Intrinsic value of CarMax - KMX

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$61.71

  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 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

Revenue (in 2017), $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 11.3

 

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
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
  4.87
  4.89
  4.90
  4.91
  4.92
  4.92
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
Revenue, $m
  15,875
  15,832
  16,552
  17,313
  18,115
  18,962
  19,854
  20,794
  21,783
  22,826
  23,923
  25,077
  26,292
  27,569
  28,913
  30,325
  31,810
  33,371
  35,012
  36,736
  38,548
  40,452
  42,453
  44,555
  46,763
  49,082
  51,519
  54,078
  56,766
  59,590
  62,555
Variable operating expenses, $m
 
  14,755
  15,427
  16,135
  16,883
  17,672
  18,504
  19,380
  20,302
  21,274
  22,296
  23,372
  24,504
  25,695
  26,947
  28,263
  29,647
  31,102
  32,631
  34,238
  35,927
  37,702
  39,566
  41,525
  43,583
  45,745
  48,015
  50,401
  52,906
  55,537
  58,301
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
  14,755
  15,427
  16,135
  16,883
  17,672
  18,504
  19,380
  20,302
  21,274
  22,296
  23,372
  24,504
  25,695
  26,947
  28,263
  29,647
  31,102
  32,631
  34,238
  35,927
  37,702
  39,566
  41,525
  43,583
  45,745
  48,015
  50,401
  52,906
  55,537
  58,301
Operating income, $m
  1,006
  1,077
  1,126
  1,177
  1,232
  1,289
  1,350
  1,414
  1,481
  1,552
  1,627
  1,705
  1,788
  1,875
  1,966
  2,062
  2,163
  2,269
  2,381
  2,498
  2,621
  2,751
  2,887
  3,030
  3,180
  3,338
  3,503
  3,677
  3,860
  4,052
  4,254
EBITDA, $m
  1,175
  1,220
  1,275
  1,334
  1,396
  1,461
  1,530
  1,602
  1,678
  1,759
  1,843
  1,932
  2,026
  2,124
  2,228
  2,336
  2,451
  2,571
  2,698
  2,830
  2,970
  3,117
  3,271
  3,433
  3,603
  3,782
  3,969
  4,167
  4,374
  4,591
  4,820
Interest expense (income), $m
  55
  371
  389
  409
  429
  450
  473
  497
  522
  548
  576
  605
  636
  668
  702
  738
  775
  815
  857
  900
  946
  995
  1,045
  1,098
  1,154
  1,213
  1,275
  1,340
  1,408
  1,480
  1,555
Earnings before tax, $m
  1,006
  706
  736
  769
  803
  839
  877
  917
  960
  1,004
  1,051
  1,100
  1,152
  1,207
  1,264
  1,324
  1,388
  1,454
  1,524
  1,598
  1,675
  1,756
  1,842
  1,931
  2,025
  2,124
  2,228
  2,337
  2,452
  2,572
  2,699
Tax expense, $m
  379
  191
  199
  208
  217
  227
  237
  248
  259
  271
  284
  297
  311
  326
  341
  358
  375
  393
  412
  431
  452
  474
  497
  521
  547
  574
  602
  631
  662
  695
  729
Net income, $m
  627
  515
  537
  561
  586
  613
  640
  670
  701
  733
  767
  803
  841
  881
  923
  967
  1,013
  1,062
  1,113
  1,166
  1,223
  1,282
  1,344
  1,410
  1,479
  1,551
  1,627
  1,706
  1,790
  1,878
  1,970

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
  15,078
  15,764
  16,488
  17,253
  18,059
  18,908
  19,803
  20,746
  21,739
  22,784
  23,883
  25,040
  26,256
  27,536
  28,881
  30,296
  31,782
  33,345
  34,987
  36,713
  38,526
  40,431
  42,433
  44,536
  46,745
  49,065
  51,503
  54,063
  56,752
  59,576
Adjusted assets (=assets-cash), $m
  16,241
  15,078
  15,764
  16,488
  17,253
  18,059
  18,908
  19,803
  20,746
  21,739
  22,784
  23,883
  25,040
  26,256
  27,536
  28,881
  30,296
  31,782
  33,345
  34,987
  36,713
  38,526
  40,431
  42,433
  44,536
  46,745
  49,065
  51,503
  54,063
  56,752
  59,576
Revenue / Adjusted assets
  0.977
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
  1.050
Average production assets, $m
  2,341
  2,106
  2,201
  2,303
  2,409
  2,522
  2,641
  2,766
  2,897
  3,036
  3,182
  3,335
  3,497
  3,667
  3,845
  4,033
  4,231
  4,438
  4,657
  4,886
  5,127
  5,380
  5,646
  5,926
  6,219
  6,528
  6,852
  7,192
  7,550
  7,925
  8,320
Working capital, $m
  1,768
  1,821
  1,903
  1,991
  2,083
  2,181
  2,283
  2,391
  2,505
  2,625
  2,751
  2,884
  3,024
  3,170
  3,325
  3,487
  3,658
  3,838
  4,026
  4,225
  4,433
  4,652
  4,882
  5,124
  5,378
  5,644
  5,925
  6,219
  6,528
  6,853
  7,194
Total debt, $m
  12,170
  11,128
  11,676
  12,255
  12,866
  13,510
  14,189
  14,904
  15,657
  16,450
  17,285
  18,164
  19,088
  20,060
  21,082
  22,157
  23,287
  24,475
  25,724
  27,036
  28,415
  29,863
  31,386
  32,985
  34,665
  36,430
  38,284
  40,232
  42,277
  44,426
  46,682
Total liabilities, $m
  13,171
  12,047
  12,595
  13,174
  13,785
  14,429
  15,108
  15,823
  16,576
  17,369
  18,204
  19,083
  20,007
  20,979
  22,001
  23,076
  24,206
  25,394
  26,643
  27,955
  29,334
  30,782
  32,305
  33,904
  35,584
  37,349
  39,203
  41,151
  43,196
  45,345
  47,601
Total equity, $m
  3,109
  3,031
  3,169
  3,314
  3,468
  3,630
  3,801
  3,980
  4,170
  4,370
  4,580
  4,801
  5,033
  5,278
  5,535
  5,805
  6,089
  6,388
  6,702
  7,032
  7,379
  7,744
  8,127
  8,529
  8,952
  9,396
  9,862
  10,352
  10,867
  11,407
  11,975
Total liabilities and equity, $m
  16,280
  15,078
  15,764
  16,488
  17,253
  18,059
  18,909
  19,803
  20,746
  21,739
  22,784
  23,884
  25,040
  26,257
  27,536
  28,881
  30,295
  31,782
  33,345
  34,987
  36,713
  38,526
  40,432
  42,433
  44,536
  46,745
  49,065
  51,503
  54,063
  56,752
  59,576
Debt-to-equity ratio
  3.914
  3.670
  3.690
  3.700
  3.710
  3.720
  3.730
  3.740
  3.750
  3.760
  3.770
  3.780
  3.790
  3.800
  3.810
  3.820
  3.820
  3.830
  3.840
  3.840
  3.850
  3.860
  3.860
  3.870
  3.870
  3.880
  3.880
  3.890
  3.890
  3.890
  3.900
Adjusted equity ratio
  0.189
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201
  0.201

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  627
  515
  537
  561
  586
  613
  640
  670
  701
  733
  767
  803
  841
  881
  923
  967
  1,013
  1,062
  1,113
  1,166
  1,223
  1,282
  1,344
  1,410
  1,479
  1,551
  1,627
  1,706
  1,790
  1,878
  1,970
Depreciation, amort., depletion, $m
  169
  143
  150
  157
  164
  172
  180
  188
  197
  207
  216
  227
  238
  249
  262
  274
  288
  302
  317
  332
  349
  366
  384
  403
  423
  444
  466
  489
  514
  539
  566
Funds from operations, $m
  -2,045
  658
  687
  718
  750
  784
  820
  858
  898
  940
  984
  1,030
  1,079
  1,130
  1,184
  1,241
  1,301
  1,363
  1,429
  1,499
  1,572
  1,648
  1,728
  1,813
  1,902
  1,995
  2,093
  2,196
  2,304
  2,417
  2,536
Change in working capital, $m
  -1,577
  78
  83
  87
  92
  97
  103
  108
  114
  120
  126
  133
  140
  147
  154
  162
  171
  180
  189
  198
  208
  219
  230
  242
  254
  267
  280
  294
  309
  325
  341
Cash from operations, $m
  -468
  730
  604
  630
  658
  687
  717
  750
  784
  820
  858
  897
  939
  983
  1,030
  1,079
  1,130
  1,184
  1,241
  1,300
  1,363
  1,429
  1,498
  1,571
  1,648
  1,728
  1,813
  1,901
  1,994
  2,092
  2,195
Maintenance CAPEX, $m
  0
  -137
  -143
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -207
  -216
  -227
  -238
  -249
  -262
  -274
  -288
  -302
  -317
  -332
  -349
  -366
  -384
  -403
  -423
  -444
  -466
  -489
  -514
  -539
New CAPEX, $m
  -418
  -94
  -96
  -101
  -107
  -113
  -119
  -125
  -132
  -139
  -146
  -154
  -162
  -170
  -179
  -188
  -198
  -208
  -218
  -229
  -241
  -253
  -266
  -280
  -294
  -308
  -324
  -340
  -358
  -376
  -394
Cash from investing activities, $m
  -466
  -231
  -239
  -251
  -264
  -277
  -291
  -305
  -320
  -336
  -353
  -370
  -389
  -408
  -428
  -450
  -472
  -496
  -520
  -546
  -573
  -602
  -632
  -664
  -697
  -731
  -768
  -806
  -847
  -890
  -933
Free cash flow, $m
  -934
  499
  365
  379
  394
  410
  427
  445
  464
  484
  505
  527
  551
  576
  602
  629
  658
  689
  721
  754
  790
  827
  866
  908
  951
  996
  1,044
  1,095
  1,148
  1,203
  1,262
Issuance/(repayment) of debt, $m
  1,443
  529
  548
  579
  611
  644
  679
  715
  753
  793
  835
  878
  924
  972
  1,022
  1,075
  1,130
  1,188
  1,249
  1,312
  1,379
  1,449
  1,522
  1,599
  1,680
  1,765
  1,854
  1,947
  2,046
  2,149
  2,257
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
  529
  548
  579
  611
  644
  679
  715
  753
  793
  835
  878
  924
  972
  1,022
  1,075
  1,130
  1,188
  1,249
  1,312
  1,379
  1,449
  1,522
  1,599
  1,680
  1,765
  1,854
  1,947
  2,046
  2,149
  2,257
Total cash flow (excl. dividends), $m
  1
  1,029
  913
  958
  1,005
  1,054
  1,106
  1,160
  1,217
  1,277
  1,340
  1,406
  1,475
  1,548
  1,624
  1,704
  1,788
  1,876
  1,969
  2,066
  2,169
  2,276
  2,389
  2,507
  2,631
  2,762
  2,898
  3,042
  3,193
  3,352
  3,518
Retained Cash Flow (-), $m
  -204
  -126
  -138
  -146
  -154
  -162
  -171
  -180
  -190
  -200
  -210
  -221
  -232
  -245
  -257
  -270
  -284
  -299
  -314
  -330
  -347
  -364
  -383
  -402
  -423
  -444
  -466
  -490
  -515
  -540
  -568
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
 
  903
  775
  812
  851
  892
  935
  980
  1,028
  1,078
  1,130
  1,185
  1,243
  1,303
  1,367
  1,434
  1,504
  1,578
  1,655
  1,736
  1,822
  1,911
  2,006
  2,105
  2,208
  2,317
  2,432
  2,552
  2,679
  2,811
  2,950
Discount rate, %
 
  11.90
  12.50
  13.12
  13.78
  14.46
  15.19
  15.95
  16.74
  17.58
  18.46
  19.38
  20.35
  21.37
  22.44
  23.56
  24.74
  25.98
  27.28
  28.64
  30.07
  31.57
  33.15
  34.81
  36.55
  38.38
  40.30
  42.31
  44.43
  46.65
  48.98
PV of cash for distribution, $m
 
  807
  613
  561
  508
  454
  400
  348
  298
  251
  208
  169
  135
  105
  80
  60
  44
  31
  22
  15
  9
  6
  4
  2
  1
  1
  0
  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., through its subsidiaries, operates as a retailer of used vehicles in the United States. The company operates in two segments, CarMax Sales Operations and CarMax Auto Finance. It offers customers a range of makes and models of used vehicles, including domestic and imported vehicles; sells vehicles that do not meet its retail standards to licensed dealers through on-site wholesale auctions; and provides extended protection plans to customers at the time of sale. The company also offers reconditioning and vehicle repair services; and provides financing alternatives for retail customers across a range of credit spectrum through its CarMax Auto Finance and arrangements with other financial institutions. In addition, it sells new vehicles under franchise agreements. As of December 20, 2016, the company operated 169 used car stores in 39 states. The company was founded in 1993 and is based in Richmond, Virginia.

FINANCIAL RATIOS  of  CarMax (KMX)

Valuation Ratios
P/E Ratio 18.4
Price to Sales 0.7
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow -24.6
Price to Free Cash Flow -13
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 $15150 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 4.5% 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 11.9%, 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 93.2%.

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 13.3%.

Life of production assets of 14.7 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 11.5%. 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 - $2905 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 182.725 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 $11.3 billion.


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COMPANY NEWS

▶ CarMax Reports Fiscal 1st-Quarter Results   [Jun-23-17 03:37PM  GuruFocus.com]
▶ CarMax Stock Rises on RBC Upgrade, Sees Positive Momentum   [Jun-22-17 04:04PM  TheStreet.com]
▶ Oracle, CarMax Upgraded; 2 Opticals Get Price-Target Hikes   [04:02PM  Investor's Business Daily]
▶ CarMax beats Street 1Q forecasts   [Jun-21-17 08:59PM  Associated Press]
▶ Story Stocks from Briefing.com   [11:46AM  Briefing.com]
▶ CarMax Reports First Quarter Results   [07:35AM  Business Wire]
▶ CarMax Shares Should Kick Into Gear   [11:00AM  TheStreet.com]
▶ Oracle and 4 More Could Squeeze Bears When They Report   [Jun-19-17 01:25PM  TheStreet.com]
▶ 3 Things to Watch in the Stock Market This Week   [Jun-18-17 03:41PM  Motley Fool]
▶ ETFs with exposure to CarMax, Inc. : June 15, 2017   [Jun-15-17 02:21PM  Capital Cube]
▶ Fed Rates: Live Blog   [03:19PM  TheStreet.com]
▶ CarMax, Inc. Value Analysis (NYSE:KMX) : June 13, 2017   [Jun-13-17 01:35PM  Capital Cube]
▶ CarMax, Your Rusty Underside Is Showing   [May-23-17 04:35PM  TheStreet.com]
▶ CarMax Is Showing a Rusty Underside   [12:00PM  TheStreet.com]
▶ Top Gainers in the Consumer Sector: May 1519, 2017   [May-22-17 03:36PM  Market Realist]
▶ CarMax Tops the S&P 500: Must-See Chart   [May-18-17 02:44PM  TheStreet.com]
▶ ETFs with exposure to CarMax, Inc. : May 15, 2017   [May-15-17 03:59PM  Capital Cube]
▶ ETFs with exposure to CarMax, Inc. : May 1, 2017   [May-01-17 04:03PM  Capital Cube]
▶ CarMax Board Elects New Director   [Apr-24-17 04:30PM  Business Wire]
▶ CarMax Announces New Chief Human Resources Officer   [Apr-11-17 11:54AM  Business Wire]
▶ Week In Review: Fed, Tesla Deliver Surprises, And Amazon Scores In Video   [Apr-07-17 07:13PM  Investor's Business Daily]
▶ Company News for April 07, 2017   [10:20AM  Zacks]
▶ What Happened in the Stock Market Today   [05:08PM  Motley Fool]
▶ CarMax Tops On Results, But Used-Vehicle Prices Fall   [04:28PM  Investor's Business Daily]
▶ [$$] CarMax Profit Grows Amid Used-Car Pricing Pressure   [11:50AM  The Wall Street Journal]
▶ CarMax Gains Speed as Expansion Continues   [09:21AM  Motley Fool]
▶ Story Stocks from Briefing.com   [09:08AM  Briefing.com]
▶ CarMax tops Street 4Q forecasts   [07:53AM  Associated Press]
▶ Trump, Xi To Meet; CarMax, Constellation Report: Investing Action Plan   [Apr-05-17 04:48PM  Investor's Business Daily]
▶ 8 Stocks With Rising Revenue and EPS   [Apr-03-17 05:11PM  GuruFocus.com]
▶ The Biggest Loser: CarMax Tumbles 4.3%   [04:49PM  Barrons.com]
▶ Time to buy the auto sector?   [03:48PM  CNBC Videos]
▶ CarMax: Did I Do That?   [09:50AM  Barrons.com]
▶ [$$] CarMax Could Stall as Risky Loans Rise   [Apr-01-17 12:01AM  at Barrons.com]
▶ CarMax Opens First Stores in Puget Sound Area   [Mar-30-17 10:35AM  Business Wire]
Stock chart of KMX Financial statements of KMX Annual reports 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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