Intrinsic value of Avis Budget Group - CAR

Previous Close

$34.82

  Intrinsic Value

$3.15

stock screener

  Rating & Target

str. sell

-91%

Previous close

$34.82

 
Intrinsic value

$3.15

 
Up/down potential

-91%

 
Rating

str. sell

We calculate the intrinsic value of CAR 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, %
  1.85
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  8,659
  9,043
  9,267
  9,520
  9,802
  10,112
  10,450
  10,817
  11,213
  11,639
  12,094
  12,581
  13,100
  13,651
  14,236
  14,857
  15,514
  16,209
  16,944
  17,720
  18,539
  19,403
  20,314
  21,273
  22,284
  23,349
  24,469
  25,648
  26,889
  28,194
  29,567
Variable operating expenses, $m
 
  8,505
  8,711
  8,944
  9,203
  9,488
  9,799
  10,136
  10,500
  10,891
  11,310
  11,565
  12,042
  12,549
  13,087
  13,657
  14,262
  14,901
  15,576
  16,289
  17,042
  17,836
  18,674
  19,556
  20,485
  21,464
  22,494
  23,578
  24,718
  25,918
  27,179
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
  7,929
  8,505
  8,711
  8,944
  9,203
  9,488
  9,799
  10,136
  10,500
  10,891
  11,310
  11,565
  12,042
  12,549
  13,087
  13,657
  14,262
  14,901
  15,576
  16,289
  17,042
  17,836
  18,674
  19,556
  20,485
  21,464
  22,494
  23,578
  24,718
  25,918
  27,179
Operating income, $m
  730
  538
  556
  576
  599
  624
  651
  681
  713
  747
  784
  1,016
  1,058
  1,102
  1,149
  1,199
  1,253
  1,309
  1,368
  1,431
  1,497
  1,566
  1,640
  1,717
  1,799
  1,885
  1,975
  2,071
  2,171
  2,276
  2,387
EBITDA, $m
  2,860
  2,073
  2,124
  2,182
  2,247
  2,318
  2,396
  2,480
  2,570
  2,668
  2,772
  2,884
  3,003
  3,129
  3,263
  3,406
  3,556
  3,716
  3,884
  4,062
  4,250
  4,448
  4,657
  4,877
  5,108
  5,352
  5,609
  5,879
  6,164
  6,463
  6,778
Interest expense (income), $m
  461
  692
  646
  668
  693
  720
  750
  783
  819
  857
  899
  943
  990
  1,041
  1,094
  1,151
  1,212
  1,275
  1,343
  1,414
  1,490
  1,569
  1,653
  1,742
  1,835
  1,933
  2,037
  2,146
  2,260
  2,381
  2,508
Earnings before tax, $m
  279
  -155
  -91
  -92
  -94
  -96
  -99
  -102
  -106
  -110
  -115
  73
  67
  61
  55
  48
  41
  33
  25
  16
  7
  -3
  -13
  -24
  -36
  -48
  -61
  -75
  -90
  -105
  -121
Tax expense, $m
  116
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  20
  18
  17
  15
  13
  11
  9
  7
  4
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  163
  -155
  -91
  -92
  -94
  -96
  -99
  -102
  -106
  -110
  -115
  53
  49
  45
  40
  35
  30
  24
  18
  12
  5
  -3
  -13
  -24
  -36
  -48
  -61
  -75
  -90
  -105
  -121

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  490
  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
  17,643
  18,085
  18,534
  19,040
  19,604
  20,224
  20,900
  21,634
  22,426
  23,277
  24,189
  25,162
  26,199
  27,302
  28,473
  29,714
  31,028
  32,419
  33,888
  35,440
  37,078
  38,806
  40,627
  42,547
  44,568
  46,697
  48,938
  51,297
  53,778
  56,388
  59,133
Adjusted assets (=assets-cash), $m
  17,153
  18,085
  18,534
  19,040
  19,604
  20,224
  20,900
  21,634
  22,426
  23,277
  24,189
  25,162
  26,199
  27,302
  28,473
  29,714
  31,028
  32,419
  33,888
  35,440
  37,078
  38,806
  40,627
  42,547
  44,568
  46,697
  48,938
  51,297
  53,778
  56,388
  59,133
Revenue / Adjusted assets
  0.505
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
Average production assets, $m
  12,138
  13,428
  13,761
  14,137
  14,556
  15,016
  15,519
  16,064
  16,652
  17,283
  17,960
  18,683
  19,453
  20,272
  21,141
  22,063
  23,038
  24,071
  25,162
  26,314
  27,531
  28,813
  30,166
  31,591
  33,092
  34,673
  36,337
  38,088
  39,930
  41,868
  43,906
Working capital, $m
  50
  -1,655
  -1,696
  -1,742
  -1,794
  -1,850
  -1,912
  -1,980
  -2,052
  -2,130
  -2,213
  -2,302
  -2,397
  -2,498
  -2,605
  -2,719
  -2,839
  -2,966
  -3,101
  -3,243
  -3,393
  -3,551
  -3,717
  -3,893
  -4,078
  -4,273
  -4,478
  -4,694
  -4,921
  -5,160
  -5,411
Total debt, $m
  12,401
  11,971
  12,374
  12,830
  13,337
  13,895
  14,504
  15,165
  15,878
  16,644
  17,464
  18,340
  19,273
  20,266
  21,319
  22,436
  23,619
  24,871
  26,193
  27,590
  29,064
  30,619
  32,259
  33,986
  35,806
  37,721
  39,738
  41,861
  44,094
  46,443
  48,914
Total liabilities, $m
  17,422
  16,277
  16,680
  17,136
  17,643
  18,201
  18,810
  19,471
  20,184
  20,950
  21,770
  22,646
  23,579
  24,572
  25,625
  26,742
  27,925
  29,177
  30,499
  31,896
  33,370
  34,925
  36,565
  38,292
  40,112
  42,027
  44,044
  46,167
  48,400
  50,749
  53,220
Total equity, $m
  221
  1,809
  1,853
  1,904
  1,960
  2,022
  2,090
  2,163
  2,243
  2,328
  2,419
  2,516
  2,620
  2,730
  2,847
  2,971
  3,103
  3,242
  3,389
  3,544
  3,708
  3,881
  4,063
  4,255
  4,457
  4,670
  4,894
  5,130
  5,378
  5,639
  5,913
Total liabilities and equity, $m
  17,643
  18,086
  18,533
  19,040
  19,603
  20,223
  20,900
  21,634
  22,427
  23,278
  24,189
  25,162
  26,199
  27,302
  28,472
  29,713
  31,028
  32,419
  33,888
  35,440
  37,078
  38,806
  40,628
  42,547
  44,569
  46,697
  48,938
  51,297
  53,778
  56,388
  59,133
Debt-to-equity ratio
  56.113
  6.620
  6.680
  6.740
  6.800
  6.870
  6.940
  7.010
  7.080
  7.150
  7.220
  7.290
  7.360
  7.420
  7.490
  7.550
  7.610
  7.670
  7.730
  7.780
  7.840
  7.890
  7.940
  7.990
  8.030
  8.080
  8.120
  8.160
  8.200
  8.240
  8.270
Adjusted equity ratio
  -0.016
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  163
  -155
  -91
  -92
  -94
  -96
  -99
  -102
  -106
  -110
  -115
  53
  49
  45
  40
  35
  30
  24
  18
  12
  5
  -3
  -13
  -24
  -36
  -48
  -61
  -75
  -90
  -105
  -121
Depreciation, amort., depletion, $m
  2,130
  1,535
  1,568
  1,606
  1,648
  1,694
  1,744
  1,799
  1,857
  1,921
  1,988
  1,868
  1,945
  2,027
  2,114
  2,206
  2,304
  2,407
  2,516
  2,631
  2,753
  2,881
  3,017
  3,159
  3,309
  3,467
  3,634
  3,809
  3,993
  4,187
  4,391
Funds from operations, $m
  2,833
  1,381
  1,478
  1,514
  1,554
  1,598
  1,645
  1,696
  1,752
  1,811
  1,874
  1,921
  1,994
  2,072
  2,154
  2,241
  2,334
  2,431
  2,534
  2,643
  2,758
  2,878
  3,003
  3,135
  3,273
  3,419
  3,572
  3,734
  3,903
  4,082
  4,270
Change in working capital, $m
  204
  -36
  -41
  -46
  -52
  -57
  -62
  -67
  -72
  -78
  -83
  -89
  -95
  -101
  -107
  -114
  -120
  -127
  -134
  -142
  -150
  -158
  -167
  -176
  -185
  -195
  -205
  -216
  -227
  -239
  -251
Cash from operations, $m
  2,629
  1,416
  1,519
  1,560
  1,606
  1,654
  1,707
  1,764
  1,824
  1,888
  1,957
  2,010
  2,089
  2,173
  2,261
  2,355
  2,454
  2,559
  2,669
  2,785
  2,908
  3,036
  3,170
  3,310
  3,458
  3,614
  3,777
  3,949
  4,130
  4,321
  4,521
Maintenance CAPEX, $m
  0
  -1,314
  -1,343
  -1,376
  -1,414
  -1,456
  -1,502
  -1,552
  -1,606
  -1,665
  -1,728
  -1,796
  -1,868
  -1,945
  -2,027
  -2,114
  -2,206
  -2,304
  -2,407
  -2,516
  -2,631
  -2,753
  -2,881
  -3,017
  -3,159
  -3,309
  -3,467
  -3,634
  -3,809
  -3,993
  -4,187
New CAPEX, $m
  -12,706
  -289
  -333
  -376
  -418
  -460
  -503
  -545
  -588
  -632
  -677
  -723
  -770
  -819
  -869
  -922
  -976
  -1,032
  -1,091
  -1,152
  -1,216
  -1,283
  -1,352
  -1,425
  -1,501
  -1,581
  -1,664
  -1,751
  -1,842
  -1,938
  -2,038
Cash from investing activities, $m
  -2,149
  -1,603
  -1,676
  -1,752
  -1,832
  -1,916
  -2,005
  -2,097
  -2,194
  -2,297
  -2,405
  -2,519
  -2,638
  -2,764
  -2,896
  -3,036
  -3,182
  -3,336
  -3,498
  -3,668
  -3,847
  -4,036
  -4,233
  -4,442
  -4,660
  -4,890
  -5,131
  -5,385
  -5,651
  -5,931
  -6,225
Free cash flow, $m
  480
  -187
  -157
  -192
  -226
  -261
  -297
  -333
  -370
  -409
  -448
  -508
  -549
  -591
  -635
  -681
  -728
  -778
  -829
  -883
  -940
  -999
  -1,064
  -1,131
  -1,202
  -1,276
  -1,354
  -1,435
  -1,521
  -1,610
  -1,704
Issuance/(repayment) of debt, $m
  -6
  -849
  404
  456
  507
  558
  609
  661
  713
  766
  820
  876
  933
  992
  1,054
  1,117
  1,183
  1,251
  1,323
  1,397
  1,474
  1,555
  1,639
  1,727
  1,820
  1,916
  2,017
  2,123
  2,233
  2,349
  2,471
Issuance/(repurchase) of shares, $m
  -387
  1,390
  135
  143
  150
  158
  167
  176
  185
  195
  206
  44
  55
  65
  77
  89
  102
  115
  129
  143
  159
  176
  196
  216
  238
  261
  286
  311
  338
  366
  395
Cash from financing (excl. dividends), $m  
  -438
  541
  539
  599
  657
  716
  776
  837
  898
  961
  1,026
  920
  988
  1,057
  1,131
  1,206
  1,285
  1,366
  1,452
  1,540
  1,633
  1,731
  1,835
  1,943
  2,058
  2,177
  2,303
  2,434
  2,571
  2,715
  2,866
Total cash flow (excl. dividends), $m
  38
  354
  382
  407
  431
  455
  479
  503
  528
  552
  578
  412
  439
  467
  496
  525
  556
  588
  622
  657
  693
  731
  771
  812
  856
  901
  949
  998
  1,050
  1,105
  1,162
Retained Cash Flow (-), $m
  218
  -1,390
  -135
  -143
  -150
  -158
  -167
  -176
  -185
  -195
  -206
  -97
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -176
  -196
  -216
  -238
  -261
  -286
  -311
  -338
  -366
  -395
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
 
  9
  9
  9
  10
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  26
  27
  28
Cash available for distribution, $m
 
  -1,036
  247
  264
  281
  297
  312
  327
  342
  357
  372
  315
  335
  356
  378
  401
  425
  449
  475
  502
  529
  555
  575
  596
  617
  640
  663
  687
  712
  739
  766
Discount rate, %
 
  11.60
  12.18
  12.79
  13.43
  14.10
  14.80
  15.55
  16.32
  17.14
  18.00
  18.90
  19.84
  20.83
  21.87
  22.97
  24.12
  25.32
  26.59
  27.92
  29.31
  30.78
  32.32
  33.93
  35.63
  37.41
  39.28
  41.25
  43.31
  45.47
  47.75
PV of cash for distribution, $m
 
  -928
  196
  184
  170
  153
  136
  119
  102
  86
  71
  47
  38
  30
  24
  18
  13
  10
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  67.0
  66.0
  65.0
  63.9
  62.9
  61.9
  60.8
  59.8
  58.8
  57.7
  57.5
  57.3
  57.0
  56.6
  56.3
  55.9
  55.5
  55.0
  54.6
  54.1
  53.6
  53.0
  52.4
  51.9
  51.2
  50.6
  50.0
  49.3
  48.6
  48.0

Avis Budget Group Inc. is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France. The Company operates in two segments: Americas and International. The Americas segment provides and licenses the Company's brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Company's brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, Australia and New Zealand.

FINANCIAL RATIOS  of  Avis Budget Group (CAR)

Valuation Ratios
P/E Ratio 18.4
Price to Sales 0.3
Price to Book 13.5
Price to Tangible Book
Price to Cash Flow 1.1
Price to Free Cash Flow -0.3
Growth Rates
Sales Growth Rate 1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 5485.1%
Total Debt to Equity 5611.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 49.4%
Return On Equity - 3 Yr. Avg. 46.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 49.1%
Gross Margin - 3 Yr. Avg. 49.5%
EBITDA Margin 33.1%
EBITDA Margin - 3 Yr. Avg. 33.7%
Operating Margin 8.4%
Oper. Margin - 3 Yr. Avg. 9.3%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 41.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.4%
Payout Ratio 0%

CAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAR stock intrinsic value calculation we used $8848 million for the last fiscal year's total revenue generated by Avis Budget Group. The default revenue input number comes from 2016 income statement of Avis Budget Group. 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 CAR stock valuation model: a) initial revenue growth rate of 2.2% 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 11.6%, whose default value for CAR is calculated based on our internal credit rating of Avis Budget Group, 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 Avis Budget Group.
    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 CAR stock the variable cost ratio is equal to 94.1%.

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 CAR 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 5.4% for Avis Budget Group.

Corporate tax rate of 27% is the nominal tax rate for Avis Budget Group. 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 CAR stock is equal to 0.1%.

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 CAR are equal to 148.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Avis Budget Group 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 CAR is equal to -18.3%. 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 - $573 million for Avis Budget Group - 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 81 million for Avis Budget Group 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 Avis Budget Group at the current share price and the inputted number of shares is $2.8 billion.

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COMPANY NEWS

▶ Snap and Hostess skid while Match and CVS jump   [Aug-08-18 04:44PM  Associated Press]
▶ Top ways to save money on your next rental car   [01:10PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Aug 8th, 2018   [09:40AM  Yahoo Finance Video]
▶ Avis Budget: 2Q Earnings Snapshot   [06:10PM  Associated Press]
▶ Lyft beefs up car rental program for drivers   [Aug-06-18 04:23PM  TechCrunch]
▶ Why Hertz Global Holdings Stock Popped 10% This Morning   [Jul-30-18 04:23PM  Motley Fool]
▶ Here's what happened when car2go ditched the Smart car in Denver   [Jul-04-18 09:30AM  American City Business Journals]
▶ Your first trade for July 3, 2018   [Jul-03-18 09:08AM  CNBC]
▶ Final Trade: JNJ, JD & CAR   [Jul-02-18 05:30PM  CNBC Videos]
▶ Hertz's Surprising Boost From Used-Car Pricing   [Jun-18-18 04:53PM  Motley Fool]
▶ 3 Top Stocks You Can Buy on Sale   [Jun-04-18 09:01PM  Motley Fool]
▶ London to go Electric From Summer 2018   [Jun-01-18 12:51PM  GlobeNewswire]
▶ 4 Hot Momentum Stocks for Remarkable Returns   [12:10PM  InvestorPlace]
▶ Avis Budget: 1Q Earnings Snapshot   [05:01AM  Associated Press]
▶ Avis Budget Group Reports Strong First Quarter 2018 Results   [May-02-18 04:15PM  GlobeNewswire]
▶ Avis Returns to Japan With Presence at Gateway Airports   [Apr-18-18 09:08AM  GlobeNewswire]
Financial statements of CAR
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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