Intrinsic value of CarMax - KMX

Previous Close

$74.84

  Intrinsic Value

$42.91

stock screener

  Rating & Target

sell

-43%

  Value-price divergence*

+32%

Previous close

$74.84

 
Intrinsic value

$42.91

 
Up/down potential

-43%

 
Rating

sell

 
Value-price divergence*

+32%

*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 13.9

 

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
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
Revenue, $m
  15,875
  17,478
  19,155
  20,904
  22,726
  24,623
  26,595
  28,646
  30,777
  32,991
  35,293
  37,685
  40,172
  42,760
  45,452
  48,255
  51,174
  54,217
  57,389
  60,697
  64,150
  67,756
  71,522
  75,457
  79,571
  83,873
  88,374
  93,084
  98,014
  103,176
  108,583
Variable operating expenses, $m
 
  16,307
  17,871
  19,503
  21,203
  22,973
  24,813
  26,727
  28,715
  30,781
  32,928
  35,160
  37,481
  39,895
  42,407
  45,022
  47,746
  50,584
  53,544
  56,631
  59,852
  63,216
  66,730
  70,401
  74,240
  78,254
  82,453
  86,847
  91,447
  96,263
  101,308
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
  16,307
  17,871
  19,503
  21,203
  22,973
  24,813
  26,727
  28,715
  30,781
  32,928
  35,160
  37,481
  39,895
  42,407
  45,022
  47,746
  50,584
  53,544
  56,631
  59,852
  63,216
  66,730
  70,401
  74,240
  78,254
  82,453
  86,847
  91,447
  96,263
  101,308
Operating income, $m
  1,006
  1,171
  1,283
  1,401
  1,523
  1,650
  1,782
  1,919
  2,062
  2,210
  2,365
  2,525
  2,692
  2,865
  3,045
  3,233
  3,429
  3,633
  3,845
  4,067
  4,298
  4,540
  4,792
  5,056
  5,331
  5,619
  5,921
  6,237
  6,567
  6,913
  7,275
EBITDA, $m
  1,175
  1,357
  1,487
  1,623
  1,765
  1,912
  2,065
  2,224
  2,390
  2,562
  2,741
  2,926
  3,119
  3,320
  3,529
  3,747
  3,974
  4,210
  4,456
  4,713
  4,981
  5,261
  5,554
  5,859
  6,179
  6,513
  6,862
  7,228
  7,611
  8,012
  8,432
Interest expense (income), $m
  55
  425
  472
  520
  571
  624
  679
  736
  795
  857
  921
  988
  1,057
  1,129
  1,204
  1,282
  1,364
  1,448
  1,536
  1,628
  1,724
  1,824
  1,929
  2,038
  2,152
  2,271
  2,396
  2,526
  2,663
  2,806
  2,955
Earnings before tax, $m
  1,006
  746
  812
  880
  952
  1,026
  1,103
  1,183
  1,267
  1,353
  1,443
  1,537
  1,634
  1,736
  1,841
  1,951
  2,065
  2,184
  2,309
  2,439
  2,574
  2,715
  2,863
  3,018
  3,179
  3,348
  3,525
  3,710
  3,904
  4,107
  4,320
Tax expense, $m
  379
  202
  219
  238
  257
  277
  298
  320
  342
  365
  390
  415
  441
  469
  497
  527
  558
  590
  623
  658
  695
  733
  773
  815
  858
  904
  952
  1,002
  1,054
  1,109
  1,166
Net income, $m
  627
  545
  593
  643
  695
  749
  805
  864
  925
  988
  1,054
  1,122
  1,193
  1,267
  1,344
  1,424
  1,508
  1,595
  1,685
  1,780
  1,879
  1,982
  2,090
  2,203
  2,321
  2,444
  2,573
  2,709
  2,850
  2,998
  3,153

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
  17,890
  19,605
  21,396
  23,261
  25,202
  27,221
  29,320
  31,501
  33,768
  36,124
  38,572
  41,118
  43,766
  46,522
  49,391
  52,379
  55,493
  58,740
  62,126
  65,661
  69,351
  73,205
  77,233
  81,444
  85,848
  90,454
  95,275
  100,321
  105,605
  111,139
Adjusted assets (=assets-cash), $m
  16,241
  17,890
  19,605
  21,396
  23,261
  25,202
  27,221
  29,320
  31,501
  33,768
  36,124
  38,572
  41,118
  43,766
  46,522
  49,391
  52,379
  55,493
  58,740
  62,126
  65,661
  69,351
  73,205
  77,233
  81,444
  85,848
  90,454
  95,275
  100,321
  105,605
  111,139
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
  2,569
  2,816
  3,073
  3,341
  3,620
  3,910
  4,211
  4,524
  4,850
  5,188
  5,540
  5,905
  6,286
  6,681
  7,093
  7,523
  7,970
  8,436
  8,923
  9,430
  9,960
  10,514
  11,092
  11,697
  12,329
  12,991
  13,683
  14,408
  15,167
  15,962
Working capital, $m
  1,768
  2,290
  2,509
  2,738
  2,977
  3,226
  3,484
  3,753
  4,032
  4,322
  4,623
  4,937
  5,263
  5,602
  5,954
  6,321
  6,704
  7,102
  7,518
  7,951
  8,404
  8,876
  9,369
  9,885
  10,424
  10,987
  11,577
  12,194
  12,840
  13,516
  14,224
Total debt, $m
  12,170
  13,473
  14,861
  16,309
  17,818
  19,389
  21,022
  22,720
  24,485
  26,318
  28,224
  30,205
  32,265
  34,407
  36,636
  38,957
  41,375
  43,894
  46,520
  49,260
  52,119
  55,105
  58,223
  61,482
  64,888
  68,451
  72,178
  76,078
  80,160
  84,435
  88,912
Total liabilities, $m
  13,171
  14,473
  15,861
  17,309
  18,818
  20,389
  22,022
  23,720
  25,485
  27,318
  29,224
  31,205
  33,265
  35,407
  37,636
  39,957
  42,375
  44,894
  47,520
  50,260
  53,119
  56,105
  59,223
  62,482
  65,888
  69,451
  73,178
  77,078
  81,160
  85,435
  89,912
Total equity, $m
  3,109
  3,417
  3,745
  4,087
  4,443
  4,814
  5,199
  5,600
  6,017
  6,450
  6,900
  7,367
  7,854
  8,359
  8,886
  9,434
  10,004
  10,599
  11,219
  11,866
  12,541
  13,246
  13,982
  14,752
  15,556
  16,397
  17,277
  18,198
  19,161
  20,171
  21,228
Total liabilities and equity, $m
  16,280
  17,890
  19,606
  21,396
  23,261
  25,203
  27,221
  29,320
  31,502
  33,768
  36,124
  38,572
  41,119
  43,766
  46,522
  49,391
  52,379
  55,493
  58,739
  62,126
  65,660
  69,351
  73,205
  77,234
  81,444
  85,848
  90,455
  95,276
  100,321
  105,606
  111,140
Debt-to-equity ratio
  3.914
  3.940
  3.970
  3.990
  4.010
  4.030
  4.040
  4.060
  4.070
  4.080
  4.090
  4.100
  4.110
  4.120
  4.120
  4.130
  4.140
  4.140
  4.150
  4.150
  4.160
  4.160
  4.160
  4.170
  4.170
  4.170
  4.180
  4.180
  4.180
  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
  545
  593
  643
  695
  749
  805
  864
  925
  988
  1,054
  1,122
  1,193
  1,267
  1,344
  1,424
  1,508
  1,595
  1,685
  1,780
  1,879
  1,982
  2,090
  2,203
  2,321
  2,444
  2,573
  2,709
  2,850
  2,998
  3,153
Depreciation, amort., depletion, $m
  169
  186
  204
  223
  242
  262
  283
  305
  328
  351
  376
  401
  428
  455
  484
  514
  545
  578
  611
  647
  683
  722
  762
  804
  848
  893
  941
  992
  1,044
  1,099
  1,157
Funds from operations, $m
  -2,045
  731
  797
  865
  937
  1,011
  1,089
  1,169
  1,253
  1,339
  1,430
  1,523
  1,621
  1,723
  1,828
  1,938
  2,053
  2,172
  2,297
  2,427
  2,562
  2,704
  2,852
  3,007
  3,169
  3,338
  3,515
  3,700
  3,894
  4,097
  4,310
Change in working capital, $m
  -1,577
  210
  220
  229
  239
  248
  258
  269
  279
  290
  301
  313
  326
  339
  353
  367
  382
  399
  416
  433
  452
  472
  493
  516
  539
  564
  590
  617
  646
  676
  708
Cash from operations, $m
  -468
  521
  577
  636
  698
  763
  830
  900
  973
  1,049
  1,128
  1,210
  1,295
  1,384
  1,475
  1,571
  1,670
  1,774
  1,881
  1,993
  2,110
  2,232
  2,359
  2,491
  2,630
  2,774
  2,925
  3,083
  3,248
  3,421
  3,602
Maintenance CAPEX, $m
  0
  -170
  -186
  -204
  -223
  -242
  -262
  -283
  -305
  -328
  -351
  -376
  -401
  -428
  -455
  -484
  -514
  -545
  -578
  -611
  -647
  -683
  -722
  -762
  -804
  -848
  -893
  -941
  -992
  -1,044
  -1,099
New CAPEX, $m
  -418
  -229
  -246
  -257
  -268
  -279
  -290
  -301
  -313
  -326
  -338
  -352
  -366
  -380
  -396
  -412
  -429
  -447
  -466
  -486
  -508
  -530
  -554
  -578
  -605
  -632
  -662
  -692
  -725
  -759
  -795
Cash from investing activities, $m
  -466
  -399
  -432
  -461
  -491
  -521
  -552
  -584
  -618
  -654
  -689
  -728
  -767
  -808
  -851
  -896
  -943
  -992
  -1,044
  -1,097
  -1,155
  -1,213
  -1,276
  -1,340
  -1,409
  -1,480
  -1,555
  -1,633
  -1,717
  -1,803
  -1,894
Free cash flow, $m
  -934
  123
  144
  175
  208
  242
  278
  316
  355
  396
  438
  482
  528
  575
  624
  675
  727
  781
  837
  896
  956
  1,018
  1,083
  1,151
  1,221
  1,294
  1,370
  1,449
  1,532
  1,618
  1,708
Issuance/(repayment) of debt, $m
  1,443
  1,341
  1,388
  1,448
  1,509
  1,571
  1,633
  1,698
  1,765
  1,834
  1,906
  1,981
  2,060
  2,142
  2,229
  2,321
  2,417
  2,519
  2,627
  2,740
  2,859
  2,985
  3,118
  3,259
  3,407
  3,562
  3,727
  3,900
  4,082
  4,275
  4,477
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
  1,341
  1,388
  1,448
  1,509
  1,571
  1,633
  1,698
  1,765
  1,834
  1,906
  1,981
  2,060
  2,142
  2,229
  2,321
  2,417
  2,519
  2,627
  2,740
  2,859
  2,985
  3,118
  3,259
  3,407
  3,562
  3,727
  3,900
  4,082
  4,275
  4,477
Total cash flow (excl. dividends), $m
  1
  1,463
  1,532
  1,623
  1,717
  1,813
  1,911
  2,014
  2,120
  2,230
  2,344
  2,463
  2,588
  2,718
  2,854
  2,996
  3,145
  3,300
  3,464
  3,635
  3,815
  4,004
  4,202
  4,410
  4,628
  4,857
  5,097
  5,349
  5,614
  5,893
  6,185
Retained Cash Flow (-), $m
  -204
  -308
  -328
  -342
  -356
  -371
  -386
  -401
  -417
  -433
  -450
  -468
  -486
  -506
  -526
  -548
  -571
  -595
  -620
  -647
  -675
  -705
  -736
  -769
  -804
  -841
  -880
  -921
  -964
  -1,009
  -1,057
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
 
  1,156
  1,205
  1,281
  1,360
  1,442
  1,526
  1,613
  1,703
  1,797
  1,894
  1,996
  2,101
  2,212
  2,327
  2,448
  2,574
  2,706
  2,844
  2,988
  3,140
  3,299
  3,466
  3,640
  3,823
  4,016
  4,217
  4,429
  4,651
  4,884
  5,128
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
 
  1,031
  948
  880
  805
  726
  645
  563
  484
  409
  339
  276
  220
  172
  131
  98
  71
  50
  35
  23
  15
  10
  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 22.3
Price to Sales 0.9
Price to Book 4.5
Price to Tangible Book
Price to Cash Flow -29.8
Price to Free Cash Flow -15.8
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 10.1% 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 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 185.122 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 $13.9 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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