Intrinsic value of Lithia Motors Cl A - LAD

Previous Close

$98.37

  Intrinsic Value

$56.61

stock screener

  Rating & Target

sell

-42%

  Value-price divergence*

-53%

Previous close

$98.37

 
Intrinsic value

$56.61

 
Up/down potential

-42%

 
Rating

sell

 
Value-price divergence*

-53%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of LAD 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 2016), $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 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.35
  12.80
  12.02
  11.32
  10.69
  10.12
  9.61
  9.15
  8.73
  8.36
  8.02
  7.72
  7.45
  7.20
  6.98
  6.78
  6.61
  6.45
  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
Revenue, $m
  8,678
  9,789
  10,965
  12,206
  13,511
  14,878
  16,307
  17,798
  19,352
  20,970
  22,652
  24,400
  26,218
  28,106
  30,069
  32,109
  34,230
  36,436
  38,732
  41,122
  43,611
  46,205
  48,910
  51,731
  54,675
  57,749
  60,960
  64,315
  67,823
  71,491
  75,328
Variable operating expenses, $m
 
  9,355
  10,476
  11,659
  12,902
  14,205
  15,567
  16,988
  18,469
  20,010
  21,613
  23,254
  24,986
  26,786
  28,656
  30,600
  32,621
  34,724
  36,912
  39,190
  41,562
  44,034
  46,612
  49,300
  52,106
  55,036
  58,096
  61,293
  64,636
  68,132
  71,789
Fixed operating expenses, $m
 
  48
  49
  51
  52
  53
  55
  56
  57
  59
  60
  62
  63
  65
  66
  68
  70
  72
  73
  75
  77
  79
  81
  83
  85
  87
  89
  92
  94
  96
  99
Total operating expenses, $m
  8,340
  9,403
  10,525
  11,710
  12,954
  14,258
  15,622
  17,044
  18,526
  20,069
  21,673
  23,316
  25,049
  26,851
  28,722
  30,668
  32,691
  34,796
  36,985
  39,265
  41,639
  44,113
  46,693
  49,383
  52,191
  55,123
  58,185
  61,385
  64,730
  68,228
  71,888
Operating income, $m
  338
  386
  440
  497
  557
  620
  686
  754
  826
  901
  978
  1,085
  1,169
  1,256
  1,346
  1,441
  1,538
  1,640
  1,746
  1,857
  1,972
  2,092
  2,217
  2,348
  2,484
  2,626
  2,775
  2,930
  3,093
  3,263
  3,441
EBITDA, $m
  387
  457
  517
  580
  646
  715
  788
  863
  942
  1,024
  1,110
  1,198
  1,291
  1,387
  1,486
  1,590
  1,698
  1,810
  1,927
  2,048
  2,175
  2,307
  2,445
  2,588
  2,738
  2,895
  3,059
  3,230
  3,408
  3,596
  3,791
Interest expense (income), $m
  50
  82
  95
  109
  123
  138
  154
  171
  188
  206
  225
  245
  265
  286
  308
  331
  355
  379
  405
  432
  459
  488
  518
  550
  583
  617
  653
  690
  729
  770
  813
Earnings before tax, $m
  284
  304
  345
  388
  434
  482
  532
  584
  638
  695
  753
  840
  904
  970
  1,038
  1,110
  1,184
  1,261
  1,342
  1,425
  1,513
  1,604
  1,699
  1,798
  1,901
  2,009
  2,122
  2,240
  2,364
  2,493
  2,628
Tax expense, $m
  87
  82
  93
  105
  117
  130
  144
  158
  172
  188
  203
  227
  244
  262
  280
  300
  320
  341
  362
  385
  408
  433
  459
  485
  513
  542
  573
  605
  638
  673
  710
Net income, $m
  197
  222
  252
  284
  317
  352
  388
  426
  466
  507
  550
  613
  660
  708
  758
  810
  864
  921
  979
  1,041
  1,104
  1,171
  1,240
  1,312
  1,388
  1,467
  1,549
  1,635
  1,725
  1,820
  1,919

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  50
  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
  3,844
  4,280
  4,795
  5,337
  5,908
  6,505
  7,130
  7,782
  8,462
  9,169
  9,905
  10,669
  11,464
  12,290
  13,148
  14,040
  14,967
  15,932
  16,936
  17,981
  19,069
  20,203
  21,386
  22,620
  23,907
  25,251
  26,655
  28,122
  29,656
  31,260
  32,937
Adjusted assets (=assets-cash), $m
  3,794
  4,280
  4,795
  5,337
  5,908
  6,505
  7,130
  7,782
  8,462
  9,169
  9,905
  10,669
  11,464
  12,290
  13,148
  14,040
  14,967
  15,932
  16,936
  17,981
  19,069
  20,203
  21,386
  22,620
  23,907
  25,251
  26,655
  28,122
  29,656
  31,260
  32,937
Revenue / Adjusted assets
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
  2.287
Average production assets, $m
  1,113
  1,253
  1,404
  1,562
  1,729
  1,904
  2,087
  2,278
  2,477
  2,684
  2,899
  3,123
  3,356
  3,598
  3,849
  4,110
  4,381
  4,664
  4,958
  5,264
  5,582
  5,914
  6,260
  6,622
  6,998
  7,392
  7,803
  8,232
  8,681
  9,151
  9,642
Working capital, $m
  365
  2,183
  2,445
  2,722
  3,013
  3,318
  3,636
  3,969
  4,316
  4,676
  5,051
  5,441
  5,847
  6,268
  6,705
  7,160
  7,633
  8,125
  8,637
  9,170
  9,725
  10,304
  10,907
  11,536
  12,193
  12,878
  13,594
  14,342
  15,124
  15,942
  16,798
Total debt, $m
  2,392
  2,712
  3,103
  3,515
  3,949
  4,403
  4,878
  5,374
  5,890
  6,427
  6,986
  7,568
  8,171
  8,799
  9,451
  10,129
  10,834
  11,567
  12,330
  13,124
  13,952
  14,814
  15,712
  16,650
  17,628
  18,650
  19,717
  20,832
  21,997
  23,216
  24,491
Total liabilities, $m
  2,933
  3,253
  3,644
  4,056
  4,490
  4,944
  5,419
  5,915
  6,431
  6,968
  7,527
  8,109
  8,712
  9,340
  9,992
  10,670
  11,375
  12,108
  12,871
  13,665
  14,493
  15,355
  16,253
  17,191
  18,169
  19,191
  20,258
  21,373
  22,538
  23,757
  25,032
Total equity, $m
  911
  1,027
  1,151
  1,281
  1,418
  1,561
  1,711
  1,868
  2,031
  2,201
  2,377
  2,561
  2,751
  2,949
  3,155
  3,370
  3,592
  3,824
  4,065
  4,315
  4,577
  4,849
  5,133
  5,429
  5,738
  6,060
  6,397
  6,749
  7,117
  7,502
  7,905
Total liabilities and equity, $m
  3,844
  4,280
  4,795
  5,337
  5,908
  6,505
  7,130
  7,783
  8,462
  9,169
  9,904
  10,670
  11,463
  12,289
  13,147
  14,040
  14,967
  15,932
  16,936
  17,980
  19,070
  20,204
  21,386
  22,620
  23,907
  25,251
  26,655
  28,122
  29,655
  31,259
  32,937
Debt-to-equity ratio
  2.626
  2.640
  2.700
  2.740
  2.790
  2.820
  2.850
  2.880
  2.900
  2.920
  2.940
  2.960
  2.970
  2.980
  3.000
  3.010
  3.020
  3.030
  3.030
  3.040
  3.050
  3.060
  3.060
  3.070
  3.070
  3.080
  3.080
  3.090
  3.090
  3.090
  3.100
Adjusted equity ratio
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240
  0.240

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  197
  222
  252
  284
  317
  352
  388
  426
  466
  507
  550
  613
  660
  708
  758
  810
  864
  921
  979
  1,041
  1,104
  1,171
  1,240
  1,312
  1,388
  1,467
  1,549
  1,635
  1,725
  1,820
  1,919
Depreciation, amort., depletion, $m
  49
  71
  77
  83
  89
  95
  102
  109
  116
  124
  131
  114
  122
  131
  140
  149
  159
  170
  180
  191
  203
  215
  228
  241
  254
  269
  284
  299
  316
  333
  351
Funds from operations, $m
  -98
  293
  329
  366
  406
  447
  490
  535
  582
  630
  681
  727
  782
  839
  898
  960
  1,024
  1,090
  1,160
  1,232
  1,307
  1,386
  1,468
  1,553
  1,642
  1,736
  1,833
  1,935
  2,041
  2,153
  2,269
Change in working capital, $m
  -185
  248
  262
  277
  291
  305
  319
  333
  347
  361
  375
  390
  405
  421
  438
  455
  473
  492
  512
  533
  555
  578
  603
  629
  657
  685
  716
  748
  782
  818
  856
Cash from operations, $m
  87
  46
  66
  89
  115
  142
  171
  202
  235
  270
  306
  337
  377
  418
  460
  505
  551
  598
  648
  699
  752
  807
  865
  924
  986
  1,050
  1,117
  1,186
  1,259
  1,335
  1,413
Maintenance CAPEX, $m
  0
  -40
  -46
  -51
  -57
  -63
  -69
  -76
  -83
  -90
  -98
  -105
  -114
  -122
  -131
  -140
  -149
  -159
  -170
  -180
  -191
  -203
  -215
  -228
  -241
  -254
  -269
  -284
  -299
  -316
  -333
New CAPEX, $m
  -101
  -140
  -151
  -159
  -167
  -175
  -183
  -191
  -199
  -207
  -215
  -224
  -233
  -242
  -251
  -261
  -271
  -282
  -294
  -306
  -319
  -332
  -346
  -361
  -377
  -393
  -411
  -429
  -449
  -470
  -491
Cash from investing activities, $m
  -352
  -180
  -197
  -210
  -224
  -238
  -252
  -267
  -282
  -297
  -313
  -329
  -347
  -364
  -382
  -401
  -420
  -441
  -464
  -486
  -510
  -535
  -561
  -589
  -618
  -647
  -680
  -713
  -748
  -786
  -824
Free cash flow, $m
  -265
  -135
  -130
  -120
  -109
  -96
  -81
  -64
  -47
  -27
  -7
  8
  30
  54
  78
  104
  130
  157
  184
  213
  242
  272
  303
  335
  368
  402
  437
  473
  511
  549
  590
Issuance/(repayment) of debt, $m
  396
  370
  391
  412
  433
  454
  475
  496
  516
  537
  559
  581
  604
  628
  652
  678
  705
  733
  763
  794
  827
  862
  899
  938
  978
  1,022
  1,067
  1,115
  1,166
  1,219
  1,275
Issuance/(repurchase) of shares, $m
  -106
  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  
  294
  370
  391
  412
  433
  454
  475
  496
  516
  537
  559
  581
  604
  628
  652
  678
  705
  733
  763
  794
  827
  862
  899
  938
  978
  1,022
  1,067
  1,115
  1,166
  1,219
  1,275
Total cash flow (excl. dividends), $m
  29
  235
  261
  292
  324
  358
  394
  431
  470
  510
  552
  589
  634
  681
  730
  781
  835
  890
  947
  1,007
  1,069
  1,134
  1,202
  1,273
  1,347
  1,424
  1,504
  1,588
  1,676
  1,768
  1,865
Retained Cash Flow (-), $m
  -83
  -116
  -123
  -130
  -137
  -143
  -150
  -156
  -163
  -170
  -177
  -184
  -191
  -198
  -206
  -214
  -223
  -232
  -241
  -251
  -261
  -272
  -284
  -296
  -309
  -323
  -337
  -352
  -368
  -385
  -403
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
 
  118
  138
  162
  188
  215
  244
  275
  307
  340
  376
  405
  444
  483
  525
  567
  612
  658
  706
  756
  808
  862
  918
  977
  1,038
  1,101
  1,167
  1,236
  1,308
  1,383
  1,462
Discount rate, %
 
  10.80
  11.34
  11.91
  12.50
  13.13
  13.78
  14.47
  15.20
  15.96
  16.75
  17.59
  18.47
  19.40
  20.37
  21.38
  22.45
  23.58
  24.75
  25.99
  27.29
  28.66
  30.09
  31.59
  33.17
  34.83
  36.57
  38.40
  40.32
  42.34
  44.45
PV of cash for distribution, $m
 
  107
  111
  115
  117
  116
  112
  107
  99
  90
  80
  68
  58
  48
  39
  31
  24
  18
  13
  9
  6
  4
  3
  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

Lithia Motors, Inc. operates as an automotive franchises and a retailer of new and used vehicles in the United States. The company operates through three segments: Domestic, Import, and Luxury. It sells new and used cars, replacement parts, service contracts, vehicle protection products, and credit insurance products; provides vehicle maintenance, warranty, paint, and repair services; and arranges related financing. As of September 1, 2016, the company offered 31 brands of new vehicles and various brands of used vehicles in 141 stores in the United States; and online through Lithia.com and DCHauto.com. Lithia Motors, Inc. was founded in 1946 and is headquartered in Medford, Oregon.

FINANCIAL RATIOS  of  Lithia Motors Cl A (LAD)

Valuation Ratios
P/E Ratio 12.6
Price to Sales 0.3
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 28.4
Price to Free Cash Flow -176.6
Growth Rates
Sales Growth Rate 10.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.7%
Cap. Spend. - 3 Yr. Gr. Rate 15.1%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 84.4%
Total Debt to Equity 262.6%
Interest Coverage 7
Management Effectiveness
Return On Assets 6.6%
Ret/ On Assets - 3 Yr. Avg. 6.7%
Return On Total Capital 6.5%
Ret/ On T. Cap. - 3 Yr. Avg. 6.8%
Return On Equity 22.7%
Return On Equity - 3 Yr. Avg. 23.4%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 15%
Gross Margin - 3 Yr. Avg. 15.1%
EBITDA Margin 4.4%
EBITDA Margin - 3 Yr. Avg. 4.6%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 4%
Pre-Tax Margin 3.3%
Pre-Tax Margin - 3 Yr. Avg. 3.5%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 2.4%
Effective Tax Rate 30.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.2%
Payout Ratio 12.2%

LAD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LAD stock intrinsic value calculation we used $8678 million for the last fiscal year's total revenue generated by Lithia Motors Cl A. The default revenue input number comes from 2016 income statement of Lithia Motors Cl A. 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 LAD stock valuation model: a) initial revenue growth rate of 12.8% 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 10.8%, whose default value for LAD is calculated based on our internal credit rating of Lithia Motors Cl A, 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 Lithia Motors Cl A.
    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 LAD stock the variable cost ratio is equal to 95.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $47 million in the base year in the intrinsic value calculation for LAD 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 Lithia Motors Cl A.

Corporate tax rate of 27% is the nominal tax rate for Lithia Motors Cl A. 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 LAD 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 LAD are equal to 12.8%.

Life of production assets of 27.5 years is the average useful life of capital assets used in Lithia Motors Cl A 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 LAD is equal to 22.3%. 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 - $911 million for Lithia Motors Cl A - 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 24.395 million for Lithia Motors Cl A 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 Lithia Motors Cl A at the current share price and the inputted number of shares is $2.4 billion.

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RUSHA Rush Enterpris 37.68 4.84  str.sell

COMPANY NEWS

▶ ETFs with exposure to Lithia Motors, Inc. : July 24, 2017   [Jul-24-17 04:56PM  Capital Cube]
▶ The Best Stock in Oregon: Lithia Motors   [Jul-21-17 11:50PM  Kiplinger]
▶ Lithia Motors Shows Rising Relative Strength; Still Shy Of Key Threshold   [Jul-18-17 03:00AM  Investor's Business Daily]
▶ Lithia Announces Pricing of Senior Notes Offering   [Jul-17-17 04:47PM  Business Wire]
▶ ETFs with exposure to Lithia Motors, Inc. : July 14, 2017   [Jul-14-17 03:17PM  Capital Cube]
▶ Retail, oil and autos embolden broader rally   [Jul-13-17 07:04PM  CNBC Videos]
▶ Auto Dealers Are Wednesday Winners: CarMax, GM Flirt With Buys   [04:09PM  Investor's Business Daily]
▶ This 'Tsunami' Is Set To Hit Auto Sales, Slamming Sector   [Jun-16-17 04:23PM  Investor's Business Daily]
▶ ETFs with exposure to Lithia Motors, Inc. : May 3, 2017   [May-03-17 04:03PM  Capital Cube]
▶ Oregon auto dealer acquires Baierl Auto Group   [May-01-17 09:26PM  American City Business Journals]
▶ Top Ranked Value Stocks to Buy for April 25th   [Apr-25-17 10:16AM  Zacks]
▶ Why CalAmp, Lithia Motors, and Lam Research Jumped Today   [Apr-19-17 04:33PM  Motley Fool]
▶ Story Stocks from Briefing.com   [12:37PM  Briefing.com]
▶ Lithia Motors beats 1Q profit forecasts   [07:09AM  Associated Press]
▶ 5 Stocks with Great Earnings Charts   [Apr-18-17 01:55PM  Zacks]
▶ Lithia Schedules Release of First Quarter 2017 Results   [Apr-12-17 07:13PM  Business Wire]
▶ The Final Four of stocks   [Mar-31-17 04:25PM  CNBC Videos]
▶ Sale of Terminal 1 property to Lithia moves forward   [Mar-09-17 07:40PM  at bizjournals.com]
▶ Sale of Terminal 1 property to Lithia moves forward   [07:40PM  American City Business Journals]
▶ Heres how much Lithia Motors paid for Honolulu Fords property   [Jan-04-17 08:20PM  at bizjournals.com]
▶ Hedge Funds Are Selling Lithia Motors Inc (LAD)   [Dec-02-16 04:15AM  at Insider Monkey]
▶ [$$] Ready to Step on the Gas   [Nov-19-16 12:01AM  at Barrons.com]
Stock chart of LAD Financial statements of LAD Annual reports of LAD
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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