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  "documentTitle": "Forward Air Corporation (FWRD)",
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  "authorName": "Ancora",
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  "presentationDate": "2025-05-16 00:00:00",
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  "notes": "The slide uses a line chart to show pricing delta and a bar chart to show historical operating ratios.",
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      "text": "Forward Air has cumulatively underpriced its revenue per hundredweight by ~32%.",
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      "text": "Historically, Forward Air's expedited LTL business exhibited an operating ratio in the mid-80s despite an underutilized network and suboptimal pricing strategy. We believe that the right leadership team with the right strategy can produce a low 80s operating ratio.",
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      "text": "From FY 2015 to FY 2024, LTL peers have grown their revenue per hundredweight (ex. fuel impacts) by 6.2% on average annual basis. Forward Air has cumulatively underpriced its revenue per hundredweight by ~32%.",
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      "text": "operating ratio: 32%",
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      "text": "Source: Peer company filings, Forward Air filings.",
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      "text": "Why Forward Air Is a Good Opportunity (Cont.)",
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