In a market where attention rotates from AI to megacaps to defense almost on autopilot, whole slices of the real economy keep getting priced like an afterthought. Logistics is one of them — not the flashy kind of growth story, but the physical backbone that makes e-commerce, manufacturing, and replenishment actually work. And when that backbone runs on long-term contracts, the cash-flow profile can look a lot steadier than most investors assume during softer parts of the cycle.
That’s the tension at the core of today’s setup. After a multi-year run, the stock can look “fairly valued” at first glance, yet the deeper read on valuation, capital returns, and dividend discipline points in a different direction. A roughly 16% gap versus an estimated fair value, paired with a dividend yield close to 2% and a 49-year payout streak, creates a payoff profile that doesn’t require perfect macro timing to be compelling.
Top points of analysis
Approximately 35% room for revaluation relative to the fair…