XPO - Incredible Execution From Old Dominion Continuing To Support An Incredible Valuation

• Old Dominion beat expectations in the fourth quarter and looks poised to gain share yet again in the recovery cycle, as the company leverages superior service quality and available capacity.
• Operating ratio is likely to head below 75%, a once unthinkable level of efficiency, and greater discipline across the sector is likely only going to help over the longer-term.
• Old Dominion is in a class by itself for many metrics, and valuation is no exception. At best I can say that the valuation may be inline with superior industrials.

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