Intrinsic value of AutoNation - AN

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$42.00

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$42.00

 
Intrinsic value

$53.22

 
Up/down potential

+27%

 
Rating

buy

 
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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of AN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.58
  2.60
  2.84
  3.06
  3.25
  3.43
  3.58
  3.72
  3.85
  3.97
  4.07
  4.16
  4.25
  4.32
  4.39
  4.45
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.76
  4.79
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
Revenue, $m
  21,609
  22,171
  22,800
  23,497
  24,261
  25,092
  25,991
  26,959
  27,998
  29,108
  30,293
  31,554
  32,894
  34,316
  35,822
  37,417
  39,103
  40,884
  42,765
  44,749
  46,841
  49,046
  51,370
  53,817
  56,393
  59,105
  61,959
  64,960
  68,118
  71,438
  74,929
Variable operating expenses, $m
 
  21,236
  21,835
  22,497
  23,224
  24,014
  24,869
  25,789
  26,777
  27,833
  28,960
  30,008
  31,283
  32,635
  34,067
  35,584
  37,187
  38,881
  40,669
  42,556
  44,546
  46,644
  48,853
  51,180
  53,631
  56,209
  58,923
  61,778
  64,781
  67,938
  71,258
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  20,721
  21,236
  21,835
  22,497
  23,224
  24,014
  24,869
  25,789
  26,777
  27,833
  28,960
  30,008
  31,283
  32,635
  34,067
  35,584
  37,187
  38,881
  40,669
  42,556
  44,546
  46,644
  48,853
  51,180
  53,631
  56,209
  58,923
  61,778
  64,781
  67,938
  71,258
Operating income, $m
  888
  935
  966
  1,000
  1,038
  1,078
  1,122
  1,170
  1,221
  1,275
  1,333
  1,546
  1,612
  1,681
  1,755
  1,833
  1,916
  2,003
  2,095
  2,192
  2,295
  2,403
  2,517
  2,637
  2,763
  2,896
  3,036
  3,183
  3,337
  3,500
  3,671
EBITDA, $m
  1,031
  1,199
  1,233
  1,270
  1,312
  1,356
  1,405
  1,457
  1,514
  1,574
  1,638
  1,706
  1,778
  1,855
  1,937
  2,023
  2,114
  2,210
  2,312
  2,419
  2,532
  2,651
  2,777
  2,909
  3,049
  3,195
  3,349
  3,512
  3,682
  3,862
  4,051
Interest expense (income), $m
  184
  197
  207
  217
  229
  242
  255
  271
  287
  304
  323
  342
  364
  386
  410
  435
  462
  490
  519
  551
  584
  619
  656
  695
  736
  779
  824
  872
  922
  975
  1,030
Earnings before tax, $m
  702
  738
  759
  783
  809
  837
  867
  899
  934
  971
  1,010
  1,203
  1,248
  1,295
  1,345
  1,398
  1,454
  1,513
  1,576
  1,641
  1,711
  1,784
  1,861
  1,942
  2,027
  2,117
  2,211
  2,311
  2,415
  2,525
  2,641
Tax expense, $m
  270
  199
  205
  211
  218
  226
  234
  243
  252
  262
  273
  325
  337
  350
  363
  378
  393
  409
  425
  443
  462
  482
  502
  524
  547
  572
  597
  624
  652
  682
  713
Net income, $m
  431
  539
  554
  572
  590
  611
  633
  656
  682
  709
  738
  879
  911
  946
  982
  1,021
  1,062
  1,105
  1,150
  1,198
  1,249
  1,302
  1,358
  1,418
  1,480
  1,545
  1,614
  1,687
  1,763
  1,843
  1,928

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  65
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  10,060
  10,255
  10,546
  10,868
  11,222
  11,606
  12,022
  12,470
  12,950
  13,464
  14,012
  14,595
  15,215
  15,872
  16,569
  17,307
  18,086
  18,910
  19,780
  20,698
  21,666
  22,686
  23,760
  24,892
  26,084
  27,338
  28,658
  30,046
  31,507
  33,043
  34,657
Adjusted assets (=assets-cash), $m
  9,995
  10,255
  10,546
  10,868
  11,222
  11,606
  12,022
  12,470
  12,950
  13,464
  14,012
  14,595
  15,215
  15,872
  16,569
  17,307
  18,086
  18,910
  19,780
  20,698
  21,666
  22,686
  23,760
  24,892
  26,084
  27,338
  28,658
  30,046
  31,507
  33,043
  34,657
Revenue / Adjusted assets
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
  2.162
Average production assets, $m
  3,274
  3,370
  3,466
  3,572
  3,688
  3,814
  3,951
  4,098
  4,256
  4,424
  4,605
  4,796
  5,000
  5,216
  5,445
  5,687
  5,944
  6,214
  6,500
  6,802
  7,120
  7,455
  7,808
  8,180
  8,572
  8,984
  9,418
  9,874
  10,354
  10,859
  11,389
Working capital, $m
  -1,114
  1,508
  1,550
  1,598
  1,650
  1,706
  1,767
  1,833
  1,904
  1,979
  2,060
  2,146
  2,237
  2,333
  2,436
  2,544
  2,659
  2,780
  2,908
  3,043
  3,185
  3,335
  3,493
  3,660
  3,835
  4,019
  4,213
  4,417
  4,632
  4,858
  5,095
Total debt, $m
  4,261
  4,397
  4,621
  4,869
  5,140
  5,436
  5,756
  6,100
  6,469
  6,864
  7,286
  7,734
  8,211
  8,717
  9,253
  9,820
  10,419
  11,053
  11,722
  12,428
  13,172
  13,956
  14,783
  15,653
  16,570
  17,534
  18,549
  19,617
  20,740
  21,921
  23,163
Total liabilities, $m
  7,750
  7,886
  8,110
  8,358
  8,629
  8,925
  9,245
  9,589
  9,958
  10,353
  10,775
  11,223
  11,700
  12,206
  12,742
  13,309
  13,908
  14,542
  15,211
  15,917
  16,661
  17,445
  18,272
  19,142
  20,059
  21,023
  22,038
  23,106
  24,229
  25,410
  26,652
Total equity, $m
  2,310
  2,369
  2,436
  2,511
  2,592
  2,681
  2,777
  2,880
  2,991
  3,110
  3,237
  3,371
  3,515
  3,667
  3,827
  3,998
  4,178
  4,368
  4,569
  4,781
  5,005
  5,240
  5,489
  5,750
  6,025
  6,315
  6,620
  6,941
  7,278
  7,633
  8,006
Total liabilities and equity, $m
  10,060
  10,255
  10,546
  10,869
  11,221
  11,606
  12,022
  12,469
  12,949
  13,463
  14,012
  14,594
  15,215
  15,873
  16,569
  17,307
  18,086
  18,910
  19,780
  20,698
  21,666
  22,685
  23,761
  24,892
  26,084
  27,338
  28,658
  30,047
  31,507
  33,043
  34,658
Debt-to-equity ratio
  1.845
  1.860
  1.900
  1.940
  1.980
  2.030
  2.070
  2.120
  2.160
  2.210
  2.250
  2.290
  2.340
  2.380
  2.420
  2.460
  2.490
  2.530
  2.570
  2.600
  2.630
  2.660
  2.690
  2.720
  2.750
  2.780
  2.800
  2.830
  2.850
  2.870
  2.890
Adjusted equity ratio
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  431
  539
  554
  572
  590
  611
  633
  656
  682
  709
  738
  879
  911
  946
  982
  1,021
  1,062
  1,105
  1,150
  1,198
  1,249
  1,302
  1,358
  1,418
  1,480
  1,545
  1,614
  1,687
  1,763
  1,843
  1,928
Depreciation, amort., depletion, $m
  143
  263
  267
  270
  274
  278
  283
  288
  293
  299
  305
  160
  167
  174
  182
  190
  198
  207
  217
  227
  237
  249
  260
  273
  286
  299
  314
  329
  345
  362
  380
Funds from operations, $m
  484
  802
  821
  842
  864
  889
  916
  944
  975
  1,007
  1,042
  1,038
  1,078
  1,119
  1,164
  1,210
  1,260
  1,312
  1,367
  1,425
  1,486
  1,551
  1,619
  1,690
  1,766
  1,845
  1,928
  2,016
  2,108
  2,205
  2,307
Change in working capital, $m
  -32
  38
  43
  47
  52
  57
  61
  66
  71
  76
  81
  86
  91
  97
  102
  108
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  215
  226
  237
Cash from operations, $m
  516
  931
  778
  794
  812
  832
  854
  878
  904
  932
  962
  953
  987
  1,023
  1,061
  1,102
  1,145
  1,191
  1,239
  1,290
  1,344
  1,401
  1,461
  1,524
  1,590
  1,660
  1,734
  1,812
  1,894
  1,980
  2,070
Maintenance CAPEX, $m
  0
  -109
  -112
  -116
  -119
  -123
  -127
  -132
  -137
  -142
  -147
  -153
  -160
  -167
  -174
  -182
  -190
  -198
  -207
  -217
  -227
  -237
  -249
  -260
  -273
  -286
  -299
  -314
  -329
  -345
  -362
New CAPEX, $m
  -245
  -96
  -96
  -106
  -116
  -126
  -137
  -147
  -158
  -169
  -180
  -192
  -204
  -216
  -229
  -242
  -256
  -271
  -286
  -302
  -318
  -335
  -353
  -372
  -392
  -412
  -434
  -456
  -480
  -505
  -531
Cash from investing activities, $m
  -490
  -205
  -208
  -222
  -235
  -249
  -264
  -279
  -295
  -311
  -327
  -345
  -364
  -383
  -403
  -424
  -446
  -469
  -493
  -519
  -545
  -572
  -602
  -632
  -665
  -698
  -733
  -770
  -809
  -850
  -893
Free cash flow, $m
  26
  726
  570
  573
  577
  583
  591
  599
  610
  621
  634
  607
  623
  640
  658
  678
  699
  722
  746
  772
  799
  828
  859
  892
  926
  963
  1,001
  1,042
  1,085
  1,130
  1,177
Issuance/(repayment) of debt, $m
  316
  201
  224
  248
  272
  296
  320
  344
  369
  395
  421
  449
  477
  506
  536
  567
  600
  634
  669
  706
  744
  784
  826
  870
  916
  965
  1,015
  1,068
  1,123
  1,181
  1,242
Issuance/(repurchase) of shares, $m
  -491
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -36
  201
  224
  248
  272
  296
  320
  344
  369
  395
  421
  449
  477
  506
  536
  567
  600
  634
  669
  706
  744
  784
  826
  870
  916
  965
  1,015
  1,068
  1,123
  1,181
  1,242
Total cash flow (excl. dividends), $m
  -9
  927
  794
  821
  849
  879
  910
  944
  979
  1,016
  1,055
  1,056
  1,100
  1,146
  1,194
  1,245
  1,299
  1,355
  1,415
  1,478
  1,543
  1,613
  1,685
  1,762
  1,842
  1,927
  2,016
  2,109
  2,208
  2,311
  2,419
Retained Cash Flow (-), $m
  39
  -59
  -67
  -74
  -82
  -89
  -96
  -103
  -111
  -119
  -127
  -135
  -143
  -152
  -161
  -170
  -180
  -190
  -201
  -212
  -224
  -236
  -248
  -261
  -275
  -290
  -305
  -321
  -337
  -355
  -373
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  868
  727
  746
  767
  790
  814
  840
  868
  898
  929
  921
  957
  994
  1,033
  1,075
  1,119
  1,165
  1,214
  1,266
  1,320
  1,377
  1,437
  1,501
  1,567
  1,637
  1,711
  1,789
  1,870
  1,956
  2,046
Discount rate, %
 
  9.90
  10.40
  10.91
  11.46
  12.03
  12.64
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
  21.61
  22.69
  23.83
  25.02
  26.27
  27.58
  28.96
  30.41
  31.93
  33.52
  35.20
  36.96
  38.81
  40.75
PV of cash for distribution, $m
 
  790
  596
  547
  497
  448
  399
  351
  306
  263
  223
  178
  146
  118
  94
  73
  56
  42
  31
  22
  15
  10
  7
  4
  3
  2
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

AutoNation, Inc., through its subsidiaries, operates as an automotive retailer in the United States. The company operates in three segments: Domestic, Import, and Premium Luxury. It offers a range of automotive products and services, including new and used vehicles; and parts and services, such as automotive repair and maintenance services, and wholesale parts and collision services. The company also provides automotive finance and insurance products comprising vehicle services and other protection products, and arrangement of finance for vehicle purchases through third-party finance sources. As of December 31, 2016, it owned and operated 371 new vehicle franchises from 260 stores located primarily in metropolitan markets in the Sunbelt region of the United States. The company was founded in 1991 and is headquartered in Fort Lauderdale, Florida.

FINANCIAL RATIOS  of  AutoNation (AN)

Valuation Ratios
P/E Ratio 9.8
Price to Sales 0.2
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 15.6
Growth Rates
Sales Growth Rate 3.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.2%
Cap. Spend. - 3 Yr. Gr. Rate 8.8%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 69.7%
Total Debt to Equity 184.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 5.6%
Ret/ On Assets - 3 Yr. Avg. 5.9%
Return On Total Capital 6.9%
Ret/ On T. Cap. - 3 Yr. Avg. 7.8%
Return On Equity 18.5%
Return On Equity - 3 Yr. Avg. 19.6%
Asset Turnover 2.2
Profitability Ratios
Gross Margin 15.3%
Gross Margin - 3 Yr. Avg. 15.5%
EBITDA Margin 4.8%
EBITDA Margin - 3 Yr. Avg. 4.8%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. 4.2%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 3.4%
Net Profit Margin 2%
Net Profit Margin - 3 Yr. Avg. 2.1%
Effective Tax Rate 38.5%
Eff/ Tax Rate - 3 Yr. Avg. 38.5%
Payout Ratio 0%

AN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the AN stock intrinsic value calculation we used $21609 million for the last fiscal year's total revenue generated by AutoNation. The default revenue input number comes from 2016 income statement of AutoNation. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our AN stock valuation model: a) initial revenue growth rate of 2.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 9.9%, whose default value for AN is calculated based on our internal credit rating of AutoNation, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of AutoNation.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of AN stock the variable cost ratio is equal to 95.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for AN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.7% for AutoNation.

Corporate tax rate of 27% is the nominal tax rate for AutoNation. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the AN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for AN are equal to 15.2%.

Life of production assets of 33.1 years is the average useful life of capital assets used in AutoNation operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for AN is equal to 6.8%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2310 million for AutoNation - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 98.132 million for AutoNation is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of AutoNation at the current share price and the inputted number of shares is $4.1 billion.


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COMPANY NEWS

▶ Dealers Decide Cars Are Taking Up Too Much Prime Space   [Apr-29-17 07:29AM  The Wall Street Journal]
▶ ETFs with exposure to AutoNation, Inc. : April 28, 2017   [Apr-28-17 03:40PM  Capital Cube]
▶ Takeaways and Insights From AutoNation's First Quarter   [Apr-27-17 03:31PM  Motley Fool]
▶ AutoNation quarterly profit rises   [07:39AM  Reuters]
▶ Stocks Slide With Oil Prices   [Apr-20-17 12:39AM  The Wall Street Journal]
▶ S&P 500 Stabilizes as Investors Parse Earnings Reports   [12:46PM  The Wall Street Journal]
▶ Auto Nation CEO: Tesla Could be a Ponzi Scheme   [Apr-13-17 11:58AM  Investopedia]
▶ Stocks That Fell to 3-Year Lows in the Week of April 7   [Apr-09-17 03:34PM  GuruFocus.com]
▶ Senior manager at AutoNation announces retirement   [Mar-08-17 07:40AM  at bizjournals.com]
▶ Senior manager at AutoNation announces retirement   [07:40AM  American City Business Journals]
▶ What to sell at records highs   [Feb-10-17 06:48PM  at CNBC]
▶ [$$] AutoNation Posts Higher Profit   [07:05AM  at The Wall Street Journal]
▶ [$$] AutoNation Earnings: What to Watch   [12:00PM  at The Wall Street Journal]
▶ AutoNation names new president, executive VPs   [Feb-01-17 02:55PM  at bizjournals.com]
▶ AutoNation CEO on Trump's Impact on Automakers   [Jan-10-17 06:15PM  at MarketWatch]
▶ One Less Challenge for AutoNation and Its Investors   [Dec-08-16 09:49AM  at Motley Fool]
▶ Is IAC/InterActiveCorp (IAC) a Good Stock to Buy?   [Dec-07-16 10:09AM  at Insider Monkey]
Stock chart of AN Financial statements of AN
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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