CHRW – Market expectations are for Uniform ROA to fade to new lows, and management has concerns about their Global Forwarding segment, growth, and tariffs

June 18, 2019

  • C.H. Robinson Worldwide, Inc. (CHRW:USA) currently trades near recent averages relative to UAFRS-based (Uniform) Earnings, with a 15.4x Uniform P/E. At these levels, the market has bearish expectations for the firm, and management may be concerned about their Global Forwarding segment, revenue and carrier growth, and the impact of tariffs on freight shipments
  • Specifically, management may be concerned about churn in the North American truckload segment, the value of transportation management system offerings, and declines in Global Forwarding volumes, activity, and headcount. Additionally, they may lack confidence in their ability to increase the value of supply chain solutions, manage interest expense, and sustain growth in air net revenues, new carriers, and their consolidation business. Finally, they may be concerned about a normalization of routing guide performance, their ability to help customers mitigate the impact of tariffs, and their relationship with carriers.

Download the file here: CHRW – Embedded Expectations Analysis – 2019 06 18

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