Intrinsic value of Cardtronics Cl A - CATM

Previous Close

$16.99

  Intrinsic Value

$101.79

stock screener

  Rating & Target

str. buy

+499%

Previous close

$16.99

 
Intrinsic value

$101.79

 
Up/down potential

+499%

 
Rating

str. buy

We calculate the intrinsic value of CATM 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 0.8

 

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, %
  5.42
  18.80
  17.42
  16.18
  15.06
  14.05
  13.15
  12.33
  11.60
  10.94
  10.35
  9.81
  9.33
  8.90
  8.51
  8.16
  7.84
  7.56
  7.30
  7.07
  6.86
  6.68
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
Revenue, $m
  1,265
  1,503
  1,765
  2,050
  2,359
  2,690
  3,044
  3,420
  3,816
  4,234
  4,672
  5,130
  5,609
  6,108
  6,628
  7,168
  7,730
  8,314
  8,922
  9,552
  10,208
  10,890
  11,599
  12,336
  13,104
  13,903
  14,736
  15,604
  16,510
  17,455
  18,441
Variable operating expenses, $m
 
  1,317
  1,537
  1,777
  2,037
  2,316
  2,613
  2,929
  3,262
  3,613
  3,982
  4,314
  4,716
  5,136
  5,573
  6,027
  6,500
  6,991
  7,502
  8,032
  8,584
  9,157
  9,753
  10,373
  11,019
  11,691
  12,391
  13,121
  13,883
  14,677
  15,506
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
  1,119
  1,317
  1,537
  1,777
  2,037
  2,316
  2,613
  2,929
  3,262
  3,613
  3,982
  4,314
  4,716
  5,136
  5,573
  6,027
  6,500
  6,991
  7,502
  8,032
  8,584
  9,157
  9,753
  10,373
  11,019
  11,691
  12,391
  13,121
  13,883
  14,677
  15,506
Operating income, $m
  146
  186
  228
  273
  322
  375
  431
  491
  554
  620
  690
  816
  893
  972
  1,055
  1,141
  1,230
  1,323
  1,420
  1,520
  1,624
  1,733
  1,846
  1,963
  2,085
  2,213
  2,345
  2,483
  2,627
  2,778
  2,935
EBITDA, $m
  274
  313
  368
  428
  492
  561
  635
  713
  796
  883
  974
  1,070
  1,170
  1,274
  1,382
  1,495
  1,612
  1,734
  1,860
  1,992
  2,129
  2,271
  2,419
  2,572
  2,733
  2,899
  3,073
  3,254
  3,443
  3,640
  3,846
Interest expense (income), $m
  17
  18
  24
  30
  37
  45
  53
  62
  72
  82
  92
  103
  115
  127
  139
  152
  166
  180
  195
  210
  226
  242
  259
  277
  296
  315
  335
  356
  378
  400
  424
Earnings before tax, $m
  115
  168
  204
  243
  285
  330
  378
  429
  482
  539
  598
  713
  778
  845
  915
  988
  1,064
  1,143
  1,225
  1,310
  1,399
  1,491
  1,587
  1,686
  1,790
  1,898
  2,010
  2,127
  2,250
  2,377
  2,511
Tax expense, $m
  27
  45
  55
  66
  77
  89
  102
  116
  130
  145
  161
  193
  210
  228
  247
  267
  287
  309
  331
  354
  378
  403
  428
  455
  483
  512
  543
  574
  607
  642
  678
Net income, $m
  88
  123
  149
  177
  208
  241
  276
  313
  352
  393
  437
  521
  568
  617
  668
  722
  777
  835
  894
  957
  1,021
  1,088
  1,158
  1,231
  1,307
  1,385
  1,467
  1,553
  1,642
  1,735
  1,833

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  74
  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
  1,365
  1,533
  1,801
  2,092
  2,407
  2,745
  3,106
  3,489
  3,894
  4,320
  4,767
  5,235
  5,723
  6,233
  6,763
  7,314
  7,888
  8,484
  9,104
  9,747
  10,416
  11,112
  11,835
  12,588
  13,371
  14,187
  15,037
  15,923
  16,847
  17,811
  18,817
Adjusted assets (=assets-cash), $m
  1,291
  1,533
  1,801
  2,092
  2,407
  2,745
  3,106
  3,489
  3,894
  4,320
  4,767
  5,235
  5,723
  6,233
  6,763
  7,314
  7,888
  8,484
  9,104
  9,747
  10,416
  11,112
  11,835
  12,588
  13,371
  14,187
  15,037
  15,923
  16,847
  17,811
  18,817
Revenue / Adjusted assets
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
  0.980
Average production assets, $m
  519
  616
  723
  841
  967
  1,103
  1,248
  1,402
  1,565
  1,736
  1,915
  2,103
  2,300
  2,504
  2,717
  2,939
  3,169
  3,409
  3,658
  3,916
  4,185
  4,465
  4,755
  5,058
  5,373
  5,700
  6,042
  6,398
  6,769
  7,156
  7,561
Working capital, $m
  -44
  -140
  -164
  -191
  -219
  -250
  -283
  -318
  -355
  -394
  -434
  -477
  -522
  -568
  -616
  -667
  -719
  -773
  -830
  -888
  -949
  -1,013
  -1,079
  -1,147
  -1,219
  -1,293
  -1,370
  -1,451
  -1,535
  -1,623
  -1,715
Total debt, $m
  503
  673
  861
  1,066
  1,287
  1,525
  1,779
  2,048
  2,333
  2,632
  2,946
  3,275
  3,618
  3,976
  4,349
  4,737
  5,140
  5,559
  5,995
  6,447
  6,918
  7,407
  7,915
  8,444
  8,995
  9,569
  10,166
  10,789
  11,438
  12,116
  12,823
Total liabilities, $m
  908
  1,078
  1,266
  1,471
  1,692
  1,930
  2,184
  2,453
  2,738
  3,037
  3,351
  3,680
  4,023
  4,381
  4,754
  5,142
  5,545
  5,964
  6,400
  6,852
  7,323
  7,812
  8,320
  8,849
  9,400
  9,974
  10,571
  11,194
  11,843
  12,521
  13,228
Total equity, $m
  457
  455
  535
  621
  715
  815
  923
  1,036
  1,157
  1,283
  1,416
  1,555
  1,700
  1,851
  2,009
  2,172
  2,343
  2,520
  2,704
  2,895
  3,094
  3,300
  3,515
  3,739
  3,971
  4,214
  4,466
  4,729
  5,004
  5,290
  5,589
Total liabilities and equity, $m
  1,365
  1,533
  1,801
  2,092
  2,407
  2,745
  3,107
  3,489
  3,895
  4,320
  4,767
  5,235
  5,723
  6,232
  6,763
  7,314
  7,888
  8,484
  9,104
  9,747
  10,417
  11,112
  11,835
  12,588
  13,371
  14,188
  15,037
  15,923
  16,847
  17,811
  18,817
Debt-to-equity ratio
  1.101
  1.480
  1.610
  1.720
  1.800
  1.870
  1.930
  1.980
  2.020
  2.050
  2.080
  2.110
  2.130
  2.150
  2.170
  2.180
  2.190
  2.210
  2.220
  2.230
  2.240
  2.240
  2.250
  2.260
  2.270
  2.270
  2.280
  2.280
  2.290
  2.290
  2.290
Adjusted equity ratio
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297
  0.297

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  88
  123
  149
  177
  208
  241
  276
  313
  352
  393
  437
  521
  568
  617
  668
  722
  777
  835
  894
  957
  1,021
  1,088
  1,158
  1,231
  1,307
  1,385
  1,467
  1,553
  1,642
  1,735
  1,833
Depreciation, amort., depletion, $m
  128
  128
  140
  155
  170
  186
  204
  222
  242
  262
  284
  253
  277
  302
  327
  354
  382
  411
  441
  472
  504
  538
  573
  609
  647
  687
  728
  771
  816
  862
  911
Funds from operations, $m
  280
  250
  289
  332
  378
  427
  479
  535
  594
  656
  721
  774
  845
  919
  996
  1,076
  1,159
  1,245
  1,335
  1,428
  1,525
  1,626
  1,731
  1,840
  1,954
  2,072
  2,195
  2,324
  2,458
  2,598
  2,744
Change in working capital, $m
  10
  -22
  -24
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -81
  -84
  -88
  -92
Cash from operations, $m
  270
  272
  314
  358
  406
  458
  512
  570
  631
  695
  761
  817
  889
  965
  1,044
  1,126
  1,211
  1,300
  1,392
  1,487
  1,586
  1,690
  1,797
  1,909
  2,025
  2,146
  2,273
  2,405
  2,542
  2,685
  2,835
Maintenance CAPEX, $m
  0
  -62
  -74
  -87
  -101
  -117
  -133
  -150
  -169
  -189
  -209
  -231
  -253
  -277
  -302
  -327
  -354
  -382
  -411
  -441
  -472
  -504
  -538
  -573
  -609
  -647
  -687
  -728
  -771
  -816
  -862
New CAPEX, $m
  -126
  -98
  -107
  -117
  -127
  -136
  -145
  -154
  -163
  -171
  -180
  -188
  -196
  -205
  -213
  -222
  -230
  -240
  -249
  -259
  -269
  -279
  -291
  -302
  -315
  -328
  -341
  -356
  -371
  -387
  -404
Cash from investing activities, $m
  -139
  -160
  -181
  -204
  -228
  -253
  -278
  -304
  -332
  -360
  -389
  -419
  -449
  -482
  -515
  -549
  -584
  -622
  -660
  -700
  -741
  -783
  -829
  -875
  -924
  -975
  -1,028
  -1,084
  -1,142
  -1,203
  -1,266
Free cash flow, $m
  131
  112
  132
  154
  179
  205
  234
  266
  299
  335
  373
  398
  440
  484
  529
  577
  627
  678
  732
  788
  846
  906
  968
  1,033
  1,101
  1,171
  1,245
  1,321
  1,400
  1,483
  1,569
Issuance/(repayment) of debt, $m
  -76
  170
  188
  205
  221
  238
  254
  269
  285
  300
  314
  329
  343
  358
  373
  388
  403
  419
  435
  453
  470
  489
  509
  529
  551
  573
  597
  623
  650
  678
  707
Issuance/(repurchase) of shares, $m
  -3
  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  
  -79
  170
  188
  205
  221
  238
  254
  269
  285
  300
  314
  329
  343
  358
  373
  388
  403
  419
  435
  453
  470
  489
  509
  529
  551
  573
  597
  623
  650
  678
  707
Total cash flow (excl. dividends), $m
  47
  282
  320
  359
  400
  443
  488
  535
  584
  634
  687
  727
  783
  842
  902
  965
  1,030
  1,097
  1,167
  1,240
  1,316
  1,395
  1,477
  1,563
  1,652
  1,745
  1,842
  1,943
  2,049
  2,160
  2,276
Retained Cash Flow (-), $m
  -87
  -72
  -79
  -87
  -94
  -100
  -107
  -114
  -120
  -127
  -133
  -139
  -145
  -151
  -157
  -164
  -170
  -177
  -184
  -191
  -199
  -207
  -215
  -224
  -233
  -242
  -252
  -263
  -274
  -286
  -299
Prev. year cash balance distribution, $m
 
  74
  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
 
  284
  241
  272
  306
  343
  381
  421
  464
  508
  554
  588
  638
  690
  745
  801
  859
  920
  983
  1,049
  1,117
  1,188
  1,262
  1,339
  1,419
  1,503
  1,590
  1,680
  1,775
  1,874
  1,977
Discount rate, %
 
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
 
  270
  217
  231
  244
  254
  261
  265
  266
  264
  259
  244
  234
  221
  206
  189
  171
  153
  134
  116
  99
  83
  68
  55
  43
  33
  25
  19
  13
  9
  7
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

Cardtronics plc, formerly Cardtronics, Inc., provides automated consumer financial services through its network of automated teller machines (ATMS) and multi-function financial services kiosks. The Company's operations consists of its North America, Europe, and Corporate & Other segments. Its ATM operations in the United States, Canada, Mexico and Puerto Rico are included in its North America segment. Its ATM operations in the United Kingdom, Ireland, Germany, Poland, Spain and i-design are included in its Europe segment. Its transaction processing operations, which service its North American and European operations, along with external customers, and the Company's corporate general and administrative functions comprise the Corporate & Other segment. As of December 31, 2016, it provided services to approximately 203,000 ATMs throughout the United States (including the United States territory of Puerto Rico), the United Kingdom, Ireland, Germany, Poland, Spain, Canada and Mexico.

FINANCIAL RATIOS  of  Cardtronics Cl A (CATM)

Valuation Ratios
P/E Ratio 8.8
Price to Sales 0.6
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 2.9
Price to Free Cash Flow 5.3
Growth Rates
Sales Growth Rate 5.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -11.3%
Cap. Spend. - 3 Yr. Gr. Rate 10.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 110.1%
Total Debt to Equity 110.1%
Interest Coverage 8
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 9.3%
Ret/ On T. Cap. - 3 Yr. Avg. 7%
Return On Equity 21.3%
Return On Equity - 3 Yr. Avg. 18.4%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 35.7%
Gross Margin - 3 Yr. Avg. 34.6%
EBITDA Margin 20.6%
EBITDA Margin - 3 Yr. Avg. 19.9%
Operating Margin 11.5%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 9.1%
Pre-Tax Margin - 3 Yr. Avg. 7.9%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 5.3%
Effective Tax Rate 23.5%
Eff/ Tax Rate - 3 Yr. Avg. 35%
Payout Ratio 0%

CATM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CATM stock intrinsic value calculation we used $1265 million for the last fiscal year's total revenue generated by Cardtronics Cl A. The default revenue input number comes from 2016 income statement of Cardtronics Cl A. 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 CATM stock valuation model: a) initial revenue growth rate of 18.8% 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 5.1%, whose default value for CATM is calculated based on our internal credit rating of Cardtronics Cl A, 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 Cardtronics Cl A.
    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 CATM stock the variable cost ratio is equal to 88.3%.

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 CATM 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 3.5% for Cardtronics Cl A.

Corporate tax rate of 27% is the nominal tax rate for Cardtronics Cl A. 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 CATM 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 CATM are equal to 41%.

Life of production assets of 8.3 years is the average useful life of capital assets used in Cardtronics Cl A 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 CATM is equal to -9.3%. 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 - $457 million for Cardtronics Cl A - 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 45.837 million for Cardtronics Cl A 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 Cardtronics Cl A at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ ATM giant names new CFO following recent succession plan announcement   [03:45PM  American City Business Journals]
▶ Cardtronics Appoints Chief Financial Officer   [09:06AM  GlobeNewswire]
▶ 5 Bearish Bets: These Stocks Look Good Short   [Nov-12-17 10:00AM  TheStreet.com]
▶ ETFs with exposure to Cardtronics Plc : November 7, 2017   [Nov-07-17 09:51AM  Capital Cube]
▶ Cardtronics reports 3Q loss   [05:38AM  Associated Press]
▶ Cardtronics Announces Third Quarter 2017 Results   [Nov-02-17 04:05PM  GlobeNewswire]
▶ Why Shares of Cardtronics Tumbled Today   [Sep-25-17 04:44PM  Motley Fool]
▶ Cardtronics announces CEO succession plan   [Aug-22-17 08:40AM  American City Business Journals]
▶ Cardtronics Announces Leadership Transition   [Aug-21-17 04:06PM  GlobeNewswire]
▶ Cardtronics Announces Leadership Transition   [04:05PM  GlobeNewswire]
▶ ETFs with exposure to Cardtronics Plc : August 17, 2017   [Aug-17-17 03:18PM  Capital Cube]
▶ Cardtronics beats Street 2Q forecasts   [02:36AM  Associated Press]
▶ Why Shares of Cardtronics Dropped Today   [Aug-03-17 05:22PM  Motley Fool]
▶ Cardtronics Announces Second Quarter 2017 Results   [Aug-02-17 04:05PM  GlobeNewswire]
▶ Cardtronics Names Marc Terry Managing Director of EMEA   [Jul-18-17 04:06PM  GlobeNewswire]
▶ ETFs with exposure to Cardtronics Plc : May 19, 2017   [May-19-17 01:43PM  Capital Cube]
▶ Why Shares of Cardtronics Dropped Today   [May-04-17 04:01PM  Motley Fool]
▶ Cardtronics reports 1Q loss   [May-03-17 07:39PM  Associated Press]
▶ Is Cardtronics Still Attractive After Stock Drops?   [Apr-17-17 05:06AM  Investopedia]
▶ Harry Boxers four stocks to watch   [Apr-06-17 12:51PM  MarketWatch]
▶ ETFs with exposure to Cardtronics Plc : February 14, 2017   [Feb-14-17 03:04PM  Capital Cube]
▶ Why Shares of Cardtronics Sank Today   [Feb-10-17 03:39PM  Motley Fool]
▶ ATM giant enters Africa with acquisition   [Feb-01-17 09:35AM  at bizjournals.com]
▶ Why TD Bank is putting more ATMs in Tampa Bay Walgreens stores   [Jan-26-17 03:09PM  at bizjournals.com]
▶ Citibank to take over Chase ATMs at Walgreens stores   [Jan-18-17 12:10PM  at bizjournals.com]
▶ Cardtronics and Dash In Renew ATM Agreement   [Jan-12-17 07:30AM  GlobeNewswire]
▶ Cardtronics C-suite exec to retire   [Jan-05-17 01:00PM  at bizjournals.com]
▶ Is Cardtronics PLC (CATM) Good Stock To Buy?   [Dec-13-16 10:11AM  at Insider Monkey]
▶ United Pacific Selects Cardtronics for ATM Services   [Dec-12-16 07:30AM  GlobeNewswire]
▶ Why Is The Smart Money So Bullish On Ophthotech Corp (OPHT)?   [Nov-24-16 01:23PM  at Insider Monkey]
▶ Cardtronics and Kroger Extend ATM Relationship   [Nov-17-16 07:30AM  GlobeNewswire]
Financial statements of CATM
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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