Intrinsic value of CoreCivic - CXW

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$28.29

  Intrinsic Value

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  Value-price divergence*

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Our model is not good at valuating stocks of financial companies, such as CXW.

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

We calculate the intrinsic value of CXW 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 3.3

 

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, %
  3.18
  3.60
  3.74
  3.87
  3.98
  4.08
  4.17
  4.26
  4.33
  4.40
  4.46
  4.51
  4.56
  4.60
  4.64
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.93
Revenue, $m
  1,850
  1,917
  1,988
  2,065
  2,147
  2,235
  2,328
  2,427
  2,532
  2,644
  2,762
  2,886
  3,018
  3,157
  3,303
  3,458
  3,621
  3,793
  3,973
  4,164
  4,364
  4,575
  4,797
  5,030
  5,275
  5,533
  5,804
  6,089
  6,388
  6,703
  7,034
Variable operating expenses, $m
 
  1,345
  1,395
  1,449
  1,507
  1,568
  1,633
  1,703
  1,776
  1,854
  1,937
  2,020
  2,112
  2,210
  2,312
  2,420
  2,534
  2,655
  2,781
  2,914
  3,055
  3,202
  3,357
  3,521
  3,692
  3,873
  4,062
  4,262
  4,472
  4,692
  4,923
Fixed operating expenses, $m
 
  268
  274
  281
  288
  295
  303
  310
  318
  326
  334
  342
  351
  360
  369
  378
  387
  397
  407
  417
  428
  438
  449
  461
  472
  484
  496
  508
  521
  534
  547
Total operating expenses, $m
  1,553
  1,613
  1,669
  1,730
  1,795
  1,863
  1,936
  2,013
  2,094
  2,180
  2,271
  2,362
  2,463
  2,570
  2,681
  2,798
  2,921
  3,052
  3,188
  3,331
  3,483
  3,640
  3,806
  3,982
  4,164
  4,357
  4,558
  4,770
  4,993
  5,226
  5,470
Operating income, $m
  296
  304
  319
  335
  352
  372
  392
  414
  438
  464
  491
  524
  555
  587
  622
  660
  699
  741
  785
  832
  882
  934
  990
  1,049
  1,111
  1,176
  1,246
  1,319
  1,396
  1,477
  1,563
EBITDA, $m
  463
  478
  500
  523
  548
  575
  603
  634
  668
  703
  741
  781
  824
  869
  917
  968
  1,022
  1,079
  1,139
  1,203
  1,271
  1,342
  1,418
  1,497
  1,581
  1,670
  1,763
  1,861
  1,965
  2,075
  2,190
Interest expense (income), $m
  56
  55
  57
  60
  62
  66
  69
  72
  76
  80
  84
  88
  93
  98
  103
  108
  114
  120
  126
  133
  140
  147
  155
  163
  172
  181
  190
  200
  211
  222
  233
Earnings before tax, $m
  228
  249
  262
  275
  290
  306
  323
  342
  362
  384
  407
  435
  462
  490
  520
  552
  585
  621
  659
  699
  742
  787
  835
  886
  939
  996
  1,055
  1,119
  1,185
  1,256
  1,330
Tax expense, $m
  8
  67
  71
  74
  78
  83
  87
  92
  98
  104
  110
  118
  125
  132
  140
  149
  158
  168
  178
  189
  200
  213
  225
  239
  254
  269
  285
  302
  320
  339
  359
Net income, $m
  220
  182
  191
  201
  212
  223
  236
  250
  264
  280
  297
  318
  337
  358
  379
  403
  427
  453
  481
  511
  542
  575
  610
  647
  686
  727
  770
  817
  865
  917
  971

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  38
  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
  3,272
  3,351
  3,476
  3,610
  3,754
  3,907
  4,070
  4,244
  4,427
  4,622
  4,828
  5,046
  5,276
  5,519
  5,775
  6,046
  6,330
  6,630
  6,947
  7,279
  7,629
  7,998
  8,386
  8,793
  9,222
  9,673
  10,147
  10,645
  11,169
  11,719
  12,297
Adjusted assets (=assets-cash), $m
  3,234
  3,351
  3,476
  3,610
  3,754
  3,907
  4,070
  4,244
  4,427
  4,622
  4,828
  5,046
  5,276
  5,519
  5,775
  6,046
  6,330
  6,630
  6,947
  7,279
  7,629
  7,998
  8,386
  8,793
  9,222
  9,673
  10,147
  10,645
  11,169
  11,719
  12,297
Revenue / Adjusted assets
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
Average production assets, $m
  2,902
  3,007
  3,120
  3,240
  3,369
  3,507
  3,653
  3,808
  3,973
  4,148
  4,333
  4,529
  4,735
  4,953
  5,183
  5,426
  5,681
  5,951
  6,234
  6,533
  6,847
  7,178
  7,526
  7,892
  8,277
  8,681
  9,106
  9,554
  10,023
  10,517
  11,036
Working capital, $m
  27
  11
  12
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  37
  38
  40
  42
Total debt, $m
  1,457
  1,500
  1,570
  1,644
  1,724
  1,809
  1,899
  1,995
  2,097
  2,205
  2,319
  2,439
  2,567
  2,702
  2,844
  2,993
  3,151
  3,317
  3,492
  3,677
  3,871
  4,075
  4,290
  4,516
  4,753
  5,003
  5,265
  5,541
  5,831
  6,136
  6,457
Total liabilities, $m
  1,813
  1,856
  1,926
  2,000
  2,080
  2,165
  2,255
  2,351
  2,453
  2,561
  2,675
  2,795
  2,923
  3,058
  3,200
  3,349
  3,507
  3,673
  3,848
  4,033
  4,227
  4,431
  4,646
  4,872
  5,109
  5,359
  5,621
  5,897
  6,187
  6,492
  6,813
Total equity, $m
  1,459
  1,494
  1,550
  1,610
  1,674
  1,743
  1,815
  1,893
  1,975
  2,061
  2,153
  2,250
  2,353
  2,461
  2,576
  2,696
  2,823
  2,957
  3,098
  3,247
  3,403
  3,567
  3,740
  3,922
  4,113
  4,314
  4,525
  4,748
  4,981
  5,227
  5,484
Total liabilities and equity, $m
  3,272
  3,350
  3,476
  3,610
  3,754
  3,908
  4,070
  4,244
  4,428
  4,622
  4,828
  5,045
  5,276
  5,519
  5,776
  6,045
  6,330
  6,630
  6,946
  7,280
  7,630
  7,998
  8,386
  8,794
  9,222
  9,673
  10,146
  10,645
  11,168
  11,719
  12,297
Debt-to-equity ratio
  0.999
  1.000
  1.010
  1.020
  1.030
  1.040
  1.050
  1.050
  1.060
  1.070
  1.080
  1.080
  1.090
  1.100
  1.100
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.160
  1.160
  1.160
  1.170
  1.170
  1.170
  1.180
Adjusted equity ratio
  0.443
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  220
  182
  191
  201
  212
  223
  236
  250
  264
  280
  297
  318
  337
  358
  379
  403
  427
  453
  481
  511
  542
  575
  610
  647
  686
  727
  770
  817
  865
  917
  971
Depreciation, amort., depletion, $m
  167
  175
  181
  188
  195
  203
  211
  220
  230
  239
  250
  257
  269
  281
  294
  308
  323
  338
  354
  371
  389
  408
  428
  448
  470
  493
  517
  543
  570
  598
  627
Funds from operations, $m
  351
  357
  372
  389
  407
  426
  447
  470
  494
  520
  547
  575
  606
  639
  674
  711
  750
  792
  835
  882
  931
  983
  1,037
  1,095
  1,156
  1,220
  1,288
  1,359
  1,435
  1,514
  1,598
Change in working capital, $m
  -24
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
Cash from operations, $m
  375
  333
  372
  388
  406
  426
  447
  469
  493
  519
  546
  574
  605
  638
  673
  710
  749
  790
  834
  881
  930
  981
  1,036
  1,094
  1,154
  1,219
  1,286
  1,358
  1,433
  1,512
  1,596
Maintenance CAPEX, $m
  0
  -165
  -171
  -177
  -184
  -191
  -199
  -208
  -216
  -226
  -236
  -246
  -257
  -269
  -281
  -294
  -308
  -323
  -338
  -354
  -371
  -389
  -408
  -428
  -448
  -470
  -493
  -517
  -543
  -570
  -598
New CAPEX, $m
  -93
  -105
  -112
  -121
  -129
  -138
  -146
  -155
  -165
  -175
  -185
  -196
  -207
  -218
  -230
  -243
  -256
  -269
  -284
  -299
  -314
  -331
  -348
  -366
  -385
  -405
  -425
  -447
  -470
  -494
  -519
Cash from investing activities, $m
  -122
  -270
  -283
  -298
  -313
  -329
  -345
  -363
  -381
  -401
  -421
  -442
  -464
  -487
  -511
  -537
  -564
  -592
  -622
  -653
  -685
  -720
  -756
  -794
  -833
  -875
  -918
  -964
  -1,013
  -1,064
  -1,117
Free cash flow, $m
  253
  63
  88
  90
  93
  97
  101
  106
  112
  119
  126
  133
  142
  151
  162
  173
  185
  198
  213
  228
  244
  262
  280
  300
  321
  344
  368
  393
  420
  449
  479
Issuance/(repayment) of debt, $m
  -21
  65
  69
  74
  80
  85
  90
  96
  102
  108
  114
  121
  127
  135
  142
  150
  158
  166
  175
  184
  194
  204
  215
  226
  238
  250
  263
  276
  290
  305
  320
Issuance/(repurchase) of shares, $m
  -1
  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  
  -25
  65
  69
  74
  80
  85
  90
  96
  102
  108
  114
  121
  127
  135
  142
  150
  158
  166
  175
  184
  194
  204
  215
  226
  238
  250
  263
  276
  290
  305
  320
Total cash flow (excl. dividends), $m
  228
  128
  158
  165
  173
  182
  192
  202
  214
  226
  240
  253
  269
  286
  304
  323
  343
  365
  388
  412
  438
  466
  495
  526
  559
  593
  630
  669
  710
  754
  800
Retained Cash Flow (-), $m
  4
  -51
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -103
  -108
  -114
  -121
  -127
  -134
  -141
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -234
  -245
  -258
Prev. year cash balance distribution, $m
 
  16
  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
 
  93
  102
  105
  109
  114
  119
  125
  132
  140
  148
  156
  166
  177
  189
  202
  216
  231
  247
  264
  282
  301
  322
  344
  367
  392
  419
  447
  477
  508
  542
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  87
  88
  83
  79
  75
  70
  66
  61
  56
  51
  46
  41
  37
  32
  27
  23
  19
  16
  13
  10
  8
  6
  4
  3
  2
  1
  1
  1
  0
  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

CoreCivic, Inc., together with its subsidiaries, owns and operates privatized correctional and detention facilities in the United States. It owns, operates, and manages prisons and other correctional facilities; and provides inmate residential and prisoner transportation services for governmental agencies. The company also offers various rehabilitation and educational programs, including basic education, religious services, life skills and employment training, and substance abuse treatment, as well as food services, work and recreational programs, and healthcare services, such as medical, dental, and mental health services. In addition, it leases its facilities to third-party operators. The company serves federal, state, and local correctional and detention authorities. As of December 31, 2012, the company owned and managed 47 correctional and detention facilities; and managed 20 correctional and detention facilities, which it did not own. CoreCivic, Inc. was founded in 1983 and is based in Nashville, Tennessee.

FINANCIAL RATIOS  of  CoreCivic (CXW)

Valuation Ratios
P/E Ratio 15.1
Price to Sales 1.8
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 8.9
Price to Free Cash Flow 11.8
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -58.5%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 98.4%
Total Debt to Equity 99.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 7.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 14.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 31%
Gross Margin - 3 Yr. Avg. 30.3%
EBITDA Margin 24.4%
EBITDA Margin - 3 Yr. Avg. 23.1%
Operating Margin 16.1%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 12.3%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 11.9%
Net Profit Margin - 3 Yr. Avg. 12%
Effective Tax Rate 3.5%
Eff/ Tax Rate - 3 Yr. Avg. 3.5%
Payout Ratio 116.4%

CXW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CXW stock intrinsic value calculation we used $1850 million for the last fiscal year's total revenue generated by CoreCivic. The default revenue input number comes from 2016 income statement of CoreCivic. 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 CXW stock valuation model: a) initial revenue growth rate of 3.6% 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 7.2%, whose default value for CXW is calculated based on our internal credit rating of CoreCivic, 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 CoreCivic.
    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 CXW stock the variable cost ratio is equal to 70.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $261 million in the base year in the intrinsic value calculation for CXW 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 3.8% for CoreCivic.

Corporate tax rate of 27% is the nominal tax rate for CoreCivic. 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 CXW 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 CXW are equal to 156.9%.

Life of production assets of 17.6 years is the average useful life of capital assets used in CoreCivic 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 CXW is equal to 0.6%. 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 - $1459 million for CoreCivic - 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 114.993 million for CoreCivic 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 CoreCivic at the current share price and the inputted number of shares is $3.3 billion.


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COMPANY NEWS

▶ CoreCivic agrees to pay Metro employees bills following scabies outbreak   [Jun-23-17 09:30AM  American City Business Journals]
▶ [$$] Federal Prison Population Expected to Grow Under Trump   [Jun-09-17 01:20AM  The Wall Street Journal]
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▶ Stocks Touted as Trump Winners Look Like Losers   [May-22-17 06:00AM  Investopedia]
▶ Did Investors Mistreat CoreCivic Midweek?   [May-19-17 10:00AM  TheStreet.com]
▶ 3 Value Stocks for Bold Investors   [07:44AM  Motley Fool]
▶ Why CoreCivic Inc. Dropped 12% Today   [04:21PM  Motley Fool]
▶ CoreCivic Reports First Quarter 2017 Financial Results   [May-03-17 04:15PM  GlobeNewswire]
▶ A Foolish Take: The Most Durable Trump Bump   [Apr-17-17 04:07PM  Motley Fool]
▶ [$$] Taser International: prepare to be stunned   [Apr-06-17 10:00AM  Financial Times]
▶ Private Prisons Break Out Under Trump   [Apr-04-17 02:56PM  TheStreet.com]
▶ Expect Further Upside In CoreCivic, GEO Group   [Mar-17-17 09:19AM  Benzinga]
▶ [$$] Private prisons: turning the screw   [07:55PM  at Financial Times]
▶ [$$] Trumps Election Victory Gives Private Prisons a Boost   [Jan-18-17 12:05AM  at The Wall Street Journal]
▶ [$$] Trump Election Gives Private Prisons a Boost   [Jan-17-17 06:42PM  at The Wall Street Journal]
▶ America's Private Prisons Are Back in Business   [Jan-10-17 05:00AM  at Bloomberg]
Stock chart of CXW Financial statements of CXW Annual reports of CXW
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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