External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Key points (machine generated)<ul><li>Forward Air Corporation is expected to be sold to a financial buyer within two months for around $40, offering a potential return of 30%.</li><li>The market may be overly pessimistic about the sale's likelihood and timing, underestimating the deal premium due to the strategic value of Forward Air's assets.</li><li>Despite challenges in executing a sale, analysts believe a sale is imminent, with the stock trading around $30.50, below pre-announcement levels.</li></ul>This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Key points (machine generated)Forward Air Corporation is expected to be sold to a financial buyer within two months for around $40, offering a potential return of 30%.The market may be overly pessimistic about the sale's likelihood and timing, underestimating the deal premium due to the strategic value of Forward Air's assets.Despite challenges in executing a sale, analysts believe a sale is imminent, with the stock trading around $30.50, below pre-announcement levels.This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Forward Air Corp (FWRD) - Wednesday, Jul 23, 2025

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Forward Air Corporation recently reported its earnings results for the first quarter of 2025, showcasing both areas of stability and elements that warrant cautious attention.</li><li>The logistics and transportation company revealed a consolidated EBITDA of $69 million for the quarter, consistent with the previous quarter and marking an improvement from the $63 million reported a year ago.</li><li>This indicates a stabilizing trend in the company's core financial performance.</li></ul>

Forward Air Corporation recently reported its earnings results for the first quarter of 2025, showcasing both areas of stability and elements that warrant cautious attention.The logistics and transportation company revealed a consolidated EBITDA of $69 million for the quarter, consistent with the previous quarter and marking an improvement from the $63 million reported a year ago.This indicates a stabilizing trend in the company's core financial performance.

Forward Air Sparks Buyout Buzz: Why PE Giants Are Circling This Troubled Trucker!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Despite $IWM already hitting our price target at 200-day MA/YTD downtrend, and the $SPX getting to within 1% of our target at 200-day MA, we see this 1.5-month rally continuing.</li>
<li>We expect further upside as long as the 1.5-month uptrend channels remain intact on the SPX and IWM, and we believe that breakouts above their 200-day MAs could be coming</li>
<li>Breakouts above their 200-day MAs that would likely signal the end to this bear market.</li>
</ul>


Despite $IWM already hitting our price target at 200-day MA/YTD downtrend, and the $SPX getting to within 1% of our target at 200-day MA, we see this 1.5-month rally continuing.
We expect further upside as long as the 1.5-month uptrend channels remain intact on the SPX and IWM, and we believe that breakouts above their 200-day MAs could be coming
Breakouts above their 200-day MAs that would likely signal the end to this bear market.


Small- And Mid-Cap Indexes Poised to Break Out?; Further Upside Expected; Buys Within Cyclicals

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>An M&amp;A deal and a spinoff are both closing soon.  The M&amp;A will trigger an intra-review SP 500 ADD. The spinoff will trigger a SP 600 DEL.</li>
<li>We expect two changes during the regular June 2026 rebalance and two more intra-review index changes after the regular rebalance is announced.</li>
</ul>


The SP 500 index tracks the 500 largest US-listed names and is one of the most highly-tracked indices in the world.
An M&amp;A deal and a spinoff are both closing soon.  The M&amp;A will trigger an intra-review SP 500 ADD. The spinoff will trigger a SP 600 DEL.
We expect two changes during the regular June 2026 rebalance and two more intra-review index changes after the regular rebalance is announced.


Quiddity Leaderboard SP500/600 Jun26 Rebal: One Intra-Review ADD Imminent as M&A Deal Nears Close

Our long-term bullish outlook remains intact. The weight of the evidence still points to further upside, allowing, of course, for occasional backing and filling. That said, we are selective about new buy recommendations.  In today’s report we provide a recap of our investment thesis and sector weightings, and highlight actionable ideas within cyclical Groups, including Air Freight &amp; Logistics, Truckers, and Paper &amp; Packaging.

Our long-term bullish outlook remains intact. The weight of the evidence still points to further upside, allowing, of course, for occasional backing and filling. That said, we are selective about new buy recommendations.  In today’s report we provide a recap of our investment thesis and sector weightings, and highlight actionable ideas within cyclical Groups, including Air Freight &amp; Logistics, Truckers, and Paper &amp; Packaging.

United States

Forward Air Corporation provides transportation services to air freight forwarders, air cargo carriers, and domestic and international airlines.  The Company also operates a truckload business that is an irregular route, high service-level carrier that transports a wide range of commodities in both interstate and intrastate commerce.

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Forward Air (FWRD US)

Forward Air Corp (FWRD) - Wednesday, Jul 23, 2025

Forward Air Corporation is expected to sell to a financial buyer within two months for around $40, offering a potential 30% return, despite current...

Value Investors Club (VIC)

Forward Air Sparks Buyout Buzz: Why PE Giants Are Circling This Troubled Trucker!

Forward Air Corporation recently reported its earnings results for the first quarter of 2025, showcasing both areas of stability and elements that...

Baptista Research

Small- And Mid-Cap Indexes Poised to Break Out?; Further Upside Expected; Buys Within Cyclicals

Despite $IWM already hitting our price target at its 200-day MA/YTD downtrend, & the $SPX getting to within 1% of our target at its 200-day MA, we...

Vermilion Research

Quiddity Leaderboard SP500/600 Jun26 Rebal: One Intra-Review ADD Imminent as M&A Deal Nears Close

We expect 1 spinoff change to SP500/600 imminently, one M&A change to SP500, then two changes in the June 2026 rebalance. There could be two other...

Anjana Amarasuriya

U.S. Equity Strategy

Our long-term bullish outlook remains intact. The weight of the evidence still points to further upside, allowing, of course, for occasional...

Vermilion Research

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