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>Heartland Express, Inc. (HTLD) is trading at $9.34 with a target price of $16.63, suggesting a 78% potential upside.</li><li>The stock has ranged from $7.11 to $13.67 over the past year, with an average daily trading volume of 613,269 shares.</li><li>The company has a market cap of $734 million, total debt of $200 million, $24 million in cash, and a dividend yield of 0.9%.</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)Heartland Express, Inc. (HTLD) is trading at $9.34 with a target price of $16.63, suggesting a 78% potential upside.The stock has ranged from $7.11 to $13.67 over the past year, with an average daily trading volume of 613,269 shares.The company has a market cap of $734 million, total debt of $200 million, $24 million in cash, and a dividend yield of 0.9%.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.

Heartland Express, Inc. (HTLD) - Wednesday, Jul 9, 2025

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>The Colonial Motor Company (CMO) reported its FY25 result, and 2 Cheap Cars (2CC) updated the market—both spoke to persistent macro headwinds.</li><li>The September 2025 quarter saw total used-vehicle transactions lift +5% quarter-on-quarter, the second consecutive quarter of growth, with total vehicle imports up +9% to reach record highs.</li><li>Turners Automotive (TRA) continues to stand out in what, for now, remains a challenging environment.</li></ul>

The Colonial Motor Company (CMO) reported its FY25 result, and 2 Cheap Cars (2CC) updated the market—both spoke to persistent macro headwinds.The September 2025 quarter saw total used-vehicle transactions lift +5% quarter-on-quarter, the second consecutive quarter of growth, with total vehicle imports up +9% to reach record highs.Turners Automotive (TRA) continues to stand out in what, for now, remains a challenging environment.

Forsyth Barr Vehicle And EV Digest Edition 10—Macro Headwinds, Micro Strengths

<ul><li>The June 2025 quarter extended the uneven trends seen in the first quarter of 2025, with NZ's vehicle markets continuing to face macro headwinds amid soft import volumes and a fragile consumer backdrop.</li><li>Our sales tracker indicates TRA's sales volumes are tracking broadly flat in comparison with FY25 thus far in FY26, modestly below our estimates for a +4% increase during FY26.</li><li>On 4 July 2025, we downgraded our rating on TRA to NEUTRAL, from OUTPERFORM, citing a re-rating of ~50% over the past year to ~14x 12-month forward PE.</li></ul>

The June 2025 quarter extended the uneven trends seen in the first quarter of 2025, with NZ's vehicle markets continuing to face macro headwinds amid soft import volumes and a fragile consumer backdrop.Our sales tracker indicates TRA's sales volumes are tracking broadly flat in comparison with FY25 thus far in FY26, modestly below our estimates for a +4% increase during FY26.On 4 July 2025, we downgraded our rating on TRA to NEUTRAL, from OUTPERFORM, citing a re-rating of ~50% over the past year to ~14x 12-month forward PE.

Forsyth Barr Vehicle And Ev Digest Edition 9—Industrys Uneven Road Continues

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

As the major averages break topside their respective 50-day M.A.s - a positive in its own right - we are encouraged by the shift away from growth &amp; defensives toward the down-and-out laggards in the value arena. It is too early to tell for certain if these are anything more than short-term countertrend moves, but for now the moves we are seeing give us reason for optimism -- something that was running very low just one week ago. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Manufacturing, and Transportation: Homebuilding, Small-Cap, Auto Parts, Large-Cap, Trucking, Large-Cap, and Trucking, Small-Cap.

As the major averages break topside their respective 50-day M.A.s - a positive in its own right - we are encouraged by the shift away from growth &amp; defensives toward the down-and-out laggards in the value arena. It is too early to tell for certain if these are anything more than short-term countertrend moves, but for now the moves we are seeing give us reason for optimism -- something that was running very low just one week ago. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Manufacturing, and Transportation: Homebuilding, Small-Cap, Auto Parts, Large-Cap, Trucking, Large-Cap, and Trucking, Small-Cap.

U.S. Equity Strategy: Value Closes the Gap on Growth

Our outlook remains bullish, and this is not based solely on new highs in the S&amp;P 500 or Russell 2000. While we like to have those boxes checked, more important to us are the trends at the Sector and Group levels. And right now what we see confirms a risk-on environment confirmed by technical strength in manufacturing, biotechs, banks, energy, miners, semis, and foreign markets -- all buys.

Our outlook remains bullish, and this is not based solely on new highs in the S&amp;P 500 or Russell 2000. While we like to have those boxes checked, more important to us are the trends at the Sector and Group levels. And right now what we see confirms a risk-on environment confirmed by technical strength in manufacturing, biotechs, banks, energy, miners, semis, and foreign markets -- all buys.

U.S. Equities: Sector & Group-Level Trends Confirm Risk-On Environment

United States

Heartland Express, Inc. is a short-to-medium haul truckload carrier.  The Company transports a variety of goods, including appliances, automotive parts, paper products, retail goods, and packaged foodstuffs.  Heartland operates in the United States.

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Heartland Express (HTLD US)

Heartland Express, Inc. (HTLD) - Wednesday, Jul 9, 2025

The company has a market cap of $734 million, total debt of $200 million, $24 million in cash, and a dividend yield of 0.9%.

Value Investors Club (VIC)

Forsyth Barr Vehicle And EV Digest Edition 10—Macro Headwinds, Micro Strengths

The Colonial Motor Company (CMO) reported its FY25 result, and 2 Cheap Cars (2CC) updated the market—both spoke to persistent macro headwinds.

Forsyth Barr

Forsyth Barr Vehicle And Ev Digest Edition 9—Industrys Uneven Road Continues

Our sales tracker indicates TRA's sales volumes are tracking broadly flat in comparison with FY25 thus far in FY26, modestly below our estimates...

Forsyth Barr

U.S. Equity Strategy: Value Closes the Gap on Growth

As the major averages break topside their respective 50-day M.A.s - a positive in its own right - we are encouraged by the shift away from growth...

Vermilion Research

U.S. Equities: Sector & Group-Level Trends Confirm Risk-On Environment

Our outlook remains bullish, and this is not based solely on new highs in the S&P 500 or Russell 2000. While we like to have those boxes...

Vermilion Research

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