ODFL - Old Dominion: Premium Valuation Outweighs The Strong Execution

• Old Dominion continues to outperform across the top and bottom-lines in FQ3, illustrating its resilience through the cycles.
• However, there are headwinds to account for in FQ4, with signs of revenue deceleration in October and the headcount set to normalize higher.
• The capital return remains limited but adequately supported by a cash-rich balance sheet.
• At current levels, shares come with a hefty price tag, keeping me on hold.

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