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  "documentTitle": "Forward Air Corporation (FWRD)",
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      "text": "FWRD shares trade at 8.6x NTM EBITDA estimates. Ten-year average forward EBITDA multiple is 10.8x, reflecting a ~20% discount.",
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      "text": "Traditionally, Forward Air served as a wholesaler to its freight forwarding and cargo airline customers. Following the acquisition of Omni, Forward Air has direct access to shippers. This serves as a material growth opportunity for the Company.",
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      "text": "Source: FactSet, Forward Air presentation dated November 14, 2023. Valuation data is from April 21, 2010 through May 16, 2025.",
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