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Landstar System, Inc. – General Freight Trucking, Local
landstar stands for safe, secure and reliable transportation services delivered by our unique network of small business owners. independent agents and capacity providers operating under the landstar umbrella enjoy the strength and support of one of the industry’s most stable and successful companies. our network of independent entrepreneurs provide customers with personalized service at the local level with the global reach and resources of a multi-billion dollar company. with more than 1,100 agents, over 9,000 leased owner operators, 14,000 trailers and 44,000 other approved capacity providers, we have a solution to your transportation challenge. to fully understand the scope of expertise the landstar network can provide, visit http://www.landstar.com or call 877-696-4507 to request more information on any service. for corporate employment opportunities: http://www.landstar.com/corporate-information for agent pre-qualification: http://www.landstar.com/agent-pre-qualification for owner
Analysis Results
Intrinsic Value $212.72
Latest Price $178.92
Relative Value 16% undervalued
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Cash Flow (Millions)
Analysis Parameters
New Ticker
Analysis Details
Growth Rate Projection

An exponential growth model was fit to the past cash flow data, giving more weight to more recent years. This model determined a growth rate estimate of 9.9%.

Weighted Average Cost of Capital (WACC)

The calculated WACC is 8.1%. This value is used as the default discount rate.

Value of Future Flows

Assuming a growth rate of 9.9%, the cash flows for the next 5 years are projected.

The present value of each year's flow is adjusted to present value using the discount rate.

Year Future flow (million) Present value (million)
2023 382 353
2024 419 359
2025 461 365
2026 506 371
2027 556 377
Terminal Value

Assuming a growth rate after the projection years of 2.0%, the terminal value of the company would be 9290 million. This corresponds to a present value of 5820 million.

Intrinsic Value Per Share

The total present value of the projected cash flows is 1820 million. Adding in the terminal value gives a total present value of 7650 million.

There are presently 35.9 million outstanding shares, so the intrinsic value per share is 212.72.

Financial Statements

The following data was to determine the past cash flows.

Current Assets 1,439,390,000
Current Cash 393,536,000
Current Liabilities 878,135,000
Current Debt 129,128,000
Non-Cash Working Capital (NCWC) 296,847,000
Change in NCWC -117,809,000
EBIT 571,083,000
Tax Provision 136,549,000
Depreciation and Amortization 57,453,000
Capital Expenditure -26,005,000
Unlevered Free Cash Flow 347,301,916
Current Assets 1,522,900,000
Current Cash 251,300,000
Current Liabilities 1,009,983,000
Current Debt 153,039,000
Non-Cash Working Capital (NCWC) 414,656,000
Change in NCWC 193,184,000
EBIT 505,668,000
Tax Provision 120,168,000
Depreciation and Amortization 49,609,000
Capital Expenditure -23,261,000
Unlevered Free Cash Flow 604,079,646
Current Assets 1,208,175,000
Current Cash 290,729,000
Current Liabilities 806,137,000
Current Debt 110,163,000
Non-Cash Working Capital (NCWC) 221,472,000
Change in NCWC 32,394,000
EBIT 255,532,000
Tax Provision 56,891,000
Depreciation and Amortization 45,855,000
Capital Expenditure -30,626,000
Unlevered Free Cash Flow 244,770,878
Current Assets 997,888,000
Current Cash 352,416,000
Current Liabilities 552,904,000
Current Debt 96,510,000
Non-Cash Working Capital (NCWC) 189,078,000
Change in NCWC -145,697,000
EBIT 298,904,000
Tax Provision 68,060,000
Depreciation and Amortization 44,468,000
Capital Expenditure -19,416,000
Unlevered Free Cash Flow 109,476,203
Current Assets 971,429,000
Current Cash 199,736,000
Current Liabilities 535,818,000
Current Debt 98,900,000
Non-Cash Working Capital (NCWC) 334,775,000
Change in NCWC 80,338,000
EBIT 331,735,000
Tax Provision 73,168,000
Depreciation and Amortization 43,570,000
Capital Expenditure -9,747,000
Unlevered Free Cash Flow 371,980,680
Current Assets 961,203,000
Current Cash 242,416,000
Current Liabilities 548,643,000
Current Debt 84,293,000
Non-Cash Working Capital (NCWC) 254,437,000
Change in NCWC -5,060,000
EBIT 243,968,000
Tax Provision 63,806,000
Depreciation and Amortization 40,560,000
Capital Expenditure -15,586,000
Unlevered Free Cash Flow 199,237,095
Current Assets 737,407,000
Current Cash 178,897,000
Current Liabilities 380,311,000
Current Debt 81,298,000
Non-Cash Working Capital (NCWC) 259,497,000
Change in NCWC 2,776,000
EBIT 223,251,000
Tax Provision 82,107,000
Depreciation and Amortization 35,796,000
Capital Expenditure -22,645,000
Unlevered Free Cash Flow 155,651,523
Current Assets 662,670,000
Current Cash 114,520,000
Current Liabilities 369,537,000
Current Debt 78,108,000
Non-Cash Working Capital (NCWC) 256,721,000
Change in NCWC 29,095,000
EBIT 241,706,000
Tax Provision 91,068,000
Depreciation and Amortization 29,102,000
Capital Expenditure -4,804,000
Unlevered Free Cash Flow 202,906,176
Current Assets 732,328,000
Current Cash 163,944,000
Current Liabilities 410,451,000
Current Debt 69,693,000
Non-Cash Working Capital (NCWC) 227,626,000
Change in NCWC 45,773,000
EBIT 224,372,000
Tax Provision 82,386,000
Depreciation and Amortization 27,575,000
Capital Expenditure -10,539,000
Unlevered Free Cash Flow 203,611,698
Current Assets 682,468,000
Current Cash 180,302,000
Current Liabilities 375,660,000
Current Debt 55,347,000
Non-Cash Working Capital (NCWC) 181,853,000
Change in NCWC -44,131,000
EBIT 176,590,000
Tax Provision 64,457,000
Depreciation and Amortization 27,667,000
Capital Expenditure -6,373,000
Unlevered Free Cash Flow 88,102,248
Current Assets 591,944,000
Current Cash 74,284,000
Current Liabilities 344,339,000
Current Debt 52,663,000
Non-Cash Working Capital (NCWC) 225,984,000
Change in NCWC 43,088,000
EBIT 205,853,000
Tax Provision 72,968,000
Depreciation and Amortization 27,456,000
Capital Expenditure -7,072,000
Unlevered Free Cash Flow 195,239,891

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