Intrinsic value of CarMax - KMX

Previous Close

$64.43

  Intrinsic Value

$45.66

stock screener

  Rating & Target

sell

-29%

Previous close

$64.43

 
Intrinsic value

$45.66

 
Up/down potential

-29%

 
Rating

sell

We calculate the intrinsic value of KMX 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
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.79
  10.90
  10.31
  9.78
  9.30
  8.87
  8.48
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
Revenue, $m
  15,875
  17,605
  19,420
  21,320
  23,303
  25,370
  27,522
  29,761
  32,089
  34,508
  37,023
  39,635
  42,351
  45,174
  48,111
  51,165
  54,345
  57,657
  61,107
  64,703
  68,454
  72,368
  76,453
  80,720
  85,178
  89,838
  94,711
  99,807
  105,140
  110,722
  116,565
Variable operating expenses, $m
 
  16,426
  18,119
  19,891
  21,741
  23,670
  25,678
  27,767
  29,939
  32,196
  34,542
  36,980
  39,514
  42,148
  44,887
  47,737
  50,704
  53,794
  57,013
  60,368
  63,868
  67,519
  71,331
  75,312
  79,471
  83,819
  88,365
  93,120
  98,096
  103,303
  108,756
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
  14,869
  16,426
  18,119
  19,891
  21,741
  23,670
  25,678
  27,767
  29,939
  32,196
  34,542
  36,980
  39,514
  42,148
  44,887
  47,737
  50,704
  53,794
  57,013
  60,368
  63,868
  67,519
  71,331
  75,312
  79,471
  83,819
  88,365
  93,120
  98,096
  103,303
  108,756
Operating income, $m
  1,006
  1,180
  1,301
  1,428
  1,561
  1,700
  1,844
  1,994
  2,150
  2,312
  2,481
  2,656
  2,838
  3,027
  3,223
  3,428
  3,641
  3,863
  4,094
  4,335
  4,586
  4,849
  5,122
  5,408
  5,707
  6,019
  6,346
  6,687
  7,044
  7,418
  7,810
EBITDA, $m
  1,175
  1,367
  1,508
  1,656
  1,809
  1,970
  2,137
  2,311
  2,492
  2,680
  2,875
  3,078
  3,289
  3,508
  3,736
  3,973
  4,220
  4,477
  4,745
  5,024
  5,316
  5,620
  5,937
  6,268
  6,614
  6,976
  7,354
  7,750
  8,164
  8,598
  9,052
Interest expense (income), $m
  55
  425
  475
  528
  583
  640
  700
  763
  828
  895
  965
  1,038
  1,114
  1,192
  1,274
  1,359
  1,448
  1,540
  1,636
  1,736
  1,840
  1,949
  2,062
  2,181
  2,304
  2,434
  2,569
  2,710
  2,858
  3,012
  3,174
Earnings before tax, $m
  1,006
  755
  826
  901
  978
  1,059
  1,144
  1,231
  1,322
  1,417
  1,515
  1,618
  1,724
  1,834
  1,949
  2,069
  2,193
  2,323
  2,458
  2,599
  2,746
  2,900
  3,060
  3,228
  3,403
  3,586
  3,777
  3,977
  4,187
  4,406
  4,636
Tax expense, $m
  379
  204
  223
  243
  264
  286
  309
  332
  357
  383
  409
  437
  465
  495
  526
  559
  592
  627
  664
  702
  741
  783
  826
  871
  919
  968
  1,020
  1,074
  1,130
  1,190
  1,252
Net income, $m
  627
  551
  603
  657
  714
  773
  835
  899
  965
  1,034
  1,106
  1,181
  1,258
  1,339
  1,423
  1,510
  1,601
  1,696
  1,794
  1,897
  2,005
  2,117
  2,234
  2,356
  2,484
  2,617
  2,757
  2,903
  3,056
  3,217
  3,384

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
  16,279
  18,020
  19,878
  21,822
  23,851
  25,967
  28,170
  30,462
  32,844
  35,321
  37,894
  40,569
  43,348
  46,238
  49,243
  52,370
  55,625
  59,014
  62,545
  66,226
  70,066
  74,072
  78,253
  82,621
  87,184
  91,953
  96,940
  102,157
  107,615
  113,328
  119,310
Adjusted assets (=assets-cash), $m
  16,241
  18,020
  19,878
  21,822
  23,851
  25,967
  28,170
  30,462
  32,844
  35,321
  37,894
  40,569
  43,348
  46,238
  49,243
  52,370
  55,625
  59,014
  62,545
  66,226
  70,066
  74,072
  78,253
  82,621
  87,184
  91,953
  96,940
  102,157
  107,615
  113,328
  119,310
Revenue / Adjusted assets
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
  0.977
Average production assets, $m
  2,341
  2,588
  2,855
  3,134
  3,425
  3,729
  4,046
  4,375
  4,717
  5,073
  5,442
  5,826
  6,226
  6,641
  7,072
  7,521
  7,989
  8,476
  8,983
  9,511
  10,063
  10,638
  11,239
  11,866
  12,521
  13,206
  13,922
  14,672
  15,456
  16,276
  17,135
Working capital, $m
  1,768
  2,306
  2,544
  2,793
  3,053
  3,323
  3,605
  3,899
  4,204
  4,521
  4,850
  5,192
  5,548
  5,918
  6,302
  6,703
  7,119
  7,553
  8,005
  8,476
  8,967
  9,480
  10,015
  10,574
  11,158
  11,769
  12,407
  13,075
  13,773
  14,505
  15,270
Total debt, $m
  12,170
  13,578
  15,081
  16,654
  18,296
  20,007
  21,790
  23,644
  25,571
  27,575
  29,656
  31,820
  34,069
  36,406
  38,838
  41,367
  44,000
  46,742
  49,599
  52,577
  55,683
  58,924
  62,307
  65,840
  69,532
  73,390
  77,425
  81,645
  86,061
  90,683
  95,521
Total liabilities, $m
  13,171
  14,578
  16,081
  17,654
  19,296
  21,007
  22,790
  24,644
  26,571
  28,575
  30,656
  32,820
  35,069
  37,406
  39,838
  42,367
  45,000
  47,742
  50,599
  53,577
  56,683
  59,924
  63,307
  66,840
  70,532
  74,390
  78,425
  82,645
  87,061
  91,683
  96,521
Total equity, $m
  3,109
  3,442
  3,797
  4,168
  4,556
  4,960
  5,380
  5,818
  6,273
  6,746
  7,238
  7,749
  8,279
  8,831
  9,405
  10,003
  10,624
  11,272
  11,946
  12,649
  13,383
  14,148
  14,946
  15,781
  16,652
  17,563
  18,516
  19,512
  20,554
  21,646
  22,788
Total liabilities and equity, $m
  16,280
  18,020
  19,878
  21,822
  23,852
  25,967
  28,170
  30,462
  32,844
  35,321
  37,894
  40,569
  43,348
  46,237
  49,243
  52,370
  55,624
  59,014
  62,545
  66,226
  70,066
  74,072
  78,253
  82,621
  87,184
  91,953
  96,941
  102,157
  107,615
  113,329
  119,309
Debt-to-equity ratio
  3.914
  3.950
  3.970
  4.000
  4.020
  4.030
  4.050
  4.060
  4.080
  4.090
  4.100
  4.110
  4.110
  4.120
  4.130
  4.140
  4.140
  4.150
  4.150
  4.160
  4.160
  4.160
  4.170
  4.170
  4.180
  4.180
  4.180
  4.180
  4.190
  4.190
  4.190
Adjusted equity ratio
  0.189
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  627
  551
  603
  657
  714
  773
  835
  899
  965
  1,034
  1,106
  1,181
  1,258
  1,339
  1,423
  1,510
  1,601
  1,696
  1,794
  1,897
  2,005
  2,117
  2,234
  2,356
  2,484
  2,617
  2,757
  2,903
  3,056
  3,217
  3,384
Depreciation, amort., depletion, $m
  169
  188
  207
  227
  248
  270
  293
  317
  342
  368
  394
  422
  451
  481
  512
  545
  579
  614
  651
  689
  729
  771
  814
  860
  907
  957
  1,009
  1,063
  1,120
  1,179
  1,242
Funds from operations, $m
  -2,045
  739
  810
  885
  962
  1,044
  1,128
  1,216
  1,307
  1,402
  1,501
  1,603
  1,710
  1,820
  1,935
  2,055
  2,180
  2,310
  2,445
  2,587
  2,734
  2,888
  3,048
  3,216
  3,391
  3,574
  3,766
  3,967
  4,176
  4,396
  4,626
Change in working capital, $m
  -1,577
  227
  238
  249
  260
  271
  282
  293
  305
  317
  329
  342
  356
  370
  385
  400
  417
  434
  452
  471
  491
  513
  535
  559
  584
  610
  638
  668
  699
  731
  766
Cash from operations, $m
  -468
  512
  572
  636
  703
  773
  846
  923
  1,002
  1,085
  1,171
  1,261
  1,354
  1,450
  1,551
  1,655
  1,763
  1,876
  1,993
  2,115
  2,243
  2,375
  2,513
  2,657
  2,807
  2,964
  3,128
  3,299
  3,478
  3,665
  3,860
Maintenance CAPEX, $m
  0
  -170
  -188
  -207
  -227
  -248
  -270
  -293
  -317
  -342
  -368
  -394
  -422
  -451
  -481
  -512
  -545
  -579
  -614
  -651
  -689
  -729
  -771
  -814
  -860
  -907
  -957
  -1,009
  -1,063
  -1,120
  -1,179
New CAPEX, $m
  -418
  -247
  -267
  -279
  -291
  -304
  -316
  -329
  -342
  -356
  -370
  -384
  -399
  -415
  -432
  -449
  -467
  -487
  -507
  -529
  -551
  -575
  -601
  -627
  -655
  -685
  -716
  -749
  -784
  -821
  -859
Cash from investing activities, $m
  -466
  -417
  -455
  -486
  -518
  -552
  -586
  -622
  -659
  -698
  -738
  -778
  -821
  -866
  -913
  -961
  -1,012
  -1,066
  -1,121
  -1,180
  -1,240
  -1,304
  -1,372
  -1,441
  -1,515
  -1,592
  -1,673
  -1,758
  -1,847
  -1,941
  -2,038
Free cash flow, $m
  -934
  95
  118
  150
  184
  221
  259
  300
  343
  388
  434
  482
  532
  584
  638
  693
  751
  810
  872
  936
  1,002
  1,070
  1,142
  1,215
  1,292
  1,372
  1,455
  1,541
  1,631
  1,724
  1,822
Issuance/(repayment) of debt, $m
  1,443
  1,446
  1,503
  1,573
  1,642
  1,712
  1,782
  1,854
  1,928
  2,003
  2,082
  2,163
  2,249
  2,338
  2,431
  2,530
  2,633
  2,742
  2,857
  2,978
  3,106
  3,241
  3,383
  3,533
  3,692
  3,859
  4,035
  4,220
  4,416
  4,622
  4,839
Issuance/(repurchase) of shares, $m
  -504
  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  
  935
  1,446
  1,503
  1,573
  1,642
  1,712
  1,782
  1,854
  1,928
  2,003
  2,082
  2,163
  2,249
  2,338
  2,431
  2,530
  2,633
  2,742
  2,857
  2,978
  3,106
  3,241
  3,383
  3,533
  3,692
  3,859
  4,035
  4,220
  4,416
  4,622
  4,839
Total cash flow (excl. dividends), $m
  1
  1,541
  1,621
  1,722
  1,826
  1,932
  2,042
  2,154
  2,271
  2,391
  2,516
  2,646
  2,781
  2,922
  3,069
  3,223
  3,384
  3,552
  3,729
  3,914
  4,108
  4,311
  4,525
  4,749
  4,984
  5,230
  5,489
  5,761
  6,046
  6,346
  6,661
Retained Cash Flow (-), $m
  -204
  -333
  -355
  -371
  -388
  -404
  -421
  -438
  -455
  -473
  -492
  -511
  -531
  -552
  -574
  -597
  -622
  -647
  -674
  -703
  -733
  -765
  -799
  -834
  -872
  -911
  -953
  -996
  -1,043
  -1,091
  -1,142
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
 
  1,208
  1,266
  1,351
  1,438
  1,528
  1,621
  1,717
  1,816
  1,918
  2,024
  2,135
  2,250
  2,370
  2,495
  2,626
  2,762
  2,905
  3,054
  3,211
  3,375
  3,546
  3,726
  3,914
  4,112
  4,319
  4,537
  4,765
  5,004
  5,255
  5,518
Discount rate, %
 
  12.10
  12.71
  13.34
  14.01
  14.71
  15.44
  16.22
  17.03
  17.88
  18.77
  19.71
  20.70
  21.73
  22.82
  23.96
  25.16
  26.41
  27.73
  29.12
  30.58
  32.10
  33.71
  35.40
  37.17
  39.02
  40.97
  43.02
  45.17
  47.43
  49.81
PV of cash for distribution, $m
 
  1,078
  997
  928
  851
  770
  685
  600
  516
  437
  362
  295
  235
  184
  140
  105
  76
  54
  37
  25
  16
  10
  6
  4
  2
  1
  1
  0
  0
  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

CarMax, Inc. (CarMax) is a holding company. The Company is a retailer of used vehicles. The Company operates through two segments: CarMax Sales Operations and CarMax Auto Finance (CAF). The Company's CarMax Sales Operations segment consists of all aspects of its auto merchandising and service operations, excluding financing provided by CAF. The Company's CAF segment consists of its own finance operation that provides vehicle financing through CarMax stores. The Company operates approximately 160 used car stores in over 70 metropolitan markets. The Company's products and services include retail merchandising, wholesale auctions, extended protection plans (EPPs), reconditioning and service, and customer credit. The Company's CarMax Sales Operations segment sells used vehicles, purchases used vehicles from customers and other sources, sells related products and services, and arranges financing options for customers. CAF operates in the auto finance sector of the consumer finance market.

FINANCIAL RATIOS  of  CarMax (KMX)

Valuation Ratios
P/E Ratio 19.2
Price to Sales 0.8
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow -25.7
Price to Free Cash Flow -13.6
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.4
LT Debt to Equity 380.4%
Total Debt to Equity 391.4%
Interest Coverage 19
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 20.9%
Return On Equity - 3 Yr. Avg. 19.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 13.8%
Gross Margin - 3 Yr. Avg. 13.4%
EBITDA Margin 7.7%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 6.3%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 6.6%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 37.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.1%
Payout Ratio 0%

KMX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KMX stock intrinsic value calculation we used $15875 million for the last fiscal year's total revenue generated by CarMax. The default revenue input number comes from 2017 income statement of CarMax. 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 KMX stock valuation model: a) initial revenue growth rate of 10.9% 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 12.1%, whose default value for KMX is calculated based on our internal credit rating of CarMax, 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 CarMax.
    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 KMX stock the variable cost ratio is equal to 93.3%.

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 KMX 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 CarMax.

Corporate tax rate of 27% is the nominal tax rate for CarMax. 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 KMX 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 KMX are equal to 14.7%.

Life of production assets of 13.8 years is the average useful life of capital assets used in CarMax 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 KMX is equal to 13.1%. 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 - $3109 million for CarMax - 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 184.313 million for CarMax 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 CarMax at the current share price and the inputted number of shares is $11.9 billion.

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COMPANY NEWS

▶ CarMax Board Elects Two New Directors   [Feb-02-18 08:45AM  Business Wire]
▶ 5 Gurus' Stock Picks for a Pricey Equities Market   [Feb-01-18 08:00AM  Investopedia]
▶ 5 Undervalued Stocks With Growing Earnings   [Jan-15-18 02:53PM  GuruFocus.com]
▶ Should You Sell CarMax Inc (NYSE:KMX) At This PE Ratio?   [Jan-05-18 05:10PM  Simply Wall St.]
▶ Cramer Remix: My prediction for Apple in 2018   [Jan-02-18 07:03PM  CNBC Videos]
▶ Did CarMax Inc (NYSE:KMX) Create Value For Shareholders?   [Dec-28-17 05:55PM  Simply Wall St.]
▶ CarMax Stock Pushed Off the Road on Earnings Miss   [Dec-22-17 08:30AM  Investopedia]
▶ CarMax Earnings: Growth Slows as Customer Traffic Drops   [Dec-21-17 04:12PM  Motley Fool]
▶ CarMax misses 3Q profit forecasts   [07:45AM  Associated Press]
▶ CarMax Reports Third Quarter Results   [07:35AM  Business Wire]
▶ GDP, Nike, tax aftermath What you need to know on Thursday   [Dec-20-17 05:23PM  Yahoo Finance]
▶ Analyzing Consumer Sector Earnings   [Dec-19-17 10:47AM  Market Realist]
▶ CarMax Announces Third Quarter Conference Call   [Dec-07-17 09:15AM  Business Wire]
▶ Is There A Bullish Opportunity In CarMax?   [Dec-06-17 12:21PM  Benzinga]
▶ CarMax Drive of the Week | Steelers   [Nov-28-17 05:52PM  NFL Highlights]
▶ ETFs with exposure to CarMax, Inc. : November 21, 2017   [Nov-21-17 11:58AM  Capital Cube]
▶ More bullish bets on a chip name that's been on a tear   [Nov-10-17 01:56PM  CNBC Videos]
▶ ETFs with exposure to CarMax, Inc. : November 9, 2017   [Nov-09-17 12:51PM  Capital Cube]
▶ The 20 Best Workplaces in Retail   [Nov-07-17 07:00AM  Fortune]
▶ 5 stocks that could win big from the GOP tax plan   [Nov-06-17 08:29AM  MarketWatch]
▶ Carmax Receives Composite Rating Upgrade   [Oct-31-17 03:00AM  Investor's Business Daily]
▶ CarMax Hiring 2,000+ by Year-End   [Oct-23-17 01:08PM  InvestorPlace]
▶ ETFs with exposure to CarMax, Inc. : October 20, 2017   [Oct-20-17 10:17AM  Capital Cube]
▶ Why CarMax Inc. Jumped 12.9% in September   [Oct-12-17 10:33AM  Motley Fool]
▶ ETFs with exposure to CarMax, Inc. : October 9, 2017   [Oct-09-17 11:43AM  Capital Cube]
▶ A Quarter of Vehicles Sold by CarMax Have Safety Defects   [Oct-01-17 08:50AM  24/7 Wall St.]
▶ [$$] Shares of US car dealers stage a rally   [Sep-25-17 05:11PM  Financial Times]
▶ Stocks With Rising Relative Price Strength: Carmax   [03:00AM  Investor's Business Daily]
▶ CarMax beats Street 2Q forecasts   [Sep-22-17 09:57PM  Associated Press]
▶ Q3 Earnings Season Preview   [07:26PM  Zacks]
▶ CarMax Keeps Rolling Along   [05:19PM  Morningstar]
▶ What Happened in the Stock Market Today   [05:01PM  Motley Fool]
▶ The Hot Stock: CarMax Gets In Gear   [04:48PM  Barrons.com]
▶ CarMax Reports Second Quarter Results   [07:35AM  Business Wire]
▶ CarMax to Release 2nd-Quarter Fiscal 2018 Results   [Sep-20-17 03:33PM  GuruFocus.com]
▶ CarMax Earnings: 3 Things to Watch   [Sep-19-17 12:00PM  Motley Fool]
▶ Consumer Sector: Pre-Earnings Coverage for September 1822   [Sep-18-17 12:59PM  Market Realist]
▶ 3 Things to Watch in the Stock Market This Week   [Sep-17-17 01:00PM  Motley Fool]
▶ Don't get complacent, get diversified, says Cramer   [Sep-15-17 06:44PM  CNBC Videos]
Financial statements of KMX
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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