Intrinsic value of KAR Auction Services - KAR

Previous Close

$51.10

  Intrinsic Value

$51.08

stock screener

  Rating & Target

hold

-0%

Previous close

$51.10

 
Intrinsic value

$51.08

 
Up/down potential

-0%

 
Rating

hold

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

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 7.0

 

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
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
  5.74
  5.67
  5.60
  5.54
  5.49
  5.44
  5.39
  5.35
  5.32
  5.29
Revenue, $m
  3,150
  3,500
  3,867
  4,251
  4,653
  5,072
  5,508
  5,962
  6,434
  6,924
  7,434
  7,964
  8,515
  9,087
  9,683
  10,302
  10,946
  11,617
  12,316
  13,045
  13,805
  14,597
  15,425
  16,289
  17,191
  18,134
  19,120
  20,152
  21,231
  22,360
  23,542
Variable operating expenses, $m
 
  2,920
  3,205
  3,503
  3,815
  4,140
  4,478
  4,830
  5,196
  5,577
  5,973
  6,178
  6,605
  7,049
  7,511
  7,991
  8,491
  9,012
  9,554
  10,119
  10,708
  11,323
  11,965
  12,635
  13,335
  14,067
  14,832
  15,632
  16,469
  17,345
  18,262
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
  2,920
  3,205
  3,503
  3,815
  4,140
  4,478
  4,830
  5,196
  5,577
  5,973
  6,178
  6,605
  7,049
  7,511
  7,991
  8,491
  9,012
  9,554
  10,119
  10,708
  11,323
  11,965
  12,635
  13,335
  14,067
  14,832
  15,632
  16,469
  17,345
  18,262
Operating income, $m
  494
  579
  662
  748
  838
  932
  1,030
  1,132
  1,237
  1,347
  1,462
  1,786
  1,910
  2,038
  2,172
  2,311
  2,455
  2,606
  2,763
  2,926
  3,096
  3,274
  3,460
  3,654
  3,856
  4,068
  4,289
  4,520
  4,762
  5,015
  5,281
EBITDA, $m
  735
  904
  999
  1,099
  1,202
  1,311
  1,423
  1,541
  1,663
  1,790
  1,921
  2,058
  2,201
  2,349
  2,502
  2,662
  2,829
  3,002
  3,183
  3,371
  3,568
  3,773
  3,986
  4,210
  4,443
  4,687
  4,941
  5,208
  5,487
  5,779
  6,084
Interest expense (income), $m
  125
  137
  169
  203
  239
  276
  315
  356
  398
  442
  488
  535
  584
  635
  689
  744
  802
  862
  924
  989
  1,057
  1,127
  1,201
  1,278
  1,358
  1,442
  1,530
  1,621
  1,717
  1,818
  1,923
Earnings before tax, $m
  355
  442
  492
  544
  599
  655
  714
  776
  839
  905
  974
  1,251
  1,326
  1,403
  1,483
  1,567
  1,654
  1,744
  1,839
  1,937
  2,040
  2,147
  2,259
  2,376
  2,498
  2,625
  2,759
  2,899
  3,045
  3,198
  3,358
Tax expense, $m
  133
  119
  133
  147
  162
  177
  193
  209
  227
  244
  263
  338
  358
  379
  400
  423
  446
  471
  496
  523
  551
  580
  610
  641
  674
  709
  745
  783
  822
  863
  907
Net income, $m
  222
  323
  359
  397
  437
  478
  521
  566
  613
  661
  711
  913
  968
  1,024
  1,083
  1,144
  1,207
  1,273
  1,342
  1,414
  1,489
  1,567
  1,649
  1,734
  1,823
  1,917
  2,014
  2,116
  2,223
  2,334
  2,451

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
  7,056
  7,796
  8,571
  9,381
  10,225
  11,105
  12,020
  12,971
  13,961
  14,989
  16,057
  17,167
  18,321
  19,521
  20,770
  22,069
  23,422
  24,831
  26,300
  27,832
  29,430
  31,098
  32,840
  34,659
  36,561
  38,549
  40,628
  42,804
  45,081
  47,464
Adjusted assets (=assets-cash), $m
  6,356
  7,056
  7,796
  8,571
  9,381
  10,225
  11,105
  12,020
  12,971
  13,961
  14,989
  16,057
  17,167
  18,321
  19,521
  20,770
  22,069
  23,422
  24,831
  26,300
  27,832
  29,430
  31,098
  32,840
  34,659
  36,561
  38,549
  40,628
  42,804
  45,081
  47,464
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
  1,732
  1,914
  2,104
  2,303
  2,510
  2,726
  2,951
  3,185
  3,428
  3,680
  3,942
  4,215
  4,498
  4,793
  5,099
  5,418
  5,751
  6,097
  6,457
  6,833
  7,226
  7,635
  8,063
  8,510
  8,976
  9,465
  9,975
  10,509
  11,068
  11,653
Working capital, $m
  506
  455
  503
  553
  605
  659
  716
  775
  836
  900
  966
  1,035
  1,107
  1,181
  1,259
  1,339
  1,423
  1,510
  1,601
  1,696
  1,795
  1,898
  2,005
  2,118
  2,235
  2,357
  2,486
  2,620
  2,760
  2,907
  3,061
Total debt, $m
  2,470
  2,918
  3,507
  4,123
  4,767
  5,438
  6,137
  6,865
  7,621
  8,408
  9,225
  10,074
  10,957
  11,874
  12,828
  13,821
  14,854
  15,930
  17,050
  18,218
  19,436
  20,706
  22,032
  23,417
  24,863
  26,375
  27,955
  29,609
  31,338
  33,148
  35,043
Total liabilities, $m
  5,160
  5,609
  6,198
  6,814
  7,458
  8,129
  8,828
  9,556
  10,312
  11,099
  11,916
  12,765
  13,648
  14,565
  15,519
  16,512
  17,545
  18,621
  19,741
  20,909
  22,127
  23,397
  24,723
  26,108
  27,554
  29,066
  30,646
  32,300
  34,029
  35,839
  37,734
Total equity, $m
  1,397
  1,446
  1,598
  1,757
  1,923
  2,096
  2,276
  2,464
  2,659
  2,862
  3,073
  3,292
  3,519
  3,756
  4,002
  4,258
  4,524
  4,802
  5,090
  5,392
  5,706
  6,033
  6,375
  6,732
  7,105
  7,495
  7,903
  8,329
  8,775
  9,242
  9,730
Total liabilities and equity, $m
  6,557
  7,055
  7,796
  8,571
  9,381
  10,225
  11,104
  12,020
  12,971
  13,961
  14,989
  16,057
  17,167
  18,321
  19,521
  20,770
  22,069
  23,423
  24,831
  26,301
  27,833
  29,430
  31,098
  32,840
  34,659
  36,561
  38,549
  40,629
  42,804
  45,081
  47,464
Debt-to-equity ratio
  1.768
  2.020
  2.190
  2.350
  2.480
  2.590
  2.700
  2.790
  2.870
  2.940
  3.000
  3.060
  3.110
  3.160
  3.210
  3.250
  3.280
  3.320
  3.350
  3.380
  3.410
  3.430
  3.460
  3.480
  3.500
  3.520
  3.540
  3.550
  3.570
  3.590
  3.600
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
  323
  359
  397
  437
  478
  521
  566
  613
  661
  711
  913
  968
  1,024
  1,083
  1,144
  1,207
  1,273
  1,342
  1,414
  1,489
  1,567
  1,649
  1,734
  1,823
  1,917
  2,014
  2,116
  2,223
  2,334
  2,451
Depreciation, amort., depletion, $m
  241
  325
  338
  351
  365
  379
  394
  409
  425
  442
  459
  272
  291
  310
  331
  352
  374
  397
  420
  445
  471
  498
  527
  556
  587
  619
  653
  688
  725
  763
  804
Funds from operations, $m
  198
  648
  697
  748
  802
  857
  915
  975
  1,038
  1,103
  1,171
  1,185
  1,258
  1,334
  1,413
  1,495
  1,581
  1,670
  1,763
  1,859
  1,960
  2,066
  2,176
  2,290
  2,410
  2,536
  2,667
  2,804
  2,947
  3,098
  3,255
Change in working capital, $m
  -163
  45
  48
  50
  52
  54
  57
  59
  61
  64
  66
  69
  72
  74
  77
  81
  84
  87
  91
  95
  99
  103
  108
  112
  117
  123
  128
  134
  140
  147
  154
Cash from operations, $m
  361
  602
  649
  698
  749
  803
  858
  916
  977
  1,039
  1,104
  1,116
  1,187
  1,260
  1,336
  1,415
  1,497
  1,583
  1,672
  1,765
  1,862
  1,963
  2,068
  2,178
  2,293
  2,413
  2,539
  2,670
  2,807
  2,951
  3,101
Maintenance CAPEX, $m
  0
  -108
  -119
  -132
  -145
  -159
  -173
  -188
  -204
  -220
  -236
  -254
  -272
  -291
  -310
  -331
  -352
  -374
  -397
  -420
  -445
  -471
  -498
  -527
  -556
  -587
  -619
  -653
  -688
  -725
  -763
New CAPEX, $m
  -155
  -173
  -182
  -190
  -199
  -207
  -216
  -225
  -234
  -243
  -252
  -262
  -273
  -283
  -295
  -307
  -319
  -332
  -346
  -361
  -376
  -392
  -410
  -428
  -447
  -467
  -488
  -511
  -534
  -559
  -585
Cash from investing activities, $m
  -765
  -281
  -301
  -322
  -344
  -366
  -389
  -413
  -438
  -463
  -488
  -516
  -545
  -574
  -605
  -638
  -671
  -706
  -743
  -781
  -821
  -863
  -908
  -955
  -1,003
  -1,054
  -1,107
  -1,164
  -1,222
  -1,284
  -1,348
Free cash flow, $m
  -404
  322
  348
  376
  406
  437
  469
  504
  539
  577
  616
  600
  642
  686
  731
  778
  826
  877
  929
  984
  1,040
  1,099
  1,160
  1,224
  1,290
  1,359
  1,431
  1,507
  1,585
  1,667
  1,753
Issuance/(repayment) of debt, $m
  725
  553
  588
  616
  644
  671
  699
  728
  757
  786
  817
  849
  883
  918
  954
  993
  1,033
  1,076
  1,120
  1,168
  1,218
  1,270
  1,326
  1,385
  1,447
  1,512
  1,581
  1,653
  1,730
  1,810
  1,895
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
  553
  588
  616
  644
  671
  699
  728
  757
  786
  817
  849
  883
  918
  954
  993
  1,033
  1,076
  1,120
  1,168
  1,218
  1,270
  1,326
  1,385
  1,447
  1,512
  1,581
  1,653
  1,730
  1,810
  1,895
Total cash flow (excl. dividends), $m
  204
  875
  937
  992
  1,049
  1,108
  1,169
  1,231
  1,296
  1,363
  1,433
  1,450
  1,525
  1,603
  1,685
  1,770
  1,859
  1,952
  2,050
  2,151
  2,258
  2,369
  2,486
  2,608
  2,737
  2,871
  3,012
  3,160
  3,315
  3,477
  3,648
Retained Cash Flow (-), $m
  -11
  -146
  -152
  -159
  -166
  -173
  -180
  -188
  -195
  -203
  -211
  -219
  -228
  -237
  -246
  -256
  -266
  -277
  -289
  -301
  -314
  -328
  -342
  -357
  -373
  -390
  -408
  -426
  -446
  -467
  -489
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
 
  826
  785
  833
  883
  935
  988
  1,044
  1,101
  1,160
  1,222
  1,231
  1,297
  1,367
  1,439
  1,514
  1,593
  1,675
  1,761
  1,850
  1,944
  2,042
  2,144
  2,251
  2,364
  2,481
  2,604
  2,733
  2,869
  3,010
  3,159
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
 
  761
  662
  637
  607
  572
  533
  490
  446
  400
  354
  296
  254
  216
  180
  147
  118
  93
  71
  54
  40
  29
  20
  14
  9
  6
  4
  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

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 31.5
Price to Sales 2.2
Price to Book 5
Price to Tangible Book
Price to Cash Flow 19.3
Price to Free Cash Flow 33.9
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 11.1% 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 137.333 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 $7.0 billion.

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COMPANY NEWS

▶ 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]
▶ Insurance Auto Auctions Adds Over 40 Acres in Georgia   [May-24-17 01:00PM  PR Newswire]
▶ KAR Auction Services tops Street 1Q forecasts   [May-09-17 05:02PM  Associated Press]
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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