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WCM Stock in Focus | Old Dominion Freight Line: A ‘Picks and Shovels' Play on the Rise of Ecommerce

01/17/2022 | 03:45am EDT



A key focus of the WCM Quality Global Growth portfolio is to find quality global companies with durable, strengthening economic moats and corporate cultures aligned to this growth. An example of a company that demonstrates these characteristics is Old Dominion Freight Line (Old Dominion).

Founded in 1934, Old Dominion started as a single truck driving a 94-mile route in Virginia. Today, Old Dominion is now a less-than-truckload freight leader in the industry and global transportation company. What really sets the company apart from its competitors is how customers view Old Dominion as a trusted partner, and the strong competitive advantages and corporate culture the company has as a result.

Transcript

Tom Hickey (TH): Hello and welcome to the Stock in Focus with WCM Investment Management. Today, I'm talking with Brian Huerta from WCM, how are you Brian?

Brian Huerta (BH): I'm doing well, Tom.

TH: Good to speak with you. Today we're going to be talking about a company called Old Dominion Freight Lines. Can you tell us a bit about what this company does?

BH: Old Dominion is a less-than-truckload carrier in North America, which simply means that it's taking palletised freight and moving it from one point to another. We think it's going to benefit from a pickup in industrial production in North America, as well as benefit from the build-out of all these warehouses and distribution centres that are out there to support e-commerce. It has the best-in-class service and are helping its customers get that freight closer to the customer.

TH: What's the corporate culture like at the business? How does that support the competitive advantage at Old Dominion?

BH: This is a trucking company that's ultra-focused on their customer. You see that with some of the industry-leading metrics when it comes to online performance and delivering products that are free of any damage. If you talk to its customers, they really view Old Dominion as a partner, and that comes out in the culture. Everyone is committed and held accountable to delivering really good results. I think some of it might even go back to its history of being a mostly family-owned business in rural North Carolina and developing deep customer relationships that develop and mature over time.

TH: You mentioned operating efficiency, what are some of the other competitive advantages at the business?

BH: This is a company that's incredibly customer-centric, and it's just well known to be a partner with its customers. It delivers industry-leading metrics, and it's only able to achieve that by developing really strong, trusted relationships with its customers. It's a real key source of the competitive advantages - that's really what sets them apart versus other trucking companies in its space.

TH: Brian, thanks for joining us.

BH: Thanks for having me, Tom.

DISCLAIMER: Switzer Asset Management Limited (SAML)(ABN 26 123 611 978, AFSL 312247) is a wholly owned subsidiary of Contango Asset Management Limited, a financial services business listed on the ASX (CGA). CGA has prepared this material for general information purposes only for WCM Global Growth Limited, a listed investment company (ASX: WQG).

SAML is the responsible entity for WCM Quality Global Growth Fund (Quoted Managed Fund)(ARSN 625 955 240)(ASX: WCMQ) and WCM Quality Global Growth Fund (Managed Fund)(ARSN 630 062 047). CGA is a corporate authorised representative (CAR No. 1288558) of ST Funds Management Limited (AFSL 416778) to provide general financial product advice.

Contango International Management Pty Limited (CIML)(ABN 33 617 319 123) is the investment manager for WQG and is an authorised representative of SAML. WCM Investment Management, LLC (WCM) is the underlying manager and applies its WCM Quality Global Growth Equity Strategy (the Strategy), excluding Australia, in managing each of WQG, WCMQ and WCM Quality Global Growth Fund (Managed Fund)(the Funds). WCM does not hold an AFSL. WQG and CIML are part of the Contango Group.

Even though the Strategy, excluding Australia, is applied to each of WQG, WCMQ and WCM Quality Global Growth Fund (Managed Fund) certain factors including, but not limited to, differences in cash flows, fees, expenses, performance calculation methods, portfolio sizes and composition may result in variances between the investment returns for each portfolio. The performance of the Strategy is not the performance of the portfolios and is not an indication of how WQG, WCMQ and WCM Quality Global Growth Fund (Managed Fund) would have performed in the past or will perform in the future.

The material should not be viewed as a solicitation or offer of advice or services by WCM, CGA or SAML. It does not contain investment recommendations nor provide investment advice. It does not take into account the objectives, financial situation or needs of any particular individual. Investors should, before acting on this material, consider the appropriateness of the material.

Neither SAML, CGA, their related bodies corporate, entities, directors or officers guarantees the performance of, or the timing or amount of repayment of capital or income invested in the Funds or that the Funds will achieve its investment objectives. Past performance is not indicative of future performance.

Any economic or market forecasts are not guaranteed. Any references to particular securities or sectors are for illustrative purposes only and are as at the date of publication of this material. This is not a recommendation in relation to any named securities or sectors and no warranty or guarantee is provided that the positions will remain within the portfolio of the Funds. The reader should not assume that an investment in the securities identified was or will be profitable.

Investors should seek professional investment, financial or other advice to assist the investor determine the individual tolerance to risk and needs to attain a particular return on investment. In no way should the investor rely on information contained in this material.

Investors should read the Product Disclosure Statement (PDS) of the Funds or any relevant offer document in full before making a decision to invest in these products.

Disclaimer

Contango Asset Management Limited published this content on 17 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 January 2022 08:44:09 UTC.


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Financials
Sales 2021 5,51 M 3,92 M 3,92 M
Net income 2021 -0,80 M -0,57 M -0,57 M
Net cash 2021 3,88 M 2,76 M 2,76 M
P/E ratio 2021 -58,9x
Yield 2021 -
Capitalization 31,5 M 22,4 M 22,4 M
EV / Sales 2020 2,28x
EV / Sales 2021 7,94x
Nbr of Employees 17
Free-Float 54,2%
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Martin Francis Switzer Director
Conor Byrne Chief Financial Officer
Nerida Campbell Chairman
Ben Meakin Head-Operations
Sally Smith Head-Compliance
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