Intrinsic value of Credit Acceptance - CACC

Previous Close

$271.47

  Intrinsic Value

$389.98

stock screener

  Rating & Target

buy

+44%

  Value-price divergence*

+24%

Previous close

$271.47

 
Intrinsic value

$389.98

 
Up/down potential

+44%

 
Rating

buy

 
Value-price divergence*

+24%

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

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

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 5.3

 

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
  15.40
  14.36
  13.42
  12.58
  11.82
  11.14
  10.53
  9.97
  9.48
  9.03
  8.63
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
  5.75
  5.67
  5.60
  5.54
  5.49
Revenue, $m
  969
  1,118
  1,279
  1,450
  1,633
  1,826
  2,029
  2,243
  2,467
  2,701
  2,944
  3,198
  3,463
  3,738
  4,023
  4,320
  4,629
  4,949
  5,283
  5,629
  5,990
  6,365
  6,756
  7,163
  7,587
  8,029
  8,491
  8,972
  9,475
  10,000
  10,549
Variable operating expenses, $m
 
  372
  426
  483
  544
  608
  676
  747
  821
  899
  981
  1,065
  1,153
  1,245
  1,340
  1,439
  1,541
  1,648
  1,759
  1,875
  1,995
  2,120
  2,250
  2,385
  2,526
  2,674
  2,827
  2,988
  3,155
  3,330
  3,513
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
  372
  426
  483
  544
  608
  676
  747
  821
  899
  981
  1,065
  1,153
  1,245
  1,340
  1,439
  1,541
  1,648
  1,759
  1,875
  1,995
  2,120
  2,250
  2,385
  2,526
  2,674
  2,827
  2,988
  3,155
  3,330
  3,513
Operating income, $m
  629
  746
  853
  967
  1,089
  1,218
  1,354
  1,496
  1,645
  1,801
  1,964
  2,133
  2,310
  2,493
  2,684
  2,882
  3,087
  3,301
  3,524
  3,755
  3,995
  4,245
  4,506
  4,778
  5,060
  5,355
  5,663
  5,984
  6,320
  6,670
  7,036
EBITDA, $m
  644
  747
  854
  969
  1,090
  1,219
  1,355
  1,498
  1,647
  1,803
  1,966
  2,136
  2,312
  2,496
  2,687
  2,885
  3,091
  3,305
  3,528
  3,759
  4,000
  4,251
  4,511
  4,783
  5,067
  5,362
  5,670
  5,992
  6,327
  6,678
  7,045
Interest expense (income), $m
  88
  99
  116
  136
  156
  178
  201
  225
  250
  277
  305
  334
  364
  396
  428
  462
  498
  535
  573
  612
  654
  697
  741
  788
  836
  887
  940
  995
  1,052
  1,112
  1,174
Earnings before tax, $m
  531
  647
  737
  832
  933
  1,040
  1,153
  1,271
  1,395
  1,524
  1,659
  1,799
  1,945
  2,097
  2,255
  2,419
  2,590
  2,767
  2,951
  3,142
  3,341
  3,549
  3,765
  3,990
  4,224
  4,469
  4,724
  4,990
  5,268
  5,558
  5,862
Tax expense, $m
  198
  175
  199
  225
  252
  281
  311
  343
  377
  412
  448
  486
  525
  566
  609
  653
  699
  747
  797
  848
  902
  958
  1,016
  1,077
  1,141
  1,207
  1,275
  1,347
  1,422
  1,501
  1,583
Net income, $m
  333
  472
  538
  607
  681
  759
  842
  928
  1,018
  1,113
  1,211
  1,314
  1,420
  1,531
  1,646
  1,766
  1,890
  2,020
  2,154
  2,294
  2,439
  2,591
  2,748
  2,912
  3,084
  3,262
  3,448
  3,643
  3,846
  4,058
  4,279

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
  4,841
  5,536
  6,279
  7,069
  7,905
  8,786
  9,710
  10,679
  11,691
  12,747
  13,846
  14,990
  16,180
  17,417
  18,702
  20,038
  21,426
  22,869
  24,369
  25,930
  27,554
  29,246
  31,007
  32,844
  34,758
  36,756
  38,840
  41,017
  43,291
  45,668
Adjusted assets (=assets-cash), $m
  4,203
  4,841
  5,536
  6,279
  7,069
  7,905
  8,786
  9,710
  10,679
  11,691
  12,747
  13,846
  14,990
  16,180
  17,417
  18,702
  20,038
  21,426
  22,869
  24,369
  25,930
  27,554
  29,246
  31,007
  32,844
  34,758
  36,756
  38,840
  41,017
  43,291
  45,668
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
  42
  45
  48
  51
  54
  57
  61
  64
  68
  72
  76
  80
  84
Working capital, $m
  0
  -17
  -19
  -22
  -24
  -27
  -30
  -34
  -37
  -41
  -44
  -48
  -52
  -56
  -60
  -65
  -69
  -74
  -79
  -84
  -90
  -95
  -101
  -107
  -114
  -120
  -127
  -135
  -142
  -150
  -158
Total debt, $m
  2,604
  3,065
  3,568
  4,106
  4,678
  5,283
  5,921
  6,590
  7,292
  8,024
  8,789
  9,585
  10,413
  11,274
  12,170
  13,100
  14,067
  15,072
  16,117
  17,203
  18,333
  19,509
  20,734
  22,009
  23,339
  24,725
  26,171
  27,680
  29,257
  30,903
  32,624
Total liabilities, $m
  3,044
  3,505
  4,008
  4,546
  5,118
  5,723
  6,361
  7,030
  7,732
  8,464
  9,229
  10,025
  10,853
  11,714
  12,610
  13,540
  14,507
  15,512
  16,557
  17,643
  18,773
  19,949
  21,174
  22,449
  23,779
  25,165
  26,611
  28,120
  29,697
  31,343
  33,064
Total equity, $m
  1,174
  1,336
  1,528
  1,733
  1,951
  2,182
  2,425
  2,680
  2,947
  3,227
  3,518
  3,822
  4,137
  4,466
  4,807
  5,162
  5,530
  5,914
  6,312
  6,726
  7,157
  7,605
  8,072
  8,558
  9,065
  9,593
  10,145
  10,720
  11,321
  11,948
  12,604
Total liabilities and equity, $m
  4,218
  4,841
  5,536
  6,279
  7,069
  7,905
  8,786
  9,710
  10,679
  11,691
  12,747
  13,847
  14,990
  16,180
  17,417
  18,702
  20,037
  21,426
  22,869
  24,369
  25,930
  27,554
  29,246
  31,007
  32,844
  34,758
  36,756
  38,840
  41,018
  43,291
  45,668
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
  2.520
  2.530
  2.540
  2.540
  2.550
  2.550
  2.560
  2.560
  2.570
  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
  472
  538
  607
  681
  759
  842
  928
  1,018
  1,113
  1,211
  1,314
  1,420
  1,531
  1,646
  1,766
  1,890
  2,020
  2,154
  2,294
  2,439
  2,591
  2,748
  2,912
  3,084
  3,262
  3,448
  3,643
  3,846
  4,058
  4,279
Depreciation, amort., depletion, $m
  15
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
Funds from operations, $m
  544
  473
  539
  608
  683
  761
  843
  930
  1,020
  1,115
  1,213
  1,316
  1,423
  1,534
  1,649
  1,769
  1,894
  2,024
  2,158
  2,298
  2,444
  2,596
  2,754
  2,918
  3,090
  3,268
  3,455
  3,650
  3,853
  4,066
  4,288
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
  475
  541
  611
  685
  764
  846
  933
  1,024
  1,118
  1,217
  1,320
  1,427
  1,538
  1,654
  1,774
  1,899
  2,028
  2,163
  2,304
  2,449
  2,601
  2,760
  2,924
  3,096
  3,275
  3,462
  3,657
  3,861
  4,074
  4,296
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
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
  -2
  -2
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -10
  -10
  -11
  -11
  -12
  -12
Free cash flow, $m
  -429
  474
  539
  609
  683
  761
  843
  930
  1,020
  1,115
  1,213
  1,316
  1,422
  1,533
  1,648
  1,768
  1,893
  2,022
  2,157
  2,297
  2,442
  2,594
  2,751
  2,916
  3,087
  3,266
  3,452
  3,646
  3,850
  4,062
  4,284
Issuance/(repayment) of debt, $m
  536
  461
  503
  538
  572
  605
  638
  670
  701
  733
  764
  796
  828
  861
  895
  931
  967
  1,005
  1,045
  1,086
  1,130
  1,176
  1,224
  1,276
  1,329
  1,386
  1,446
  1,509
  1,576
  1,646
  1,721
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
  461
  503
  538
  572
  605
  638
  670
  701
  733
  764
  796
  828
  861
  895
  931
  967
  1,005
  1,045
  1,086
  1,130
  1,176
  1,224
  1,276
  1,329
  1,386
  1,446
  1,509
  1,576
  1,646
  1,721
Total cash flow (excl. dividends), $m
  8
  934
  1,042
  1,147
  1,255
  1,366
  1,481
  1,599
  1,721
  1,847
  1,977
  2,112
  2,251
  2,395
  2,544
  2,699
  2,860
  3,027
  3,201
  3,383
  3,572
  3,770
  3,976
  4,191
  4,416
  4,652
  4,898
  5,156
  5,426
  5,708
  6,004
Retained Cash Flow (-), $m
  -246
  -177
  -192
  -205
  -218
  -231
  -243
  -255
  -267
  -279
  -291
  -303
  -316
  -328
  -341
  -355
  -369
  -383
  -398
  -414
  -431
  -448
  -467
  -486
  -507
  -528
  -551
  -575
  -601
  -628
  -656
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
 
  772
  850
  942
  1,037
  1,135
  1,238
  1,344
  1,454
  1,568
  1,686
  1,808
  1,935
  2,066
  2,203
  2,344
  2,491
  2,644
  2,803
  2,969
  3,141
  3,321
  3,509
  3,705
  3,909
  4,123
  4,347
  4,580
  4,825
  5,081
  5,348
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
 
  703
  698
  690
  672
  643
  606
  562
  512
  459
  404
  349
  296
  246
  201
  160
  125
  95
  71
  51
  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 provides financing programs, and related products and services to automobile dealers in the United States. It advances money to dealers in exchange for the right to service the underlying consumer loans; and buys the consumer loans from the dealers and keeps various amounts collected from the consumers. The company also engages in the business of reinsuring coverage under vehicle service contracts sold to consumers by dealers on vehicles financed by the company. It serves independent and franchised automobile dealers in the United States. Credit Acceptance Corporation was founded in 1972 and is headquartered in Southfield, Michigan.

FINANCIAL RATIOS  of  Credit Acceptance (CACC)

Valuation Ratios
P/E Ratio 16.2
Price to Sales 5.6
Price to Book 4.6
Price to Tangible Book
Price to Cash Flow 10.6
Price to Free Cash Flow 10.8
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 15.4% 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 10 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 19.606 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 $5.3 billion.

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COMPANY NEWS

▶ [$$] This Auto Lender Won't Pay Off   [Aug-16-17 06:12AM  The Wall Street Journal]
▶ [$$] 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]
Stock chart of CACC 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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