Intrinsic value of Core-Mark Holding - CORE

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$34.39

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$34.39

 
Intrinsic value

$17.74

 
Up/down potential

-48%

 
Rating

sell

 
Value-price divergence* premium content

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

We calculate the intrinsic value of CORE 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 1.6

 

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, %
  31.26
  16.40
  15.26
  14.23
  13.31
  12.48
  11.73
  11.06
  10.45
  9.91
  9.42
  8.97
  8.58
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
Revenue, $m
  14,529
  16,912
  19,492
  22,267
  25,231
  28,380
  31,709
  35,216
  38,896
  42,750
  46,776
  50,974
  55,346
  59,895
  64,626
  69,542
  74,652
  79,961
  85,480
  91,216
  97,182
  103,388
  109,847
  116,572
  123,579
  130,881
  138,496
  146,441
  154,734
  163,394
  172,441
Variable operating expenses, $m
 
  16,776
  19,335
  22,087
  25,026
  28,149
  31,451
  34,929
  38,579
  42,401
  46,393
  50,553
  54,890
  59,401
  64,093
  68,969
  74,036
  79,302
  84,775
  90,464
  96,380
  102,535
  108,941
  115,611
  122,559
  129,802
  137,354
  145,234
  153,458
  162,047
  171,019
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
  14,439
  16,776
  19,335
  22,087
  25,026
  28,149
  31,451
  34,929
  38,579
  42,401
  46,393
  50,553
  54,890
  59,401
  64,093
  68,969
  74,036
  79,302
  84,775
  90,464
  96,380
  102,535
  108,941
  115,611
  122,559
  129,802
  137,354
  145,234
  153,458
  162,047
  171,019
Operating income, $m
  90
  136
  157
  180
  204
  230
  258
  287
  317
  349
  382
  420
  456
  494
  533
  574
  616
  660
  705
  752
  802
  853
  906
  961
  1,019
  1,079
  1,142
  1,208
  1,276
  1,348
  1,422
EBITDA, $m
  133
  167
  192
  219
  248
  279
  312
  347
  383
  421
  461
  502
  545
  590
  636
  685
  735
  787
  842
  898
  957
  1,018
  1,082
  1,148
  1,217
  1,289
  1,364
  1,442
  1,524
  1,609
  1,698
Interest expense (income), $m
  4
  13
  18
  24
  30
  37
  44
  51
  59
  67
  76
  85
  95
  105
  115
  125
  137
  148
  160
  172
  185
  199
  213
  227
  242
  258
  275
  292
  310
  328
  348
Earnings before tax, $m
  86
  123
  139
  156
  174
  194
  214
  236
  258
  282
  306
  335
  362
  389
  418
  448
  479
  511
  545
  580
  616
  654
  693
  734
  777
  821
  868
  916
  966
  1,019
  1,074
Tax expense, $m
  32
  33
  38
  42
  47
  52
  58
  64
  70
  76
  83
  91
  98
  105
  113
  121
  129
  138
  147
  157
  166
  177
  187
  198
  210
  222
  234
  247
  261
  275
  290
Net income, $m
  54
  90
  102
  114
  127
  141
  156
  172
  188
  206
  223
  245
  264
  284
  305
  327
  350
  373
  398
  423
  450
  477
  506
  536
  567
  599
  633
  669
  705
  744
  784

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  26
  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
  1,492
  1,706
  1,967
  2,247
  2,546
  2,863
  3,199
  3,553
  3,925
  4,313
  4,720
  5,143
  5,584
  6,043
  6,521
  7,017
  7,532
  8,068
  8,625
  9,204
  9,805
  10,432
  11,083
  11,762
  12,469
  13,206
  13,974
  14,776
  15,612
  16,486
  17,399
Adjusted assets (=assets-cash), $m
  1,466
  1,706
  1,967
  2,247
  2,546
  2,863
  3,199
  3,553
  3,925
  4,313
  4,720
  5,143
  5,584
  6,043
  6,521
  7,017
  7,532
  8,068
  8,625
  9,204
  9,805
  10,432
  11,083
  11,762
  12,469
  13,206
  13,974
  14,776
  15,612
  16,486
  17,399
Revenue / Adjusted assets
  9.911
  9.913
  9.910
  9.910
  9.910
  9.913
  9.912
  9.912
  9.910
  9.912
  9.910
  9.911
  9.912
  9.911
  9.910
  9.911
  9.911
  9.911
  9.911
  9.910
  9.911
  9.911
  9.911
  9.911
  9.911
  9.911
  9.911
  9.911
  9.911
  9.911
  9.911
Average production assets, $m
  116
  135
  156
  178
  202
  227
  254
  282
  311
  342
  374
  408
  443
  479
  517
  556
  597
  640
  684
  730
  777
  827
  879
  933
  989
  1,047
  1,108
  1,172
  1,238
  1,307
  1,380
Working capital, $m
  645
  761
  877
  1,002
  1,135
  1,277
  1,427
  1,585
  1,750
  1,924
  2,105
  2,294
  2,491
  2,695
  2,908
  3,129
  3,359
  3,598
  3,847
  4,105
  4,373
  4,652
  4,943
  5,246
  5,561
  5,890
  6,232
  6,590
  6,963
  7,353
  7,760
Total debt, $m
  386
  513
  679
  857
  1,048
  1,251
  1,465
  1,691
  1,928
  2,176
  2,435
  2,705
  2,987
  3,280
  3,584
  3,901
  4,230
  4,571
  4,927
  5,296
  5,680
  6,079
  6,495
  6,928
  7,379
  7,849
  8,339
  8,851
  9,385
  9,942
  10,525
Total liabilities, $m
  962
  1,089
  1,255
  1,433
  1,624
  1,827
  2,041
  2,267
  2,504
  2,752
  3,011
  3,281
  3,563
  3,856
  4,160
  4,477
  4,806
  5,147
  5,503
  5,872
  6,256
  6,655
  7,071
  7,504
  7,955
  8,425
  8,915
  9,427
  9,961
  10,518
  11,101
Total equity, $m
  530
  618
  712
  813
  922
  1,037
  1,158
  1,286
  1,421
  1,561
  1,708
  1,862
  2,022
  2,188
  2,360
  2,540
  2,727
  2,921
  3,122
  3,332
  3,550
  3,776
  4,012
  4,258
  4,514
  4,780
  5,059
  5,349
  5,652
  5,968
  6,298
Total liabilities and equity, $m
  1,492
  1,707
  1,967
  2,246
  2,546
  2,864
  3,199
  3,553
  3,925
  4,313
  4,719
  5,143
  5,585
  6,044
  6,520
  7,017
  7,533
  8,068
  8,625
  9,204
  9,806
  10,431
  11,083
  11,762
  12,469
  13,205
  13,974
  14,776
  15,613
  16,486
  17,399
Debt-to-equity ratio
  0.728
  0.830
  0.950
  1.050
  1.140
  1.210
  1.270
  1.310
  1.360
  1.390
  1.430
  1.450
  1.480
  1.500
  1.520
  1.540
  1.550
  1.570
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.630
  1.640
  1.650
  1.650
  1.660
  1.670
  1.670
Adjusted equity ratio
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  54
  90
  102
  114
  127
  141
  156
  172
  188
  206
  223
  245
  264
  284
  305
  327
  350
  373
  398
  423
  450
  477
  506
  536
  567
  599
  633
  669
  705
  744
  784
Depreciation, amort., depletion, $m
  43
  31
  35
  39
  44
  49
  54
  60
  66
  72
  78
  82
  89
  96
  103
  111
  119
  128
  137
  146
  155
  165
  176
  187
  198
  209
  222
  234
  248
  261
  276
Funds from operations, $m
  -321
  121
  136
  153
  171
  190
  211
  232
  254
  278
  302
  326
  353
  380
  409
  438
  469
  501
  535
  569
  605
  643
  682
  722
  765
  809
  855
  903
  953
  1,005
  1,060
Change in working capital, $m
  -223
  107
  116
  125
  133
  142
  150
  158
  166
  173
  181
  189
  197
  205
  213
  221
  230
  239
  248
  258
  268
  279
  291
  303
  315
  329
  343
  358
  373
  390
  407
Cash from operations, $m
  -98
  -60
  20
  28
  38
  49
  61
  74
  89
  104
  121
  137
  156
  175
  196
  217
  239
  262
  286
  311
  337
  364
  391
  420
  449
  480
  512
  545
  580
  616
  653
Maintenance CAPEX, $m
  0
  -23
  -27
  -31
  -36
  -40
  -45
  -51
  -56
  -62
  -68
  -75
  -82
  -89
  -96
  -103
  -111
  -119
  -128
  -137
  -146
  -155
  -165
  -176
  -187
  -198
  -209
  -222
  -234
  -248
  -261
New CAPEX, $m
  -62
  -20
  -21
  -22
  -24
  -25
  -27
  -28
  -29
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -64
  -66
  -69
  -72
Cash from investing activities, $m
  -157
  -43
  -48
  -53
  -60
  -65
  -72
  -79
  -85
  -93
  -100
  -109
  -117
  -125
  -134
  -142
  -152
  -161
  -172
  -183
  -194
  -205
  -217
  -230
  -243
  -256
  -270
  -286
  -300
  -317
  -333
Free cash flow, $m
  -255
  -103
  -27
  -25
  -21
  -17
  -11
  -5
  3
  11
  20
  29
  39
  50
  62
  74
  87
  100
  114
  128
  143
  158
  174
  190
  207
  224
  242
  260
  279
  299
  319
Issuance/(repayment) of debt, $m
  295
  153
  166
  179
  191
  203
  214
  226
  237
  248
  259
  270
  281
  293
  305
  317
  329
  342
  355
  369
  384
  399
  416
  433
  451
  470
  490
  511
  534
  557
  582
Issuance/(repurchase) of shares, $m
  -9
  38
  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  
  283
  191
  166
  179
  191
  203
  214
  226
  237
  248
  259
  270
  281
  293
  305
  317
  329
  342
  355
  369
  384
  399
  416
  433
  451
  470
  490
  511
  534
  557
  582
Total cash flow (excl. dividends), $m
  30
  50
  139
  154
  169
  186
  203
  221
  240
  259
  279
  299
  321
  343
  367
  391
  416
  442
  469
  498
  527
  558
  590
  623
  658
  694
  732
  772
  813
  856
  902
Retained Cash Flow (-), $m
  -36
  -88
  -94
  -101
  -108
  -115
  -122
  -128
  -134
  -141
  -147
  -153
  -160
  -166
  -173
  -180
  -187
  -194
  -202
  -210
  -218
  -227
  -236
  -246
  -256
  -267
  -278
  -290
  -303
  -316
  -330
Prev. year cash balance distribution, $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 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
 
  0
  44
  52
  61
  71
  82
  93
  105
  118
  132
  146
  161
  177
  194
  211
  229
  248
  268
  288
  309
  331
  354
  378
  402
  427
  454
  482
  510
  540
  571
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  0
  39
  43
  46
  49
  52
  53
  54
  54
  53
  51
  48
  45
  41
  37
  33
  29
  25
  21
  17
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7
  97.7

Core-Mark Holding Company, Inc. markets fresh and broad-line supply solutions to the convenience retail industry. The company distributes various products, including cigarettes, other tobacco products, candies, snacks, fast food, groceries, fresh products, dairy, bread, beverages, general merchandise, and health and beauty care products, as well as offers marketing programs and technology solutions. Its customers include traditional convenience store, such as national and super-regional convenience store operators, as well as independently owned convenience stores; and alternative outlets, which include grocery stores, drug stores, liquor stores, cigarette and tobacco shops, hotel gift shops, military exchanges, college and corporate campuses, casinos, hardware stores, airport concessions, and other specialty and small format stores that carry convenience products. The company offers its products to 36,500 customer locations through a network of 28 distribution centers in the United States and Canada. Core-Mark Holding Company, Inc. was founded in 1888 and is headquartered in South San Francisco, California.

FINANCIAL RATIOS  of  Core-Mark Holding (CORE)

Valuation Ratios
P/E Ratio 29.4
Price to Sales 0.1
Price to Book 3
Price to Tangible Book
Price to Cash Flow -16.2
Price to Free Cash Flow -9.9
Growth Rates
Sales Growth Rate 31.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 59%
Cap. Spend. - 3 Yr. Gr. Rate 28.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 65.7%
Total Debt to Equity 72.8%
Interest Coverage 23
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 11.3
Profitability Ratios
Gross Margin 5.1%
Gross Margin - 3 Yr. Avg. 5.5%
EBITDA Margin 0.9%
EBITDA Margin - 3 Yr. Avg. 1%
Operating Margin 0.6%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin 0.6%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 29.6%

CORE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CORE stock intrinsic value calculation we used $14529 million for the last fiscal year's total revenue generated by Core-Mark Holding. The default revenue input number comes from 2016 income statement of Core-Mark Holding. 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 CORE stock valuation model: a) initial revenue growth rate of 16.4% 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 6.2%, whose default value for CORE is calculated based on our internal credit rating of Core-Mark Holding, 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 Core-Mark Holding.
    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 CORE stock the variable cost ratio is equal to 99.2%.

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 CORE 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 Core-Mark Holding.

Corporate tax rate of 27% is the nominal tax rate for Core-Mark Holding. 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 CORE 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 CORE are equal to 0.8%.

Life of production assets of 3.4 years is the average useful life of capital assets used in Core-Mark Holding 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 CORE is equal to 4.5%. 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 - $530 million for Core-Mark Holding - 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 46.304 million for Core-Mark Holding 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 Core-Mark Holding at the current share price and the inputted number of shares is $1.6 billion.


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COMPANY NEWS

▶ Core-Mark Announces First Quarter 2017 Financial Results   [May-09-17 08:30AM  GlobeNewswire]
▶ Core-Mark posts 1Q profit   [06:22AM  Associated Press]
▶ Core-Mark Announces First Quarter 2017 Investor Call   [May-02-17 08:30AM  GlobeNewswire]
▶ New Strong Sell Stocks for March 3rd   [Mar-03-17 09:20AM  Zacks]
▶ Core-Mark posts 4Q profit   [06:48AM  Associated Press]
▶ Core-Mark Announces Fourth Quarter 2016 Investor Call   [Feb-24-17 08:30AM  GlobeNewswire]
▶ Canadian Orebodies Inc. Opens the Market   [Jan-27-17 11:14AM  PR Newswire]
▶ Core-Mark Announces Expiration of Supply Agreement   [Jan-24-17 11:12AM  GlobeNewswire]
▶ Core-Mark to Webcast Presentation from 2017 ICR Conference   [Jan-09-17 08:30AM  GlobeNewswire]
▶ Core-Mark Announces New Supply Agreement with Walmart   [Dec-15-16 04:30PM  GlobeNewswire]
▶ Core-Mark Announces Third Quarter 2016 Investor Call   [Oct-31-16 08:30AM  GlobeNewswire]
▶ Core-Mark Announces 2016 Investor Day   [Aug-10-16 08:30AM  GlobeNewswire]
▶ Core-Mark Announces Second Quarter 2016 Investor Call   [Aug-02-16 08:30AM  GlobeNewswire]
▶ Core-Mark Appoints New Board Member   [08:30AM  Marketwired]
Stock chart of CORE Financial statements of CORE Annual reports of CORE
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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