Intrinsic value of KAR Auction Services - KAR

Previous Close

$50.87

  Intrinsic Value

$40.65

stock screener

  Rating & Target

sell

-20%

Previous close

$50.87

 
Intrinsic value

$40.65

 
Up/down potential

-20%

 
Rating

sell

We calculate the intrinsic value of KAR 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
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, %
  17.06
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
  5.08
Revenue, $m
  3,150
  3,361
  3,581
  3,809
  4,047
  4,294
  4,552
  4,820
  5,101
  5,393
  5,698
  6,017
  6,350
  6,698
  7,062
  7,442
  7,840
  8,257
  8,693
  9,150
  9,629
  10,130
  10,655
  11,206
  11,783
  12,388
  13,023
  13,688
  14,386
  15,118
  15,886
Variable operating expenses, $m
 
  2,813
  2,983
  3,160
  3,345
  3,537
  3,736
  3,945
  4,162
  4,389
  4,626
  4,667
  4,926
  5,196
  5,478
  5,773
  6,082
  6,405
  6,743
  7,098
  7,469
  7,858
  8,265
  8,693
  9,140
  9,610
  10,102
  10,618
  11,159
  11,727
  12,323
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
  2,657
  2,813
  2,983
  3,160
  3,345
  3,537
  3,736
  3,945
  4,162
  4,389
  4,626
  4,667
  4,926
  5,196
  5,478
  5,773
  6,082
  6,405
  6,743
  7,098
  7,469
  7,858
  8,265
  8,693
  9,140
  9,610
  10,102
  10,618
  11,159
  11,727
  12,323
Operating income, $m
  494
  548
  597
  649
  702
  757
  815
  876
  938
  1,004
  1,072
  1,350
  1,424
  1,502
  1,584
  1,669
  1,759
  1,852
  1,950
  2,052
  2,160
  2,272
  2,390
  2,514
  2,643
  2,779
  2,921
  3,070
  3,227
  3,391
  3,563
EBITDA, $m
  735
  869
  925
  984
  1,046
  1,110
  1,176
  1,246
  1,318
  1,394
  1,473
  1,555
  1,641
  1,731
  1,825
  1,923
  2,026
  2,134
  2,247
  2,365
  2,488
  2,618
  2,754
  2,896
  3,045
  3,202
  3,366
  3,538
  3,718
  3,907
  4,106
Interest expense (income), $m
  125
  137
  156
  177
  198
  220
  243
  267
  292
  318
  345
  374
  403
  434
  467
  500
  536
  573
  612
  652
  695
  739
  786
  834
  886
  939
  996
  1,055
  1,116
  1,181
  1,249
Earnings before tax, $m
  355
  411
  441
  472
  504
  537
  572
  608
  646
  686
  727
  976
  1,021
  1,068
  1,117
  1,169
  1,223
  1,279
  1,338
  1,400
  1,465
  1,533
  1,604
  1,679
  1,757
  1,839
  1,925
  2,016
  2,110
  2,210
  2,314
Tax expense, $m
  133
  111
  119
  127
  136
  145
  154
  164
  175
  185
  196
  264
  276
  288
  302
  316
  330
  345
  361
  378
  396
  414
  433
  453
  474
  497
  520
  544
  570
  597
  625
Net income, $m
  222
  300
  322
  344
  368
  392
  418
  444
  472
  501
  531
  712
  745
  780
  816
  853
  893
  934
  977
  1,022
  1,070
  1,119
  1,171
  1,226
  1,283
  1,343
  1,406
  1,471
  1,541
  1,613
  1,689

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  202
  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
  6,558
  6,776
  7,219
  7,679
  8,158
  8,657
  9,177
  9,719
  10,284
  10,873
  11,488
  12,131
  12,802
  13,504
  14,237
  15,004
  15,807
  16,647
  17,527
  18,448
  19,413
  20,424
  21,483
  22,593
  23,756
  24,977
  26,256
  27,597
  29,005
  30,481
  32,029
Adjusted assets (=assets-cash), $m
  6,356
  6,776
  7,219
  7,679
  8,158
  8,657
  9,177
  9,719
  10,284
  10,873
  11,488
  12,131
  12,802
  13,504
  14,237
  15,004
  15,807
  16,647
  17,527
  18,448
  19,413
  20,424
  21,483
  22,593
  23,756
  24,977
  26,256
  27,597
  29,005
  30,481
  32,029
Revenue / Adjusted assets
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
  0.496
Average production assets, $m
  1,560
  1,664
  1,772
  1,885
  2,003
  2,126
  2,253
  2,386
  2,525
  2,670
  2,821
  2,978
  3,143
  3,315
  3,496
  3,684
  3,881
  4,087
  4,303
  4,529
  4,766
  5,014
  5,274
  5,547
  5,833
  6,132
  6,446
  6,776
  7,121
  7,484
  7,864
Working capital, $m
  506
  437
  465
  495
  526
  558
  592
  627
  663
  701
  741
  782
  825
  871
  918
  967
  1,019
  1,073
  1,130
  1,190
  1,252
  1,317
  1,385
  1,457
  1,532
  1,610
  1,693
  1,779
  1,870
  1,965
  2,065
Total debt, $m
  2,470
  2,696
  3,048
  3,414
  3,795
  4,191
  4,605
  5,035
  5,485
  5,953
  6,442
  6,953
  7,487
  8,044
  8,628
  9,238
  9,876
  10,544
  11,243
  11,975
  12,742
  13,546
  14,388
  15,270
  16,195
  17,165
  18,182
  19,249
  20,368
  21,541
  22,772
Total liabilities, $m
  5,160
  5,387
  5,739
  6,105
  6,486
  6,882
  7,296
  7,726
  8,176
  8,644
  9,133
  9,644
  10,178
  10,735
  11,319
  11,929
  12,567
  13,235
  13,934
  14,666
  15,433
  16,237
  17,079
  17,961
  18,886
  19,856
  20,873
  21,940
  23,059
  24,232
  25,463
Total equity, $m
  1,397
  1,389
  1,480
  1,574
  1,672
  1,775
  1,881
  1,992
  2,108
  2,229
  2,355
  2,487
  2,624
  2,768
  2,919
  3,076
  3,240
  3,413
  3,593
  3,782
  3,980
  4,187
  4,404
  4,632
  4,870
  5,120
  5,382
  5,657
  5,946
  6,249
  6,566
Total liabilities and equity, $m
  6,557
  6,776
  7,219
  7,679
  8,158
  8,657
  9,177
  9,718
  10,284
  10,873
  11,488
  12,131
  12,802
  13,503
  14,238
  15,005
  15,807
  16,648
  17,527
  18,448
  19,413
  20,424
  21,483
  22,593
  23,756
  24,976
  26,255
  27,597
  29,005
  30,481
  32,029
Debt-to-equity ratio
  1.768
  1.940
  2.060
  2.170
  2.270
  2.360
  2.450
  2.530
  2.600
  2.670
  2.740
  2.800
  2.850
  2.910
  2.960
  3.000
  3.050
  3.090
  3.130
  3.170
  3.200
  3.240
  3.270
  3.300
  3.330
  3.350
  3.380
  3.400
  3.430
  3.450
  3.470
Adjusted equity ratio
  0.188
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205
  0.205

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  222
  300
  322
  344
  368
  392
  418
  444
  472
  501
  531
  712
  745
  780
  816
  853
  893
  934
  977
  1,022
  1,070
  1,119
  1,171
  1,226
  1,283
  1,343
  1,406
  1,471
  1,541
  1,613
  1,689
Depreciation, amort., depletion, $m
  241
  320
  328
  336
  344
  352
  361
  370
  380
  390
  400
  205
  217
  229
  241
  254
  268
  282
  297
  312
  329
  346
  364
  383
  402
  423
  445
  467
  491
  516
  542
Funds from operations, $m
  198
  620
  650
  680
  712
  745
  779
  814
  852
  890
  931
  918
  962
  1,008
  1,057
  1,107
  1,160
  1,216
  1,274
  1,335
  1,398
  1,465
  1,535
  1,608
  1,685
  1,766
  1,850
  1,939
  2,032
  2,129
  2,232
Change in working capital, $m
  -163
  27
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
  79
  82
  87
  91
  95
  100
Cash from operations, $m
  361
  593
  621
  650
  681
  712
  745
  780
  815
  852
  891
  876
  919
  963
  1,009
  1,058
  1,109
  1,162
  1,217
  1,275
  1,336
  1,400
  1,467
  1,537
  1,610
  1,687
  1,768
  1,852
  1,941
  2,034
  2,132
Maintenance CAPEX, $m
  0
  -108
  -115
  -122
  -130
  -138
  -147
  -155
  -165
  -174
  -184
  -195
  -205
  -217
  -229
  -241
  -254
  -268
  -282
  -297
  -312
  -329
  -346
  -364
  -383
  -402
  -423
  -445
  -467
  -491
  -516
New CAPEX, $m
  -155
  -104
  -109
  -113
  -118
  -122
  -128
  -133
  -139
  -145
  -151
  -158
  -165
  -172
  -180
  -188
  -197
  -206
  -216
  -226
  -237
  -248
  -260
  -273
  -286
  -300
  -314
  -329
  -345
  -362
  -380
Cash from investing activities, $m
  -765
  -212
  -224
  -235
  -248
  -260
  -275
  -288
  -304
  -319
  -335
  -353
  -370
  -389
  -409
  -429
  -451
  -474
  -498
  -523
  -549
  -577
  -606
  -637
  -669
  -702
  -737
  -774
  -812
  -853
  -896
Free cash flow, $m
  -404
  381
  398
  415
  433
  452
  471
  491
  512
  534
  556
  524
  549
  574
  601
  628
  657
  688
  719
  752
  787
  823
  861
  900
  942
  985
  1,031
  1,078
  1,128
  1,181
  1,235
Issuance/(repayment) of debt, $m
  725
  331
  352
  366
  381
  397
  413
  431
  449
  469
  489
  511
  534
  558
  583
  610
  638
  668
  699
  732
  767
  804
  842
  883
  925
  970
  1,017
  1,067
  1,119
  1,173
  1,231
Issuance/(repurchase) of shares, $m
  -74
  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  
  610
  331
  352
  366
  381
  397
  413
  431
  449
  469
  489
  511
  534
  558
  583
  610
  638
  668
  699
  732
  767
  804
  842
  883
  925
  970
  1,017
  1,067
  1,119
  1,173
  1,231
Total cash flow (excl. dividends), $m
  204
  712
  750
  781
  814
  848
  884
  922
  961
  1,002
  1,045
  1,035
  1,082
  1,132
  1,184
  1,238
  1,296
  1,356
  1,419
  1,485
  1,554
  1,627
  1,703
  1,783
  1,867
  1,955
  2,048
  2,145
  2,247
  2,354
  2,466
Retained Cash Flow (-), $m
  -11
  -89
  -91
  -94
  -98
  -102
  -107
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -150
  -157
  -165
  -172
  -180
  -189
  -198
  -207
  -217
  -228
  -239
  -250
  -262
  -275
  -288
  -303
  -317
Prev. year cash balance distribution, $m
 
  97
  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
 
  720
  659
  687
  716
  746
  778
  811
  845
  881
  919
  903
  945
  988
  1,033
  1,081
  1,131
  1,183
  1,238
  1,296
  1,356
  1,419
  1,486
  1,555
  1,628
  1,705
  1,785
  1,870
  1,958
  2,051
  2,149
Discount rate, %
 
  8.50
  8.93
  9.37
  9.84
  10.33
  10.85
  11.39
  11.96
  12.56
  13.19
  13.85
  14.54
  15.26
  16.03
  16.83
  17.67
  18.55
  19.48
  20.46
  21.48
  22.55
  23.68
  24.86
  26.11
  27.41
  28.78
  30.22
  31.73
  33.32
  34.99
PV of cash for distribution, $m
 
  664
  555
  525
  492
  456
  419
  381
  342
  304
  266
  217
  185
  156
  129
  105
  84
  66
  50
  38
  28
  20
  14
  9
  6
  4
  2
  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

KAR Auction Services, Inc. is a provider of whole car auction services in North America, and salvage auction services in North America and the United Kingdom. The Company operates through three segments: ADESA, Inc. (ADESA Auctions or ADESA), Insurance Auto Auctions, Inc. (IAA) and Automotive Finance Corporation (AFC). The ADESA segment is a provider of whole car auctions and related services to the vehicle remarketing industry in North America. It serves its customer base through online auctions and auction facilities that are developed and located to draw professional sellers and buyers together, and allow the buyers to inspect and compare vehicles remotely or in person. As a provider of salvage vehicle auctions and related services, it operates as IAA in the United States and Impact Auto Auctions in Canada, and serves customer base through salvage auction locations throughout North America. The AFC segment provides floorplan financing to independent used vehicle dealers.

FINANCIAL RATIOS  of  KAR Auction Services (KAR)

Valuation Ratios
P/E Ratio 31.3
Price to Sales 2.2
Price to Book 5
Price to Tangible Book
Price to Cash Flow 19.3
Price to Free Cash Flow 33.7
Growth Rates
Sales Growth Rate 17.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 14.8%
Cap. Spend. - 3 Yr. Gr. Rate 9.8%
Financial Strength
Quick Ratio 2
Current Ratio 0.1
LT Debt to Equity 169.3%
Total Debt to Equity 176.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 4.9%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 6.2%
Ret/ On T. Cap. - 3 Yr. Avg. 6%
Return On Equity 16%
Return On Equity - 3 Yr. Avg. 13.9%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 42%
Gross Margin - 3 Yr. Avg. 42.6%
EBITDA Margin 22.9%
EBITDA Margin - 3 Yr. Avg. 22.9%
Operating Margin 15.7%
Oper. Margin - 3 Yr. Avg. 15.3%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 11.6%
Net Profit Margin 7%
Net Profit Margin - 3 Yr. Avg. 7.3%
Effective Tax Rate 37.5%
Eff/ Tax Rate - 3 Yr. Avg. 36.9%
Payout Ratio 70.7%

KAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KAR stock intrinsic value calculation we used $3150 million for the last fiscal year's total revenue generated by KAR Auction Services. The default revenue input number comes from 2016 income statement of KAR Auction Services. 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 KAR stock valuation model: a) initial revenue growth rate of 6.7% 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 8.5%, whose default value for KAR is calculated based on our internal credit rating of KAR Auction Services, 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 KAR Auction Services.
    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 KAR stock the variable cost ratio is equal to 84.1%.

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 KAR 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 5.8% for KAR Auction Services.

Corporate tax rate of 27% is the nominal tax rate for KAR Auction Services. 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 KAR 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 KAR are equal to 49.5%.

Life of production assets of 14.5 years is the average useful life of capital assets used in KAR Auction Services 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 KAR is equal to 13%. 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 - $1397 million for KAR Auction Services - 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 135.815 million for KAR Auction Services 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 KAR Auction Services at the current share price and the inputted number of shares is $6.9 billion.

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COMPANY NEWS

▶ KAR Auction Services, Inc. to Host Earnings Call   [Feb-20-18 10:00AM  ACCESSWIRE]
▶ KAR Auction Services beats Street 4Q forecasts   [08:43AM  Associated Press]
▶ KAR Announces Executive Leadership Change   [Jan-25-18 04:15PM  GlobeNewswire]
▶ Stocks With Rising Composite Ratings: Kar Auction Services   [Jan-11-18 03:00AM  Investor's Business Daily]
▶ Karmin Provides Update on Aripuanã Zinc Project   [Dec-19-17 08:28AM  Business Wire]
▶ Even Lady Gaga can't save Tiffany from the 'Amazon effect'   [Nov-29-17 11:18AM  Yahoo Finance Video]
▶ Black Friday wasn't that bad for Macy's, Best Buy and Target   [Nov-27-17 12:05PM  Yahoo Finance Video]
▶ KAR Auction Services, Inc. to Host Earnings Call   [Nov-01-17 08:50AM  ACCESSWIRE]
▶ KAR Auction Services tops Street 3Q forecasts   [Oct-31-17 05:05PM  Associated Press]
▶ KAR Auction Services beats Street 2Q forecasts   [Aug-08-17 11:05PM  Associated Press]
▶ IAA Launches Active Inventory Management Solution   [Jul-25-17 11:00AM  PR Newswire]
Financial statements of KAR
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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