Management StrategyA new management team has mitigated customer attrition, laid a credible go-forward strategy, and made significant progress on integrating the acquired company, reducing risks and providing fundamental upside.
Market ValuationThere is opportunity for Forward Air to close the valuation gap with its peers, as integration efforts are largely completed, customer attrition is mitigated, and going concern risks have subsided.
Operational EfficiencyForward Air has achieved its ~$75mm run-rate cost synergy target slightly ahead of schedule and realized additional savings from headcount and terminal consolidation, indicating successful integration efforts.