteck Transport Group 1/3/2017 Air PEMCO World Air Provides aircraft maintenance and engineered services to Air Transport Services Services, Inc. commercial air carriers. Group, Inc. 12/29/2016 Logistics National Fast Freight, Offers less than truckload shipping services throughout Canada. TransForce, Inc. Inc. 12/22/2016 Trucking Daseke, Inc. Provides trucking and logistics services. Hennessy Capital Acquisition Corp. II 12/22/2016 Trucking Interide Transportation Provides refrigerated food transportation throughout the western KJM Capital LLC LLC United States. 12/22/2016 Trucking Blue Sky Logistics LLC Operates dry van and refrigerated trucks in the western United KJM Capital LLC States. 12/21/2016 Logistics Continental Traffic Provides supply chain management solutions. BlueGrace Logistics Company 12/20/2016 Rail Workhorse Rail LLC Engages in the manufacture and supply of freight car parts. Westinghouse Air Brake Technologies Corporation 12/12/2016 Marine Pentalver Transport Operates off-dock container terminals. Genesee & Wyoming Inc. Limited 12/8/2016 Logistics JS Logistics Provides product, storage, distribution and on-demand rush delivery USPack Logistics services. *Denotes minority investment PAGE | 2 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ JANUARY 2017 PUBLIC MARKETS OVERVIEW TEV / LTM EBITDA TEV / 2017E EBITDA Logistics Providers 10.6x Logistics Providers 9.3x Rail & Rail Services 10.2x Rail & Rail Services 9.3x Marine 8.8x Marine 7.9x Transportation Trucking 6.5x 7.2x Equipment Transportation 5.9x Equipment Trucking 6.4x AVERAGE REVENUE GROWTH (2013 – 2016) AVERAGE REVENUE GROWTH (2016 – 2018P) Logistics Providers 4.5% Logistics Providers 5.9% Marine 3.5% Trucking 4.7% Transportation Transportation 3.0% 2.1% Equipment Equipment Trucking 2.6% Rail & Rail Services (0.4%) Rail & Rail Services 1.8% Marine (2.4%) AVERAGE EBITDA GROWTH (2013 – 2016) AVERAGE EBITDA GROWTH (2016 – 2018P) Transportation 14.2% Logistics Providers 10.0% Equipment Logistics Providers 6.8% Trucking 8.2% Rail & Rail Services 6.4% Marine 3.6% Transportation Trucking 6.1% 0.3% Equipment Marine 5.9% Rail & Rail Services (2.8%) PAGE | 3 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ JANUARY 2017 STOCK PRICE PERFORMANCE MEDIAN % CHANGE (1 MONTH) MEDIAN % CHANGE (12 MONTH) Marine 0.5% Transportation Equipment 50.8% S&P 500 0.4% Rail & Rail Services 33.6% Transportation Equipment (0.9%) Logistics Providers 27.2% Rail & Rail Services (1.7%) Trucking 23.4% Logistics Providers (4.0%) S&P 500 18.0% Trucking (8.6%) Marine 6.6% TRAILING TWELVE MONTHS (Indexed to January 11th, 2016) 70% 65% 60% 55% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% (5%) (10%) (15%) (20%) (25%) (30%) Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Logistics Providers Trucking Rail and Rail Services Marine Transportation Equipment S&P 500 Index PAGE | 4 TRANSPORTATION & LOGISTICS INDUSTRY UPDATE │ JANUARY 2017 OUR GROUP Harris Williams & Co. is a leading advisor to the transportation
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