Comment / On the wires: US transportation outlook – what's dirt cheap and what's not

Notably, XPO Logistics isn’t included in the list – yet our latest coverage is here, if you are interested.

The multiples by sub-segments are shown in the four edited-by-me charts below, with the parcel sector flirting with multi-year bottoms, which testifies to the challenges that all players face (structurally lower multiples have been on the cards for a couple of years)…

… while the asset-light operators are broadly looking to consolidate pre-Covid-19 trends and relatively rich valuations…

… with railroads, surprisingly or not, ...