Intrinsic value of Cintas - CTAS

Previous Close

$133.34

  Intrinsic Value

$86.10

stock screener

  Rating & Target

sell

-35%

  Value-price divergence*

-44%

Previous close

$133.34

 
Intrinsic value

$86.10

 
Up/down potential

-35%

 
Rating

sell

 
Value-price divergence*

-44%

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

We calculate the intrinsic value of CTAS 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 13.9

 

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, %
  9.56
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
  5.02
  5.02
  5.02
  5.02
  5.01
Revenue, $m
  4,905
  5,165
  5,437
  5,722
  6,021
  6,334
  6,662
  7,005
  7,366
  7,743
  8,140
  8,555
  8,991
  9,448
  9,928
  10,431
  10,959
  11,513
  12,094
  12,705
  13,345
  14,017
  14,722
  15,463
  16,240
  17,056
  17,913
  18,812
  19,756
  20,746
  21,787
Variable operating expenses, $m
 
  4,192
  4,406
  4,631
  4,866
  5,112
  5,370
  5,640
  5,923
  6,221
  6,532
  6,730
  7,073
  7,432
  7,810
  8,206
  8,621
  9,057
  9,514
  9,994
  10,498
  11,027
  11,582
  12,164
  12,776
  13,417
  14,091
  14,798
  15,541
  16,320
  17,139
Fixed operating expenses, $m
 
  142
  146
  150
  153
  157
  161
  165
  169
  174
  178
  182
  187
  192
  196
  201
  206
  212
  217
  222
  228
  233
  239
  245
  251
  258
  264
  271
  278
  284
  292
Total operating expenses, $m
  4,124
  4,334
  4,552
  4,781
  5,019
  5,269
  5,531
  5,805
  6,092
  6,395
  6,710
  6,912
  7,260
  7,624
  8,006
  8,407
  8,827
  9,269
  9,731
  10,216
  10,726
  11,260
  11,821
  12,409
  13,027
  13,675
  14,355
  15,069
  15,819
  16,604
  17,431
Operating income, $m
  782
  830
  885
  942
  1,002
  1,065
  1,131
  1,200
  1,273
  1,349
  1,429
  1,643
  1,731
  1,824
  1,922
  2,024
  2,132
  2,245
  2,363
  2,488
  2,619
  2,757
  2,902
  3,054
  3,213
  3,381
  3,557
  3,743
  3,937
  4,142
  4,356
EBITDA, $m
  948
  1,011
  1,068
  1,128
  1,191
  1,257
  1,326
  1,399
  1,475
  1,555
  1,639
  1,728
  1,820
  1,918
  2,020
  2,127
  2,240
  2,359
  2,483
  2,614
  2,751
  2,896
  3,047
  3,207
  3,374
  3,550
  3,735
  3,929
  4,133
  4,347
  4,572
Interest expense (income), $m
  0
  38
  42
  46
  50
  54
  59
  64
  69
  74
  79
  85
  91
  98
  104
  111
  119
  126
  134
  143
  152
  161
  171
  181
  192
  203
  215
  228
  241
  255
  269
Earnings before tax, $m
  718
  792
  843
  896
  952
  1,011
  1,072
  1,137
  1,204
  1,275
  1,350
  1,558
  1,640
  1,726
  1,817
  1,913
  2,013
  2,118
  2,229
  2,345
  2,467
  2,596
  2,731
  2,872
  3,021
  3,178
  3,342
  3,515
  3,696
  3,887
  4,087
Tax expense, $m
  261
  214
  228
  242
  257
  273
  289
  307
  325
  344
  365
  421
  443
  466
  491
  516
  544
  572
  602
  633
  666
  701
  737
  776
  816
  858
  902
  949
  998
  1,049
  1,104
Net income, $m
  694
  578
  615
  654
  695
  738
  783
  830
  879
  931
  986
  1,137
  1,197
  1,260
  1,327
  1,396
  1,470
  1,546
  1,627
  1,712
  1,801
  1,895
  1,993
  2,097
  2,205
  2,320
  2,440
  2,566
  2,698
  2,837
  2,984

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
  4,099
  4,096
  4,312
  4,538
  4,775
  5,023
  5,283
  5,555
  5,841
  6,141
  6,455
  6,784
  7,130
  7,493
  7,873
  8,272
  8,691
  9,130
  9,591
  10,075
  10,583
  11,116
  11,675
  12,262
  12,879
  13,526
  14,205
  14,918
  15,667
  16,452
  17,277
Adjusted assets (=assets-cash), $m
  3,889
  4,096
  4,312
  4,538
  4,775
  5,023
  5,283
  5,555
  5,841
  6,141
  6,455
  6,784
  7,130
  7,493
  7,873
  8,272
  8,691
  9,130
  9,591
  10,075
  10,583
  11,116
  11,675
  12,262
  12,879
  13,526
  14,205
  14,918
  15,667
  16,452
  17,277
Revenue / Adjusted assets
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
  1.261
Average production assets, $m
  515
  542
  571
  601
  632
  665
  699
  736
  773
  813
  855
  898
  944
  992
  1,042
  1,095
  1,151
  1,209
  1,270
  1,334
  1,401
  1,472
  1,546
  1,624
  1,705
  1,791
  1,881
  1,975
  2,074
  2,178
  2,288
Working capital, $m
  774
  857
  903
  950
  999
  1,051
  1,106
  1,163
  1,223
  1,285
  1,351
  1,420
  1,492
  1,568
  1,648
  1,732
  1,819
  1,911
  2,008
  2,109
  2,215
  2,327
  2,444
  2,567
  2,696
  2,831
  2,973
  3,123
  3,279
  3,444
  3,617
Total debt, $m
  1,294
  1,192
  1,306
  1,425
  1,549
  1,680
  1,817
  1,960
  2,110
  2,268
  2,433
  2,607
  2,788
  2,979
  3,179
  3,389
  3,609
  3,840
  4,083
  4,337
  4,605
  4,885
  5,179
  5,488
  5,812
  6,153
  6,510
  6,885
  7,279
  7,692
  8,126
Total liabilities, $m
  2,256
  2,154
  2,268
  2,387
  2,511
  2,642
  2,779
  2,922
  3,072
  3,230
  3,395
  3,569
  3,750
  3,941
  4,141
  4,351
  4,571
  4,802
  5,045
  5,299
  5,567
  5,847
  6,141
  6,450
  6,774
  7,115
  7,472
  7,847
  8,241
  8,654
  9,088
Total equity, $m
  1,843
  1,941
  2,044
  2,151
  2,263
  2,381
  2,504
  2,633
  2,769
  2,911
  3,060
  3,216
  3,380
  3,551
  3,732
  3,921
  4,119
  4,328
  4,546
  4,776
  5,016
  5,269
  5,534
  5,812
  6,105
  6,411
  6,733
  7,071
  7,426
  7,798
  8,189
Total liabilities and equity, $m
  4,099
  4,095
  4,312
  4,538
  4,774
  5,023
  5,283
  5,555
  5,841
  6,141
  6,455
  6,785
  7,130
  7,492
  7,873
  8,272
  8,690
  9,130
  9,591
  10,075
  10,583
  11,116
  11,675
  12,262
  12,879
  13,526
  14,205
  14,918
  15,667
  16,452
  17,277
Debt-to-equity ratio
  0.702
  0.610
  0.640
  0.660
  0.680
  0.710
  0.730
  0.740
  0.760
  0.780
  0.800
  0.810
  0.830
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.940
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.990
  0.990
Adjusted equity ratio
  0.420
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474
  0.474

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  694
  578
  615
  654
  695
  738
  783
  830
  879
  931
  986
  1,137
  1,197
  1,260
  1,327
  1,396
  1,470
  1,546
  1,627
  1,712
  1,801
  1,895
  1,993
  2,097
  2,205
  2,320
  2,440
  2,566
  2,698
  2,837
  2,984
Depreciation, amort., depletion, $m
  166
  180
  183
  186
  189
  192
  195
  199
  202
  206
  210
  85
  89
  94
  98
  103
  109
  114
  120
  126
  132
  139
  146
  153
  161
  169
  177
  186
  196
  206
  216
Funds from operations, $m
  423
  759
  798
  840
  884
  930
  978
  1,028
  1,081
  1,137
  1,195
  1,222
  1,286
  1,354
  1,425
  1,500
  1,578
  1,660
  1,747
  1,838
  1,933
  2,034
  2,139
  2,250
  2,366
  2,489
  2,617
  2,752
  2,894
  3,043
  3,199
Change in working capital, $m
  -43
  43
  45
  47
  50
  52
  54
  57
  60
  63
  66
  69
  72
  76
  80
  84
  88
  92
  97
  101
  106
  112
  117
  123
  129
  135
  142
  149
  157
  164
  173
Cash from operations, $m
  466
  716
  753
  793
  834
  878
  923
  971
  1,021
  1,074
  1,130
  1,153
  1,214
  1,278
  1,345
  1,416
  1,490
  1,568
  1,650
  1,737
  1,827
  1,922
  2,022
  2,127
  2,237
  2,353
  2,475
  2,603
  2,737
  2,878
  3,027
Maintenance CAPEX, $m
  0
  -49
  -51
  -54
  -57
  -60
  -63
  -66
  -69
  -73
  -77
  -81
  -85
  -89
  -94
  -98
  -103
  -109
  -114
  -120
  -126
  -132
  -139
  -146
  -153
  -161
  -169
  -177
  -186
  -196
  -206
New CAPEX, $m
  -275
  -28
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
  -71
  -74
  -78
  -82
  -86
  -90
  -94
  -99
  -104
  -109
Cash from investing activities, $m
  128
  -77
  -80
  -84
  -88
  -93
  -97
  -102
  -107
  -113
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -167
  -175
  -184
  -193
  -203
  -213
  -224
  -235
  -247
  -259
  -271
  -285
  -300
  -315
Free cash flow, $m
  594
  639
  674
  709
  746
  785
  826
  869
  914
  962
  1,011
  1,029
  1,083
  1,141
  1,201
  1,265
  1,332
  1,402
  1,475
  1,553
  1,634
  1,719
  1,809
  1,903
  2,003
  2,107
  2,216
  2,331
  2,452
  2,579
  2,712
Issuance/(repayment) of debt, $m
  0
  108
  114
  119
  125
  131
  137
  143
  150
  158
  165
  173
  182
  191
  200
  210
  220
  231
  243
  255
  267
  280
  294
  309
  324
  340
  357
  375
  394
  413
  434
Issuance/(repurchase) of shares, $m
  -752
  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  
  -752
  108
  114
  119
  125
  131
  137
  143
  150
  158
  165
  173
  182
  191
  200
  210
  220
  231
  243
  255
  267
  280
  294
  309
  324
  340
  357
  375
  394
  413
  434
Total cash flow (excl. dividends), $m
  -163
  748
  787
  828
  871
  916
  963
  1,012
  1,065
  1,119
  1,177
  1,202
  1,265
  1,332
  1,401
  1,475
  1,552
  1,633
  1,718
  1,807
  1,901
  2,000
  2,103
  2,212
  2,327
  2,447
  2,573
  2,706
  2,845
  2,992
  3,146
Retained Cash Flow (-), $m
  89
  -98
  -102
  -107
  -112
  -118
  -123
  -129
  -135
  -142
  -149
  -156
  -164
  -172
  -180
  -189
  -198
  -208
  -219
  -229
  -241
  -253
  -265
  -278
  -292
  -307
  -322
  -338
  -355
  -372
  -391
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  649
  685
  721
  758
  798
  840
  883
  929
  977
  1,028
  1,046
  1,101
  1,160
  1,221
  1,286
  1,353
  1,425
  1,499
  1,578
  1,660
  1,747
  1,838
  1,934
  2,035
  2,140
  2,251
  2,368
  2,491
  2,620
  2,755
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  617
  616
  610
  600
  587
  571
  551
  528
  502
  473
  428
  396
  363
  330
  296
  262
  229
  198
  168
  141
  116
  94
  74
  58
  44
  33
  24
  17
  12
  8
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

Cintas Corporation provides corporate identity uniforms and related business services primarily in North America, Latin America, Europe, and Asia. Its Rental Uniforms and Ancillary Products segment rents and services uniforms and other garments, including flame resistant clothing, mats, mops and shop towels, and other ancillary items; and provides restroom cleaning services and supplies, and carpet and tile cleaning services. The company’s Uniform Direct Sales segment is involved in the direct sale of uniforms and related items. Its First Aid, Safety, and Fire Protection Services segment offers first aid, safety, and fire protection products and services. The company offers its products and services through its distribution network and local delivery routes, or local representatives to small service and manufacturing companies, as well as corporations. Cintas Corporation was founded in 1968 and is based in Cincinnati, Ohio.

FINANCIAL RATIOS  of  Cintas (CTAS)

Valuation Ratios
P/E Ratio 20
Price to Sales 2.8
Price to Book 7.5
Price to Tangible Book
Price to Cash Flow 29.8
Price to Free Cash Flow 72.8
Growth Rates
Sales Growth Rate 9.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 26.1%
Cap. Spend. - 3 Yr. Gr. Rate 7%
Financial Strength
Quick Ratio 1
Current Ratio 0.7
LT Debt to Equity 56.6%
Total Debt to Equity 70.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 16.7%
Ret/ On Assets - 3 Yr. Avg. 11.7%
Return On Total Capital 21.8%
Ret/ On T. Cap. - 3 Yr. Avg. 15.1%
Return On Equity 36.8%
Return On Equity - 3 Yr. Avg. 24.9%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 43.4%
Gross Margin - 3 Yr. Avg. 42.8%
EBITDA Margin 18%
EBITDA Margin - 3 Yr. Avg. 18%
Operating Margin 15.9%
Oper. Margin - 3 Yr. Avg. 15.5%
Pre-Tax Margin 14.6%
Pre-Tax Margin - 3 Yr. Avg. 14.3%
Net Profit Margin 14.1%
Net Profit Margin - 3 Yr. Avg. 10.7%
Effective Tax Rate 36.4%
Eff/ Tax Rate - 3 Yr. Avg. 37.4%
Payout Ratio 16.6%

CTAS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTAS stock intrinsic value calculation we used $4905 million for the last fiscal year's total revenue generated by Cintas. The default revenue input number comes from 2016 income statement of Cintas. 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 CTAS stock valuation model: a) initial revenue growth rate of 5.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.2%, whose default value for CTAS is calculated based on our internal credit rating of Cintas, 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 Cintas.
    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 CTAS stock the variable cost ratio is equal to 81.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $139 million in the base year in the intrinsic value calculation for CTAS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Cintas.

Corporate tax rate of 27% is the nominal tax rate for Cintas. 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 CTAS 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 CTAS are equal to 10.5%.

Life of production assets of 10.6 years is the average useful life of capital assets used in Cintas 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 CTAS is equal to 16.6%. 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 - $1843 million for Cintas - 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 104.071 million for Cintas 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 Cintas at the current share price and the inputted number of shares is $13.9 billion.

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COMPANY NEWS

▶ ETFs with exposure to Cintas Corp. : August 16, 2017   [Aug-16-17 05:32PM  Capital Cube]
▶ 5 Winning Stocks to Fight August Woes   [Aug-01-17 11:38AM  Zacks]
▶ ETFs with exposure to Cintas Corp. : July 24, 2017   [Jul-24-17 03:10PM  Capital Cube]
▶ Cintas Was the S&P 500s Top Gainer on July 21   [11:35AM  Market Realist]
▶ General Electric and Chipotle fall while Capital One climbs   [Jul-21-17 05:52PM  Associated Press]
▶ Cintas tops Street 4Q forecasts   [Jul-20-17 09:39PM  Associated Press]
▶ Should You Sell Cintas (CTAS) Before Earnings?   [Jul-17-17 08:49AM  Zacks]
▶ ETFs with exposure to Cintas Corp. : July 14, 2017   [Jul-14-17 01:45PM  Capital Cube]
▶ 5 Buy-Ranked Stocks Poised To Beat Earnings   [Jul-12-17 04:13PM  Zacks]
▶ 3 Unknown but Amazing Dividend Stocks   [Jul-06-17 12:00PM  Motley Fool]
▶ Cintas Corp. Value Analysis (NASDAQ:CTAS) : July 3, 2017   [Jul-03-17 04:18PM  Capital Cube]
▶ 2015 Canadas Best Restroom Winner Receives Positive Praise   [May-23-17 10:02AM  Business Wire]
▶ Xavier honors Cincinnati business leader with basketball court name (Video)   [May-18-17 03:21PM  American City Business Journals]
▶ Cintas Location in Fort Myers is Expanding and Hiring   [May-10-17 02:41PM  Business Wire]
▶ Cintas Wins Big at 2017 NAUMD Image of the Year Awards   [May-09-17 10:30AM  Business Wire]
▶ Seven Greater Cincinnati public companies land among nations biggest on new list   [May-03-17 04:18PM  American City Business Journals]
▶ ETFs with exposure to Cintas Corp. : April 24, 2017   [Apr-24-17 02:23PM  Capital Cube]
▶ ETFs with exposure to Cintas Corp. : April 12, 2017   [Apr-12-17 01:10PM  Capital Cube]
▶ 2016 Canadas Best Restroom Winner Sees Boom in Business   [Apr-11-17 10:29AM  Business Wire]
▶ 2017 Cintas Janitor of the Year Voting Closes in One Week   [Apr-06-17 08:00AM  Business Wire]
▶ 3 Top Stocks You've Been Overlooking   [Apr-01-17 12:02PM  Motley Fool]
▶ Cintas Rides the Employment Boom Higher   [Mar-29-17 09:00AM  Motley Fool]
▶ Cintas Helps Restaurant Operators Get READY for Game Day!   [Mar-28-17 10:09AM  Business Wire]
▶ Company News for March 24, 2017   [10:10AM  Zacks]
▶ The Hot Stock: Cintas Gains 2.9%   [Mar-17-17 05:08PM  at Barrons.com]
▶ One Week Left to Nominate for School Janitor of the Year   [Feb-22-17 09:00AM  Business Wire]
▶ A first look at United Airlines' evolved uniforms   [Jan-27-17 03:20PM  at bizjournals.com]
Stock chart of CTAS Financial statements of CTAS
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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