Intrinsic value of Copart - CPRT

Previous Close

$58.98

  Intrinsic Value

$31.03

stock screener

  Rating & Target

sell

-47%

Previous close

$58.98

 
Intrinsic value

$31.03

 
Up/down potential

-47%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.20
  14.20
  13.28
  12.45
  11.71
  11.04
  10.43
  9.89
  9.40
  8.96
  8.56
  8.21
  7.89
  7.60
  7.34
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
Revenue, $m
  1,448
  1,654
  1,873
  2,106
  2,353
  2,613
  2,885
  3,171
  3,469
  3,780
  4,103
  4,440
  4,790
  5,154
  5,532
  5,925
  6,334
  6,759
  7,200
  7,660
  8,138
  8,636
  9,155
  9,695
  10,259
  10,847
  11,461
  12,102
  12,772
  13,472
  14,204
Variable operating expenses, $m
 
  1,119
  1,262
  1,413
  1,574
  1,743
  1,921
  2,107
  2,301
  2,503
  2,714
  2,892
  3,120
  3,357
  3,603
  3,859
  4,125
  4,402
  4,689
  4,989
  5,300
  5,624
  5,962
  6,314
  6,681
  7,065
  7,464
  7,882
  8,318
  8,774
  9,251
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
  987
  1,119
  1,262
  1,413
  1,574
  1,743
  1,921
  2,107
  2,301
  2,503
  2,714
  2,892
  3,120
  3,357
  3,603
  3,859
  4,125
  4,402
  4,689
  4,989
  5,300
  5,624
  5,962
  6,314
  6,681
  7,065
  7,464
  7,882
  8,318
  8,774
  9,251
Operating income, $m
  461
  535
  612
  693
  779
  870
  965
  1,064
  1,168
  1,276
  1,389
  1,548
  1,670
  1,797
  1,929
  2,066
  2,209
  2,357
  2,511
  2,671
  2,838
  3,012
  3,192
  3,381
  3,578
  3,783
  3,997
  4,220
  4,454
  4,698
  4,954
EBITDA, $m
  518
  717
  812
  913
  1,020
  1,132
  1,250
  1,374
  1,503
  1,638
  1,778
  1,924
  2,076
  2,233
  2,397
  2,568
  2,745
  2,929
  3,120
  3,319
  3,526
  3,742
  3,967
  4,201
  4,446
  4,700
  4,967
  5,244
  5,535
  5,838
  6,155
Interest expense (income), $m
  23
  34
  41
  48
  56
  64
  73
  82
  91
  101
  111
  122
  133
  144
  156
  169
  182
  195
  209
  224
  239
  255
  271
  288
  306
  325
  344
  365
  386
  408
  431
Earnings before tax, $m
  440
  501
  571
  645
  723
  805
  892
  982
  1,077
  1,176
  1,278
  1,427
  1,538
  1,653
  1,773
  1,897
  2,027
  2,162
  2,302
  2,447
  2,599
  2,757
  2,921
  3,093
  3,271
  3,458
  3,653
  3,856
  4,068
  4,290
  4,523
Tax expense, $m
  46
  135
  154
  174
  195
  217
  241
  265
  291
  317
  345
  385
  415
  446
  479
  512
  547
  584
  621
  661
  702
  744
  789
  835
  883
  934
  986
  1,041
  1,098
  1,158
  1,221
Net income, $m
  394
  366
  417
  471
  528
  588
  651
  717
  786
  858
  933
  1,041
  1,122
  1,207
  1,294
  1,385
  1,480
  1,578
  1,680
  1,786
  1,897
  2,012
  2,132
  2,258
  2,388
  2,524
  2,666
  2,815
  2,970
  3,132
  3,302

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  210
  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
  1,983
  2,265
  2,566
  2,886
  3,223
  3,579
  3,953
  4,343
  4,752
  5,177
  5,621
  6,082
  6,562
  7,061
  7,579
  8,117
  8,677
  9,258
  9,863
  10,493
  11,148
  11,830
  12,540
  13,281
  14,053
  14,859
  15,700
  16,579
  17,496
  18,455
  19,458
Adjusted assets (=assets-cash), $m
  1,773
  2,265
  2,566
  2,886
  3,223
  3,579
  3,953
  4,343
  4,752
  5,177
  5,621
  6,082
  6,562
  7,061
  7,579
  8,117
  8,677
  9,258
  9,863
  10,493
  11,148
  11,830
  12,540
  13,281
  14,053
  14,859
  15,700
  16,579
  17,496
  18,455
  19,458
Revenue / Adjusted assets
  0.817
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
  0.730
Average production assets, $m
  924
  1,399
  1,585
  1,782
  1,991
  2,210
  2,441
  2,682
  2,935
  3,197
  3,471
  3,756
  4,053
  4,360
  4,680
  5,013
  5,359
  5,718
  6,091
  6,480
  6,885
  7,306
  7,745
  8,202
  8,679
  9,177
  9,696
  10,239
  10,805
  11,398
  12,017
Working capital, $m
  285
  -227
  -257
  -289
  -322
  -358
  -395
  -434
  -475
  -518
  -562
  -608
  -656
  -706
  -758
  -812
  -868
  -926
  -986
  -1,049
  -1,115
  -1,183
  -1,254
  -1,328
  -1,405
  -1,486
  -1,570
  -1,658
  -1,750
  -1,846
  -1,946
Total debt, $m
  633
  759
  893
  1,036
  1,186
  1,345
  1,511
  1,686
  1,868
  2,058
  2,255
  2,461
  2,675
  2,898
  3,129
  3,369
  3,618
  3,878
  4,148
  4,428
  4,720
  5,025
  5,342
  5,672
  6,016
  6,376
  6,751
  7,143
  7,552
  7,980
  8,427
Total liabilities, $m
  884
  1,010
  1,144
  1,287
  1,438
  1,596
  1,763
  1,937
  2,119
  2,309
  2,507
  2,713
  2,927
  3,149
  3,380
  3,620
  3,870
  4,129
  4,399
  4,680
  4,972
  5,276
  5,593
  5,923
  6,268
  6,627
  7,002
  7,394
  7,803
  8,231
  8,678
Total equity, $m
  1,098
  1,255
  1,422
  1,599
  1,786
  1,983
  2,190
  2,406
  2,632
  2,868
  3,114
  3,370
  3,635
  3,912
  4,199
  4,497
  4,807
  5,129
  5,464
  5,813
  6,176
  6,554
  6,947
  7,358
  7,786
  8,232
  8,698
  9,185
  9,693
  10,224
  10,780
Total liabilities and equity, $m
  1,982
  2,265
  2,566
  2,886
  3,224
  3,579
  3,953
  4,343
  4,751
  5,177
  5,621
  6,083
  6,562
  7,061
  7,579
  8,117
  8,677
  9,258
  9,863
  10,493
  11,148
  11,830
  12,540
  13,281
  14,054
  14,859
  15,700
  16,579
  17,496
  18,455
  19,458
Debt-to-equity ratio
  0.577
  0.600
  0.630
  0.650
  0.660
  0.680
  0.690
  0.700
  0.710
  0.720
  0.720
  0.730
  0.740
  0.740
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.780
Adjusted equity ratio
  0.501
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554
  0.554

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  394
  366
  417
  471
  528
  588
  651
  717
  786
  858
  933
  1,041
  1,122
  1,207
  1,294
  1,385
  1,480
  1,578
  1,680
  1,786
  1,897
  2,012
  2,132
  2,258
  2,388
  2,524
  2,666
  2,815
  2,970
  3,132
  3,302
Depreciation, amort., depletion, $m
  57
  181
  200
  220
  241
  263
  286
  310
  335
  361
  389
  376
  405
  436
  468
  501
  536
  572
  609
  648
  688
  731
  774
  820
  868
  918
  970
  1,024
  1,081
  1,140
  1,202
Funds from operations, $m
  471
  547
  617
  690
  769
  851
  937
  1,027
  1,121
  1,220
  1,322
  1,417
  1,528
  1,643
  1,762
  1,886
  2,016
  2,150
  2,289
  2,434
  2,586
  2,743
  2,907
  3,078
  3,256
  3,442
  3,636
  3,839
  4,050
  4,272
  4,503
Change in working capital, $m
  -21
  -28
  -30
  -32
  -34
  -36
  -37
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -100
Cash from operations, $m
  492
  575
  647
  722
  802
  886
  974
  1,066
  1,162
  1,262
  1,366
  1,463
  1,576
  1,693
  1,814
  1,940
  2,071
  2,208
  2,350
  2,497
  2,651
  2,811
  2,978
  3,152
  3,333
  3,523
  3,720
  3,927
  4,142
  4,368
  4,603
Maintenance CAPEX, $m
  0
  -122
  -140
  -158
  -178
  -199
  -221
  -244
  -268
  -293
  -320
  -347
  -376
  -405
  -436
  -468
  -501
  -536
  -572
  -609
  -648
  -688
  -731
  -774
  -820
  -868
  -918
  -970
  -1,024
  -1,081
  -1,140
New CAPEX, $m
  -172
  -174
  -186
  -197
  -209
  -220
  -231
  -241
  -252
  -263
  -274
  -285
  -296
  -308
  -320
  -333
  -346
  -359
  -374
  -389
  -405
  -421
  -439
  -457
  -477
  -498
  -519
  -542
  -567
  -592
  -619
Cash from investing activities, $m
  -336
  -296
  -326
  -355
  -387
  -419
  -452
  -485
  -520
  -556
  -594
  -632
  -672
  -713
  -756
  -801
  -847
  -895
  -946
  -998
  -1,053
  -1,109
  -1,170
  -1,231
  -1,297
  -1,366
  -1,437
  -1,512
  -1,591
  -1,673
  -1,759
Free cash flow, $m
  156
  278
  321
  367
  415
  467
  523
  581
  642
  706
  773
  831
  904
  979
  1,058
  1,140
  1,225
  1,313
  1,404
  1,500
  1,599
  1,701
  1,809
  1,920
  2,036
  2,157
  2,283
  2,414
  2,552
  2,695
  2,844
Issuance/(repayment) of debt, $m
  -7
  126
  134
  143
  151
  159
  167
  174
  182
  190
  198
  206
  214
  222
  231
  240
  250
  259
  270
  281
  292
  304
  317
  330
  344
  359
  375
  392
  409
  428
  447
Issuance/(repurchase) of shares, $m
  35
  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  
  -107
  126
  134
  143
  151
  159
  167
  174
  182
  190
  198
  206
  214
  222
  231
  240
  250
  259
  270
  281
  292
  304
  317
  330
  344
  359
  375
  392
  409
  428
  447
Total cash flow (excl. dividends), $m
  54
  404
  455
  509
  566
  626
  689
  755
  824
  896
  970
  1,037
  1,118
  1,202
  1,289
  1,380
  1,474
  1,572
  1,674
  1,780
  1,891
  2,006
  2,125
  2,250
  2,381
  2,516
  2,658
  2,806
  2,961
  3,123
  3,292
Retained Cash Flow (-), $m
  -324
  -157
  -167
  -177
  -187
  -197
  -207
  -217
  -226
  -236
  -246
  -256
  -266
  -276
  -287
  -298
  -310
  -322
  -335
  -349
  -363
  -378
  -394
  -410
  -428
  -446
  -466
  -487
  -508
  -531
  -556
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
 
  20
  23
  26
  29
  33
  37
  40
  44
  49
  53
  57
  62
  67
  72
  77
  83
  89
  95
  101
  107
  114
  121
  128
  136
  144
  152
  160
  169
  179
  189
Cash available for distribution, $m
 
  247
  289
  332
  379
  429
  482
  538
  598
  660
  725
  781
  852
  926
  1,002
  1,082
  1,164
  1,250
  1,339
  1,432
  1,528
  1,628
  1,732
  1,840
  1,953
  2,070
  2,192
  2,320
  2,453
  2,591
  2,736
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
 
  237
  264
  289
  312
  333
  350
  364
  374
  379
  380
  371
  364
  352
  336
  318
  296
  272
  247
  220
  194
  168
  144
  121
  99
  81
  64
  50
  38
  28
  21
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 34.5
Price to Sales 9.4
Price to Book 12.4
Price to Tangible Book
Price to Cash Flow 27.6
Price to Free Cash Flow 42.5
Growth Rates
Sales Growth Rate 14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.1%
Cap. Spend. - 3 Yr. Gr. Rate 16%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 50.2%
Total Debt to Equity 57.7%
Interest Coverage 20
Management Effectiveness
Return On Assets 22.8%
Ret/ On Assets - 3 Yr. Avg. 17.8%
Return On Total Capital 25.1%
Ret/ On T. Cap. - 3 Yr. Avg. 19.3%
Return On Equity 42.1%
Return On Equity - 3 Yr. Avg. 31.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 43.6%
Gross Margin - 3 Yr. Avg. 42.9%
EBITDA Margin 35.9%
EBITDA Margin - 3 Yr. Avg. 35.9%
Operating Margin 31.8%
Oper. Margin - 3 Yr. Avg. 31.3%
Pre-Tax Margin 30.4%
Pre-Tax Margin - 3 Yr. Avg. 30.2%
Net Profit Margin 27.2%
Net Profit Margin - 3 Yr. Avg. 22.6%
Effective Tax Rate 10.5%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
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 $1448 million for the last fiscal year's total revenue generated by Copart. The default revenue input number comes from 2017 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 14.2% 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 68%.

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 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 5.4% 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 1.4%.

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 84.6%.

Life of production assets of 10 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 -13.7%. 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 - $1098 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 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 $13.5 billion.

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COMPANY NEWS

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▶ [$$] Copart to replace Dr Pepper on S&P 500   [06:59AM  Financial Times]
▶ What Makes Copart Inc (NASDAQ:CPRT) An Attractive Investment?   [Jun-18-18 11:41AM  Simply Wall St.]
▶ Unloved Copart, Inc. Has Returned 30%-Plus YTD   [Jun-15-18 07:40AM  InvestorPlace]
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▶ Copart Reports Third Quarter Fiscal 2018 Financial Results   [May-23-18 06:53PM  Business Wire]
▶ Copart, Inc. to Webcast Third Quarter Fiscal 2018 Results   [May-17-18 03:56PM  Business Wire]
▶ Breaking Down Copart Incs (NASDAQ:CPRT) Ownership Structure   [May-16-18 09:55AM  Simply Wall St.]
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▶ Copart Announces Expansion of Its Tucson Location   [Apr-03-18 01:00PM  PR Newswire]
▶ Why Copart (CPRT) Stock Might be a Great Pick   [Mar-20-18 08:30AM  Zacks]
▶ How Financially Strong Is Copart Inc (NASDAQ:CPRT)?   [Mar-19-18 07:50PM  Simply Wall St.]
▶ At $50.11, Is Copart Inc (NASDAQ:CPRT) A Buy?   [Mar-12-18 05:18PM  Simply Wall St.]
▶ Copart Acquires Nordic Salvage Auto Auction Company   [Mar-09-18 04:16PM  PR Newswire]
▶ Copart's Sales and Earnings Spike in the Second Quarter   [Feb-26-18 05:21PM  Motley Fool]
▶ Copart, Inc. to Webcast Second Quarter Fiscal 2018 Results   [Feb-19-18 06:54PM  Business Wire]
▶ How to Take Notes on a Company's Balance Sheet   [Feb-01-18 10:24AM  GuruFocus.com]
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▶ Top Ranked Growth Stocks to Buy for January 8th   [Jan-08-18 08:52AM  Zacks]
▶ ETFs with exposure to Copart, Inc. : December 11, 2017   [Dec-11-17 01:43PM  Capital Cube]
▶ ETFs with exposure to Copart, Inc. : November 30, 2017   [Nov-30-17 01:41PM  Capital Cube]
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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