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Strategies & Market Trends : Value Investing
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To: Brendan W who wrote (24909)10/1/2006 3:37:22 PM
From: Spekulatius  Read Replies (1) of 78714
 
Brendan W: YRCW pension -

Good point about the pension liabilities: YRCW states 2.5-3B$, with a mid point of 2.75B$ this is a 46$/share or about 35$ post tax.

With 10B$ revenue YRCW liability is 27.5% of revenue (pretax.) I get a similar result with peer ABFS - 2B$ revenue with 0.5B$ pension liability is about 25% of revenue, a pretty comparable number.

However , there are non-union trucker which run their own pension (rather than YRCW and ABFS teamster run pensions) and they do seem to look better. When adjusting for those liabilities YRCW does not look that cheap any more. Clearly the unfunded pension liabilities do matter for the trucking company and need to be taken into account. Thanks for bringing this matter to our attention.
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