Intrinsic value of Copart - CPRT

Previous Close

$36.41

  Intrinsic Value

$26.69

stock screener

  Rating & Target

sell

-27%

  Value-price divergence*

-197%

Previous close

$36.41

 
Intrinsic value

$26.69

 
Up/down potential

-27%

 
Rating

sell

 
Value-price divergence*

-197%

*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 8.4

 

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
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
  6.49
  6.34
  6.21
  6.08
  5.98
  5.88
  5.79
  5.71
  5.64
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
  5.13
Revenue, $m
  1,268
  1,367
  1,470
  1,577
  1,688
  1,803
  1,923
  2,048
  2,177
  2,313
  2,453
  2,600
  2,753
  2,912
  3,078
  3,252
  3,433
  3,623
  3,821
  4,028
  4,245
  4,471
  4,709
  4,957
  5,217
  5,490
  5,775
  6,074
  6,388
  6,717
  7,062
Variable operating expenses, $m
 
  670
  719
  769
  822
  876
  933
  991
  1,053
  1,116
  1,183
  1,226
  1,298
  1,373
  1,451
  1,533
  1,619
  1,708
  1,802
  1,899
  2,001
  2,108
  2,220
  2,337
  2,460
  2,588
  2,723
  2,864
  3,012
  3,167
  3,329
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
  920
  975
  1,032
  1,091
  1,152
  1,216
  1,281
  1,350
  1,421
  1,495
  1,546
  1,626
  1,709
  1,796
  1,886
  1,981
  2,079
  2,183
  2,289
  2,401
  2,518
  2,640
  2,768
  2,901
  3,040
  3,187
  3,339
  3,499
  3,666
  3,841
Operating income, $m
  406
  446
  494
  544
  597
  651
  707
  766
  827
  891
  958
  1,054
  1,127
  1,203
  1,282
  1,365
  1,452
  1,543
  1,639
  1,739
  1,844
  1,953
  2,068
  2,189
  2,316
  2,449
  2,589
  2,735
  2,889
  3,051
  3,220
EBITDA, $m
  456
  512
  563
  617
  672
  730
  790
  852
  917
  985
  1,056
  1,130
  1,207
  1,288
  1,372
  1,461
  1,553
  1,650
  1,751
  1,857
  1,968
  2,084
  2,207
  2,335
  2,469
  2,610
  2,758
  2,913
  3,076
  3,248
  3,427
Interest expense (income), $m
  24
  21
  23
  26
  28
  31
  33
  36
  39
  42
  45
  48
  52
  55
  59
  63
  67
  71
  76
  80
  85
  90
  96
  101
  107
  113
  119
  126
  133
  140
  148
Earnings before tax, $m
  396
  425
  471
  519
  569
  620
  674
  730
  788
  849
  913
  1,005
  1,075
  1,147
  1,223
  1,302
  1,385
  1,472
  1,563
  1,658
  1,758
  1,863
  1,973
  2,088
  2,209
  2,336
  2,469
  2,609
  2,756
  2,910
  3,072
Tax expense, $m
  126
  115
  127
  140
  153
  167
  182
  197
  213
  229
  247
  271
  290
  310
  330
  352
  374
  397
  422
  448
  475
  503
  533
  564
  596
  631
  667
  704
  744
  786
  830
Net income, $m
  270
  311
  344
  379
  415
  453
  492
  533
  576
  620
  667
  734
  785
  837
  893
  951
  1,011
  1,075
  1,141
  1,211
  1,284
  1,360
  1,440
  1,524
  1,613
  1,705
  1,803
  1,905
  2,012
  2,125
  2,243

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
  1,610
  1,731
  1,857
  1,988
  2,124
  2,265
  2,412
  2,565
  2,724
  2,890
  3,062
  3,242
  3,430
  3,626
  3,830
  4,044
  4,267
  4,501
  4,744
  5,000
  5,267
  5,546
  5,839
  6,145
  6,466
  6,802
  7,155
  7,524
  7,911
  8,317
Adjusted assets (=assets-cash), $m
  1,494
  1,610
  1,731
  1,857
  1,988
  2,124
  2,265
  2,412
  2,565
  2,724
  2,890
  3,062
  3,242
  3,430
  3,626
  3,830
  4,044
  4,267
  4,501
  4,744
  5,000
  5,267
  5,546
  5,839
  6,145
  6,466
  6,802
  7,155
  7,524
  7,911
  8,317
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
  834
  897
  962
  1,029
  1,100
  1,173
  1,249
  1,328
  1,411
  1,496
  1,586
  1,679
  1,776
  1,878
  1,984
  2,094
  2,210
  2,331
  2,457
  2,589
  2,728
  2,872
  3,024
  3,183
  3,349
  3,523
  3,705
  3,897
  4,097
  4,308
Working capital, $m
  220
  150
  162
  173
  186
  198
  212
  225
  240
  254
  270
  286
  303
  320
  339
  358
  378
  399
  420
  443
  467
  492
  518
  545
  574
  604
  635
  668
  703
  739
  777
Total debt, $m
  640
  625
  690
  757
  827
  900
  976
  1,054
  1,136
  1,221
  1,310
  1,402
  1,499
  1,599
  1,704
  1,813
  1,928
  2,047
  2,172
  2,302
  2,439
  2,582
  2,731
  2,888
  3,052
  3,223
  3,403
  3,592
  3,789
  3,997
  4,214
Total liabilities, $m
  875
  861
  926
  993
  1,063
  1,136
  1,212
  1,290
  1,372
  1,457
  1,546
  1,638
  1,735
  1,835
  1,940
  2,049
  2,164
  2,283
  2,408
  2,538
  2,675
  2,818
  2,967
  3,124
  3,288
  3,459
  3,639
  3,828
  4,025
  4,233
  4,450
Total equity, $m
  774
  749
  805
  863
  924
  987
  1,053
  1,121
  1,193
  1,267
  1,344
  1,424
  1,508
  1,595
  1,686
  1,781
  1,880
  1,984
  2,093
  2,206
  2,325
  2,449
  2,579
  2,715
  2,857
  3,007
  3,163
  3,327
  3,499
  3,679
  3,868
Total liabilities and equity, $m
  1,649
  1,610
  1,731
  1,856
  1,987
  2,123
  2,265
  2,411
  2,565
  2,724
  2,890
  3,062
  3,243
  3,430
  3,626
  3,830
  4,044
  4,267
  4,501
  4,744
  5,000
  5,267
  5,546
  5,839
  6,145
  6,466
  6,802
  7,155
  7,524
  7,912
  8,318
Debt-to-equity ratio
  0.827
  0.840
  0.860
  0.880
  0.900
  0.910
  0.930
  0.940
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.030
  1.040
  1.040
  1.050
  1.050
  1.060
  1.060
  1.070
  1.070
  1.080
  1.080
  1.080
  1.090
  1.090
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
  311
  344
  379
  415
  453
  492
  533
  576
  620
  667
  734
  785
  837
  893
  951
  1,011
  1,075
  1,141
  1,211
  1,284
  1,360
  1,440
  1,524
  1,613
  1,705
  1,803
  1,905
  2,012
  2,125
  2,243
Depreciation, amort., depletion, $m
  50
  66
  69
  72
  75
  79
  82
  86
  90
  94
  98
  76
  81
  85
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  153
  161
  169
  178
  187
  197
  207
Funds from operations, $m
  317
  377
  413
  451
  490
  532
  574
  619
  665
  714
  764
  810
  865
  923
  983
  1,046
  1,112
  1,181
  1,253
  1,329
  1,408
  1,491
  1,578
  1,670
  1,766
  1,866
  1,972
  2,083
  2,199
  2,322
  2,450
Change in working capital, $m
  -16
  11
  11
  12
  12
  13
  13
  14
  14
  15
  15
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
Cash from operations, $m
  333
  366
  402
  439
  478
  519
  561
  605
  651
  699
  749
  794
  848
  905
  965
  1,027
  1,092
  1,160
  1,231
  1,306
  1,384
  1,466
  1,552
  1,642
  1,737
  1,836
  1,941
  2,050
  2,165
  2,285
  2,412
Maintenance CAPEX, $m
  0
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -101
  -106
  -112
  -118
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
New CAPEX, $m
  -174
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -145
  -152
  -159
  -166
  -174
  -183
  -191
  -201
  -210
Cash from investing activities, $m
  -173
  -97
  -103
  -108
  -114
  -119
  -126
  -132
  -139
  -146
  -154
  -161
  -169
  -178
  -186
  -196
  -206
  -217
  -227
  -238
  -250
  -262
  -276
  -290
  -304
  -319
  -335
  -352
  -369
  -388
  -407
Free cash flow, $m
  160
  268
  299
  331
  364
  399
  435
  473
  512
  553
  595
  633
  679
  727
  778
  831
  886
  944
  1,004
  1,068
  1,134
  1,203
  1,276
  1,353
  1,433
  1,517
  1,605
  1,698
  1,795
  1,897
  2,005
Issuance/(repayment) of debt, $m
  -6
  61
  65
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  207
  217
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
  61
  65
  67
  70
  73
  76
  79
  82
  85
  89
  92
  96
  100
  105
  109
  114
  119
  125
  131
  137
  143
  150
  157
  164
  172
  180
  189
  198
  207
  217
Total cash flow (excl. dividends), $m
  -300
  330
  364
  398
  434
  472
  511
  551
  594
  638
  684
  725
  775
  828
  883
  940
  1,000
  1,063
  1,129
  1,198
  1,270
  1,346
  1,426
  1,509
  1,597
  1,689
  1,785
  1,887
  1,993
  2,105
  2,222
Retained Cash Flow (-), $m
  190
  -55
  -56
  -59
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -119
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
  -180
  -189
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
 
  355
  307
  340
  373
  409
  445
  483
  523
  564
  607
  645
  692
  741
  792
  845
  901
  959
  1,021
  1,085
  1,152
  1,222
  1,296
  1,373
  1,454
  1,540
  1,629
  1,723
  1,821
  1,925
  2,033
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
 
  340
  281
  296
  308
  317
  323
  326
  327
  324
  318
  306
  295
  282
  266
  248
  229
  209
  188
  167
  146
  126
  108
  90
  74
  60
  48
  37
  28
  21
  15
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. (Copart) is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Brazil, Ireland, Spain and India. The Company also provides vehicle remarketing services in Germany. The Company operates through two segments: United States and International. The Company provides vehicle sellers with a range of services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3). The Company's service offerings include Online Seller Access, Salvage Estimation Services, Estimating Services, End-Of-Life Vehicle Processing, Virtual Insured Exchange (VIX), Transportation Services, Vehicle Inspection Stations, On-Demand Reporting, Department of Motor Vehicle (DMV) Processing, Flexible Vehicle Processing Programs, Buy It Now, Member Network, Sales Process, Copart Dealer Services, CashForCars.com and U-Pull-It.

FINANCIAL RATIOS  of  Copart (CPRT)

Valuation Ratios
P/E Ratio 29.7
Price to Sales 6.3
Price to Book 10.4
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow 50.4
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 7.8% 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 229.896 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 $8.4 billion.

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COMPANY NEWS

▶ Copart Announces Expansion of Its Reno, Nevada Location   [Oct-11-17 07:30AM  PR Newswire]
▶ ETFs with exposure to Copart, Inc. : October 2, 2017   [Oct-02-17 10:46AM  Capital Cube]
▶ A Deep Look at Copart   [Sep-29-17 06:57PM  GuruFocus.com]
▶ IBD Rating Upgrades: Copart Shows Improved Technical Strength   [03:00AM  Investor's Business Daily]
▶ Copart tops Street 4Q forecasts   [Sep-19-17 11:34PM  Associated Press]
▶ Copart, Inc. to Webcast Fourth Quarter Fiscal 2017 Results   [Sep-13-17 07:33PM  Business Wire]
▶ 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]
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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