Intrinsic value of Cardtronics Cl A - CATM

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$31.97

  Intrinsic Value

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  Value-price divergence*

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

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 1.5

 

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
  18.20
  16.88
  15.69
  14.62
  13.66
  12.79
  12.02
  11.31
  10.68
  10.11
  9.60
  9.14
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
Revenue, $m
  1,265
  1,495
  1,748
  2,022
  2,318
  2,634
  2,971
  3,328
  3,705
  4,100
  4,515
  4,949
  5,401
  5,872
  6,363
  6,873
  7,404
  7,955
  8,528
  9,123
  9,742
  10,386
  11,055
  11,751
  12,477
  13,232
  14,019
  14,839
  15,695
  16,588
  17,521
Variable operating expenses, $m
 
  1,311
  1,523
  1,753
  2,002
  2,268
  2,552
  2,852
  3,168
  3,501
  3,850
  4,161
  4,542
  4,938
  5,351
  5,780
  6,226
  6,689
  7,171
  7,672
  8,192
  8,733
  9,296
  9,881
  10,491
  11,126
  11,788
  12,478
  13,197
  13,948
  14,733
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
  1,311
  1,523
  1,753
  2,002
  2,268
  2,552
  2,852
  3,168
  3,501
  3,850
  4,161
  4,542
  4,938
  5,351
  5,780
  6,226
  6,689
  7,171
  7,672
  8,192
  8,733
  9,296
  9,881
  10,491
  11,126
  11,788
  12,478
  13,197
  13,948
  14,733
Operating income, $m
  146
  185
  225
  268
  315
  366
  420
  476
  536
  599
  665
  787
  859
  935
  1,013
  1,094
  1,178
  1,266
  1,357
  1,452
  1,550
  1,653
  1,759
  1,870
  1,985
  2,106
  2,231
  2,361
  2,498
  2,640
  2,788
EBITDA, $m
  274
  299
  350
  405
  464
  527
  595
  666
  741
  821
  904
  990
  1,081
  1,175
  1,273
  1,376
  1,482
  1,592
  1,707
  1,826
  1,950
  2,079
  2,212
  2,352
  2,497
  2,648
  2,806
  2,970
  3,141
  3,320
  3,507
Interest expense (income), $m
  17
  18
  23
  30
  37
  44
  52
  60
  69
  79
  89
  99
  110
  121
  133
  146
  158
  172
  186
  200
  215
  230
  247
  263
  281
  299
  318
  338
  358
  380
  402
Earnings before tax, $m
  115
  167
  201
  239
  279
  322
  368
  416
  467
  520
  576
  688
  749
  813
  879
  948
  1,020
  1,094
  1,172
  1,252
  1,335
  1,422
  1,513
  1,607
  1,705
  1,807
  1,913
  2,024
  2,139
  2,260
  2,386
Tax expense, $m
  27
  45
  54
  64
  75
  87
  99
  112
  126
  141
  156
  186
  202
  220
  237
  256
  275
  295
  316
  338
  361
  384
  408
  434
  460
  488
  516
  546
  578
  610
  644
Net income, $m
  88
  122
  147
  174
  204
  235
  268
  304
  341
  380
  421
  502
  547
  594
  642
  692
  744
  799
  855
  914
  975
  1,038
  1,104
  1,173
  1,244
  1,319
  1,396
  1,477
  1,562
  1,650
  1,742

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
  1,526
  1,783
  2,063
  2,365
  2,688
  3,032
  3,396
  3,780
  4,184
  4,607
  5,050
  5,511
  5,992
  6,493
  7,014
  7,555
  8,118
  8,702
  9,310
  9,941
  10,598
  11,281
  11,991
  12,731
  13,502
  14,305
  15,142
  16,015
  16,927
  17,878
Adjusted assets (=assets-cash), $m
  1,291
  1,526
  1,783
  2,063
  2,365
  2,688
  3,032
  3,396
  3,780
  4,184
  4,607
  5,050
  5,511
  5,992
  6,493
  7,014
  7,555
  8,118
  8,702
  9,310
  9,941
  10,598
  11,281
  11,991
  12,731
  13,502
  14,305
  15,142
  16,015
  16,927
  17,878
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
  613
  717
  829
  950
  1,080
  1,218
  1,365
  1,519
  1,681
  1,851
  2,029
  2,214
  2,408
  2,609
  2,818
  3,036
  3,262
  3,497
  3,741
  3,994
  4,258
  4,533
  4,818
  5,115
  5,425
  5,748
  6,084
  6,435
  6,801
  7,184
Working capital, $m
  -44
  -139
  -163
  -188
  -216
  -245
  -276
  -310
  -345
  -381
  -420
  -460
  -502
  -546
  -592
  -639
  -689
  -740
  -793
  -848
  -906
  -966
  -1,028
  -1,093
  -1,160
  -1,231
  -1,304
  -1,380
  -1,460
  -1,543
  -1,629
Total debt, $m
  503
  668
  849
  1,045
  1,257
  1,485
  1,726
  1,982
  2,253
  2,536
  2,834
  3,145
  3,469
  3,808
  4,160
  4,526
  4,906
  5,302
  5,713
  6,140
  6,584
  7,045
  7,525
  8,025
  8,545
  9,087
  9,651
  10,240
  10,854
  11,495
  12,163
Total liabilities, $m
  908
  1,073
  1,254
  1,450
  1,662
  1,890
  2,131
  2,387
  2,658
  2,941
  3,239
  3,550
  3,874
  4,213
  4,565
  4,931
  5,311
  5,707
  6,118
  6,545
  6,989
  7,450
  7,930
  8,430
  8,950
  9,492
  10,056
  10,645
  11,259
  11,900
  12,568
Total equity, $m
  457
  453
  530
  613
  702
  798
  900
  1,009
  1,123
  1,243
  1,368
  1,500
  1,637
  1,780
  1,928
  2,083
  2,244
  2,411
  2,585
  2,765
  2,953
  3,148
  3,350
  3,561
  3,781
  4,010
  4,249
  4,497
  4,757
  5,027
  5,310
Total liabilities and equity, $m
  1,365
  1,526
  1,784
  2,063
  2,364
  2,688
  3,031
  3,396
  3,781
  4,184
  4,607
  5,050
  5,511
  5,993
  6,493
  7,014
  7,555
  8,118
  8,703
  9,310
  9,942
  10,598
  11,280
  11,991
  12,731
  13,502
  14,305
  15,142
  16,016
  16,927
  17,878
Debt-to-equity ratio
  1.101
  1.470
  1.600
  1.710
  1.790
  1.860
  1.920
  1.970
  2.010
  2.040
  2.070
  2.100
  2.120
  2.140
  2.160
  2.170
  2.190
  2.200
  2.210
  2.220
  2.230
  2.240
  2.250
  2.250
  2.260
  2.270
  2.270
  2.280
  2.280
  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
  122
  147
  174
  204
  235
  268
  304
  341
  380
  421
  502
  547
  594
  642
  692
  744
  799
  855
  914
  975
  1,038
  1,104
  1,173
  1,244
  1,319
  1,396
  1,477
  1,562
  1,650
  1,742
Depreciation, amort., depletion, $m
  128
  115
  125
  136
  148
  161
  175
  190
  205
  221
  238
  203
  221
  241
  261
  282
  304
  326
  350
  374
  399
  426
  453
  482
  512
  543
  575
  608
  643
  680
  718
Funds from operations, $m
  280
  237
  272
  310
  352
  396
  443
  493
  546
  601
  659
  705
  769
  834
  903
  974
  1,048
  1,125
  1,205
  1,288
  1,374
  1,464
  1,557
  1,655
  1,756
  1,861
  1,971
  2,086
  2,205
  2,330
  2,460
Change in working capital, $m
  10
  -21
  -23
  -26
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -80
  -83
  -87
Cash from operations, $m
  270
  258
  295
  336
  379
  426
  475
  527
  581
  638
  698
  746
  811
  878
  948
  1,021
  1,097
  1,176
  1,258
  1,343
  1,432
  1,524
  1,620
  1,719
  1,823
  1,932
  2,044
  2,162
  2,285
  2,413
  2,547
Maintenance CAPEX, $m
  0
  -52
  -61
  -72
  -83
  -95
  -108
  -122
  -136
  -152
  -168
  -185
  -203
  -221
  -241
  -261
  -282
  -304
  -326
  -350
  -374
  -399
  -426
  -453
  -482
  -512
  -543
  -575
  -608
  -643
  -680
New CAPEX, $m
  -126
  -95
  -103
  -112
  -121
  -130
  -138
  -146
  -154
  -162
  -170
  -178
  -185
  -193
  -201
  -209
  -217
  -226
  -235
  -244
  -254
  -264
  -274
  -286
  -297
  -310
  -323
  -336
  -351
  -366
  -382
Cash from investing activities, $m
  -139
  -147
  -164
  -184
  -204
  -225
  -246
  -268
  -290
  -314
  -338
  -363
  -388
  -414
  -442
  -470
  -499
  -530
  -561
  -594
  -628
  -663
  -700
  -739
  -779
  -822
  -866
  -911
  -959
  -1,009
  -1,062
Free cash flow, $m
  131
  112
  131
  152
  175
  201
  229
  258
  290
  324
  360
  383
  422
  463
  506
  551
  598
  647
  697
  750
  804
  861
  920
  981
  1,044
  1,110
  1,179
  1,251
  1,325
  1,403
  1,484
Issuance/(repayment) of debt, $m
  -76
  165
  181
  197
  212
  227
  242
  256
  270
  284
  297
  311
  325
  338
  352
  366
  381
  395
  411
  427
  444
  462
  480
  500
  520
  542
  565
  589
  614
  641
  669
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
  165
  181
  197
  212
  227
  242
  256
  270
  284
  297
  311
  325
  338
  352
  366
  381
  395
  411
  427
  444
  462
  480
  500
  520
  542
  565
  589
  614
  641
  669
Total cash flow (excl. dividends), $m
  47
  276
  312
  349
  387
  428
  470
  514
  560
  608
  657
  694
  747
  802
  858
  917
  979
  1,042
  1,108
  1,177
  1,248
  1,322
  1,400
  1,480
  1,564
  1,652
  1,744
  1,839
  1,939
  2,044
  2,153
Retained Cash Flow (-), $m
  -87
  -70
  -76
  -83
  -90
  -96
  -102
  -108
  -114
  -120
  -126
  -131
  -137
  -143
  -149
  -155
  -161
  -167
  -174
  -180
  -188
  -195
  -203
  -211
  -220
  -229
  -239
  -249
  -259
  -271
  -283
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
 
  280
  235
  266
  298
  332
  368
  406
  446
  488
  531
  562
  610
  659
  710
  763
  818
  875
  934
  996
  1,060
  1,127
  1,197
  1,269
  1,345
  1,423
  1,505
  1,591
  1,680
  1,773
  1,871
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
 
  266
  212
  225
  237
  246
  252
  256
  256
  254
  248
  234
  223
  211
  196
  180
  163
  145
  128
  110
  94
  78
  64
  52
  41
  32
  24
  18
  13
  9
  6
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 provides automated consumer financial services through its network of automated teller machines (ATMs) and multi-function financial services kiosks. The company offers cash dispensing and bank account balance inquiries, as well as other automated consumer financial services, including bill payments, check cashing, remote deposit capture, and money transfer services. It also provides managed services solutions, such as monitoring, maintenance, cash management, communications, and customer service; and owns and operates electronic funds transfer transaction processing platforms that provide transaction processing services to other ATMs under managed services arrangements. In addition, the company owns and operates Allpoint network, a surcharge-free ATM network, which offers surcharge-free ATM access to participating banks, credit unions, and stored-value debit card issuers. As of February 9, 2017, it provided services to approximately 225,000 ATMs in North America, Europe, and the Asia-Pacific. The company was founded in 1989 and is headquartered in Houston, Texas.

FINANCIAL RATIOS  of  Cardtronics Cl A (CATM)

Valuation Ratios
P/E Ratio 16.5
Price to Sales 1.1
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 5.4
Price to Free Cash Flow 10.1
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 18.2% 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 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 10 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 45.546 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 $1.5 billion.


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COMPANY NEWS

▶ 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]
▶ Cardtronics Launches in Spain   [Oct-26-16 05:30PM  GlobeNewswire]
▶ Cash Use Strong in Fragmented Payments Landscape   [Oct-19-16 07:30AM  GlobeNewswire]
▶ Cardtronics Announces Global Executive Appointments   [Oct-13-16 07:30AM  GlobeNewswire]
▶ JPMorgan Chase Is Done with Drugstore ATMs   [10:18AM  at Investopedia]
▶ Cardtronics to Acquire DirectCash Payments   [08:36AM  GlobeNewswire]
▶ Allpoint Network Key to Fifth Third Bank Transformation   [Jul-19-16 07:30AM  GlobeNewswire]
Stock chart of CATM Financial statements of CATM Annual reports 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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