Intrinsic value of CarMax - KMX

Previous Close

$64.82

  Intrinsic Value

$40.99

stock screener

  Rating & Target

sell

-37%

  Value-price divergence*

-74%

Previous close

$64.82

 
Intrinsic value

$40.99

 
Up/down potential

-37%

 
Rating

sell

 
Value-price divergence*

-74%

*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 11.8

 

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
  9.30
  8.87
  8.48
  8.13
  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
  5.25
  5.23
  5.20
Revenue, $m
  15,875
  17,351
  18,890
  20,493
  22,160
  23,893
  25,694
  27,566
  29,512
  31,533
  33,635
  35,822
  38,096
  40,463
  42,929
  45,498
  48,175
  50,968
  53,882
  56,924
  60,101
  63,420
  66,889
  70,517
  74,311
  78,282
  82,438
  86,788
  91,345
  96,118
  101,118
Variable operating expenses, $m
 
  16,189
  17,625
  19,120
  20,675
  22,292
  23,973
  25,719
  27,534
  29,421
  31,382
  33,421
  35,544
  37,752
  40,053
  42,449
  44,948
  47,553
  50,272
  53,110
  56,074
  59,171
  62,408
  65,792
  69,333
  73,037
  76,914
  80,974
  85,225
  89,678
  94,343
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
  16,189
  17,625
  19,120
  20,675
  22,292
  23,973
  25,719
  27,534
  29,421
  31,382
  33,421
  35,544
  37,752
  40,053
  42,449
  44,948
  47,553
  50,272
  53,110
  56,074
  59,171
  62,408
  65,792
  69,333
  73,037
  76,914
  80,974
  85,225
  89,678
  94,343
Operating income, $m
  1,006
  1,163
  1,266
  1,373
  1,485
  1,601
  1,722
  1,847
  1,977
  2,113
  2,254
  2,400
  2,552
  2,711
  2,876
  3,048
  3,228
  3,415
  3,610
  3,814
  4,027
  4,249
  4,482
  4,725
  4,979
  5,245
  5,523
  5,815
  6,120
  6,440
  6,775
EBITDA, $m
  1,175
  1,347
  1,467
  1,591
  1,721
  1,855
  1,995
  2,141
  2,292
  2,449
  2,612
  2,782
  2,958
  3,142
  3,334
  3,533
  3,741
  3,958
  4,184
  4,420
  4,667
  4,925
  5,194
  5,476
  5,770
  6,079
  6,401
  6,739
  7,093
  7,464
  7,852
Interest expense (income), $m
  55
  425
  468
  512
  559
  607
  657
  710
  764
  820
  879
  940
  1,003
  1,069
  1,138
  1,209
  1,284
  1,361
  1,442
  1,527
  1,615
  1,707
  1,803
  1,904
  2,009
  2,119
  2,234
  2,354
  2,480
  2,612
  2,751
Earnings before tax, $m
  1,006
  738
  798
  861
  926
  994
  1,064
  1,137
  1,213
  1,292
  1,375
  1,460
  1,549
  1,642
  1,739
  1,839
  1,944
  2,054
  2,168
  2,287
  2,412
  2,542
  2,679
  2,821
  2,970
  3,126
  3,290
  3,461
  3,640
  3,828
  4,024
Tax expense, $m
  379
  199
  215
  232
  250
  268
  287
  307
  328
  349
  371
  394
  418
  443
  469
  497
  525
  554
  585
  618
  651
  686
  723
  762
  802
  844
  888
  934
  983
  1,033
  1,087
Net income, $m
  627
  539
  582
  628
  676
  725
  777
  830
  886
  943
  1,004
  1,066
  1,131
  1,199
  1,269
  1,343
  1,419
  1,499
  1,583
  1,670
  1,761
  1,856
  1,955
  2,059
  2,168
  2,282
  2,401
  2,526
  2,657
  2,794
  2,938

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
  17,760
  19,335
  20,975
  22,682
  24,456
  26,299
  28,215
  30,206
  32,276
  34,427
  36,665
  38,993
  41,416
  43,939
  46,569
  49,309
  52,168
  55,150
  58,264
  61,515
  64,913
  68,464
  72,177
  76,061
  80,125
  84,378
  88,832
  93,495
  98,380
  103,499
Adjusted assets (=assets-cash), $m
  16,241
  17,760
  19,335
  20,975
  22,682
  24,456
  26,299
  28,215
  30,206
  32,276
  34,427
  36,665
  38,993
  41,416
  43,939
  46,569
  49,309
  52,168
  55,150
  58,264
  61,515
  64,913
  68,464
  72,177
  76,061
  80,125
  84,378
  88,832
  93,495
  98,380
  103,499
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
  2,551
  2,777
  3,012
  3,258
  3,512
  3,777
  4,052
  4,338
  4,635
  4,944
  5,266
  5,600
  5,948
  6,311
  6,688
  7,082
  7,492
  7,921
  8,368
  8,835
  9,323
  9,833
  10,366
  10,924
  11,507
  12,118
  12,758
  13,428
  14,129
  14,864
Working capital, $m
  1,768
  2,273
  2,475
  2,685
  2,903
  3,130
  3,366
  3,611
  3,866
  4,131
  4,406
  4,693
  4,991
  5,301
  5,624
  5,960
  6,311
  6,677
  7,059
  7,457
  7,873
  8,308
  8,762
  9,238
  9,735
  10,255
  10,799
  11,369
  11,966
  12,591
  13,246
Total debt, $m
  12,170
  13,368
  14,642
  15,969
  17,349
  18,785
  20,276
  21,826
  23,437
  25,111
  26,852
  28,662
  30,545
  32,506
  34,547
  36,674
  38,891
  41,204
  43,617
  46,135
  48,766
  51,514
  54,387
  57,391
  60,533
  63,821
  67,262
  70,865
  74,638
  78,590
  82,731
Total liabilities, $m
  13,171
  14,368
  15,642
  16,969
  18,349
  19,785
  21,276
  22,826
  24,437
  26,111
  27,852
  29,662
  31,545
  33,506
  35,547
  37,674
  39,891
  42,204
  44,617
  47,135
  49,766
  52,514
  55,387
  58,391
  61,533
  64,821
  68,262
  71,865
  75,638
  79,590
  83,731
Total equity, $m
  3,109
  3,392
  3,693
  4,006
  4,332
  4,671
  5,023
  5,389
  5,769
  6,165
  6,576
  7,003
  7,448
  7,910
  8,392
  8,895
  9,418
  9,964
  10,534
  11,128
  11,749
  12,398
  13,077
  13,786
  14,528
  15,304
  16,116
  16,967
  17,858
  18,791
  19,768
Total liabilities and equity, $m
  16,280
  17,760
  19,335
  20,975
  22,681
  24,456
  26,299
  28,215
  30,206
  32,276
  34,428
  36,665
  38,993
  41,416
  43,939
  46,569
  49,309
  52,168
  55,151
  58,263
  61,515
  64,912
  68,464
  72,177
  76,061
  80,125
  84,378
  88,832
  93,496
  98,381
  103,499
Debt-to-equity ratio
  3.914
  3.940
  3.960
  3.990
  4.000
  4.020
  4.040
  4.050
  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
  4.150
  4.160
  4.160
  4.170
  4.170
  4.170
  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
  539
  582
  628
  676
  725
  777
  830
  886
  943
  1,004
  1,066
  1,131
  1,199
  1,269
  1,343
  1,419
  1,499
  1,583
  1,670
  1,761
  1,856
  1,955
  2,059
  2,168
  2,282
  2,401
  2,526
  2,657
  2,794
  2,938
Depreciation, amort., depletion, $m
  169
  185
  201
  218
  236
  255
  274
  294
  314
  336
  358
  382
  406
  431
  457
  485
  513
  543
  574
  606
  640
  676
  713
  751
  792
  834
  878
  924
  973
  1,024
  1,077
Funds from operations, $m
  -2,045
  724
  784
  846
  912
  980
  1,050
  1,124
  1,200
  1,279
  1,362
  1,448
  1,537
  1,630
  1,726
  1,827
  1,932
  2,042
  2,157
  2,276
  2,401
  2,531
  2,668
  2,811
  2,960
  3,116
  3,280
  3,451
  3,630
  3,818
  4,015
Change in working capital, $m
  -1,577
  193
  202
  210
  218
  227
  236
  245
  255
  265
  275
  286
  298
  310
  323
  337
  351
  366
  382
  398
  416
  435
  454
  475
  497
  520
  544
  570
  597
  625
  655
Cash from operations, $m
  -468
  530
  582
  637
  694
  753
  814
  879
  945
  1,015
  1,086
  1,161
  1,239
  1,320
  1,403
  1,491
  1,582
  1,676
  1,775
  1,878
  1,985
  2,097
  2,213
  2,335
  2,463
  2,596
  2,735
  2,881
  3,033
  3,193
  3,360
Maintenance CAPEX, $m
  0
  -170
  -185
  -201
  -218
  -236
  -255
  -274
  -294
  -314
  -336
  -358
  -382
  -406
  -431
  -457
  -485
  -513
  -543
  -574
  -606
  -640
  -676
  -713
  -751
  -792
  -834
  -878
  -924
  -973
  -1,024
New CAPEX, $m
  -418
  -210
  -226
  -236
  -245
  -255
  -265
  -275
  -286
  -297
  -309
  -321
  -334
  -348
  -362
  -378
  -394
  -411
  -428
  -447
  -467
  -488
  -510
  -533
  -558
  -584
  -611
  -640
  -670
  -702
  -735
Cash from investing activities, $m
  -466
  -380
  -411
  -437
  -463
  -491
  -520
  -549
  -580
  -611
  -645
  -679
  -716
  -754
  -793
  -835
  -879
  -924
  -971
  -1,021
  -1,073
  -1,128
  -1,186
  -1,246
  -1,309
  -1,376
  -1,445
  -1,518
  -1,594
  -1,675
  -1,759
Free cash flow, $m
  -934
  150
  171
  200
  230
  262
  295
  330
  366
  403
  442
  482
  523
  566
  610
  656
  703
  753
  804
  857
  911
  969
  1,028
  1,090
  1,154
  1,221
  1,290
  1,363
  1,439
  1,518
  1,601
Issuance/(repayment) of debt, $m
  1,443
  1,236
  1,274
  1,327
  1,380
  1,435
  1,492
  1,550
  1,611
  1,674
  1,741
  1,810
  1,883
  1,960
  2,041
  2,127
  2,217
  2,312
  2,413
  2,519
  2,631
  2,748
  2,873
  3,004
  3,142
  3,288
  3,441
  3,603
  3,773
  3,952
  4,141
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
  1,236
  1,274
  1,327
  1,380
  1,435
  1,492
  1,550
  1,611
  1,674
  1,741
  1,810
  1,883
  1,960
  2,041
  2,127
  2,217
  2,312
  2,413
  2,519
  2,631
  2,748
  2,873
  3,004
  3,142
  3,288
  3,441
  3,603
  3,773
  3,952
  4,141
Total cash flow (excl. dividends), $m
  1
  1,386
  1,445
  1,527
  1,611
  1,697
  1,787
  1,880
  1,976
  2,077
  2,182
  2,292
  2,406
  2,526
  2,651
  2,783
  2,921
  3,065
  3,216
  3,375
  3,542
  3,717
  3,901
  4,093
  4,296
  4,508
  4,732
  4,966
  5,212
  5,470
  5,742
Retained Cash Flow (-), $m
  -204
  -283
  -301
  -313
  -326
  -339
  -352
  -366
  -380
  -395
  -411
  -427
  -445
  -463
  -482
  -502
  -523
  -546
  -570
  -595
  -621
  -649
  -678
  -709
  -742
  -776
  -812
  -851
  -891
  -933
  -978
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
 
  1,103
  1,144
  1,213
  1,285
  1,358
  1,435
  1,514
  1,596
  1,682
  1,771
  1,864
  1,962
  2,063
  2,170
  2,281
  2,397
  2,519
  2,647
  2,781
  2,921
  3,068
  3,222
  3,384
  3,554
  3,732
  3,919
  4,115
  4,321
  4,537
  4,764
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
 
  984
  901
  833
  760
  684
  606
  529
  454
  383
  317
  258
  205
  160
  122
  91
  66
  47
  32
  22
  14
  9
  5
  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., 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 19.3
Price to Sales 0.8
Price to Book 3.9
Price to Tangible Book
Price to Cash Flow -25.8
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 9.3% 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 182.725 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 $11.8 billion.

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LAD Lithia Motors 103.02 56.61  sell
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COMPANY NEWS

▶ 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]
▶ 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]
Stock chart of KMX 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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