Intrinsic value of CST Brands - CST

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$48.36

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of CST 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 3.6

 

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, %
  -2.95
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  11,106
  11,673
  11,941
  12,248
  12,593
  12,975
  13,393
  13,850
  14,343
  14,875
  15,446
  16,057
  16,709
  17,402
  18,140
  18,922
  19,752
  20,629
  21,558
  22,538
  23,574
  24,667
  25,819
  27,034
  28,314
  29,662
  31,081
  32,575
  34,146
  35,800
  37,540
Variable operating expenses, $m
 
  11,123
  11,378
  11,670
  11,997
  12,359
  12,757
  13,190
  13,659
  14,164
  14,706
  15,243
  15,862
  16,521
  17,221
  17,964
  18,751
  19,584
  20,465
  21,396
  22,380
  23,417
  24,511
  25,664
  26,879
  28,159
  29,506
  30,924
  32,416
  33,986
  35,637
Fixed operating expenses, $m
 
  280
  287
  294
  301
  309
  317
  325
  333
  341
  349
  358
  367
  376
  386
  395
  405
  415
  426
  436
  447
  459
  470
  482
  494
  506
  519
  532
  545
  559
  573
Total operating expenses, $m
  10,570
  11,403
  11,665
  11,964
  12,298
  12,668
  13,074
  13,515
  13,992
  14,505
  15,055
  15,601
  16,229
  16,897
  17,607
  18,359
  19,156
  19,999
  20,891
  21,832
  22,827
  23,876
  24,981
  26,146
  27,373
  28,665
  30,025
  31,456
  32,961
  34,545
  36,210
Operating income, $m
  536
  270
  276
  285
  295
  307
  320
  335
  352
  371
  391
  455
  479
  505
  533
  563
  596
  630
  667
  706
  747
  791
  838
  888
  941
  997
  1,056
  1,119
  1,185
  1,255
  1,329
EBITDA, $m
  793
  500
  511
  525
  540
  558
  579
  601
  626
  653
  683
  715
  750
  787
  827
  870
  915
  964
  1,015
  1,070
  1,128
  1,190
  1,256
  1,325
  1,399
  1,477
  1,559
  1,646
  1,738
  1,834
  1,937
Interest expense (income), $m
  61
  51
  54
  56
  59
  62
  66
  70
  74
  79
  84
  89
  95
  102
  108
  115
  123
  130
  139
  148
  157
  167
  177
  188
  200
  212
  225
  238
  252
  267
  283
Earnings before tax, $m
  480
  218
  223
  228
  236
  244
  254
  265
  278
  292
  307
  366
  384
  404
  425
  448
  473
  499
  528
  558
  590
  625
  661
  700
  741
  785
  831
  881
  933
  988
  1,046
Tax expense, $m
  176
  59
  60
  62
  64
  66
  69
  72
  75
  79
  83
  99
  104
  109
  115
  121
  128
  135
  142
  151
  159
  169
  178
  189
  200
  212
  224
  238
  252
  267
  283
Net income, $m
  324
  159
  163
  167
  172
  178
  185
  194
  203
  213
  224
  267
  280
  295
  310
  327
  345
  365
  385
  407
  431
  456
  483
  511
  541
  573
  607
  643
  681
  721
  764

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  137
  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
  4,360
  3,596
  3,679
  3,773
  3,879
  3,997
  4,126
  4,267
  4,419
  4,583
  4,759
  4,947
  5,147
  5,361
  5,588
  5,829
  6,085
  6,355
  6,641
  6,943
  7,262
  7,599
  7,954
  8,328
  8,723
  9,138
  9,575
  10,035
  10,520
  11,029
  11,565
Adjusted assets (=assets-cash), $m
  4,223
  3,596
  3,679
  3,773
  3,879
  3,997
  4,126
  4,267
  4,419
  4,583
  4,759
  4,947
  5,147
  5,361
  5,588
  5,829
  6,085
  6,355
  6,641
  6,943
  7,262
  7,599
  7,954
  8,328
  8,723
  9,138
  9,575
  10,035
  10,520
  11,029
  11,565
Revenue / Adjusted assets
  2.630
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
  3.246
Average production assets, $m
  2,791
  2,568
  2,627
  2,695
  2,770
  2,854
  2,947
  3,047
  3,156
  3,273
  3,398
  3,533
  3,676
  3,829
  3,991
  4,163
  4,345
  4,538
  4,743
  4,958
  5,186
  5,427
  5,680
  5,947
  6,229
  6,526
  6,838
  7,166
  7,512
  7,876
  8,259
Working capital, $m
  12
  -82
  -84
  -86
  -88
  -91
  -94
  -97
  -100
  -104
  -108
  -112
  -117
  -122
  -127
  -132
  -138
  -144
  -151
  -158
  -165
  -173
  -181
  -189
  -198
  -208
  -218
  -228
  -239
  -251
  -263
Total debt, $m
  1,505
  1,374
  1,440
  1,514
  1,599
  1,692
  1,794
  1,905
  2,026
  2,155
  2,295
  2,444
  2,603
  2,772
  2,952
  3,143
  3,345
  3,559
  3,786
  4,025
  4,278
  4,545
  4,826
  5,122
  5,434
  5,763
  6,109
  6,474
  6,857
  7,261
  7,685
Total liabilities, $m
  3,131
  2,848
  2,914
  2,988
  3,073
  3,166
  3,268
  3,379
  3,500
  3,629
  3,769
  3,918
  4,077
  4,246
  4,426
  4,617
  4,819
  5,033
  5,260
  5,499
  5,752
  6,019
  6,300
  6,596
  6,908
  7,237
  7,583
  7,948
  8,331
  8,735
  9,159
Total equity, $m
  1,229
  748
  765
  785
  807
  831
  858
  887
  919
  953
  990
  1,029
  1,071
  1,115
  1,162
  1,213
  1,266
  1,322
  1,381
  1,444
  1,511
  1,581
  1,654
  1,732
  1,814
  1,901
  1,992
  2,087
  2,188
  2,294
  2,405
Total liabilities and equity, $m
  4,360
  3,596
  3,679
  3,773
  3,880
  3,997
  4,126
  4,266
  4,419
  4,582
  4,759
  4,947
  5,148
  5,361
  5,588
  5,830
  6,085
  6,355
  6,641
  6,943
  7,263
  7,600
  7,954
  8,328
  8,722
  9,138
  9,575
  10,035
  10,519
  11,029
  11,564
Debt-to-equity ratio
  1.225
  1.840
  1.880
  1.930
  1.980
  2.030
  2.090
  2.150
  2.200
  2.260
  2.320
  2.380
  2.430
  2.490
  2.540
  2.590
  2.640
  2.690
  2.740
  2.790
  2.830
  2.880
  2.920
  2.960
  3.000
  3.030
  3.070
  3.100
  3.130
  3.170
  3.190
Adjusted equity ratio
  0.259
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208
  0.208

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  324
  159
  163
  167
  172
  178
  185
  194
  203
  213
  224
  267
  280
  295
  310
  327
  345
  365
  385
  407
  431
  456
  483
  511
  541
  573
  607
  643
  681
  721
  764
Depreciation, amort., depletion, $m
  257
  231
  235
  240
  246
  252
  259
  266
  274
  283
  292
  260
  270
  282
  293
  306
  320
  334
  349
  365
  381
  399
  418
  437
  458
  480
  503
  527
  552
  579
  607
Funds from operations, $m
  269
  390
  398
  407
  418
  430
  444
  460
  477
  496
  516
  527
  551
  576
  604
  633
  665
  698
  734
  772
  812
  855
  900
  948
  999
  1,053
  1,110
  1,170
  1,233
  1,300
  1,371
Change in working capital, $m
  -18
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -12
  -12
Cash from operations, $m
  287
  462
  400
  409
  420
  433
  447
  463
  480
  499
  520
  531
  555
  581
  609
  639
  671
  704
  740
  779
  819
  863
  908
  957
  1,008
  1,062
  1,120
  1,180
  1,244
  1,312
  1,383
Maintenance CAPEX, $m
  0
  -185
  -189
  -193
  -198
  -204
  -210
  -217
  -224
  -232
  -241
  -250
  -260
  -270
  -282
  -293
  -306
  -320
  -334
  -349
  -365
  -381
  -399
  -418
  -437
  -458
  -480
  -503
  -527
  -552
  -579
New CAPEX, $m
  -370
  -55
  -59
  -68
  -76
  -84
  -92
  -100
  -109
  -117
  -126
  -134
  -143
  -153
  -162
  -172
  -182
  -193
  -204
  -216
  -228
  -240
  -254
  -267
  -282
  -297
  -312
  -329
  -346
  -364
  -383
Cash from investing activities, $m
  -508
  -240
  -248
  -261
  -274
  -288
  -302
  -317
  -333
  -349
  -367
  -384
  -403
  -423
  -444
  -465
  -488
  -513
  -538
  -565
  -593
  -621
  -653
  -685
  -719
  -755
  -792
  -832
  -873
  -916
  -962
Free cash flow, $m
  -221
  222
  152
  148
  146
  145
  145
  146
  148
  150
  154
  147
  152
  158
  165
  173
  182
  192
  203
  214
  227
  241
  256
  272
  289
  308
  328
  349
  371
  396
  421
Issuance/(repayment) of debt, $m
  97
  57
  66
  75
  84
  93
  102
  111
  120
  130
  139
  149
  159
  169
  180
  191
  202
  214
  226
  239
  253
  267
  281
  296
  312
  329
  346
  364
  384
  403
  424
Issuance/(repurchase) of shares, $m
  -3
  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  
  119
  57
  66
  75
  84
  93
  102
  111
  120
  130
  139
  149
  159
  169
  180
  191
  202
  214
  226
  239
  253
  267
  281
  296
  312
  329
  346
  364
  384
  403
  424
Total cash flow (excl. dividends), $m
  -98
  279
  217
  223
  230
  238
  247
  257
  268
  280
  293
  296
  311
  328
  345
  364
  384
  406
  429
  454
  480
  507
  537
  568
  601
  637
  674
  713
  755
  799
  846
Retained Cash Flow (-), $m
  -319
  -13
  -17
  -20
  -22
  -24
  -27
  -29
  -32
  -34
  -37
  -39
  -42
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -96
  -101
  -106
  -111
Prev. year cash balance distribution, $m
 
  175
  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
 
  441
  200
  204
  208
  214
  220
  228
  236
  246
  257
  257
  269
  283
  298
  314
  331
  350
  370
  391
  413
  437
  463
  490
  519
  550
  583
  618
  654
  693
  734
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  412
  174
  163
  152
  142
  132
  122
  112
  101
  92
  78
  69
  61
  53
  45
  38
  31
  25
  20
  16
  12
  9
  7
  5
  3
  2
  2
  1
  1
  0
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

CST Brands, Inc., through its subsidiaries, operates as an independent retailer of motor fuel and convenience merchandise items in the United States and eastern Canada. The company’s retail operations include sale of motor fuel at convenience stores, commission agents, and cardlocks; food, merchandise items, and services at convenience stores; and heating oil to residential customers, as well as heating oil and motor fuel to small commercial customers. As of December 31, 2015, it owned and operated 1,049 convenience stores located in Arkansas, Arizona, California, Colorado, Louisiana, New Mexico, New York, Oklahoma, Texas, and Wyoming; and 869 retail sites located in New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, and Québec, which consisted of 303 company operated convenience stores, 494 commission agents, and 72 cardlocks; and 1,075 retail sites located in Pennsylvania, New Jersey, Ohio, New York, Massachusetts, Kentucky, New Hampshire, Maine, Florida, Georgia, North Carolina, Maryland, Delaware, Tennessee, Virginia, Illinois, West Virginia, Minnesota, Michigan, Wisconsin, South Dakota, Indiana, Rhode Island, Colorado, and Texas. The company also provides other products and services, including car wash, lottery, money orders, air/water/vacuum services, video and game rentals, and access to automated teller machines. CST Brands, Inc. offers its products under the Cibolo Mountain, Corner Store, Fresh Choices, Flavors2Go, U Force, Ultramart, Dépanneur du Coin, Valero, Diamond Shamrock, Ultramar, Nice N Easy Grocery Shoppe, Mama Mia’s Classic Pizza, Easy Street Eatery, and Transit Café names. The company is headquartered in San Antonio, Texas.

FINANCIAL RATIOS  of  CST Brands (CST)

Valuation Ratios
P/E Ratio 11.3
Price to Sales 0.3
Price to Book 3
Price to Tangible Book
Price to Cash Flow 12.8
Price to Free Cash Flow -44.1
Growth Rates
Sales Growth Rate -3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 7.9%
Cap. Spend. - 3 Yr. Gr. Rate 12.3%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 116.1%
Total Debt to Equity 122.5%
Interest Coverage 9
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 7.1%
Return On Total Capital 12.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10%
Return On Equity 30.3%
Return On Equity - 3 Yr. Avg. 25.1%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 13%
Gross Margin - 3 Yr. Avg. 11.7%
EBITDA Margin 7.2%
EBITDA Margin - 3 Yr. Avg. 5.1%
Operating Margin 4.8%
Oper. Margin - 3 Yr. Avg. 3.2%
Pre-Tax Margin 4.3%
Pre-Tax Margin - 3 Yr. Avg. 2.9%
Net Profit Margin 2.9%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. 37.7%
Payout Ratio 24.4%

CST stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CST stock intrinsic value calculation we used $11444 million for the last fiscal year's total revenue generated by CST Brands. The default revenue input number comes from 2016 income statement of CST Brands. 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 CST stock valuation model: a) initial revenue growth rate of 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 7%, whose default value for CST is calculated based on our internal credit rating of CST Brands, 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 CST Brands.
    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 CST stock the variable cost ratio is equal to 95.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $273 million in the base year in the intrinsic value calculation for CST 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 3.9% for CST Brands.

Corporate tax rate of 27% is the nominal tax rate for CST Brands. 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 CST 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 CST are equal to 22%.

Life of production assets of 13.6 years is the average useful life of capital assets used in CST Brands 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 CST is equal to -0.7%. 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 - $910 million for CST Brands - 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 75.124 million for CST Brands 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 CST Brands at the current share price and the inputted number of shares is $3.6 billion.


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COMPANY NEWS

▶ ETFs with exposure to CST Brands, Inc. : June 15, 2017   [Jun-15-17 01:38PM  Capital Cube]
▶ CST posts 1Q profit   [May-08-17 04:32PM  Associated Press]
▶ CST Brands, Inc. Value Analysis (NYSE:CST) : May 1, 2017   [May-01-17 04:53PM  Capital Cube]
▶ ETFs with exposure to CST Brands, Inc. : April 7, 2017   [Apr-07-17 04:16PM  Capital Cube]
▶ Canada's Couche Tard posts 4.7 pct rise in profit   [Mar-14-17 09:21AM  Reuters]
▶ RBC Capital Downgrades CASY after Weak Fiscal 3Q17 Results   [Mar-13-17 07:36AM  Market Realist]
▶ Caseys on the Street: Why All the Optimism?   [Mar-03-17 09:06AM  Market Realist]
▶ Can Caseys Return to Growth in 3Q17?   [Mar-02-17 01:35PM  Market Realist]
▶ CST growth loses steam with fourth quarter earnings report   [Feb-27-17 05:50PM  at bizjournals.com]
▶ CST growth loses steam with fourth quarter earnings report   [05:50PM  American City Business Journals]
▶ CST misses Street 4Q forecasts   [05:38PM  Associated Press]
▶ CST Brands Inc (CST): Smart Money Heading for the Exits   [Nov-27-16 05:55PM  at Insider Monkey]
▶ CST sets date to vote on merger with Circle K parent company   [Oct-13-16 02:30PM  at bizjournals.com]
▶ Not Upstream, but Arconic Segments Hit Alcoas 3Q16 Earnings   [Oct-12-16 04:04PM  at Market Realist]
▶ [$$] Couche-Tard to Buy CST Brands for About $3.7 Billion   [12:09AM  at The Wall Street Journal]
▶ [$$] Couche-Tard to Buy CST Brands for About $3.7 Billion   [02:43PM  at The Wall Street Journal]
Stock chart of CST Financial statements of CST Annual reports of CST
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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