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XPO - ArcBest Is Cheap But Asset-Light Results Need To Improve
XPO Logistics Inc.
ArcBest (ARCB) is trading at 0.82x book value and its forward P/E ratio 10x. The stock corrected after its recent earnings and its performance over the last 18 months has been very disappointing with the stock down ~50% from the highs it made in late 2018. The company has two reporting segments: Asset-Based (which is primarily its Less than Truckload ("LTL") business) and Asset-Light (which is primarily third-party logistics business).
For the full year 2019, the company reported $2.1 bn in LTL revenues (down 1.2% on per day basis versus 2018) and its