Intrinsic value of Cintas - CTAS

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$125.82

  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 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 13.1

 

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
  6.40
  6.26
  6.13
  6.02
  5.92
  5.83
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.40
  5.36
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.07
Revenue, $m
  4,905
  5,219
  5,546
  5,886
  6,240
  6,609
  6,995
  7,396
  7,816
  8,254
  8,711
  9,189
  9,689
  10,212
  10,759
  11,331
  11,930
  12,558
  13,215
  13,903
  14,625
  15,381
  16,174
  17,005
  17,876
  18,790
  19,748
  20,753
  21,808
  22,914
  24,075
Variable operating expenses, $m
 
  4,235
  4,492
  4,759
  5,038
  5,329
  5,632
  5,948
  6,278
  6,622
  6,982
  7,229
  7,622
  8,033
  8,463
  8,914
  9,385
  9,879
  10,396
  10,937
  11,505
  12,100
  12,723
  13,377
  14,062
  14,781
  15,535
  16,326
  17,155
  18,026
  18,939
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
  4,377
  4,638
  4,909
  5,191
  5,486
  5,793
  6,113
  6,447
  6,796
  7,160
  7,411
  7,809
  8,225
  8,659
  9,115
  9,591
  10,091
  10,613
  11,159
  11,733
  12,333
  12,962
  13,622
  14,313
  15,039
  15,799
  16,597
  17,433
  18,310
  19,231
Operating income, $m
  782
  842
  908
  977
  1,049
  1,124
  1,202
  1,284
  1,369
  1,458
  1,551
  1,778
  1,880
  1,987
  2,099
  2,216
  2,339
  2,468
  2,602
  2,744
  2,892
  3,048
  3,211
  3,382
  3,562
  3,751
  3,949
  4,157
  4,375
  4,604
  4,845
EBITDA, $m
  948
  1,023
  1,092
  1,164
  1,240
  1,318
  1,400
  1,486
  1,575
  1,669
  1,767
  1,869
  1,976
  2,088
  2,205
  2,328
  2,457
  2,592
  2,733
  2,882
  3,037
  3,200
  3,371
  3,551
  3,739
  3,937
  4,145
  4,362
  4,591
  4,831
  5,083
Interest expense (income), $m
  0
  38
  43
  47
  52
  57
  63
  68
  74
  80
  87
  94
  100
  108
  115
  123
  132
  141
  150
  159
  169
  180
  191
  202
  215
  227
  241
  255
  269
  285
  301
Earnings before tax, $m
  718
  804
  865
  929
  996
  1,066
  1,139
  1,215
  1,295
  1,378
  1,464
  1,685
  1,780
  1,879
  1,983
  2,093
  2,207
  2,327
  2,453
  2,585
  2,723
  2,868
  3,020
  3,180
  3,348
  3,524
  3,708
  3,902
  4,106
  4,319
  4,544
Tax expense, $m
  261
  217
  234
  251
  269
  288
  308
  328
  350
  372
  395
  455
  480
  507
  536
  565
  596
  628
  662
  698
  735
  774
  815
  859
  904
  951
  1,001
  1,054
  1,109
  1,166
  1,227
Net income, $m
  694
  587
  632
  679
  727
  778
  831
  887
  945
  1,006
  1,069
  1,230
  1,299
  1,372
  1,448
  1,528
  1,611
  1,699
  1,791
  1,887
  1,988
  2,094
  2,205
  2,321
  2,444
  2,572
  2,707
  2,849
  2,997
  3,153
  3,317

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
  4,139
  4,398
  4,668
  4,949
  5,241
  5,547
  5,865
  6,198
  6,545
  6,908
  7,287
  7,684
  8,098
  8,532
  8,986
  9,461
  9,959
  10,480
  11,026
  11,598
  12,197
  12,826
  13,485
  14,176
  14,901
  15,661
  16,458
  17,294
  18,171
  19,092
Adjusted assets (=assets-cash), $m
  3,889
  4,139
  4,398
  4,668
  4,949
  5,241
  5,547
  5,865
  6,198
  6,545
  6,908
  7,287
  7,684
  8,098
  8,532
  8,986
  9,461
  9,959
  10,480
  11,026
  11,598
  12,197
  12,826
  13,485
  14,176
  14,901
  15,661
  16,458
  17,294
  18,171
  19,092
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
  548
  582
  618
  655
  694
  734
  777
  821
  867
  915
  965
  1,017
  1,072
  1,130
  1,190
  1,253
  1,319
  1,388
  1,460
  1,536
  1,615
  1,698
  1,785
  1,877
  1,973
  2,074
  2,179
  2,290
  2,406
  2,528
Working capital, $m
  774
  866
  921
  977
  1,036
  1,097
  1,161
  1,228
  1,297
  1,370
  1,446
  1,525
  1,608
  1,695
  1,786
  1,881
  1,980
  2,085
  2,194
  2,308
  2,428
  2,553
  2,685
  2,823
  2,967
  3,119
  3,278
  3,445
  3,620
  3,804
  3,996
Total debt, $m
  1,294
  1,215
  1,351
  1,493
  1,641
  1,795
  1,956
  2,123
  2,298
  2,481
  2,672
  2,871
  3,080
  3,298
  3,526
  3,764
  4,014
  4,276
  4,550
  4,838
  5,138
  5,454
  5,784
  6,131
  6,495
  6,876
  7,275
  7,695
  8,135
  8,596
  9,080
Total liabilities, $m
  2,256
  2,177
  2,313
  2,455
  2,603
  2,757
  2,918
  3,085
  3,260
  3,443
  3,634
  3,833
  4,042
  4,260
  4,488
  4,726
  4,976
  5,238
  5,512
  5,800
  6,100
  6,416
  6,746
  7,093
  7,457
  7,838
  8,237
  8,657
  9,097
  9,558
  10,042
Total equity, $m
  1,843
  1,962
  2,085
  2,212
  2,346
  2,484
  2,629
  2,780
  2,938
  3,102
  3,274
  3,454
  3,642
  3,838
  4,044
  4,259
  4,484
  4,720
  4,967
  5,226
  5,497
  5,782
  6,080
  6,392
  6,719
  7,063
  7,423
  7,801
  8,197
  8,613
  9,050
Total liabilities and equity, $m
  4,099
  4,139
  4,398
  4,667
  4,949
  5,241
  5,547
  5,865
  6,198
  6,545
  6,908
  7,287
  7,684
  8,098
  8,532
  8,985
  9,460
  9,958
  10,479
  11,026
  11,597
  12,198
  12,826
  13,485
  14,176
  14,901
  15,660
  16,458
  17,294
  18,171
  19,092
Debt-to-equity ratio
  0.702
  0.620
  0.650
  0.670
  0.700
  0.720
  0.740
  0.760
  0.780
  0.800
  0.820
  0.830
  0.850
  0.860
  0.870
  0.880
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.960
  0.970
  0.970
  0.980
  0.990
  0.990
  1.000
  1.000
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
  587
  632
  679
  727
  778
  831
  887
  945
  1,006
  1,069
  1,230
  1,299
  1,372
  1,448
  1,528
  1,611
  1,699
  1,791
  1,887
  1,988
  2,094
  2,205
  2,321
  2,444
  2,572
  2,707
  2,849
  2,997
  3,153
  3,317
Depreciation, amort., depletion, $m
  166
  181
  184
  188
  191
  195
  198
  202
  207
  211
  215
  91
  96
  101
  107
  112
  118
  124
  131
  138
  145
  152
  160
  168
  177
  186
  196
  206
  216
  227
  238
Funds from operations, $m
  423
  768
  816
  866
  918
  973
  1,030
  1,089
  1,152
  1,217
  1,285
  1,321
  1,395
  1,473
  1,554
  1,640
  1,729
  1,823
  1,921
  2,025
  2,133
  2,246
  2,365
  2,490
  2,621
  2,758
  2,903
  3,054
  3,213
  3,380
  3,555
Change in working capital, $m
  -43
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  120
  126
  132
  138
  145
  152
  159
  167
  175
  184
  193
Cash from operations, $m
  466
  299
  762
  810
  860
  912
  966
  1,023
  1,082
  1,144
  1,209
  1,241
  1,312
  1,386
  1,464
  1,545
  1,630
  1,719
  1,812
  1,910
  2,013
  2,121
  2,233
  2,352
  2,476
  2,607
  2,744
  2,887
  3,038
  3,196
  3,363
Maintenance CAPEX, $m
  0
  -49
  -52
  -55
  -58
  -62
  -65
  -69
  -73
  -77
  -82
  -86
  -91
  -96
  -101
  -107
  -112
  -118
  -124
  -131
  -138
  -145
  -152
  -160
  -168
  -177
  -186
  -196
  -206
  -216
  -227
New CAPEX, $m
  -275
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
  -69
  -72
  -76
  -79
  -83
  -87
  -91
  -96
  -101
  -106
  -111
  -116
  -122
Cash from investing activities, $m
  128
  -82
  -86
  -91
  -95
  -101
  -105
  -111
  -117
  -123
  -130
  -136
  -143
  -151
  -158
  -167
  -175
  -184
  -193
  -203
  -214
  -224
  -235
  -247
  -259
  -273
  -287
  -302
  -317
  -332
  -349
Free cash flow, $m
  594
  217
  676
  719
  764
  811
  860
  911
  965
  1,021
  1,079
  1,105
  1,169
  1,235
  1,305
  1,378
  1,455
  1,535
  1,619
  1,707
  1,799
  1,896
  1,998
  2,104
  2,216
  2,334
  2,457
  2,586
  2,722
  2,864
  3,014
Issuance/(repayment) of debt, $m
  0
  131
  136
  142
  148
  154
  161
  168
  175
  183
  191
  199
  208
  218
  228
  239
  250
  262
  274
  287
  301
  315
  331
  347
  363
  381
  400
  419
  440
  462
  484
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
  131
  136
  142
  148
  154
  161
  168
  175
  183
  191
  199
  208
  218
  228
  239
  250
  262
  274
  287
  301
  315
  331
  347
  363
  381
  400
  419
  440
  462
  484
Total cash flow (excl. dividends), $m
  -163
  348
  812
  861
  912
  965
  1,021
  1,079
  1,140
  1,203
  1,270
  1,304
  1,377
  1,453
  1,533
  1,617
  1,705
  1,797
  1,893
  1,994
  2,100
  2,212
  2,328
  2,451
  2,580
  2,715
  2,857
  3,005
  3,162
  3,326
  3,498
Retained Cash Flow (-), $m
  89
  -119
  -123
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -215
  -225
  -236
  -247
  -259
  -271
  -284
  -298
  -312
  -328
  -343
  -360
  -378
  -396
  -416
  -436
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
 
  229
  689
  733
  779
  826
  876
  928
  982
  1,039
  1,098
  1,125
  1,189
  1,257
  1,328
  1,402
  1,479
  1,561
  1,646
  1,735
  1,829
  1,927
  2,031
  2,139
  2,252
  2,371
  2,496
  2,628
  2,765
  2,910
  3,062
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
 
  218
  620
  620
  616
  608
  596
  579
  558
  533
  505
  460
  428
  394
  358
  322
  286
  251
  217
  185
  155
  128
  104
  82
  64
  49
  37
  27
  19
  13
  9
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 18.9
Price to Sales 2.7
Price to Book 7.1
Price to Tangible Book
Price to Cash Flow 28.1
Price to Free Cash Flow 68.6
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 6.4% 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 $13.1 billion.


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COMPANY NEWS

▶ 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]
▶ United Airlines employees now slipping into refreshed uniforms   [Jan-19-17 03:00PM  at bizjournals.com]
▶ Cintas' Q2 Results Come in on Target   [Dec-27-16 11:09AM  at Investopedia]
▶ The Biggest Loser: Cintas Drops 3.1%   [Dec-23-16 04:43PM  at Barrons.com]
▶ [$$] Cintas Posts Higher Earnings From Continuing Operations   [Dec-22-16 06:54PM  at The Wall Street Journal]
Stock chart of CTAS Financial statements of CTAS Annual reports 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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