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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": "Includes peer benchmarking tables for LTL and Asset-Light sectors and a valuation sensitivity table.",
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      "text": "Our analysis suggests that a sale to one of the many well-capitalized buyers likely to engage in a process would deliver a meaningful premium relative to where Forward Air's shares have traded over the last 12 months, while eliminating further risk for shareholders.",
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      "text": "Publicly traded LTL and asset-light peers on average trade for 12.8x and 14.5x.\nComparable M&A transactions range from 12x to 20x for asset-light peers and 12x to 15x for LTL peers.",
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      "text": "Implied Price per Share: $47.45",
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      "text": "Source: Street estimates for P/E, EBITDA and consolidated OR. Estimates data is hypothetical in nature. Please refer to the disclosures page for additional information.",
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      "text": "Hypothetical Transaction Detail table showing implied price per share at various multiples.",
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      "kind": "title",
      "text": "The Value Creation Opportunity: Significant Upside for Shareholders in a Sale",
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