Intrinsic value of Core-Mark Holding - CORE

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$33.60

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$33.60

 
Intrinsic value

$15.60

 
Up/down potential

-54%

 
Rating

str. 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
  36.30
  33.17
  30.35
  27.82
  25.54
  23.48
  21.63
  19.97
  18.47
  17.13
  15.91
  14.82
  13.84
  12.96
  12.16
  11.44
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
Revenue, $m
  14,529
  19,803
  26,372
  34,376
  43,939
  55,159
  68,112
  82,847
  99,392
  117,754
  137,921
  159,869
  183,565
  208,971
  236,045
  264,749
  295,048
  326,913
  360,323
  395,267
  431,743
  469,760
  509,336
  550,502
  593,299
  637,777
  683,996
  732,029
  781,954
  833,861
  887,847
Variable operating expenses, $m
 
  19,643
  26,158
  34,096
  43,580
  54,708
  67,554
  82,168
  98,576
  116,786
  136,787
  158,550
  182,051
  207,247
  234,098
  262,565
  292,614
  324,217
  357,351
  392,007
  428,182
  465,885
  505,135
  545,962
  588,405
  632,516
  678,355
  725,991
  775,504
  826,983
  880,524
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
  19,643
  26,158
  34,096
  43,580
  54,708
  67,554
  82,168
  98,576
  116,786
  136,787
  158,550
  182,051
  207,247
  234,098
  262,565
  292,614
  324,217
  357,351
  392,007
  428,182
  465,885
  505,135
  545,962
  588,405
  632,516
  678,355
  725,991
  775,504
  826,983
  880,524
Operating income, $m
  90
  160
  214
  280
  359
  451
  558
  680
  816
  968
  1,134
  1,319
  1,514
  1,724
  1,947
  2,184
  2,433
  2,696
  2,972
  3,260
  3,561
  3,874
  4,201
  4,540
  4,893
  5,260
  5,641
  6,038
  6,449
  6,877
  7,323
EBITDA, $m
  133
  216
  288
  376
  480
  603
  744
  905
  1,086
  1,287
  1,507
  1,747
  2,006
  2,283
  2,579
  2,893
  3,224
  3,572
  3,937
  4,319
  4,717
  5,133
  5,565
  6,015
  6,483
  6,969
  7,474
  7,998
  8,544
  9,111
  9,701
Interest expense (income), $m
  4
  13
  25
  39
  58
  79
  105
  134
  168
  205
  247
  292
  342
  396
  454
  515
  580
  649
  721
  797
  876
  959
  1,045
  1,135
  1,228
  1,325
  1,426
  1,531
  1,640
  1,753
  1,871
Earnings before tax, $m
  86
  147
  189
  240
  301
  372
  453
  546
  649
  763
  887
  1,026
  1,172
  1,328
  1,493
  1,669
  1,853
  2,048
  2,251
  2,463
  2,685
  2,916
  3,156
  3,406
  3,665
  3,935
  4,215
  4,507
  4,810
  5,124
  5,452
Tax expense, $m
  32
  40
  51
  65
  81
  100
  122
  147
  175
  206
  240
  277
  316
  358
  403
  451
  500
  553
  608
  665
  725
  787
  852
  920
  990
  1,062
  1,138
  1,217
  1,299
  1,384
  1,472
Net income, $m
  54
  107
  138
  176
  220
  272
  331
  398
  473
  557
  648
  749
  855
  969
  1,090
  1,218
  1,353
  1,495
  1,643
  1,798
  1,960
  2,128
  2,304
  2,486
  2,676
  2,873
  3,077
  3,290
  3,511
  3,741
  3,980

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
  1,497
  2,005
  2,670
  3,480
  4,449
  5,585
  6,896
  8,388
  10,063
  11,922
  13,964
  16,186
  18,585
  21,157
  23,898
  26,805
  29,872
  33,098
  36,481
  40,019
  43,712
  47,561
  51,568
  55,736
  60,069
  64,572
  69,251
  74,114
  79,169
  84,424
  89,890
Adjusted assets (=assets-cash), $m
  1,471
  2,005
  2,670
  3,480
  4,449
  5,585
  6,896
  8,388
  10,063
  11,922
  13,964
  16,186
  18,585
  21,157
  23,898
  26,805
  29,872
  33,098
  36,481
  40,019
  43,712
  47,561
  51,568
  55,736
  60,069
  64,572
  69,251
  74,114
  79,169
  84,424
  89,890
Revenue / Adjusted assets
  9.877
  9.877
  9.877
  9.878
  9.876
  9.876
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
  9.877
Average production assets, $m
  213
  297
  396
  516
  659
  827
  1,022
  1,243
  1,491
  1,766
  2,069
  2,398
  2,753
  3,135
  3,541
  3,971
  4,426
  4,904
  5,405
  5,929
  6,476
  7,046
  7,640
  8,258
  8,899
  9,567
  10,260
  10,980
  11,729
  12,508
  13,318
Working capital, $m
  649
  891
  1,187
  1,547
  1,977
  2,482
  3,065
  3,728
  4,473
  5,299
  6,206
  7,194
  8,260
  9,404
  10,622
  11,914
  13,277
  14,711
  16,215
  17,787
  19,428
  21,139
  22,920
  24,773
  26,698
  28,700
  30,780
  32,941
  35,188
  37,524
  39,953
Total debt, $m
  386
  702
  1,128
  1,646
  2,266
  2,993
  3,832
  4,787
  5,859
  7,049
  8,356
  9,778
  11,313
  12,960
  14,714
  16,574
  18,537
  20,602
  22,767
  25,031
  27,395
  29,858
  32,422
  35,090
  37,863
  40,745
  43,740
  46,852
  50,087
  53,451
  56,949
Total liabilities, $m
  967
  1,283
  1,709
  2,227
  2,847
  3,574
  4,413
  5,368
  6,440
  7,630
  8,937
  10,359
  11,894
  13,541
  15,295
  17,155
  19,118
  21,183
  23,348
  25,612
  27,976
  30,439
  33,003
  35,671
  38,444
  41,326
  44,321
  47,433
  50,668
  54,032
  57,530
Total equity, $m
  530
  722
  961
  1,253
  1,602
  2,010
  2,483
  3,020
  3,623
  4,292
  5,027
  5,827
  6,691
  7,617
  8,603
  9,650
  10,754
  11,915
  13,133
  14,407
  15,736
  17,122
  18,564
  20,065
  21,625
  23,246
  24,931
  26,681
  28,501
  30,393
  32,361
Total liabilities and equity, $m
  1,497
  2,005
  2,670
  3,480
  4,449
  5,584
  6,896
  8,388
  10,063
  11,922
  13,964
  16,186
  18,585
  21,158
  23,898
  26,805
  29,872
  33,098
  36,481
  40,019
  43,712
  47,561
  51,567
  55,736
  60,069
  64,572
  69,252
  74,114
  79,169
  84,425
  89,891
Debt-to-equity ratio
  0.728
  0.970
  1.170
  1.310
  1.410
  1.490
  1.540
  1.590
  1.620
  1.640
  1.660
  1.680
  1.690
  1.700
  1.710
  1.720
  1.720
  1.730
  1.730
  1.740
  1.740
  1.740
  1.750
  1.750
  1.750
  1.750
  1.750
  1.760
  1.760
  1.760
  1.760
Adjusted equity ratio
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360
  0.360

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  54
  107
  138
  176
  220
  272
  331
  398
  473
  557
  648
  749
  855
  969
  1,090
  1,218
  1,353
  1,495
  1,643
  1,798
  1,960
  2,128
  2,304
  2,486
  2,676
  2,873
  3,077
  3,290
  3,511
  3,741
  3,980
Depreciation, amort., depletion, $m
  43
  57
  74
  96
  121
  151
  186
  226
  270
  319
  373
  428
  492
  560
  632
  709
  790
  876
  965
  1,059
  1,156
  1,258
  1,364
  1,475
  1,589
  1,708
  1,832
  1,961
  2,095
  2,234
  2,378
Funds from operations, $m
  -321
  164
  212
  271
  341
  423
  517
  624
  743
  876
  1,021
  1,177
  1,347
  1,529
  1,722
  1,927
  2,143
  2,370
  2,608
  2,857
  3,116
  3,387
  3,668
  3,961
  4,265
  4,581
  4,909
  5,251
  5,605
  5,974
  6,358
Change in working capital, $m
  -223
  237
  296
  360
  430
  505
  583
  663
  745
  826
  908
  988
  1,066
  1,143
  1,218
  1,292
  1,363
  1,434
  1,503
  1,572
  1,641
  1,711
  1,781
  1,852
  1,926
  2,001
  2,080
  2,161
  2,247
  2,336
  2,429
Cash from operations, $m
  -98
  -49
  -83
  -89
  -89
  -82
  -66
  -39
  -1
  49
  113
  190
  281
  386
  504
  636
  780
  936
  1,105
  1,284
  1,475
  1,676
  1,887
  2,108
  2,339
  2,579
  2,829
  3,089
  3,359
  3,639
  3,929
Maintenance CAPEX, $m
  0
  -38
  -53
  -71
  -92
  -118
  -148
  -182
  -222
  -266
  -315
  -369
  -428
  -492
  -560
  -632
  -709
  -790
  -876
  -965
  -1,059
  -1,156
  -1,258
  -1,364
  -1,475
  -1,589
  -1,708
  -1,832
  -1,961
  -2,095
  -2,234
New CAPEX, $m
  -62
  -84
  -99
  -120
  -143
  -168
  -194
  -221
  -248
  -275
  -303
  -329
  -355
  -381
  -406
  -431
  -454
  -478
  -501
  -524
  -547
  -570
  -594
  -617
  -642
  -667
  -693
  -720
  -749
  -779
  -810
Cash from investing activities, $m
  -157
  -122
  -152
  -191
  -235
  -286
  -342
  -403
  -470
  -541
  -618
  -698
  -783
  -873
  -966
  -1,063
  -1,163
  -1,268
  -1,377
  -1,489
  -1,606
  -1,726
  -1,852
  -1,981
  -2,117
  -2,256
  -2,401
  -2,552
  -2,710
  -2,874
  -3,044
Free cash flow, $m
  -255
  -171
  -235
  -280
  -325
  -368
  -408
  -443
  -471
  -492
  -505
  -509
  -503
  -487
  -462
  -427
  -384
  -332
  -272
  -205
  -131
  -51
  35
  126
  222
  323
  428
  537
  649
  765
  885
Issuance/(repayment) of debt, $m
  295
  342
  426
  519
  620
  727
  839
  955
  1,072
  1,190
  1,307
  1,422
  1,535
  1,646
  1,754
  1,860
  1,963
  2,065
  2,165
  2,264
  2,364
  2,463
  2,564
  2,667
  2,773
  2,882
  2,995
  3,112
  3,235
  3,363
  3,498
Issuance/(repurchase) of shares, $m
  -9
  21
  49
  53
  54
  50
  41
  25
  2
  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
  363
  475
  572
  674
  777
  880
  980
  1,074
  1,190
  1,307
  1,422
  1,535
  1,646
  1,754
  1,860
  1,963
  2,065
  2,165
  2,264
  2,364
  2,463
  2,564
  2,667
  2,773
  2,882
  2,995
  3,112
  3,235
  3,363
  3,498
Total cash flow (excl. dividends), $m
  30
  171
  191
  239
  295
  359
  431
  512
  601
  698
  802
  913
  1,033
  1,159
  1,292
  1,433
  1,579
  1,733
  1,893
  2,059
  2,233
  2,413
  2,600
  2,794
  2,996
  3,205
  3,423
  3,649
  3,884
  4,129
  4,384
Retained Cash Flow (-), $m
  -36
  -192
  -239
  -292
  -349
  -409
  -472
  -537
  -603
  -669
  -735
  -800
  -864
  -926
  -987
  -1,046
  -1,104
  -1,161
  -1,218
  -1,274
  -1,329
  -1,386
  -1,442
  -1,500
  -1,560
  -1,621
  -1,685
  -1,751
  -1,820
  -1,892
  -1,968
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
  0
  0
  0
  0
  0
  0
  0
  28
  67
  113
  169
  233
  306
  386
  475
  571
  675
  786
  903
  1,027
  1,157
  1,293
  1,436
  1,584
  1,738
  1,898
  2,065
  2,237
  2,416
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
  0
  0
  0
  0
  0
  0
  0
  13
  27
  39
  50
  59
  65
  68
  68
  66
  62
  56
  49
  42
  35
  28
  22
  17
  12
  9
  6
  4
  3
Current shareholders' claim on cash, %
  100
  98.7
  96.5
  94.8
  93.4
  92.5
  91.9
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5
  91.5

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 28.7
Price to Sales 0.1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow -15.8
Price to Free Cash Flow -9.7
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 0.1
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 36.3% 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 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 1.5%.

Life of production assets of 5.6 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 47.13 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

▶ 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
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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