AssessmentTFII mostly trades at a discount compared to other operators such as ODFL, and SAIA. The current Forward P/E is 18.2x, and historical averages range from 10.3x to 19.0x. We are comfortable here; there may be some cyclical weakness but the company has managed other cycles very well. Previously, the outlook for the freight industry was quite uncertain. However, one of the US operators – SAIA just announced the most recent quarter’s operating results which appear that the freight volume and prices have already bottomed and could start to recover from here. We like TFII here given the potential upside from a recovery and a fair valuation. (5iResearch)