FSS – FEDERAL SIGNAL CORPORATION (HQ: USA/Industry: Machinery)
Federal Signal Corporation designs, manufactures and supplies a suite of products and integrated solutions for municipal, governmental, industrial and commercial customers. The company’s portfolio of products that it manufactures includes sewer cleaners, industrial vacuum loaders, vacuum- and hydro-excavation trucks, street sweepers, road-marking and line-removal equipment, waterblasting equipment, dump truck bodies, trailers, and safety and security systems, including technology-based products and solutions for the public safety market.

10-Year Financial Summary (Recent/Average)
Revenue: $1.2B/$960M, with 3 declining years and 7.3% YoY growth
EPS (USD): 1.63/1.23, with 4 declining years and 4.5% YoY growth
BV (USD): 12.57/7.56, with 1 declining year and 11.8% YoY growth
FCF: $64M/$61M, with 4 declining years and -40.2% YoY decrease
Dividend: Increased 0%
Share Count: Decreased -27%

To value the business at the current market price the company would need more than a 13% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=277509&owner=exclude

JBHT – J. B. HUNT TRANSPORT SERVICES, INC. (HQ: USA/Industry: Road & Rail)
J.B. Hunt Transport is one of the largest surface transportation, delivery, and logistics companies in North America. Providing safe and reliable transportation and delivery services to a diverse group of customers and consumers throughout the continental United States, Canada, and Mexico.

10-Year Financial Summary (Recent/Average)
Revenue: $12.2B/$7.6B, with 0 declining years and 26.3% YoY growth
EPS (USD): 7.14/4.34, with 2 declining years and 50.6% YoY growth
BV (USD): 27.81/15.30, with 0 declining years and 18.1% YoY growth
FCF: $276M/$172M, with 5 declining years and -28.1% YoY decrease
Dividend: Increased 111%, with 0 declining years
Share Count: Decreased -11%

To value the business at the current market price the company would need more than a 28% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=728535&owner=exclude

CADE – CADENCE BANK (HQ: USA/Industry: Banks)
Cadence Bank conducts commercial banking and financial services directly and through its banking-related subsidiaries. The Company’s lending activities include both commercial and consumer loans. Loan originations are derived from a number of sources including direct solicitation by the company’s loan officers, existing depositors and borrowers, builders, attorneys, walk-in customers and, in some instances, other lenders, real estate broker referrals and mortgage loan companies.

10-Year Financial Summary (Recent/Average)
Revenue: $1.2B/$824M, with 1 declining year and 15.3% YoY growth
EPS (USD): 1.54/1.57, with 2 declining years and -27.4% YoY decrease
BV (USD): 15.17/18.80, with 1 declining year and -40.5% YoY decrease
FCF: $1.1B/$242M, with 3 declining years and 543.3% YoY growth
Dividend: Increased 1,850%, with 0 declining years
Share Count: Increased 44%

The stock is trading below its margin of safety intrinsic value by 18%

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1299939&owner=exclude

INBK – FIRST INTERNET BANCORP (HQ: USA/Industry: Banks)
First Internet Bancorp is a bank holding company offers a wide range of commercial, small business, consumer and municipal banking products and services. Conducting its consumer and small business deposit operations primarily through digital channels on a nationwide basis and have no traditional branch offices. The company’s residential mortgage products are offered nationwide primarily through a digital direct-to-consumer platform and are supplemented with Central Indiana-based mortgage and construction lending. Its consumer lending products are primarily originated on a nationwide basis through relationships with dealerships and financing partners.

10-Year Financial Summary (Recent/Average)Revenue: $115M/$60M, with 0 declining years and 16.2% YoY growth
EPS (USD): 4.82/2.34, with 3 declining years and 61.2% YoY growth
BV (USD): 37.98/25.65, with 2 declining years and 17% YoY growth
FCF: $25M/$8M, with 2 declining years
Dividend: Increased 9%, with 2 declining years
Share Count: Increased 233%

To value the business at the current market price the company would need more than a 19% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1562463&owner=exclude

CLF – CLEVELAND-CLIFFS INC. (HQ: USA/Industry: Metals & Mining)
Cleveland-Cliffs is the largest flat-rolled steel producer and manufacturer of iron ore pellets in North America. The company is vertically integrated from mined raw materials, direct reduced iron and ferrous scrap to primary steelmaking and downstream finishing, stamping, tooling and tubing.

10-Year Financial Summary (Recent/Average)
Revenue: $20.4B/$5.3B, with 5 declining years and 281.8% YoY growth
EPS (USD): 5.36/-4.47, with 4 declining years
BV (USD): 7.99/4.49, with 3 declining years and 370% YoY growth
FCF: $2.1B/$151M, with 7 declining years
Company did not pay a dividend last year
Share Count: Increased 564%

To value the business at the current market price the company would need more than a 29% per year growth for the next 10-years

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=764065&owner=exclude