Intrinsic value of Avis Budget Group - CAR

Previous Close

$49.15

  Intrinsic Value

$1.46

stock screener

  Rating & Target

str. sell

-97%

Previous close

$49.15

 
Intrinsic value

$1.46

 
Up/down potential

-97%

 
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
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  8,659
  8,971
  9,306
  9,666
  10,051
  10,461
  10,897
  11,361
  11,853
  12,374
  12,926
  13,509
  14,125
  14,776
  15,462
  16,186
  16,948
  17,752
  18,598
  19,489
  20,426
  21,413
  22,451
  23,542
  24,690
  25,897
  27,166
  28,499
  29,901
  31,374
  32,922
Variable operating expenses, $m
 
  8,133
  8,433
  8,755
  9,100
  9,467
  9,858
  10,273
  10,714
  11,180
  11,674
  12,096
  12,647
  13,230
  13,844
  14,492
  15,175
  15,894
  16,652
  17,449
  18,289
  19,172
  20,102
  21,079
  22,107
  23,187
  24,323
  25,518
  26,773
  28,092
  29,478
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
  8,133
  8,433
  8,755
  9,100
  9,467
  9,858
  10,273
  10,714
  11,180
  11,674
  12,096
  12,647
  13,230
  13,844
  14,492
  15,175
  15,894
  16,652
  17,449
  18,289
  19,172
  20,102
  21,079
  22,107
  23,187
  24,323
  25,518
  26,773
  28,092
  29,478
Operating income, $m
  730
  838
  873
  911
  951
  994
  1,039
  1,088
  1,139
  1,194
  1,252
  1,413
  1,478
  1,546
  1,618
  1,693
  1,773
  1,857
  1,946
  2,039
  2,137
  2,240
  2,349
  2,463
  2,583
  2,710
  2,842
  2,982
  3,129
  3,283
  3,445
EBITDA, $m
  2,860
  2,967
  3,078
  3,197
  3,324
  3,460
  3,604
  3,758
  3,921
  4,093
  4,275
  4,468
  4,672
  4,887
  5,114
  5,354
  5,606
  5,872
  6,151
  6,446
  6,756
  7,082
  7,426
  7,787
  8,166
  8,566
  8,985
  9,426
  9,890
  10,377
  10,889
Interest expense (income), $m
  461
  449
  406
  428
  452
  477
  504
  533
  563
  596
  630
  667
  705
  746
  789
  834
  882
  932
  985
  1,041
  1,099
  1,161
  1,226
  1,295
  1,367
  1,442
  1,522
  1,606
  1,693
  1,786
  1,883
Earnings before tax, $m
  279
  389
  467
  483
  499
  517
  535
  555
  576
  598
  622
  747
  773
  800
  829
  860
  892
  926
  961
  999
  1,038
  1,079
  1,123
  1,169
  1,217
  1,267
  1,320
  1,376
  1,435
  1,497
  1,562
Tax expense, $m
  116
  105
  126
  130
  135
  140
  145
  150
  156
  162
  168
  202
  209
  216
  224
  232
  241
  250
  259
  270
  280
  291
  303
  316
  329
  342
  357
  372
  387
  404
  422
Net income, $m
  163
  284
  341
  352
  364
  377
  391
  405
  421
  437
  454
  545
  564
  584
  605
  628
  651
  676
  702
  729
  758
  788
  820
  853
  888
  925
  964
  1,005
  1,048
  1,093
  1,140

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
  17,764
  18,428
  19,141
  19,902
  20,715
  21,579
  22,497
  23,472
  24,504
  25,596
  26,751
  27,971
  29,259
  30,618
  32,051
  33,561
  35,152
  36,827
  38,591
  40,448
  42,401
  44,456
  46,618
  48,891
  51,281
  53,794
  56,435
  59,210
  62,127
  65,193
Adjusted assets (=assets-cash), $m
  17,153
  17,764
  18,428
  19,141
  19,902
  20,715
  21,579
  22,497
  23,472
  24,504
  25,596
  26,751
  27,971
  29,259
  30,618
  32,051
  33,561
  35,152
  36,827
  38,591
  40,448
  42,401
  44,456
  46,618
  48,891
  51,281
  53,794
  56,435
  59,210
  62,127
  65,193
Revenue / Adjusted assets
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
  0.505
Average production assets, $m
  12,138
  12,577
  13,047
  13,552
  14,091
  14,666
  15,278
  15,928
  16,618
  17,349
  18,122
  18,940
  19,804
  20,716
  21,678
  22,692
  23,761
  24,888
  26,074
  27,323
  28,637
  30,021
  31,476
  33,006
  34,615
  36,307
  38,086
  39,956
  41,921
  43,987
  46,157
Working capital, $m
  50
  -170
  -177
  -184
  -191
  -199
  -207
  -216
  -225
  -235
  -246
  -257
  -268
  -281
  -294
  -308
  -322
  -337
  -353
  -370
  -388
  -407
  -427
  -447
  -469
  -492
  -516
  -541
  -568
  -596
  -626
Total debt, $m
  12,401
  10,966
  11,564
  12,206
  12,891
  13,622
  14,400
  15,227
  16,104
  17,032
  18,016
  19,055
  20,153
  21,312
  22,535
  23,825
  25,184
  26,616
  28,124
  29,711
  31,382
  33,140
  34,990
  36,935
  38,981
  41,132
  43,393
  45,770
  48,268
  50,894
  53,653
Total liabilities, $m
  17,422
  15,987
  16,585
  17,227
  17,912
  18,643
  19,421
  20,248
  21,125
  22,053
  23,037
  24,076
  25,174
  26,333
  27,556
  28,846
  30,205
  31,637
  33,145
  34,732
  36,403
  38,161
  40,011
  41,956
  44,002
  46,153
  48,414
  50,791
  53,289
  55,915
  58,674
Total equity, $m
  221
  1,776
  1,843
  1,914
  1,990
  2,071
  2,158
  2,250
  2,347
  2,450
  2,560
  2,675
  2,797
  2,926
  3,062
  3,205
  3,356
  3,515
  3,683
  3,859
  4,045
  4,240
  4,446
  4,662
  4,889
  5,128
  5,379
  5,643
  5,921
  6,213
  6,519
Total liabilities and equity, $m
  17,643
  17,763
  18,428
  19,141
  19,902
  20,714
  21,579
  22,498
  23,472
  24,503
  25,597
  26,751
  27,971
  29,259
  30,618
  32,051
  33,561
  35,152
  36,828
  38,591
  40,448
  42,401
  44,457
  46,618
  48,891
  51,281
  53,793
  56,434
  59,210
  62,128
  65,193
Debt-to-equity ratio
  56.113
  6.170
  6.280
  6.380
  6.480
  6.580
  6.670
  6.770
  6.860
  6.950
  7.040
  7.120
  7.200
  7.280
  7.360
  7.430
  7.500
  7.570
  7.640
  7.700
  7.760
  7.820
  7.870
  7.920
  7.970
  8.020
  8.070
  8.110
  8.150
  8.190
  8.230
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
  284
  341
  352
  364
  377
  391
  405
  421
  437
  454
  545
  564
  584
  605
  628
  651
  676
  702
  729
  758
  788
  820
  853
  888
  925
  964
  1,005
  1,048
  1,093
  1,140
Depreciation, amort., depletion, $m
  2,130
  2,129
  2,205
  2,286
  2,373
  2,466
  2,565
  2,670
  2,781
  2,899
  3,024
  3,055
  3,194
  3,341
  3,496
  3,660
  3,832
  4,014
  4,205
  4,407
  4,619
  4,842
  5,077
  5,324
  5,583
  5,856
  6,143
  6,445
  6,762
  7,095
  7,445
Funds from operations, $m
  2,833
  2,413
  2,546
  2,639
  2,738
  2,844
  2,956
  3,075
  3,202
  3,336
  3,477
  3,600
  3,758
  3,925
  4,102
  4,288
  4,483
  4,690
  4,907
  5,136
  5,377
  5,630
  5,896
  6,177
  6,471
  6,781
  7,107
  7,449
  7,809
  8,187
  8,585
Change in working capital, $m
  204
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -29
Cash from operations, $m
  2,629
  2,419
  2,553
  2,646
  2,745
  2,851
  2,964
  3,084
  3,211
  3,346
  3,488
  3,611
  3,770
  3,938
  4,115
  4,301
  4,498
  4,705
  4,923
  5,153
  5,394
  5,649
  5,916
  6,197
  6,493
  6,804
  7,131
  7,475
  7,836
  8,215
  8,614
Maintenance CAPEX, $m
  0
  -1,958
  -2,029
  -2,104
  -2,186
  -2,273
  -2,366
  -2,464
  -2,569
  -2,680
  -2,798
  -2,923
  -3,055
  -3,194
  -3,341
  -3,496
  -3,660
  -3,832
  -4,014
  -4,205
  -4,407
  -4,619
  -4,842
  -5,077
  -5,324
  -5,583
  -5,856
  -6,143
  -6,445
  -6,762
  -7,095
New CAPEX, $m
  -12,706
  -439
  -470
  -504
  -539
  -575
  -612
  -650
  -690
  -731
  -773
  -818
  -864
  -912
  -962
  -1,014
  -1,069
  -1,126
  -1,186
  -1,249
  -1,314
  -1,383
  -1,455
  -1,530
  -1,609
  -1,692
  -1,779
  -1,870
  -1,965
  -2,065
  -2,170
Cash from investing activities, $m
  -2,149
  -2,397
  -2,499
  -2,608
  -2,725
  -2,848
  -2,978
  -3,114
  -3,259
  -3,411
  -3,571
  -3,741
  -3,919
  -4,106
  -4,303
  -4,510
  -4,729
  -4,958
  -5,200
  -5,454
  -5,721
  -6,002
  -6,297
  -6,607
  -6,933
  -7,275
  -7,635
  -8,013
  -8,410
  -8,827
  -9,265
Free cash flow, $m
  480
  22
  54
  37
  20
  3
  -13
  -31
  -48
  -66
  -84
  -129
  -149
  -168
  -189
  -210
  -231
  -254
  -277
  -302
  -327
  -353
  -381
  -410
  -440
  -471
  -504
  -538
  -574
  -612
  -651
Issuance/(repayment) of debt, $m
  -6
  -1,156
  598
  641
  686
  731
  778
  827
  877
  929
  983
  1,039
  1,098
  1,159
  1,223
  1,290
  1,359
  1,432
  1,508
  1,588
  1,671
  1,758
  1,850
  1,945
  2,046
  2,151
  2,261
  2,377
  2,498
  2,625
  2,759
Issuance/(repurchase) of shares, $m
  -387
  1,482
  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  
  -438
  326
  598
  641
  686
  731
  778
  827
  877
  929
  983
  1,039
  1,098
  1,159
  1,223
  1,290
  1,359
  1,432
  1,508
  1,588
  1,671
  1,758
  1,850
  1,945
  2,046
  2,151
  2,261
  2,377
  2,498
  2,625
  2,759
Total cash flow (excl. dividends), $m
  38
  349
  652
  678
  706
  735
  765
  796
  829
  863
  899
  910
  949
  991
  1,034
  1,080
  1,128
  1,178
  1,231
  1,286
  1,344
  1,405
  1,469
  1,536
  1,606
  1,680
  1,757
  1,839
  1,924
  2,014
  2,108
Retained Cash Flow (-), $m
  218
  -1,766
  -66
  -71
  -76
  -81
  -86
  -92
  -97
  -103
  -109
  -115
  -122
  -129
  -136
  -143
  -151
  -159
  -168
  -176
  -186
  -195
  -206
  -216
  -227
  -239
  -251
  -264
  -278
  -292
  -307
Prev. year cash balance distribution, $m
 
  211
  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
 
  -1,207
  585
  607
  630
  653
  678
  704
  731
  760
  790
  794
  827
  862
  899
  937
  977
  1,019
  1,063
  1,110
  1,158
  1,209
  1,263
  1,319
  1,379
  1,441
  1,506
  1,575
  1,647
  1,722
  1,801
Discount rate, %
 
  12.50
  13.13
  13.78
  14.47
  15.19
  15.95
  16.75
  17.59
  18.47
  19.39
  20.36
  21.38
  22.45
  23.57
  24.75
  25.99
  27.29
  28.65
  30.08
  31.59
  33.17
  34.82
  36.57
  38.39
  40.31
  42.33
  44.45
  46.67
  49.00
  51.45
PV of cash for distribution, $m
 
  -1,072
  457
  412
  367
  322
  279
  238
  200
  165
  134
  103
  81
  62
  46
  34
  24
  17
  11
  7
  5
  3
  2
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3
  6.3

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 25.9
Price to Sales 0.5
Price to Book 19.1
Price to Tangible Book
Price to Cash Flow 1.6
Price to Free Cash Flow -0.4
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 $8659 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 3.6% 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 12.5%, 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 90.7%.

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 3.7% 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%.

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 140.2%.

Life of production assets of 6.2 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 -1.9%. 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 - $221 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 82.498 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 $4.1 billion.

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COMPANY NEWS

▶ "Fast Money" final trades: UAL, DAL and more   [Jan-11-18 05:59PM  CNBC Videos]
▶ Avis and Budget Offer Vehicles With Winter Tires in Canada   [Dec-18-17 11:00AM  GlobeNewswire]
▶ Avis's largest shareholder boosts stake by 41%   [Dec-11-17 08:02AM  MarketWatch]
▶ Stocks With Rising Relative Price Strength: Avis Budget   [03:00AM  Investor's Business Daily]
▶ "Fast Money" final trades: CRM, CAR and more   [Nov-21-17 05:59PM  CNBC Videos]
▶ HSBC Latest Firm to Find IT Executive in Tech Sector   [03:26PM  The Wall Street Journal]
▶ Company News For Nov 8, 2017   [09:52AM  Zacks]
▶ [$$] Avis Slides as Fleet Costs Rise   [Nov-06-17 07:42PM  The Wall Street Journal]
▶ Avis Budget beats 3Q profit forecasts   [05:53PM  Associated Press]
▶ Avis Budget issues mixed quarterly report   [04:00PM  CNBC Videos]
▶ GM Stock Remains a Buy Despite Recent Price Growth   [Nov-01-17 10:37AM  InvestorPlace]
▶ Top Ranked Value Stocks to Buy for October 31st   [Oct-31-17 11:14AM  Zacks]
▶ 3 Value Stocks at 52-Week Highs Still Worth Buying   [Oct-27-17 07:00PM  Motley Fool]
▶ Zipcar Steps Up Fight Against Uber With Push for Commuter Subscriptions   [Oct-26-17 11:44PM  The Wall Street Journal]
▶ Zipcar Steps Up Fight Against Uber With Subscriber Push   [06:35AM  The Wall Street Journal]
▶ Avis Budget Group Recognized for Supplier Diversity   [Oct-24-17 11:00AM  GlobeNewswire]
▶ "Fast Money" final trades: CAR, TGT and more   [Oct-10-17 05:59PM  CNBC Videos]
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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