Intrinsic value of Copart - CPRT

Previous Close

$32.23

  Intrinsic Value

$95.01

stock screener

  Rating & Target

str. buy

+195%

  Value-price divergence*

+129%

Previous close

$32.23

 
Intrinsic value

$95.01

 
Up/down potential

+195%

 
Rating

str. buy

 
Value-price divergence*

+129%

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

We calculate the intrinsic value of CPRT 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 3.7

 

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, %
  10.65
  16.70
  15.53
  14.48
  13.53
  12.68
  11.91
  11.22
  10.60
  10.04
  9.53
  9.08
  8.67
  8.30
  7.97
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
Revenue, $m
  1,268
  1,480
  1,710
  1,957
  2,222
  2,503
  2,802
  3,116
  3,446
  3,792
  4,153
  4,531
  4,923
  5,332
  5,757
  6,199
  6,659
  7,136
  7,632
  8,148
  8,684
  9,242
  9,822
  10,426
  11,056
  11,712
  12,396
  13,109
  13,854
  14,631
  15,443
Variable operating expenses, $m
 
  724
  832
  949
  1,074
  1,206
  1,347
  1,495
  1,651
  1,814
  1,984
  2,136
  2,321
  2,514
  2,715
  2,923
  3,140
  3,365
  3,598
  3,842
  4,094
  4,357
  4,631
  4,916
  5,213
  5,522
  5,844
  6,181
  6,532
  6,899
  7,281
Fixed operating expenses, $m
 
  250
  256
  263
  269
  276
  283
  290
  297
  305
  312
  320
  328
  336
  345
  353
  362
  371
  381
  390
  400
  410
  420
  431
  441
  452
  464
  475
  487
  499
  512
Total operating expenses, $m
  862
  974
  1,088
  1,212
  1,343
  1,482
  1,630
  1,785
  1,948
  2,119
  2,296
  2,456
  2,649
  2,850
  3,060
  3,276
  3,502
  3,736
  3,979
  4,232
  4,494
  4,767
  5,051
  5,347
  5,654
  5,974
  6,308
  6,656
  7,019
  7,398
  7,793
Operating income, $m
  406
  506
  621
  746
  879
  1,021
  1,172
  1,331
  1,498
  1,673
  1,857
  2,074
  2,274
  2,482
  2,698
  2,923
  3,157
  3,400
  3,653
  3,916
  4,190
  4,474
  4,771
  5,080
  5,402
  5,737
  6,087
  6,453
  6,835
  7,233
  7,650
EBITDA, $m
  456
  575
  697
  829
  970
  1,120
  1,280
  1,448
  1,625
  1,811
  2,005
  2,207
  2,418
  2,638
  2,867
  3,105
  3,352
  3,609
  3,877
  4,155
  4,444
  4,745
  5,059
  5,385
  5,726
  6,081
  6,451
  6,837
  7,241
  7,662
  8,103
Interest expense (income), $m
  24
  21
  26
  31
  37
  43
  50
  57
  64
  72
  80
  88
  97
  106
  116
  126
  136
  147
  158
  169
  181
  194
  207
  220
  234
  249
  264
  280
  297
  314
  332
Earnings before tax, $m
  396
  485
  595
  714
  842
  978
  1,122
  1,274
  1,434
  1,602
  1,777
  1,986
  2,177
  2,376
  2,582
  2,798
  3,021
  3,254
  3,495
  3,747
  4,008
  4,281
  4,564
  4,859
  5,167
  5,488
  5,823
  6,173
  6,538
  6,919
  7,318
Tax expense, $m
  126
  131
  161
  193
  227
  264
  303
  344
  387
  432
  480
  536
  588
  641
  697
  755
  816
  878
  944
  1,012
  1,082
  1,156
  1,232
  1,312
  1,395
  1,482
  1,572
  1,667
  1,765
  1,868
  1,976
Net income, $m
  270
  354
  435
  522
  615
  714
  819
  930
  1,047
  1,169
  1,297
  1,450
  1,589
  1,734
  1,885
  2,042
  2,205
  2,375
  2,552
  2,735
  2,926
  3,125
  3,332
  3,547
  3,772
  4,006
  4,251
  4,506
  4,772
  5,051
  5,342

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  156
  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
  1,650
  1,743
  2,014
  2,305
  2,617
  2,949
  3,300
  3,670
  4,059
  4,466
  4,892
  5,336
  5,799
  6,281
  6,781
  7,302
  7,843
  8,405
  8,989
  9,597
  10,228
  10,885
  11,569
  12,281
  13,022
  13,795
  14,600
  15,441
  16,318
  17,233
  18,190
Adjusted assets (=assets-cash), $m
  1,494
  1,743
  2,014
  2,305
  2,617
  2,949
  3,300
  3,670
  4,059
  4,466
  4,892
  5,336
  5,799
  6,281
  6,781
  7,302
  7,843
  8,405
  8,989
  9,597
  10,228
  10,885
  11,569
  12,281
  13,022
  13,795
  14,600
  15,441
  16,318
  17,233
  18,190
Revenue / Adjusted assets
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
  0.849
Average production assets, $m
  774
  903
  1,043
  1,194
  1,355
  1,527
  1,709
  1,901
  2,102
  2,313
  2,534
  2,764
  3,003
  3,253
  3,512
  3,782
  4,062
  4,353
  4,656
  4,970
  5,297
  5,637
  5,991
  6,360
  6,744
  7,144
  7,561
  7,996
  8,451
  8,925
  9,420
Working capital, $m
  220
  163
  188
  215
  244
  275
  308
  343
  379
  417
  457
  498
  542
  587
  633
  682
  732
  785
  840
  896
  955
  1,017
  1,080
  1,147
  1,216
  1,288
  1,364
  1,442
  1,524
  1,609
  1,699
Total debt, $m
  640
  696
  841
  997
  1,164
  1,342
  1,529
  1,727
  1,936
  2,153
  2,381
  2,619
  2,866
  3,124
  3,392
  3,671
  3,960
  4,261
  4,573
  4,898
  5,236
  5,588
  5,953
  6,334
  6,731
  7,144
  7,575
  8,025
  8,494
  8,984
  9,496
Total liabilities, $m
  875
  932
  1,077
  1,233
  1,400
  1,578
  1,765
  1,963
  2,172
  2,389
  2,617
  2,855
  3,102
  3,360
  3,628
  3,907
  4,196
  4,497
  4,809
  5,134
  5,472
  5,824
  6,189
  6,570
  6,967
  7,380
  7,811
  8,261
  8,730
  9,220
  9,732
Total equity, $m
  774
  810
  936
  1,072
  1,217
  1,371
  1,534
  1,707
  1,887
  2,077
  2,275
  2,481
  2,697
  2,920
  3,153
  3,395
  3,647
  3,908
  4,180
  4,463
  4,756
  5,062
  5,379
  5,710
  6,055
  6,414
  6,789
  7,180
  7,588
  8,014
  8,458
Total liabilities and equity, $m
  1,649
  1,742
  2,013
  2,305
  2,617
  2,949
  3,299
  3,670
  4,059
  4,466
  4,892
  5,336
  5,799
  6,280
  6,781
  7,302
  7,843
  8,405
  8,989
  9,597
  10,228
  10,886
  11,568
  12,280
  13,022
  13,794
  14,600
  15,441
  16,318
  17,234
  18,190
Debt-to-equity ratio
  0.827
  0.860
  0.900
  0.930
  0.960
  0.980
  1.000
  1.010
  1.030
  1.040
  1.050
  1.060
  1.060
  1.070
  1.080
  1.080
  1.090
  1.090
  1.090
  1.100
  1.100
  1.100
  1.110
  1.110
  1.110
  1.110
  1.120
  1.120
  1.120
  1.120
  1.120
Adjusted equity ratio
  0.414
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465
  0.465

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  270
  354
  435
  522
  615
  714
  819
  930
  1,047
  1,169
  1,297
  1,450
  1,589
  1,734
  1,885
  2,042
  2,205
  2,375
  2,552
  2,735
  2,926
  3,125
  3,332
  3,547
  3,772
  4,006
  4,251
  4,506
  4,772
  5,051
  5,342
Depreciation, amort., depletion, $m
  50
  69
  76
  83
  91
  99
  108
  117
  127
  137
  148
  133
  144
  156
  169
  182
  195
  209
  224
  239
  255
  271
  288
  306
  324
  343
  364
  384
  406
  429
  453
Funds from operations, $m
  317
  424
  511
  605
  706
  813
  927
  1,047
  1,174
  1,306
  1,445
  1,583
  1,734
  1,891
  2,054
  2,224
  2,401
  2,584
  2,775
  2,974
  3,181
  3,396
  3,620
  3,853
  4,096
  4,350
  4,614
  4,890
  5,179
  5,480
  5,795
Change in working capital, $m
  -16
  23
  25
  27
  29
  31
  33
  35
  36
  38
  40
  41
  43
  45
  47
  49
  51
  53
  55
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  86
  89
Cash from operations, $m
  333
  400
  485
  578
  677
  782
  894
  1,013
  1,138
  1,268
  1,405
  1,541
  1,690
  1,846
  2,007
  2,175
  2,350
  2,532
  2,721
  2,917
  3,122
  3,335
  3,556
  3,787
  4,027
  4,278
  4,539
  4,812
  5,097
  5,394
  5,705
Maintenance CAPEX, $m
  0
  -37
  -43
  -50
  -57
  -65
  -73
  -82
  -91
  -101
  -111
  -122
  -133
  -144
  -156
  -169
  -182
  -195
  -209
  -224
  -239
  -255
  -271
  -288
  -306
  -324
  -343
  -364
  -384
  -406
  -429
New CAPEX, $m
  -174
  -129
  -140
  -151
  -162
  -172
  -182
  -192
  -201
  -211
  -221
  -230
  -240
  -249
  -259
  -270
  -280
  -291
  -303
  -315
  -327
  -340
  -354
  -369
  -384
  -400
  -417
  -435
  -454
  -474
  -495
Cash from investing activities, $m
  -173
  -166
  -183
  -201
  -219
  -237
  -255
  -274
  -292
  -312
  -332
  -352
  -373
  -393
  -415
  -439
  -462
  -486
  -512
  -539
  -566
  -595
  -625
  -657
  -690
  -724
  -760
  -799
  -838
  -880
  -924
Free cash flow, $m
  160
  234
  302
  377
  458
  545
  639
  739
  845
  956
  1,074
  1,189
  1,318
  1,452
  1,592
  1,737
  1,888
  2,045
  2,209
  2,379
  2,556
  2,740
  2,931
  3,130
  3,337
  3,553
  3,778
  4,013
  4,258
  4,514
  4,781
Issuance/(repayment) of debt, $m
  -6
  132
  145
  156
  167
  177
  188
  198
  208
  218
  228
  238
  248
  258
  268
  279
  289
  301
  313
  325
  338
  351
  366
  381
  397
  413
  431
  450
  469
  490
  512
Issuance/(repurchase) of shares, $m
  -441
  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  
  -449
  132
  145
  156
  167
  177
  188
  198
  208
  218
  228
  238
  248
  258
  268
  279
  289
  301
  313
  325
  338
  351
  366
  381
  397
  413
  431
  450
  469
  490
  512
Total cash flow (excl. dividends), $m
  -300
  366
  447
  533
  625
  723
  827
  937
  1,053
  1,174
  1,301
  1,427
  1,565
  1,710
  1,859
  2,015
  2,178
  2,346
  2,522
  2,704
  2,894
  3,091
  3,297
  3,511
  3,734
  3,967
  4,209
  4,463
  4,727
  5,004
  5,293
Retained Cash Flow (-), $m
  190
  -116
  -126
  -136
  -145
  -154
  -163
  -172
  -181
  -189
  -198
  -207
  -215
  -224
  -233
  -242
  -252
  -261
  -272
  -282
  -294
  -305
  -318
  -331
  -345
  -359
  -375
  -391
  -408
  -426
  -445
Prev. year cash balance distribution, $m
 
  80
  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
 
  330
  321
  397
  480
  569
  664
  765
  872
  985
  1,103
  1,221
  1,350
  1,486
  1,627
  1,773
  1,926
  2,085
  2,250
  2,422
  2,600
  2,786
  2,979
  3,180
  3,389
  3,607
  3,835
  4,072
  4,320
  4,578
  4,848
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  316
  294
  345
  395
  441
  482
  517
  545
  566
  578
  580
  576
  565
  546
  521
  489
  454
  414
  373
  330
  288
  247
  208
  173
  140
  112
  87
  67
  50
  37
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

Copart, Inc. provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology to vehicle sellers, primarily insurance companies, as well as to banks and financial institutions, charities, car dealerships, municipalities, fleet operators, and vehicle rental companies. The company’s services include online seller access, salvage estimation, estimating, end-of-life vehicle processing, virtual insured exchange, transportation, vehicle inspection stations, on-demand reporting, motor vehicle regulatory agency processing, flexible vehicle processing programs, buy it now, member network, sales process, and dealer services. Its services also comprise services to sell vehicles through CashForCars.com; and U-Pull-It service that allows buyer to remove valuable parts, and sell the remaining parts and car body. The company sells its products principally to licensed vehicle dismantlers, rebuilders, repair licensees, used vehicle dealers, and exporters, as well as to the general public. It operates in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Brazil, Ireland, Spain, and India, as well as in Germany. Copart, Inc. was founded in 1982 and is headquartered in Dallas, Texas.

FINANCIAL RATIOS  of  Copart (CPRT)

Valuation Ratios
P/E Ratio 26.3
Price to Sales 5.6
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 21.3
Price to Free Cash Flow 44.6
Growth Rates
Sales Growth Rate 10.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 120.3%
Cap. Spend. - 3 Yr. Gr. Rate 6%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 72.9%
Total Debt to Equity 82.7%
Interest Coverage 18
Management Effectiveness
Return On Assets 16.6%
Ret/ On Assets - 3 Yr. Avg. 14.5%
Return On Total Capital 17.9%
Ret/ On T. Cap. - 3 Yr. Avg. 15.8%
Return On Equity 31.1%
Return On Equity - 3 Yr. Avg. 24.6%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 43%
Gross Margin - 3 Yr. Avg. 41.8%
EBITDA Margin 37.1%
EBITDA Margin - 3 Yr. Avg. 33.5%
Operating Margin 32%
Oper. Margin - 3 Yr. Avg. 28.5%
Pre-Tax Margin 31.2%
Pre-Tax Margin - 3 Yr. Avg. 27.8%
Net Profit Margin 21.3%
Net Profit Margin - 3 Yr. Avg. 18.6%
Effective Tax Rate 31.8%
Eff/ Tax Rate - 3 Yr. Avg. 33.1%
Payout Ratio 0%

CPRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPRT stock intrinsic value calculation we used $1268 million for the last fiscal year's total revenue generated by Copart. The default revenue input number comes from 2016 income statement of Copart. 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 CPRT stock valuation model: a) initial revenue growth rate of 16.7% 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 4.3%, whose default value for CPRT is calculated based on our internal credit rating of Copart, 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 Copart.
    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 CPRT stock the variable cost ratio is equal to 49.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $244 million in the base year in the intrinsic value calculation for CPRT 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 3.7% for Copart.

Corporate tax rate of 27% is the nominal tax rate for Copart. 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 CPRT 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 CPRT are equal to 61%.

Life of production assets of 20.8 years is the average useful life of capital assets used in Copart 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 CPRT is equal to 11%. 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 - $774 million for Copart - 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 113.814 million for Copart 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 Copart at the current share price and the inputted number of shares is $3.7 billion.

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COMPANY NEWS

▶ Copart Opens New Location in Andrews, Texas   [Aug-14-17 07:30AM  PR Newswire]
▶ ETFs with exposure to Copart, Inc. : July 24, 2017   [Jul-24-17 03:04PM  Capital Cube]
▶ ETFs with exposure to Copart, Inc. : July 14, 2017   [Jul-14-17 01:39PM  Capital Cube]
▶ Copart, Inc. Value Analysis (NASDAQ:CPRT) : July 10, 2017   [Jul-10-17 03:53PM  Capital Cube]
▶ 3 Value Stocks Perfect for Retirement   [Jun-29-17 08:53AM  Motley Fool]
▶ ETFs with exposure to Copart, Inc. : June 19, 2017   [Jun-19-17 03:07PM  Capital Cube]
▶ Copart Acquires National Powersport Auctions   [Jun-12-17 06:21PM  Business Wire]
▶ ETFs with exposure to Copart, Inc. : May 31, 2017   [May-31-17 12:27PM  Capital Cube]
▶ Copart Reports Record Performance in Third Quarter 2017   [May-26-17 01:22PM  Motley Fool]
▶ Copart beats 3Q profit forecasts   [May-24-17 06:22PM  Associated Press]
▶ Which Stocks Are Showing Rising Relative Strength?   [12:05PM  Investor's Business Daily]
▶ Car Auction Stock In Double Bottom Pattern With Earnings Due   [11:54AM  Investor's Business Daily]
▶ Copart, Inc. to Webcast Third Quarter Fiscal 2017 Results   [May-18-17 06:14PM  Business Wire]
▶ Opening Bell, April 26, 2017   [Apr-26-17 09:29AM  CNBC Videos]
▶ Today's Bell Ringer, April 26, 2016   [09:15AM  CNBC Videos]
▶ 3 Top Bargain Stocks to Buy Today   [Apr-07-17 03:37PM  Motley Fool]
▶ Copart and Al Ahlia Insurance Sign Strategic Agreement   [Apr-02-17 06:45AM  PR Newswire]
▶ Copart, Inc. Announces a Two-for-One Stock Split   [Mar-24-17 09:31PM  Business Wire]
▶ Copart Announces 15th Location in the United Kingdom   [Feb-24-17 07:00AM  PR Newswire]
▶ Copart, Inc. to Webcast Second Quarter Fiscal 2017 Results   [Feb-16-17 06:58PM  Business Wire]
▶ Copart Announces Opening of its 13th Location in Florida   [Jan-26-17 09:15AM  PR Newswire]
▶ Copart Announces Expansion of San Diego Location   [Jan-18-17 01:41PM  PR Newswire]
▶ Copart Announces Expansion of Chicago North Location   [Jan-12-17 09:50AM  PR Newswire]
▶ Chuck Royce Is Overweight Industrials; Heres Why   [Dec-28-16 11:59AM  at Insider Monkey]
▶ Copart Announces Expansion of Abilene, Texas Location   [Dec-15-16 12:23PM  PR Newswire]
▶ Copart Announces Expansion of Tifton, Georgia Location   [Dec-09-16 01:00PM  PR Newswire]
▶ Is Carters, Inc. (CRI) A Good Stock To Buy?   [Nov-29-16 04:49PM  at Insider Monkey]
Stock chart of CPRT Financial statements of CPRT
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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