2025-06-04-Jefferies-今日下午3点电话会议Haul_Hustle现场每周网络直播_7页_1mb

This report is a Jefferies Equity Research analysis dated June 4, 2025, focused on the USA Transport & Logistics sector. It highlights a weekly webcast, "Haul & Hustle Live," scheduled for June 4 at 3:00 PM EST, featuring Stephanie Moore, Joe Hafling, and Sid Sandilya. The discussion centers on recent trucking bankruptcy trends, import activity expectations from the China-US lane, trucking cycle positions, NDR insights from RSG (Republic Services), and upcoming intra-quarter data points for investors.

Key themes include:

• Accelerated trucking bankruptcies and import volume forecasts.
• Current trucking cycle assessment and RSG's NDR meeting insights.
• Interactive Q&A during the webcast, with advance questions encouraged.

Analysts involved are from Jefferies' Industrials team, with emphasis on Stephanie Moore (Equity Analyst), Joe Hafling, and Sid Sandilya (Equity Strategist). For Republic Services, Inc. (RSG), the valuation employs a P/FCF multiple, considering historical cycles and peer data. Risks encompass competitive pressures, lower pricing due to CPI, declining recycling prices, and a tightening regulatory environment.

Investment recommendations are defined as:

• Buy: Expected total return of 15-20%.
• Hold: Expected total return of 15% to -10%.
• Underperform: Expected total return of -10% or less.
  These ratings consider factors like market cap, growth, volatility, and cash flow metrics such as DCF analysis.

The report includes full disclosures on potential conflicts of interest, as Jefferies, through its equity research, engages in investment banking services with covered companies, which may influence objectivity. Investors are advised to use this report as one of many factors in their decisions, given the general circulation without specific advice.

Disclosures also cover legal requirements for various jurisdictions, risk factors from securities fluctuations, forward-looking statements, and limitations on Jefferies' recommendations.