Intrinsic value of Cardtronics Cl A - CATM

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$44.62

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$44.62

 
Intrinsic value

$42.37

 
Up/down potential

-5%

 
Rating

hold

 
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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 2.0

 

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
  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
  4.87
Revenue, $m
  1,265
  1,294
  1,327
  1,365
  1,406
  1,451
  1,501
  1,554
  1,612
  1,674
  1,740
  1,811
  1,886
  1,966
  2,051
  2,140
  2,236
  2,336
  2,443
  2,555
  2,673
  2,798
  2,930
  3,068
  3,214
  3,368
  3,530
  3,700
  3,880
  4,068
  4,266
Variable operating expenses, $m
 
  1,141
  1,169
  1,201
  1,236
  1,274
  1,315
  1,360
  1,409
  1,461
  1,516
  1,523
  1,586
  1,653
  1,724
  1,800
  1,880
  1,964
  2,054
  2,148
  2,248
  2,353
  2,463
  2,580
  2,703
  2,832
  2,968
  3,112
  3,262
  3,421
  3,587
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
  1,141
  1,169
  1,201
  1,236
  1,274
  1,315
  1,360
  1,409
  1,461
  1,516
  1,523
  1,586
  1,653
  1,724
  1,800
  1,880
  1,964
  2,054
  2,148
  2,248
  2,353
  2,463
  2,580
  2,703
  2,832
  2,968
  3,112
  3,262
  3,421
  3,587
Operating income, $m
  146
  153
  158
  164
  170
  178
  186
  194
  203
  213
  224
  288
  300
  313
  326
  341
  356
  372
  389
  407
  425
  445
  466
  488
  512
  536
  562
  589
  617
  647
  679
EBITDA, $m
  274
  270
  277
  285
  293
  303
  313
  324
  336
  349
  363
  378
  393
  410
  428
  446
  466
  487
  509
  533
  557
  583
  611
  640
  670
  702
  736
  772
  809
  848
  890
Interest expense (income), $m
  17
  18
  18
  19
  20
  21
  22
  24
  25
  26
  28
  30
  31
  33
  35
  37
  40
  42
  44
  47
  50
  53
  56
  59
  63
  67
  70
  74
  79
  83
  88
Earnings before tax, $m
  115
  135
  140
  145
  150
  157
  163
  171
  178
  187
  196
  259
  269
  280
  291
  303
  316
  330
  344
  359
  375
  392
  410
  429
  449
  469
  491
  514
  539
  564
  591
Tax expense, $m
  27
  36
  38
  39
  41
  42
  44
  46
  48
  50
  53
  70
  73
  76
  79
  82
  85
  89
  93
  97
  101
  106
  111
  116
  121
  127
  133
  139
  145
  152
  160
Net income, $m
  88
  99
  102
  106
  110
  114
  119
  125
  130
  136
  143
  189
  196
  204
  213
  221
  231
  241
  251
  262
  274
  286
  299
  313
  328
  343
  359
  376
  393
  412
  431

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
  1,321
  1,354
  1,393
  1,435
  1,481
  1,532
  1,586
  1,645
  1,708
  1,776
  1,848
  1,924
  2,006
  2,092
  2,184
  2,281
  2,384
  2,492
  2,607
  2,728
  2,855
  2,989
  3,131
  3,280
  3,437
  3,602
  3,776
  3,959
  4,151
  4,353
Adjusted assets (=assets-cash), $m
  1,291
  1,321
  1,354
  1,393
  1,435
  1,481
  1,532
  1,586
  1,645
  1,708
  1,776
  1,848
  1,924
  2,006
  2,092
  2,184
  2,281
  2,384
  2,492
  2,607
  2,728
  2,855
  2,989
  3,131
  3,280
  3,437
  3,602
  3,776
  3,959
  4,151
  4,353
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
  531
  544
  560
  576
  595
  615
  637
  661
  686
  713
  742
  773
  806
  841
  878
  917
  958
  1,001
  1,047
  1,096
  1,147
  1,201
  1,258
  1,318
  1,381
  1,447
  1,517
  1,591
  1,668
  1,749
Working capital, $m
  -44
  -120
  -123
  -127
  -131
  -135
  -140
  -145
  -150
  -156
  -162
  -168
  -175
  -183
  -191
  -199
  -208
  -217
  -227
  -238
  -249
  -260
  -272
  -285
  -299
  -313
  -328
  -344
  -361
  -378
  -397
Total debt, $m
  503
  523
  547
  574
  604
  636
  672
  710
  751
  796
  843
  894
  948
  1,005
  1,066
  1,130
  1,199
  1,271
  1,347
  1,428
  1,513
  1,602
  1,697
  1,796
  1,901
  2,011
  2,127
  2,250
  2,378
  2,513
  2,656
Total liabilities, $m
  908
  928
  952
  979
  1,009
  1,041
  1,077
  1,115
  1,156
  1,201
  1,248
  1,299
  1,353
  1,410
  1,471
  1,535
  1,604
  1,676
  1,752
  1,833
  1,918
  2,007
  2,102
  2,201
  2,306
  2,416
  2,532
  2,655
  2,783
  2,918
  3,061
Total equity, $m
  457
  392
  402
  414
  426
  440
  455
  471
  489
  507
  527
  549
  572
  596
  621
  649
  678
  708
  740
  774
  810
  848
  888
  930
  974
  1,021
  1,070
  1,121
  1,176
  1,233
  1,293
Total liabilities and equity, $m
  1,365
  1,320
  1,354
  1,393
  1,435
  1,481
  1,532
  1,586
  1,645
  1,708
  1,775
  1,848
  1,925
  2,006
  2,092
  2,184
  2,282
  2,384
  2,492
  2,607
  2,728
  2,855
  2,990
  3,131
  3,280
  3,437
  3,602
  3,776
  3,959
  4,151
  4,354
Debt-to-equity ratio
  1.101
  1.330
  1.360
  1.390
  1.420
  1.450
  1.480
  1.510
  1.540
  1.570
  1.600
  1.630
  1.660
  1.690
  1.720
  1.740
  1.770
  1.790
  1.820
  1.840
  1.870
  1.890
  1.910
  1.930
  1.950
  1.970
  1.990
  2.010
  2.020
  2.040
  2.050
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
  99
  102
  106
  110
  114
  119
  125
  130
  136
  143
  189
  196
  204
  213
  221
  231
  241
  251
  262
  274
  286
  299
  313
  328
  343
  359
  376
  393
  412
  431
Depreciation, amort., depletion, $m
  128
  117
  119
  121
  123
  125
  127
  130
  133
  136
  139
  89
  93
  97
  101
  106
  110
  115
  121
  126
  132
  138
  145
  152
  159
  166
  174
  183
  192
  201
  211
Funds from operations, $m
  280
  216
  221
  226
  233
  239
  247
  255
  263
  272
  282
  278
  289
  301
  314
  327
  341
  356
  372
  389
  406
  425
  444
  465
  486
  509
  533
  558
  585
  613
  642
Change in working capital, $m
  10
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
Cash from operations, $m
  270
  213
  224
  230
  236
  244
  251
  260
  269
  278
  288
  285
  296
  309
  322
  336
  350
  366
  382
  399
  417
  436
  456
  478
  500
  523
  548
  574
  602
  630
  661
Maintenance CAPEX, $m
  0
  -62
  -64
  -66
  -67
  -69
  -72
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -106
  -110
  -115
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -192
  -201
New CAPEX, $m
  -126
  -12
  -14
  -15
  -17
  -19
  -20
  -22
  -24
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -77
  -81
Cash from investing activities, $m
  -139
  -74
  -78
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -145
  -151
  -159
  -167
  -175
  -183
  -192
  -202
  -212
  -222
  -232
  -244
  -256
  -269
  -282
Free cash flow, $m
  131
  138
  146
  149
  152
  155
  159
  163
  168
  173
  178
  170
  176
  183
  190
  197
  205
  214
  223
  232
  242
  253
  264
  276
  288
  302
  315
  330
  345
  361
  378
Issuance/(repayment) of debt, $m
  -76
  20
  24
  27
  30
  33
  35
  38
  41
  44
  47
  51
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  94
  99
  105
  110
  116
  122
  129
  135
  142
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
  20
  24
  27
  30
  33
  35
  38
  41
  44
  47
  51
  54
  57
  61
  64
  68
  72
  76
  81
  85
  90
  94
  99
  105
  110
  116
  122
  129
  135
  142
Total cash flow (excl. dividends), $m
  47
  159
  170
  176
  182
  188
  195
  202
  209
  217
  226
  221
  230
  240
  251
  262
  274
  286
  299
  313
  327
  343
  359
  375
  393
  412
  432
  452
  474
  497
  521
Retained Cash Flow (-), $m
  -87
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -38
  -40
  -42
  -44
  -47
  -49
  -52
  -54
  -57
  -60
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
 
  224
  160
  164
  169
  174
  180
  186
  192
  199
  206
  199
  207
  216
  225
  235
  245
  256
  267
  279
  291
  305
  319
  333
  349
  365
  382
  401
  420
  439
  460
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
 
  213
  144
  140
  134
  129
  123
  117
  110
  103
  96
  83
  76
  69
  62
  55
  49
  42
  36
  31
  26
  21
  17
  14
  11
  8
  6
  4
  3
  2
  2
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 23
Price to Sales 1.6
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 7.5
Price to Free Cash Flow 14
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 2.3% 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 45.561 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 $2.0 billion.


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COMPANY NEWS

▶ 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]
▶ Shareholders approve Houston ATM giants plan to redomicile in U.K.   [Jun-29-16 02:25PM  at bizjournals.com]
▶ Houston-based ATM giant names new general counsel   [Jun-17-16 10:00AM  at bizjournals.com]
▶ Cardtronics Grows Chicago Transit Authority Relationship   [Jun-10-16 07:30AM  GlobeNewswire]
Stock chart of CATM 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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