Intrinsic value of CarMax - KMX

Previous Close

$66.86

  Intrinsic Value

$42.63

stock screener

  Rating & Target

sell

-36%

Previous close

$66.86

 
Intrinsic value

$42.63

 
Up/down potential

-36%

 
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

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 12.2

 

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
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  15,875
  17,431
  19,055
  20,749
  22,512
  24,347
  26,254
  28,237
  30,297
  32,438
  34,663
  36,976
  39,382
  41,885
  44,490
  47,203
  50,030
  52,977
  56,049
  59,256
  62,603
  66,098
  69,750
  73,568
  77,559
  81,734
  86,102
  90,674
  95,461
  100,474
  105,725
Variable operating expenses, $m
 
  16,263
  17,779
  19,359
  21,004
  22,716
  24,495
  26,345
  28,267
  30,265
  32,341
  34,499
  36,743
  39,079
  41,510
  44,041
  46,678
  49,427
  52,294
  55,286
  58,408
  61,670
  65,077
  68,639
  72,362
  76,258
  80,333
  84,599
  89,065
  93,742
  98,641
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
  16,263
  17,779
  19,359
  21,004
  22,716
  24,495
  26,345
  28,267
  30,265
  32,341
  34,499
  36,743
  39,079
  41,510
  44,041
  46,678
  49,427
  52,294
  55,286
  58,408
  61,670
  65,077
  68,639
  72,362
  76,258
  80,333
  84,599
  89,065
  93,742
  98,641
Operating income, $m
  1,006
  1,168
  1,277
  1,390
  1,508
  1,631
  1,759
  1,892
  2,030
  2,173
  2,322
  2,477
  2,639
  2,806
  2,981
  3,163
  3,352
  3,549
  3,755
  3,970
  4,194
  4,429
  4,673
  4,929
  5,196
  5,476
  5,769
  6,075
  6,396
  6,732
  7,084
EBITDA, $m
  1,175
  1,354
  1,480
  1,611
  1,748
  1,891
  2,039
  2,193
  2,353
  2,519
  2,692
  2,871
  3,058
  3,252
  3,455
  3,665
  3,885
  4,114
  4,352
  4,601
  4,861
  5,133
  5,416
  5,713
  6,023
  6,347
  6,686
  7,041
  7,413
  7,802
  8,210
Interest expense (income), $m
  55
  425
  470
  517
  566
  617
  671
  726
  783
  843
  905
  970
  1,037
  1,106
  1,179
  1,254
  1,333
  1,415
  1,500
  1,589
  1,682
  1,779
  1,881
  1,986
  2,097
  2,213
  2,334
  2,460
  2,593
  2,732
  2,877
Earnings before tax, $m
  1,006
  743
  807
  873
  942
  1,014
  1,088
  1,166
  1,247
  1,330
  1,417
  1,508
  1,602
  1,700
  1,802
  1,908
  2,019
  2,134
  2,255
  2,381
  2,512
  2,649
  2,793
  2,943
  3,099
  3,263
  3,435
  3,615
  3,803
  4,000
  4,207
Tax expense, $m
  379
  201
  218
  236
  254
  274
  294
  315
  337
  359
  383
  407
  433
  459
  487
  515
  545
  576
  609
  643
  678
  715
  754
  794
  837
  881
  927
  976
  1,027
  1,080
  1,136
Net income, $m
  627
  543
  589
  637
  688
  740
  795
  851
  910
  971
  1,035
  1,101
  1,169
  1,241
  1,315
  1,393
  1,474
  1,558
  1,646
  1,738
  1,834
  1,934
  2,039
  2,148
  2,263
  2,382
  2,508
  2,639
  2,776
  2,920
  3,071

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
  17,841
  19,504
  21,237
  23,042
  24,920
  26,873
  28,902
  31,010
  33,202
  35,479
  37,847
  40,309
  42,871
  45,538
  48,315
  51,208
  54,224
  57,369
  60,651
  64,077
  67,654
  71,392
  75,299
  79,385
  83,658
  88,129
  92,809
  97,708
  102,839
  108,214
Adjusted assets (=assets-cash), $m
  16,241
  17,841
  19,504
  21,237
  23,042
  24,920
  26,873
  28,902
  31,010
  33,202
  35,479
  37,847
  40,309
  42,871
  45,538
  48,315
  51,208
  54,224
  57,369
  60,651
  64,077
  67,654
  71,392
  75,299
  79,385
  83,658
  88,129
  92,809
  97,708
  102,839
  108,214
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
  2,562
  2,801
  3,050
  3,309
  3,579
  3,859
  4,151
  4,454
  4,768
  5,095
  5,436
  5,789
  6,157
  6,540
  6,939
  7,354
  7,788
  8,239
  8,711
  9,203
  9,716
  10,253
  10,814
  11,401
  12,015
  12,657
  13,329
  14,033
  14,770
  15,542
Working capital, $m
  1,768
  2,283
  2,496
  2,718
  2,949
  3,189
  3,439
  3,699
  3,969
  4,249
  4,541
  4,844
  5,159
  5,487
  5,828
  6,184
  6,554
  6,940
  7,342
  7,763
  8,201
  8,659
  9,137
  9,637
  10,160
  10,707
  11,279
  11,878
  12,505
  13,162
  13,850
Total debt, $m
  12,170
  13,433
  14,779
  16,181
  17,641
  19,160
  20,740
  22,381
  24,087
  25,860
  27,703
  29,618
  31,610
  33,683
  35,840
  38,087
  40,427
  42,867
  45,412
  48,066
  50,838
  53,732
  56,756
  59,917
  63,222
  66,679
  70,296
  74,082
  78,046
  82,197
  86,545
Total liabilities, $m
  13,171
  14,433
  15,779
  17,181
  18,641
  20,160
  21,740
  23,381
  25,087
  26,860
  28,703
  30,618
  32,610
  34,683
  36,840
  39,087
  41,427
  43,867
  46,412
  49,066
  51,838
  54,732
  57,756
  60,917
  64,222
  67,679
  71,296
  75,082
  79,046
  83,197
  87,545
Total equity, $m
  3,109
  3,408
  3,725
  4,056
  4,401
  4,760
  5,133
  5,520
  5,923
  6,341
  6,776
  7,229
  7,699
  8,188
  8,698
  9,228
  9,781
  10,357
  10,957
  11,584
  12,239
  12,922
  13,636
  14,382
  15,162
  15,979
  16,833
  17,726
  18,662
  19,642
  20,669
Total liabilities and equity, $m
  16,280
  17,841
  19,504
  21,237
  23,042
  24,920
  26,873
  28,901
  31,010
  33,201
  35,479
  37,847
  40,309
  42,871
  45,538
  48,315
  51,208
  54,224
  57,369
  60,650
  64,077
  67,654
  71,392
  75,299
  79,384
  83,658
  88,129
  92,808
  97,708
  102,839
  108,214
Debt-to-equity ratio
  3.914
  3.940
  3.970
  3.990
  4.010
  4.030
  4.040
  4.050
  4.070
  4.080
  4.090
  4.100
  4.110
  4.110
  4.120
  4.130
  4.130
  4.140
  4.140
  4.150
  4.150
  4.160
  4.160
  4.170
  4.170
  4.170
  4.180
  4.180
  4.180
  4.180
  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
  543
  589
  637
  688
  740
  795
  851
  910
  971
  1,035
  1,101
  1,169
  1,241
  1,315
  1,393
  1,474
  1,558
  1,646
  1,738
  1,834
  1,934
  2,039
  2,148
  2,263
  2,382
  2,508
  2,639
  2,776
  2,920
  3,071
Depreciation, amort., depletion, $m
  169
  186
  203
  221
  240
  259
  280
  301
  323
  346
  369
  394
  420
  446
  474
  503
  533
  564
  597
  631
  667
  704
  743
  784
  826
  871
  917
  966
  1,017
  1,070
  1,126
Funds from operations, $m
  -2,045
  728
  792
  858
  927
  999
  1,074
  1,152
  1,233
  1,317
  1,404
  1,495
  1,589
  1,687
  1,789
  1,896
  2,007
  2,122
  2,243
  2,369
  2,501
  2,638
  2,782
  2,932
  3,089
  3,253
  3,425
  3,605
  3,793
  3,990
  4,197
Change in working capital, $m
  -1,577
  204
  213
  222
  231
  240
  250
  260
  270
  280
  291
  303
  315
  328
  341
  355
  370
  386
  403
  420
  438
  458
  478
  500
  523
  547
  572
  599
  627
  657
  688
Cash from operations, $m
  -468
  524
  579
  636
  696
  759
  824
  892
  963
  1,036
  1,112
  1,192
  1,274
  1,359
  1,448
  1,540
  1,636
  1,736
  1,841
  1,949
  2,062
  2,180
  2,303
  2,432
  2,566
  2,706
  2,853
  3,006
  3,166
  3,334
  3,509
Maintenance CAPEX, $m
  0
  -170
  -186
  -203
  -221
  -240
  -259
  -280
  -301
  -323
  -346
  -369
  -394
  -420
  -446
  -474
  -503
  -533
  -564
  -597
  -631
  -667
  -704
  -743
  -784
  -826
  -871
  -917
  -966
  -1,017
  -1,070
New CAPEX, $m
  -418
  -222
  -239
  -249
  -259
  -270
  -280
  -291
  -303
  -315
  -327
  -340
  -354
  -368
  -383
  -399
  -416
  -433
  -452
  -471
  -492
  -514
  -537
  -561
  -587
  -614
  -642
  -672
  -704
  -737
  -772
Cash from investing activities, $m
  -466
  -392
  -425
  -452
  -480
  -510
  -539
  -571
  -604
  -638
  -673
  -709
  -748
  -788
  -829
  -873
  -919
  -966
  -1,016
  -1,068
  -1,123
  -1,181
  -1,241
  -1,304
  -1,371
  -1,440
  -1,513
  -1,589
  -1,670
  -1,754
  -1,842
Free cash flow, $m
  -934
  133
  154
  184
  216
  250
  285
  321
  359
  399
  440
  482
  526
  572
  619
  668
  718
  770
  825
  881
  939
  999
  1,062
  1,128
  1,195
  1,266
  1,340
  1,416
  1,496
  1,580
  1,667
Issuance/(repayment) of debt, $m
  1,443
  1,301
  1,345
  1,402
  1,460
  1,519
  1,579
  1,642
  1,706
  1,773
  1,842
  1,916
  1,992
  2,073
  2,157
  2,247
  2,341
  2,440
  2,545
  2,655
  2,771
  2,894
  3,024
  3,161
  3,305
  3,457
  3,617
  3,786
  3,964
  4,151
  4,348
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
  1,301
  1,345
  1,402
  1,460
  1,519
  1,579
  1,642
  1,706
  1,773
  1,842
  1,916
  1,992
  2,073
  2,157
  2,247
  2,341
  2,440
  2,545
  2,655
  2,771
  2,894
  3,024
  3,161
  3,305
  3,457
  3,617
  3,786
  3,964
  4,151
  4,348
Total cash flow (excl. dividends), $m
  1
  1,434
  1,500
  1,587
  1,676
  1,769
  1,864
  1,963
  2,065
  2,171
  2,282
  2,398
  2,518
  2,644
  2,776
  2,914
  3,059
  3,210
  3,369
  3,536
  3,710
  3,894
  4,086
  4,288
  4,500
  4,723
  4,957
  5,202
  5,460
  5,731
  6,015
Retained Cash Flow (-), $m
  -204
  -299
  -318
  -331
  -345
  -359
  -373
  -388
  -403
  -419
  -435
  -452
  -470
  -489
  -509
  -530
  -553
  -576
  -601
  -627
  -654
  -683
  -714
  -746
  -780
  -816
  -854
  -894
  -936
  -980
  -1,027
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
 
  1,136
  1,182
  1,256
  1,332
  1,410
  1,491
  1,575
  1,662
  1,753
  1,847
  1,946
  2,048
  2,155
  2,267
  2,384
  2,506
  2,634
  2,768
  2,909
  3,056
  3,211
  3,372
  3,542
  3,720
  3,907
  4,103
  4,309
  4,524
  4,751
  4,988
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
 
  1,013
  931
  862
  788
  710
  630
  550
  473
  399
  331
  269
  214
  167
  128
  95
  69
  49
  34
  23
  15
  9
  6
  3
  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 19.9
Price to Sales 0.8
Price to Book 4
Price to Tangible Book
Price to Cash Flow -26.7
Price to Free Cash Flow -14.1
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 9.8% 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 182.326 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 $12.2 billion.

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COMPANY NEWS

▶ 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.]
▶ [$$] Shares of US car dealers stage a rally   [Sep-25-17 05:11PM  Financial Times]
▶ Stocks With Rising Relative Price Strength: Carmax   [03:00AM  Investor's Business Daily]
▶ CarMax beats Street 2Q forecasts   [Sep-22-17 09:57PM  Associated Press]
▶ Q3 Earnings Season Preview   [07:26PM  Zacks]
▶ CarMax Keeps Rolling Along   [05:19PM  Morningstar]
▶ What Happened in the Stock Market Today   [05:01PM  Motley Fool]
▶ The Hot Stock: CarMax Gets In Gear   [04:48PM  Barrons.com]
▶ CarMax Reports Second Quarter Results   [07:35AM  Business Wire]
▶ CarMax to Release 2nd-Quarter Fiscal 2018 Results   [Sep-20-17 03:33PM  GuruFocus.com]
▶ CarMax Earnings: 3 Things to Watch   [Sep-19-17 12:00PM  Motley Fool]
▶ Consumer Sector: Pre-Earnings Coverage for September 1822   [Sep-18-17 12:59PM  Market Realist]
▶ 3 Things to Watch in the Stock Market This Week   [Sep-17-17 01:00PM  Motley Fool]
▶ Don't get complacent, get diversified, says Cramer   [Sep-15-17 06:44PM  CNBC Videos]
▶ CarMax Announces Second Quarter Conference Call   [Sep-08-17 09:00AM  Business Wire]
▶ [$$] CarMax and Auto Dealers Get a Lift From Harvey   [Aug-31-17 05:21PM  Barrons.com]
▶ CarMax, Inc. Value Analysis (NYSE:KMX) : August 30, 2017   [Aug-29-17 10:23PM  Capital Cube]
▶ Best Buy shares plummet with the CEOs dire warning   [01:17PM  Yahoo Finance Video]
▶ Brick and mortar stores struggle to go digital   [Aug-24-17 12:43PM  Yahoo Finance Video]
▶ The Financial Crisis May Finally Be Catching Up With Auto-Parts Retailers   [Aug-18-17 12:16PM  The Wall Street Journal]
▶ This Chicago online car-selling startup wants to take on CarMax   [Aug-08-17 07:40AM  American City Business Journals]
▶ ETFs with exposure to CarMax, Inc. : August 1, 2017   [Aug-01-17 04:48PM  Capital Cube]
▶ Carmax Sees RS Rating Climb To 73   [Jul-24-17 03:00AM  Investor's Business Daily]
▶ Peak Auto? These 3 Auto Stocks Are In Buy Zone, This 1 Is Close   [Jul-13-17 04:06PM  Investor's Business Daily]
▶ Auto Dealers Are Wednesday Winners: CarMax, GM Flirt With Buys   [Jul-12-17 04:09PM  Investor's Business Daily]
▶ Will Rising EPS And Sales Growth Drive This Auto Stock Higher?   [Jul-05-17 04:33PM  Investor's Business Daily]
▶ What Investors Should Know About CarMax Inc   [Jun-28-17 07:00PM  Motley Fool]
▶ This Is The Latest Check Engine Light For Sputtering Auto Sales   [Jun-26-17 08:12PM  Investor's Business Daily]
▶ CarMax Reports Fiscal 1st-Quarter Results   [Jun-23-17 03:37PM  GuruFocus.com]
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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