C.H. Robinson Worldwide, Inc.


SKU: CHRW Category:


This is our first report on C.H. Robinson Worldwide, a well-known provider of multimodal transportation and third-party logistics service. The company’s last financial results were well below par and reflected pricing drops and sluggish demand. It saw an estimated mix of 65% contractual and 35% transactional volumes during Q4. Routing guide depth of tender, a proxy for their entire market, fell from 1.3 in the third quarter to 1.2 in the fourth quarter. The market downturn was particularly noticeable on a sequential basis, with AGP down 13%, Global Forwarding down 24% and NAST down 11%. Their volume in the NAST Truckload business decreased year over year, with shipments falling by 4%. When freight demand deteriorated in the fourth quarter, monthly volume fell sequentially from October through December. The contractual truckload AGP per shipment increased, which resulted in a 6.5% rise in their AGP per truckload shipment compared to Q4 of the previous year. Although it decreased by 6.5% on a sequential basis, the company’s truckload AGP per shipment was still higher than the 10-year average. We initiate coverage on the stock of C.H. Robinson Worldwide, Inc. with a ‘Hold’ rating.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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