Intrinsic value of Avis Budget Group - CAR

Previous Close

$35.01

  Intrinsic Value

$1.14

stock screener

  Rating & Target

str. sell

-97%

Previous close

$35.01

 
Intrinsic value

$1.14

 
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

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 2.9

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  8,659
  8,832
  9,035
  9,268
  9,528
  9,817
  10,134
  10,479
  10,853
  11,255
  11,687
  12,149
  12,642
  13,167
  13,725
  14,317
  14,945
  15,609
  16,311
  17,054
  17,837
  18,664
  19,536
  20,455
  21,423
  22,443
  23,517
  24,647
  25,837
  27,088
  28,404
Variable operating expenses, $m
 
  8,009
  8,191
  8,399
  8,632
  8,891
  9,174
  9,483
  9,818
  10,178
  10,565
  10,878
  11,320
  11,790
  12,289
  12,819
  13,381
  13,976
  14,605
  15,269
  15,971
  16,711
  17,492
  18,315
  19,182
  20,095
  21,056
  22,068
  23,133
  24,254
  25,432
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
  8,009
  8,191
  8,399
  8,632
  8,891
  9,174
  9,483
  9,818
  10,178
  10,565
  10,878
  11,320
  11,790
  12,289
  12,819
  13,381
  13,976
  14,605
  15,269
  15,971
  16,711
  17,492
  18,315
  19,182
  20,095
  21,056
  22,068
  23,133
  24,254
  25,432
Operating income, $m
  730
  823
  845
  869
  896
  926
  960
  996
  1,035
  1,077
  1,122
  1,271
  1,323
  1,378
  1,436
  1,498
  1,564
  1,633
  1,707
  1,784
  1,866
  1,953
  2,044
  2,140
  2,242
  2,348
  2,461
  2,579
  2,703
  2,834
  2,972
EBITDA, $m
  2,860
  2,921
  2,989
  3,065
  3,152
  3,247
  3,352
  3,466
  3,590
  3,723
  3,866
  4,018
  4,182
  4,355
  4,540
  4,736
  4,943
  5,163
  5,395
  5,641
  5,900
  6,173
  6,462
  6,766
  7,086
  7,423
  7,778
  8,152
  8,546
  8,960
  9,395
Interest expense (income), $m
  461
  449
  397
  410
  425
  443
  462
  482
  505
  530
  556
  585
  615
  648
  682
  719
  758
  800
  843
  890
  939
  990
  1,045
  1,102
  1,163
  1,227
  1,294
  1,365
  1,439
  1,518
  1,600
Earnings before tax, $m
  279
  375
  448
  459
  471
  484
  498
  513
  530
  547
  566
  686
  707
  730
  754
  779
  805
  833
  863
  894
  928
  962
  999
  1,038
  1,078
  1,121
  1,166
  1,214
  1,264
  1,316
  1,371
Tax expense, $m
  116
  101
  121
  124
  127
  131
  134
  139
  143
  148
  153
  185
  191
  197
  203
  210
  217
  225
  233
  242
  250
  260
  270
  280
  291
  303
  315
  328
  341
  355
  370
Net income, $m
  163
  274
  327
  335
  344
  353
  364
  375
  387
  399
  413
  501
  516
  533
  550
  568
  588
  608
  630
  653
  677
  703
  729
  758
  787
  819
  851
  886
  923
  961
  1,001

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
  17,489
  17,892
  18,352
  18,868
  19,440
  20,067
  20,751
  21,491
  22,288
  23,143
  24,058
  25,034
  26,074
  27,179
  28,351
  29,594
  30,909
  32,300
  33,769
  35,321
  36,958
  38,685
  40,505
  42,422
  44,442
  46,568
  48,806
  51,162
  53,639
  56,245
Adjusted assets (=assets-cash), $m
  17,153
  17,489
  17,892
  18,352
  18,868
  19,440
  20,067
  20,751
  21,491
  22,288
  23,143
  24,058
  25,034
  26,074
  27,179
  28,351
  29,594
  30,909
  32,300
  33,769
  35,321
  36,958
  38,685
  40,505
  42,422
  44,442
  46,568
  48,806
  51,162
  53,639
  56,245
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
  12,383
  12,668
  12,993
  13,359
  13,764
  14,208
  14,692
  15,216
  15,780
  16,385
  17,033
  17,725
  18,461
  19,243
  20,073
  20,953
  21,884
  22,869
  23,909
  25,008
  26,167
  27,389
  28,678
  30,035
  31,465
  32,971
  34,555
  36,223
  37,977
  39,822
Working capital, $m
  50
  -168
  -172
  -176
  -181
  -187
  -193
  -199
  -206
  -214
  -222
  -231
  -240
  -250
  -261
  -272
  -284
  -297
  -310
  -324
  -339
  -355
  -371
  -389
  -407
  -426
  -447
  -468
  -491
  -515
  -540
Total debt, $m
  12,401
  10,720
  11,082
  11,495
  11,960
  12,475
  13,040
  13,655
  14,321
  15,038
  15,808
  16,631
  17,510
  18,446
  19,440
  20,495
  21,613
  22,797
  24,049
  25,371
  26,768
  28,241
  29,795
  31,433
  33,159
  34,977
  36,890
  38,905
  41,024
  43,254
  45,600
Total liabilities, $m
  17,422
  15,741
  16,103
  16,516
  16,981
  17,496
  18,061
  18,676
  19,342
  20,059
  20,829
  21,652
  22,531
  23,467
  24,461
  25,516
  26,634
  27,818
  29,070
  30,392
  31,789
  33,262
  34,816
  36,454
  38,180
  39,998
  41,911
  43,926
  46,045
  48,275
  50,621
Total equity, $m
  221
  1,749
  1,789
  1,835
  1,887
  1,944
  2,007
  2,075
  2,149
  2,229
  2,314
  2,406
  2,503
  2,607
  2,718
  2,835
  2,959
  3,091
  3,230
  3,377
  3,532
  3,696
  3,868
  4,050
  4,242
  4,444
  4,657
  4,881
  5,116
  5,364
  5,625
Total liabilities and equity, $m
  17,643
  17,490
  17,892
  18,351
  18,868
  19,440
  20,068
  20,751
  21,491
  22,288
  23,143
  24,058
  25,034
  26,074
  27,179
  28,351
  29,593
  30,909
  32,300
  33,769
  35,321
  36,958
  38,684
  40,504
  42,422
  44,442
  46,568
  48,807
  51,161
  53,639
  56,246
Debt-to-equity ratio
  56.113
  6.130
  6.190
  6.260
  6.340
  6.420
  6.500
  6.580
  6.660
  6.750
  6.830
  6.910
  6.990
  7.070
  7.150
  7.230
  7.300
  7.380
  7.450
  7.510
  7.580
  7.640
  7.700
  7.760
  7.820
  7.870
  7.920
  7.970
  8.020
  8.060
  8.110
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
  274
  327
  335
  344
  353
  364
  375
  387
  399
  413
  501
  516
  533
  550
  568
  588
  608
  630
  653
  677
  703
  729
  758
  787
  819
  851
  886
  923
  961
  1,001
Depreciation, amort., depletion, $m
  2,130
  2,098
  2,144
  2,196
  2,255
  2,321
  2,392
  2,470
  2,555
  2,646
  2,744
  2,747
  2,859
  2,978
  3,104
  3,238
  3,379
  3,530
  3,688
  3,856
  4,033
  4,220
  4,418
  4,625
  4,844
  5,075
  5,318
  5,573
  5,842
  6,125
  6,423
Funds from operations, $m
  2,833
  2,372
  2,471
  2,531
  2,599
  2,674
  2,756
  2,845
  2,941
  3,045
  3,156
  3,248
  3,375
  3,510
  3,654
  3,806
  3,967
  4,138
  4,319
  4,509
  4,711
  4,923
  5,147
  5,383
  5,632
  5,894
  6,169
  6,460
  6,765
  7,086
  7,424
Change in working capital, $m
  204
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -25
Cash from operations, $m
  2,629
  2,375
  2,475
  2,536
  2,604
  2,679
  2,762
  2,852
  2,949
  3,053
  3,165
  3,257
  3,385
  3,520
  3,664
  3,817
  3,979
  4,151
  4,332
  4,523
  4,725
  4,939
  5,164
  5,400
  5,650
  5,913
  6,190
  6,481
  6,788
  7,110
  7,449
Maintenance CAPEX, $m
  0
  -1,958
  -1,997
  -2,043
  -2,096
  -2,155
  -2,220
  -2,292
  -2,370
  -2,454
  -2,545
  -2,643
  -2,747
  -2,859
  -2,978
  -3,104
  -3,238
  -3,379
  -3,530
  -3,688
  -3,856
  -4,033
  -4,220
  -4,418
  -4,625
  -4,844
  -5,075
  -5,318
  -5,573
  -5,842
  -6,125
New CAPEX, $m
  -12,706
  -245
  -285
  -326
  -365
  -405
  -444
  -484
  -524
  -564
  -606
  -648
  -691
  -736
  -782
  -830
  -880
  -931
  -985
  -1,040
  -1,099
  -1,159
  -1,222
  -1,289
  -1,358
  -1,430
  -1,505
  -1,585
  -1,667
  -1,754
  -1,845
Cash from investing activities, $m
  -2,149
  -2,203
  -2,282
  -2,369
  -2,461
  -2,560
  -2,664
  -2,776
  -2,894
  -3,018
  -3,151
  -3,291
  -3,438
  -3,595
  -3,760
  -3,934
  -4,118
  -4,310
  -4,515
  -4,728
  -4,955
  -5,192
  -5,442
  -5,707
  -5,983
  -6,274
  -6,580
  -6,903
  -7,240
  -7,596
  -7,970
Free cash flow, $m
  480
  172
  193
  167
  143
  120
  98
  76
  55
  34
  14
  -34
  -54
  -75
  -95
  -116
  -138
  -160
  -182
  -206
  -229
  -254
  -279
  -306
  -333
  -361
  -391
  -421
  -453
  -487
  -521
Issuance/(repayment) of debt, $m
  -6
  -1,402
  362
  414
  465
  515
  565
  615
  666
  717
  770
  824
  879
  936
  994
  1,055
  1,118
  1,184
  1,252
  1,323
  1,396
  1,473
  1,554
  1,638
  1,726
  1,818
  1,914
  2,014
  2,120
  2,230
  2,346
Issuance/(repurchase) of shares, $m
  -387
  1,465
  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
  63
  362
  414
  465
  515
  565
  615
  666
  717
  770
  824
  879
  936
  994
  1,055
  1,118
  1,184
  1,252
  1,323
  1,396
  1,473
  1,554
  1,638
  1,726
  1,818
  1,914
  2,014
  2,120
  2,230
  2,346
Total cash flow (excl. dividends), $m
  38
  235
  555
  581
  607
  635
  662
  691
  721
  752
  784
  790
  825
  861
  899
  939
  980
  1,024
  1,069
  1,117
  1,167
  1,220
  1,275
  1,332
  1,393
  1,456
  1,523
  1,593
  1,666
  1,743
  1,824
Retained Cash Flow (-), $m
  218
  -1,739
  -40
  -46
  -52
  -57
  -63
  -68
  -74
  -80
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -132
  -139
  -147
  -155
  -164
  -173
  -182
  -192
  -202
  -213
  -224
  -236
  -248
  -261
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
 
  -1,293
  515
  535
  556
  577
  600
  623
  647
  672
  698
  698
  727
  757
  789
  821
  856
  892
  930
  970
  1,012
  1,056
  1,102
  1,150
  1,201
  1,254
  1,310
  1,369
  1,431
  1,496
  1,564
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
 
  -1,149
  402
  363
  324
  285
  247
  211
  177
  146
  119
  91
  71
  54
  41
  30
  21
  15
  10
  7
  4
  3
  2
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4
  6.4

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 18.5
Price to Sales 0.3
Price to Book 13.6
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 $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 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 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 82.767 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 $2.9 billion.

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COMPANY NEWS

▶ Company News For Nov 8, 2017   [09:52AM  Zacks]
▶ [$$] Avis Slides as Fleet Costs Rise   [Nov-06-17 07:42PM  The Wall Street Journal]
▶ Avis Budget beats 3Q profit forecasts   [05:53PM  Associated Press]
▶ Avis Budget issues mixed quarterly report   [04:00PM  CNBC Videos]
▶ GM Stock Remains a Buy Despite Recent Price Growth   [Nov-01-17 10:37AM  InvestorPlace]
▶ Top Ranked Value Stocks to Buy for October 31st   [Oct-31-17 11:14AM  Zacks]
▶ 3 Value Stocks at 52-Week Highs Still Worth Buying   [Oct-27-17 07:00PM  Motley Fool]
▶ Zipcar Steps Up Fight Against Uber With Push for Commuter Subscriptions   [Oct-26-17 11:44PM  The Wall Street Journal]
▶ Zipcar Steps Up Fight Against Uber With Subscriber Push   [06:35AM  The Wall Street Journal]
▶ Avis Budget Group Recognized for Supplier Diversity   [Oct-24-17 11:00AM  GlobeNewswire]
▶ "Fast Money" final trades: CAR, TGT and more   [Oct-10-17 05:59PM  CNBC Videos]
▶ Stocks Showing Market Leadership: Avis Budget Earns 91 RS Rating   [Sep-20-17 03:00AM  Investor's Business Daily]
▶ "Fast Money" final trades: MLCO, CAR and more   [Sep-19-17 05:59PM  CNBC Videos]
▶ [$$] Hertz and Avis shares slide on downbeat outlook   [Sep-14-17 04:53PM  Financial Times]
▶ Morgan Stanley: Sell Hertz   [02:12PM  CNBC Videos]
▶ Hertz: Too Pricey, Too Risky?   [09:53AM  Barrons.com]
▶ Food and rental cars in the blitz   [02:10PM  CNBC Videos]
▶ Ford Stock Still a No Go, Despite Sales Bump   [06:19AM  InvestorPlace]
▶ Hertz Global Holdings: It Helps to Read the Note   [Sep-07-17 11:15AM  Barrons.com]
▶ Airlines preparing for Hurricane Irma   [11:03AM  CNBC Videos]
▶ Zipcar Expands to Latin America with Launch in Costa Rica   [Sep-06-17 10:00AM  GlobeNewswire]
▶ Uber and Lyft Have Run Over the Car Industry   [Sep-02-17 11:03AM  TheStreet.com]
▶ "Fast Money" final trades: CAR, FL and more   [Aug-30-17 05:59PM  CNBC Videos]
▶ Trading autos after Harvey: 5 picks   [05:00PM  CNBC Videos]
▶ Avis Budget Scores Relative Strength Rating Upgrade; Hits Key Threshold   [Aug-29-17 03:00AM  Investor's Business Daily]
▶ "Fast Money" final trades: CAR, HD and more   [Aug-25-17 05:28PM  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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