Comment / M&A radar: Skinning cats at XPO Logistics and Old Dominion

What did you say!?! Photo by Max Kleinen on Unsplash

Whoever said there are more ways than one to skin a cat probably wasn’t thinking about trading multiples or corporate activity.

There are many multiples to consider when looking at companies and investment prospects, and as many reasons to complain about them, but they do tell stories.

One story often told by, for example, XPO Logistics’ chief exec Brad Jacobs, centres on his company’s share price, not least when divided by its per-share earnings, ie, its p/e ratio, which is a blunt ...