Intrinsic value of Credit Acceptance - CACC

Previous Close

$284.00

  Intrinsic Value

$398.54

stock screener

  Rating & Target

buy

+40%

Previous close

$284.00

 
Intrinsic value

$398.54

 
Up/down potential

+40%

 
Rating

buy

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

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 5.5

 

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
  15.50
  14.45
  13.51
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
Revenue, $m
  969
  1,119
  1,281
  1,454
  1,638
  1,833
  2,038
  2,253
  2,479
  2,715
  2,962
  3,218
  3,485
  3,763
  4,051
  4,351
  4,663
  4,987
  5,323
  5,673
  6,037
  6,416
  6,811
  7,222
  7,650
  8,097
  8,563
  9,049
  9,556
  10,087
  10,641
Variable operating expenses, $m
 
  373
  427
  484
  545
  610
  679
  750
  826
  904
  986
  1,072
  1,161
  1,253
  1,349
  1,449
  1,553
  1,661
  1,773
  1,889
  2,010
  2,137
  2,268
  2,405
  2,547
  2,696
  2,851
  3,013
  3,182
  3,359
  3,543
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
  373
  427
  484
  545
  610
  679
  750
  826
  904
  986
  1,072
  1,161
  1,253
  1,349
  1,449
  1,553
  1,661
  1,773
  1,889
  2,010
  2,137
  2,268
  2,405
  2,547
  2,696
  2,851
  3,013
  3,182
  3,359
  3,543
Operating income, $m
  629
  747
  854
  970
  1,092
  1,222
  1,359
  1,503
  1,654
  1,811
  1,975
  2,146
  2,325
  2,510
  2,702
  2,902
  3,110
  3,326
  3,551
  3,784
  4,027
  4,280
  4,543
  4,817
  5,103
  5,400
  5,711
  6,036
  6,374
  6,728
  7,098
EBITDA, $m
  644
  748
  856
  972
  1,095
  1,225
  1,363
  1,507
  1,658
  1,815
  1,980
  2,152
  2,330
  2,516
  2,709
  2,909
  3,117
  3,334
  3,559
  3,793
  4,037
  4,290
  4,554
  4,829
  5,115
  5,413
  5,725
  6,050
  6,389
  6,744
  7,115
Interest expense (income), $m
  88
  99
  117
  136
  156
  178
  202
  226
  252
  279
  307
  336
  367
  398
  431
  466
  501
  539
  577
  617
  659
  702
  747
  794
  843
  894
  948
  1,003
  1,061
  1,121
  1,185
Earnings before tax, $m
  531
  648
  738
  834
  936
  1,044
  1,158
  1,277
  1,402
  1,533
  1,669
  1,810
  1,958
  2,111
  2,271
  2,436
  2,609
  2,787
  2,973
  3,167
  3,368
  3,577
  3,795
  4,022
  4,259
  4,506
  4,764
  5,032
  5,313
  5,606
  5,913
Tax expense, $m
  198
  175
  199
  225
  253
  282
  313
  345
  379
  414
  451
  489
  529
  570
  613
  658
  704
  753
  803
  855
  909
  966
  1,025
  1,086
  1,150
  1,217
  1,286
  1,359
  1,435
  1,514
  1,596
Net income, $m
  333
  473
  539
  609
  683
  762
  845
  932
  1,023
  1,119
  1,218
  1,322
  1,429
  1,541
  1,658
  1,779
  1,904
  2,035
  2,171
  2,312
  2,459
  2,611
  2,771
  2,936
  3,109
  3,289
  3,477
  3,674
  3,879
  4,093
  4,316

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
  4,845
  5,545
  6,294
  7,090
  7,933
  8,822
  9,755
  10,733
  11,755
  12,821
  13,931
  15,087
  16,288
  17,538
  18,836
  20,185
  21,587
  23,044
  24,559
  26,136
  27,776
  29,484
  31,263
  33,117
  35,051
  37,067
  39,172
  41,370
  43,666
  46,065
Adjusted assets (=assets-cash), $m
  4,203
  4,845
  5,545
  6,294
  7,090
  7,933
  8,822
  9,755
  10,733
  11,755
  12,821
  13,931
  15,087
  16,288
  17,538
  18,836
  20,185
  21,587
  23,044
  24,559
  26,136
  27,776
  29,484
  31,263
  33,117
  35,051
  37,067
  39,172
  41,370
  43,666
  46,065
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
  12
  13
  15
  16
  18
  20
  22
  24
  26
  28
  30
  32
  35
  37
  40
  43
  45
  48
  51
  54
  58
  61
  65
  69
  72
  76
  81
  85
Working capital, $m
  0
  -17
  -19
  -22
  -25
  -27
  -31
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -61
  -65
  -70
  -75
  -80
  -85
  -91
  -96
  -102
  -108
  -115
  -121
  -128
  -136
  -143
  -151
  -160
Total debt, $m
  2,604
  3,068
  3,575
  4,117
  4,693
  5,304
  5,947
  6,623
  7,331
  8,070
  8,842
  9,646
  10,483
  11,353
  12,257
  13,197
  14,174
  15,189
  16,244
  17,341
  18,482
  19,670
  20,907
  22,195
  23,537
  24,937
  26,397
  27,921
  29,512
  31,174
  32,911
Total liabilities, $m
  3,044
  3,508
  4,015
  4,557
  5,133
  5,744
  6,387
  7,063
  7,771
  8,510
  9,282
  10,086
  10,923
  11,793
  12,697
  13,637
  14,614
  15,629
  16,684
  17,781
  18,922
  20,110
  21,347
  22,635
  23,977
  25,377
  26,837
  28,361
  29,952
  31,614
  33,351
Total equity, $m
  1,174
  1,337
  1,530
  1,737
  1,957
  2,190
  2,435
  2,692
  2,962
  3,244
  3,539
  3,845
  4,164
  4,496
  4,840
  5,199
  5,571
  5,958
  6,360
  6,778
  7,213
  7,666
  8,138
  8,629
  9,140
  9,674
  10,231
  10,812
  11,418
  12,052
  12,714
Total liabilities and equity, $m
  4,218
  4,845
  5,545
  6,294
  7,090
  7,934
  8,822
  9,755
  10,733
  11,754
  12,821
  13,931
  15,087
  16,289
  17,537
  18,836
  20,185
  21,587
  23,044
  24,559
  26,135
  27,776
  29,485
  31,264
  33,117
  35,051
  37,068
  39,173
  41,370
  43,666
  46,065
Debt-to-equity ratio
  2.218
  2.290
  2.340
  2.370
  2.400
  2.420
  2.440
  2.460
  2.470
  2.490
  2.500
  2.510
  2.520
  2.530
  2.530
  2.540
  2.540
  2.550
  2.550
  2.560
  2.560
  2.570
  2.570
  2.570
  2.580
  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
  473
  539
  609
  683
  762
  845
  932
  1,023
  1,119
  1,218
  1,322
  1,429
  1,541
  1,658
  1,779
  1,904
  2,035
  2,171
  2,312
  2,459
  2,611
  2,771
  2,936
  3,109
  3,289
  3,477
  3,674
  3,879
  4,093
  4,316
Depreciation, amort., depletion, $m
  15
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  6
  6
  6
  7
  7
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
Funds from operations, $m
  544
  475
  541
  611
  686
  765
  848
  936
  1,027
  1,123
  1,223
  1,327
  1,435
  1,547
  1,664
  1,786
  1,912
  2,043
  2,179
  2,321
  2,468
  2,622
  2,782
  2,948
  3,121
  3,302
  3,491
  3,688
  3,894
  4,109
  4,333
Change in working capital, $m
  37
  -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
  -8
Cash from operations, $m
  507
  477
  543
  614
  689
  768
  851
  939
  1,031
  1,127
  1,227
  1,331
  1,439
  1,551
  1,668
  1,790
  1,916
  2,048
  2,184
  2,326
  2,474
  2,627
  2,787
  2,954
  3,128
  3,309
  3,498
  3,695
  3,902
  4,117
  4,342
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
New CAPEX, $m
  -6
  -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
  -4
Cash from investing activities, $m
  -936
  -3
  -3
  -3
  -3
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
Free cash flow, $m
  -429
  474
  540
  610
  685
  764
  847
  934
  1,025
  1,121
  1,220
  1,324
  1,432
  1,544
  1,660
  1,781
  1,907
  2,038
  2,173
  2,315
  2,462
  2,615
  2,774
  2,940
  3,113
  3,293
  3,481
  3,678
  3,883
  4,097
  4,321
Issuance/(repayment) of debt, $m
  536
  464
  507
  542
  577
  610
  643
  676
  708
  740
  772
  804
  837
  870
  904
  940
  977
  1,015
  1,055
  1,097
  1,141
  1,188
  1,237
  1,288
  1,342
  1,400
  1,460
  1,524
  1,591
  1,662
  1,737
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
  464
  507
  542
  577
  610
  643
  676
  708
  740
  772
  804
  837
  870
  904
  940
  977
  1,015
  1,055
  1,097
  1,141
  1,188
  1,237
  1,288
  1,342
  1,400
  1,460
  1,524
  1,591
  1,662
  1,737
Total cash flow (excl. dividends), $m
  8
  938
  1,047
  1,152
  1,262
  1,374
  1,490
  1,610
  1,733
  1,861
  1,992
  2,128
  2,268
  2,414
  2,565
  2,721
  2,884
  3,053
  3,229
  3,412
  3,603
  3,802
  4,011
  4,228
  4,455
  4,693
  4,942
  5,202
  5,474
  5,759
  6,058
Retained Cash Flow (-), $m
  -246
  -178
  -193
  -207
  -220
  -233
  -245
  -258
  -270
  -282
  -294
  -306
  -319
  -332
  -345
  -358
  -372
  -387
  -402
  -418
  -435
  -453
  -471
  -491
  -512
  -534
  -557
  -581
  -607
  -634
  -662
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
 
  775
  854
  946
  1,042
  1,141
  1,245
  1,352
  1,463
  1,579
  1,698
  1,821
  1,949
  2,082
  2,220
  2,363
  2,511
  2,666
  2,826
  2,994
  3,168
  3,350
  3,539
  3,737
  3,944
  4,159
  4,385
  4,621
  4,868
  5,126
  5,396
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
 
  705
  700
  693
  675
  647
  610
  565
  516
  462
  407
  352
  298
  248
  202
  161
  126
  96
  71
  52
  36
  25
  17
  11
  7
  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 17
Price to Sales 5.8
Price to Book 4.8
Price to Tangible Book
Price to Cash Flow 11.1
Price to Free Cash Flow 11.3
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 15.5% 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 19.296 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 $5.5 billion.

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COMPANY NEWS

▶ [$$] This Auto Lender Wont Pay Off   [Aug-17-17 12:41AM  The Wall Street Journal]
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▶ [$$] 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]
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▶ 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]
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▶ 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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