Intrinsic value of Credit Acceptance - CACC

Previous Close

$352.90

  Intrinsic Value

$384.44

stock screener

  Rating & Target

hold

+9%

Previous close

$352.90

 
Intrinsic value

$384.44

 
Up/down potential

+9%

 
Rating

hold

Our model is not good at valuating stocks of financial companies, such as CACC.

We calculate the intrinsic value of CACC 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  17.45
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  969
  1,114
  1,270
  1,437
  1,613
  1,800
  1,996
  2,202
  2,417
  2,642
  2,877
  3,121
  3,375
  3,639
  3,914
  4,199
  4,495
  4,803
  5,123
  5,457
  5,803
  6,164
  6,539
  6,931
  7,339
  7,764
  8,208
  8,672
  9,156
  9,661
  10,190
Variable operating expenses, $m
 
  371
  423
  478
  537
  599
  665
  733
  805
  880
  958
  1,039
  1,124
  1,212
  1,303
  1,398
  1,497
  1,599
  1,706
  1,817
  1,932
  2,053
  2,178
  2,308
  2,444
  2,586
  2,733
  2,888
  3,049
  3,217
  3,393
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
  340
  371
  423
  478
  537
  599
  665
  733
  805
  880
  958
  1,039
  1,124
  1,212
  1,303
  1,398
  1,497
  1,599
  1,706
  1,817
  1,932
  2,053
  2,178
  2,308
  2,444
  2,586
  2,733
  2,888
  3,049
  3,217
  3,393
Operating income, $m
  629
  743
  847
  958
  1,076
  1,201
  1,331
  1,469
  1,612
  1,762
  1,919
  2,082
  2,251
  2,427
  2,610
  2,801
  2,998
  3,204
  3,417
  3,640
  3,871
  4,111
  4,362
  4,623
  4,895
  5,179
  5,475
  5,784
  6,107
  6,444
  6,797
EBITDA, $m
  644
  745
  849
  961
  1,079
  1,203
  1,335
  1,472
  1,616
  1,767
  1,923
  2,087
  2,257
  2,433
  2,617
  2,807
  3,005
  3,211
  3,426
  3,648
  3,880
  4,121
  4,372
  4,634
  4,907
  5,191
  5,488
  5,798
  6,121
  6,460
  6,813
Interest expense (income), $m
  88
  99
  116
  135
  154
  175
  198
  221
  246
  271
  298
  326
  355
  385
  417
  449
  483
  519
  555
  593
  633
  674
  717
  762
  809
  857
  908
  961
  1,016
  1,074
  1,134
Earnings before tax, $m
  531
  644
  731
  824
  922
  1,025
  1,134
  1,248
  1,367
  1,491
  1,621
  1,756
  1,896
  2,042
  2,194
  2,351
  2,515
  2,685
  2,862
  3,046
  3,238
  3,437
  3,644
  3,861
  4,086
  4,321
  4,567
  4,823
  5,091
  5,370
  5,663
Tax expense, $m
  198
  174
  197
  222
  249
  277
  306
  337
  369
  403
  438
  474
  512
  551
  592
  635
  679
  725
  773
  822
  874
  928
  984
  1,042
  1,103
  1,167
  1,233
  1,302
  1,375
  1,450
  1,529
Net income, $m
  333
  470
  534
  601
  673
  748
  828
  911
  998
  1,089
  1,183
  1,282
  1,384
  1,491
  1,601
  1,716
  1,836
  1,960
  2,089
  2,224
  2,363
  2,509
  2,660
  2,818
  2,983
  3,155
  3,334
  3,521
  3,716
  3,920
  4,134

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  15
  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
  4,218
  4,824
  5,499
  6,220
  6,984
  7,792
  8,641
  9,533
  10,465
  11,439
  12,454
  13,511
  14,611
  15,754
  16,942
  18,177
  19,460
  20,793
  22,180
  23,622
  25,122
  26,683
  28,309
  30,004
  31,770
  33,612
  35,533
  37,540
  39,635
  41,824
  44,112
Adjusted assets (=assets-cash), $m
  4,203
  4,824
  5,499
  6,220
  6,984
  7,792
  8,641
  9,533
  10,465
  11,439
  12,454
  13,511
  14,611
  15,754
  16,942
  18,177
  19,460
  20,793
  22,180
  23,622
  25,122
  26,683
  28,309
  30,004
  31,770
  33,612
  35,533
  37,540
  39,635
  41,824
  44,112
Revenue / Adjusted assets
  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
Average production assets, $m
  8
  9
  10
  11
  13
  14
  16
  18
  19
  21
  23
  25
  27
  29
  31
  34
  36
  38
  41
  44
  46
  49
  52
  55
  59
  62
  66
  69
  73
  77
  82
Working capital, $m
  0
  -17
  -19
  -22
  -24
  -27
  -30
  -33
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -77
  -82
  -87
  -92
  -98
  -104
  -110
  -116
  -123
  -130
  -137
  -145
  -153
Total debt, $m
  2,604
  3,053
  3,542
  4,063
  4,617
  5,201
  5,816
  6,462
  7,137
  7,842
  8,577
  9,342
  10,138
  10,966
  11,826
  12,720
  13,649
  14,614
  15,618
  16,662
  17,748
  18,879
  20,056
  21,283
  22,561
  23,895
  25,286
  26,739
  28,256
  29,841
  31,497
Total liabilities, $m
  3,044
  3,493
  3,982
  4,503
  5,057
  5,641
  6,256
  6,902
  7,577
  8,282
  9,017
  9,782
  10,578
  11,406
  12,266
  13,160
  14,089
  15,054
  16,058
  17,102
  18,188
  19,319
  20,496
  21,723
  23,001
  24,335
  25,726
  27,179
  28,696
  30,281
  31,937
Total equity, $m
  1,174
  1,331
  1,518
  1,717
  1,928
  2,151
  2,385
  2,631
  2,888
  3,157
  3,437
  3,729
  4,033
  4,348
  4,676
  5,017
  5,371
  5,739
  6,122
  6,520
  6,934
  7,365
  7,813
  8,281
  8,768
  9,277
  9,807
  10,361
  10,939
  11,543
  12,175
Total liabilities and equity, $m
  4,218
  4,824
  5,500
  6,220
  6,985
  7,792
  8,641
  9,533
  10,465
  11,439
  12,454
  13,511
  14,611
  15,754
  16,942
  18,177
  19,460
  20,793
  22,180
  23,622
  25,122
  26,684
  28,309
  30,004
  31,769
  33,612
  35,533
  37,540
  39,635
  41,824
  44,112
Debt-to-equity ratio
  2.218
  2.290
  2.330
  2.370
  2.390
  2.420
  2.440
  2.460
  2.470
  2.480
  2.500
  2.510
  2.510
  2.520
  2.530
  2.540
  2.540
  2.550
  2.550
  2.560
  2.560
  2.560
  2.570
  2.570
  2.570
  2.580
  2.580
  2.580
  2.580
  2.590
  2.590
Adjusted equity ratio
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  333
  470
  534
  601
  673
  748
  828
  911
  998
  1,089
  1,183
  1,282
  1,384
  1,491
  1,601
  1,716
  1,836
  1,960
  2,089
  2,224
  2,363
  2,509
  2,660
  2,818
  2,983
  3,155
  3,334
  3,521
  3,716
  3,920
  4,134
Depreciation, amort., depletion, $m
  15
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
Funds from operations, $m
  544
  472
  536
  604
  675
  751
  831
  914
  1,002
  1,093
  1,188
  1,287
  1,390
  1,497
  1,608
  1,723
  1,843
  1,968
  2,097
  2,232
  2,373
  2,519
  2,671
  2,829
  2,995
  3,167
  3,347
  3,535
  3,731
  3,936
  4,150
Change in working capital, $m
  37
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
Cash from operations, $m
  507
  474
  538
  606
  678
  754
  834
  917
  1,005
  1,096
  1,191
  1,290
  1,393
  1,500
  1,612
  1,727
  1,848
  1,972
  2,102
  2,237
  2,378
  2,524
  2,677
  2,835
  3,001
  3,173
  3,354
  3,542
  3,738
  3,943
  4,158
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
New CAPEX, $m
  -6
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  -936
  -3
  -3
  -3
  -3
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -19
Free cash flow, $m
  -429
  472
  535
  603
  674
  750
  829
  913
  1,000
  1,091
  1,185
  1,284
  1,386
  1,493
  1,604
  1,719
  1,838
  1,963
  2,092
  2,226
  2,366
  2,512
  2,664
  2,822
  2,986
  3,158
  3,338
  3,525
  3,720
  3,925
  4,138
Issuance/(repayment) of debt, $m
  536
  449
  489
  522
  553
  585
  615
  645
  675
  705
  735
  765
  796
  828
  860
  894
  929
  966
  1,004
  1,044
  1,086
  1,131
  1,177
  1,227
  1,279
  1,334
  1,391
  1,453
  1,517
  1,585
  1,657
Issuance/(repurchase) of shares, $m
  -122
  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  
  437
  449
  489
  522
  553
  585
  615
  645
  675
  705
  735
  765
  796
  828
  860
  894
  929
  966
  1,004
  1,044
  1,086
  1,131
  1,177
  1,227
  1,279
  1,334
  1,391
  1,453
  1,517
  1,585
  1,657
Total cash flow (excl. dividends), $m
  8
  920
  1,024
  1,124
  1,228
  1,335
  1,445
  1,558
  1,675
  1,796
  1,920
  2,049
  2,182
  2,321
  2,464
  2,613
  2,767
  2,928
  3,096
  3,270
  3,452
  3,643
  3,841
  4,048
  4,265
  4,492
  4,729
  4,977
  5,237
  5,510
  5,795
Retained Cash Flow (-), $m
  -246
  -172
  -186
  -199
  -211
  -223
  -235
  -246
  -257
  -269
  -280
  -292
  -303
  -316
  -328
  -341
  -354
  -368
  -383
  -398
  -414
  -431
  -449
  -468
  -487
  -508
  -530
  -554
  -578
  -604
  -632
Prev. year cash balance distribution, $m
 
  15
  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
 
  763
  838
  926
  1,017
  1,112
  1,210
  1,312
  1,417
  1,527
  1,640
  1,757
  1,879
  2,005
  2,136
  2,272
  2,413
  2,560
  2,713
  2,872
  3,038
  3,212
  3,392
  3,581
  3,778
  3,983
  4,199
  4,424
  4,659
  4,906
  5,163
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
 
  694
  687
  678
  659
  630
  593
  549
  499
  447
  393
  339
  288
  239
  195
  155
  121
  92
  68
  50
  35
  24
  16
  10
  6
  4
  2
  1
  1
  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

Credit Acceptance Corporation offers financing programs that enable automobile dealers to sell vehicles to consumers. The Company's financing programs are offered through a network of automobile dealers. The Company has two Dealers financing programs: the Portfolio Program and the Purchase Program. Under the Portfolio Program, the Company advances money to dealers (Dealer Loan) in exchange for the right to service the underlying consumer loans. Under the Purchase Program, the Company buys the consumer loans from the dealers (Purchased Loan) and keeps the amounts collected from the consumer. Dealer Loans and Purchased Loans are collectively referred to as Loans. As of December 31, 2016, the Company's target market included approximately 60,000 independent and franchised automobile dealers in the United States. The Company has market area managers located throughout the United States that market its programs to dealers, enroll new dealers and support active dealers.

FINANCIAL RATIOS  of  Credit Acceptance (CACC)

Valuation Ratios
P/E Ratio 21.1
Price to Sales 7.2
Price to Book 6
Price to Tangible Book
Price to Cash Flow 13.8
Price to Free Cash Flow 14
Growth Rates
Sales Growth Rate 17.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 221.8%
Total Debt to Equity 221.8%
Interest Coverage 7
Management Effectiveness
Return On Assets 10.2%
Ret/ On Assets - 3 Yr. Avg. 10.9%
Return On Total Capital 9.8%
Ret/ On T. Cap. - 3 Yr. Avg. 10.8%
Return On Equity 31.7%
Return On Equity - 3 Yr. Avg. 35%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 65.4%
EBITDA Margin - 3 Yr. Avg. 66.7%
Operating Margin 64.9%
Oper. Margin - 3 Yr. Avg. 65.9%
Pre-Tax Margin 54.8%
Pre-Tax Margin - 3 Yr. Avg. 56.8%
Net Profit Margin 34.4%
Net Profit Margin - 3 Yr. Avg. 35.8%
Effective Tax Rate 37.3%
Eff/ Tax Rate - 3 Yr. Avg. 37%
Payout Ratio 0%

CACC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CACC stock intrinsic value calculation we used $969 million for the last fiscal year's total revenue generated by Credit Acceptance. The default revenue input number comes from 2016 income statement of Credit Acceptance. 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 CACC stock valuation model: a) initial revenue growth rate of 15% 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 CACC is calculated based on our internal credit rating of Credit Acceptance, 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 Credit Acceptance.
    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 CACC stock the variable cost ratio is equal to 33.3%.

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 CACC 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 3.8% for Credit Acceptance.

Corporate tax rate of 27% is the nominal tax rate for Credit Acceptance. 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 CACC 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 CACC are equal to 0.8%.

Life of production assets of 0.5 years is the average useful life of capital assets used in Credit Acceptance 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 CACC is equal to -1.5%. 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 - $1174 million for Credit Acceptance - 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 19.445 million for Credit Acceptance 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 Credit Acceptance at the current share price and the inputted number of shares is $6.9 billion.

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COMPANY NEWS

▶ 8 Stocks To Play The Mulvaney Era At The CFPB   [Jan-18-18 02:30PM  Benzinga]
▶ Stocks Showing Market Leadership: Credit Acceptance Earns 91 RS Rating   [Nov-30-17 03:00AM  Investor's Business Daily]
▶ Credit Acceptance beats 3Q profit forecasts   [Oct-30-17 07:10PM  Associated Press]
▶ [$$] This Auto Lender Wont Pay Off   [Aug-17-17 12:41AM  The Wall Street Journal]
▶ [$$] This Auto Lender Won't Pay Off   [06:12AM  The Wall Street Journal]
▶ [$$] Auto Lenders Risks Larger Than They Appear   [12:10AM  The Wall Street Journal]
▶ [$$] Auto Lender's Risks Larger Than They Appear   [Aug-01-17 05:30AM  The Wall Street Journal]
▶ Credit Acceptance tops Street 2Q forecasts   [Jul-31-17 10:11PM  Associated Press]
▶ New Strong Buy Stocks for May 31st   [May-31-17 09:27AM  Zacks]
▶ New Strong Buy Stocks for May 25th   [May-25-17 09:20AM  Zacks]
▶ Market Inches Higher Again On Little News Flow   [May-23-17 06:56PM  Zacks]
▶ Credit Acceptance beats Street 1Q forecasts   [May-01-17 05:12PM  Associated Press]
▶ These 4 Stocks Could Be Toxic to Your Portfolio in 2017   [Apr-07-17 09:32AM  TheStreet.com]
▶ The Market In 5 Minutes   [Feb-21-17 10:12AM  Benzinga]
▶ 6 Low P/E Stocks   [Feb-08-17 04:24PM  GuruFocus.com]
▶ Hedge Funds Are Betting On Credit Acceptance Corp. (CACC)   [Dec-07-16 09:11AM  at Insider Monkey]
Financial statements of CACC
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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