Intrinsic value of Lithia Motors Cl A - LAD

Previous Close

$96.21

  Intrinsic Value

$69.60

stock screener

  Rating & Target

sell

-28%

Previous close

$96.21

 
Intrinsic value

$69.60

 
Up/down potential

-28%

 
Rating

sell

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  16.20
  15.08
  14.07
  13.16
  12.35
  11.61
  10.95
  10.36
  9.82
  9.34
  8.91
  8.51
  8.16
  7.85
  7.56
  7.31
  7.08
  6.87
  6.68
  6.51
  6.36
  6.23
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.59
  5.53
Revenue, $m
  8,678
  11,721
  13,489
  15,387
  17,412
  19,563
  21,834
  24,226
  26,735
  29,360
  32,102
  34,961
  37,938
  41,035
  44,255
  47,602
  51,080
  54,694
  58,450
  62,355
  66,416
  70,641
  75,039
  79,619
  84,390
  89,363
  94,550
  99,962
  105,611
  111,510
  117,674
Variable operating expenses, $m
 
  11,128
  12,799
  14,594
  16,510
  18,543
  20,691
  22,952
  25,325
  27,808
  30,401
  33,060
  35,875
  38,803
  41,848
  45,013
  48,301
  51,719
  55,271
  58,963
  62,804
  66,799
  70,957
  75,288
  79,800
  84,503
  89,407
  94,525
  99,866
  105,445
  111,274
Fixed operating expenses, $m
 
  102
  104
  107
  109
  111
  114
  116
  119
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  155
  158
  161
  165
  169
  172
  176
  180
  184
  188
  192
Total operating expenses, $m
  8,340
  11,230
  12,903
  14,701
  16,619
  18,654
  20,805
  23,068
  25,444
  27,930
  30,525
  33,187
  36,005
  38,936
  41,984
  45,152
  48,443
  51,864
  55,419
  59,114
  62,959
  66,957
  71,118
  75,453
  79,969
  84,675
  89,583
  94,705
  100,050
  105,633
  111,466
Operating income, $m
  338
  491
  585
  686
  794
  908
  1,029
  1,157
  1,291
  1,431
  1,578
  1,775
  1,934
  2,099
  2,271
  2,451
  2,637
  2,830
  3,031
  3,240
  3,458
  3,684
  3,920
  4,166
  4,422
  4,688
  4,967
  5,257
  5,560
  5,877
  6,208
EBITDA, $m
  387
  715
  836
  966
  1,104
  1,252
  1,408
  1,572
  1,744
  1,925
  2,113
  2,309
  2,514
  2,727
  2,949
  3,179
  3,418
  3,667
  3,926
  4,194
  4,474
  4,765
  5,068
  5,384
  5,713
  6,056
  6,413
  6,787
  7,176
  7,583
  8,009
Interest expense (income), $m
  50
  160
  192
  226
  262
  301
  343
  387
  433
  481
  532
  585
  640
  697
  757
  819
  883
  951
  1,020
  1,093
  1,168
  1,246
  1,328
  1,412
  1,501
  1,593
  1,689
  1,789
  1,893
  2,002
  2,116
Earnings before tax, $m
  284
  331
  393
  460
  531
  607
  686
  770
  858
  950
  1,046
  1,190
  1,294
  1,402
  1,515
  1,632
  1,753
  1,880
  2,011
  2,148
  2,290
  2,438
  2,592
  2,753
  2,921
  3,096
  3,278
  3,469
  3,668
  3,875
  4,093
Tax expense, $m
  87
  89
  106
  124
  143
  164
  185
  208
  232
  256
  282
  321
  349
  379
  409
  441
  473
  507
  543
  580
  618
  658
  700
  743
  789
  836
  885
  937
  990
  1,046
  1,105
Net income, $m
  197
  242
  287
  336
  388
  443
  501
  562
  626
  693
  763
  869
  945
  1,024
  1,106
  1,191
  1,280
  1,372
  1,468
  1,568
  1,672
  1,780
  1,892
  2,010
  2,132
  2,260
  2,393
  2,532
  2,677
  2,829
  2,988

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
  5,442
  6,262
  7,143
  8,084
  9,082
  10,137
  11,247
  12,412
  13,631
  14,904
  16,231
  17,613
  19,051
  20,546
  22,099
  23,714
  25,392
  27,135
  28,948
  30,834
  32,795
  34,837
  36,963
  39,178
  41,487
  43,895
  46,407
  49,030
  51,769
  54,631
Adjusted assets (=assets-cash), $m
  3,794
  5,442
  6,262
  7,143
  8,084
  9,082
  10,137
  11,247
  12,412
  13,631
  14,904
  16,231
  17,613
  19,051
  20,546
  22,099
  23,714
  25,392
  27,135
  28,948
  30,834
  32,795
  34,837
  36,963
  39,178
  41,487
  43,895
  46,407
  49,030
  51,769
  54,631
Revenue / Adjusted assets
  2.287
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
  2.154
Average production assets, $m
  1,113
  1,793
  2,064
  2,354
  2,664
  2,993
  3,341
  3,707
  4,090
  4,492
  4,912
  5,349
  5,805
  6,278
  6,771
  7,283
  7,815
  8,368
  8,943
  9,540
  10,162
  10,808
  11,481
  12,182
  12,912
  13,673
  14,466
  15,294
  16,158
  17,061
  18,004
Working capital, $m
  365
  2,344
  2,698
  3,077
  3,482
  3,913
  4,367
  4,845
  5,347
  5,872
  6,420
  6,992
  7,588
  8,207
  8,851
  9,520
  10,216
  10,939
  11,690
  12,471
  13,283
  14,128
  15,008
  15,924
  16,878
  17,873
  18,910
  19,992
  21,122
  22,302
  23,535
Total debt, $m
  2,392
  3,551
  4,182
  4,860
  5,583
  6,350
  7,161
  8,015
  8,911
  9,848
  10,827
  11,848
  12,911
  14,016
  15,166
  16,361
  17,602
  18,892
  20,234
  21,628
  23,078
  24,586
  26,156
  27,791
  29,494
  31,270
  33,122
  35,054
  37,070
  39,177
  41,377
Total liabilities, $m
  2,933
  4,185
  4,816
  5,493
  6,216
  6,984
  7,795
  8,649
  9,545
  10,482
  11,461
  12,482
  13,544
  14,650
  15,800
  16,994
  18,236
  19,526
  20,867
  22,261
  23,711
  25,220
  26,790
  28,425
  30,128
  31,904
  33,755
  35,687
  37,704
  39,810
  42,011
Total equity, $m
  911
  1,257
  1,447
  1,650
  1,867
  2,098
  2,342
  2,598
  2,867
  3,149
  3,443
  3,749
  4,069
  4,401
  4,746
  5,105
  5,478
  5,865
  6,268
  6,687
  7,123
  7,576
  8,047
  8,538
  9,050
  9,584
  10,140
  10,720
  11,326
  11,959
  12,620
Total liabilities and equity, $m
  3,844
  5,442
  6,263
  7,143
  8,083
  9,082
  10,137
  11,247
  12,412
  13,631
  14,904
  16,231
  17,613
  19,051
  20,546
  22,099
  23,714
  25,391
  27,135
  28,948
  30,834
  32,796
  34,837
  36,963
  39,178
  41,488
  43,895
  46,407
  49,030
  51,769
  54,631
Debt-to-equity ratio
  2.626
  2.820
  2.890
  2.940
  2.990
  3.030
  3.060
  3.090
  3.110
  3.130
  3.140
  3.160
  3.170
  3.190
  3.200
  3.200
  3.210
  3.220
  3.230
  3.230
  3.240
  3.250
  3.250
  3.250
  3.260
  3.260
  3.270
  3.270
  3.270
  3.280
  3.280
Adjusted equity ratio
  0.240
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231
  0.231

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  197
  242
  287
  336
  388
  443
  501
  562
  626
  693
  763
  869
  945
  1,024
  1,106
  1,191
  1,280
  1,372
  1,468
  1,568
  1,672
  1,780
  1,892
  2,010
  2,132
  2,260
  2,393
  2,532
  2,677
  2,829
  2,988
Depreciation, amort., depletion, $m
  49
  224
  251
  280
  311
  344
  378
  415
  453
  494
  535
  535
  580
  628
  677
  728
  782
  837
  894
  954
  1,016
  1,081
  1,148
  1,218
  1,291
  1,367
  1,447
  1,529
  1,616
  1,706
  1,800
Funds from operations, $m
  -98
  465
  538
  616
  699
  787
  879
  977
  1,080
  1,187
  1,299
  1,404
  1,525
  1,651
  1,783
  1,919
  2,061
  2,209
  2,362
  2,522
  2,688
  2,861
  3,041
  3,228
  3,423
  3,627
  3,840
  4,061
  4,293
  4,535
  4,788
Change in working capital, $m
  -185
  327
  354
  380
  405
  430
  454
  478
  502
  525
  548
  572
  595
  619
  644
  669
  696
  723
  751
  781
  812
  845
  880
  916
  954
  995
  1,037
  1,082
  1,130
  1,180
  1,233
Cash from operations, $m
  87
  138
  184
  236
  293
  357
  425
  499
  578
  662
  750
  832
  930
  1,032
  1,139
  1,250
  1,366
  1,486
  1,611
  1,741
  1,876
  2,016
  2,161
  2,312
  2,469
  2,632
  2,802
  2,979
  3,163
  3,355
  3,555
Maintenance CAPEX, $m
  0
  -154
  -179
  -206
  -235
  -266
  -299
  -334
  -371
  -409
  -449
  -491
  -535
  -580
  -628
  -677
  -728
  -782
  -837
  -894
  -954
  -1,016
  -1,081
  -1,148
  -1,218
  -1,291
  -1,367
  -1,447
  -1,529
  -1,616
  -1,706
New CAPEX, $m
  -101
  -254
  -270
  -290
  -310
  -329
  -348
  -366
  -384
  -402
  -420
  -437
  -455
  -474
  -493
  -512
  -532
  -553
  -575
  -597
  -621
  -646
  -673
  -701
  -730
  -761
  -794
  -828
  -864
  -903
  -943
Cash from investing activities, $m
  -352
  -408
  -449
  -496
  -545
  -595
  -647
  -700
  -755
  -811
  -869
  -928
  -990
  -1,054
  -1,121
  -1,189
  -1,260
  -1,335
  -1,412
  -1,491
  -1,575
  -1,662
  -1,754
  -1,849
  -1,948
  -2,052
  -2,161
  -2,275
  -2,393
  -2,519
  -2,649
Free cash flow, $m
  -265
  -270
  -266
  -261
  -252
  -239
  -222
  -201
  -177
  -149
  -118
  -97
  -61
  -22
  18
  61
  105
  152
  200
  249
  300
  353
  407
  463
  521
  580
  641
  705
  770
  837
  906
Issuance/(repayment) of debt, $m
  396
  584
  631
  678
  723
  768
  811
  854
  896
  937
  979
  1,021
  1,063
  1,106
  1,150
  1,195
  1,242
  1,290
  1,341
  1,394
  1,450
  1,508
  1,570
  1,635
  1,703
  1,776
  1,852
  1,932
  2,017
  2,106
  2,201
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
  584
  631
  678
  723
  768
  811
  854
  896
  937
  979
  1,021
  1,063
  1,106
  1,150
  1,195
  1,242
  1,290
  1,341
  1,394
  1,450
  1,508
  1,570
  1,635
  1,703
  1,776
  1,852
  1,932
  2,017
  2,106
  2,201
Total cash flow (excl. dividends), $m
  29
  315
  365
  417
  471
  529
  589
  653
  719
  788
  861
  924
  1,002
  1,083
  1,168
  1,256
  1,347
  1,442
  1,541
  1,643
  1,750
  1,861
  1,977
  2,098
  2,224
  2,356
  2,493
  2,637
  2,786
  2,943
  3,107
Retained Cash Flow (-), $m
  -83
  -174
  -190
  -204
  -217
  -231
  -244
  -256
  -269
  -282
  -294
  -307
  -319
  -332
  -345
  -359
  -373
  -388
  -403
  -419
  -436
  -453
  -472
  -491
  -512
  -533
  -556
  -580
  -606
  -633
  -661
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
 
  10
  12
  13
  15
  17
  20
  22
  24
  27
  29
  32
  35
  38
  41
  44
  48
  51
  55
  58
  62
  66
  71
  75
  80
  84
  89
  95
  100
  106
  112
Cash available for distribution, $m
 
  141
  176
  213
  254
  298
  346
  396
  450
  507
  567
  617
  683
  751
  823
  897
  974
  1,054
  1,138
  1,224
  1,315
  1,408
  1,506
  1,607
  1,713
  1,822
  1,937
  2,056
  2,181
  2,310
  2,446
Discount rate, %
 
  12.00
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
PV of cash for distribution, $m
 
  126
  139
  147
  151
  151
  147
  140
  129
  117
  103
  87
  73
  59
  47
  37
  28
  20
  14
  10
  7
  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. is an operator of automotive franchises and a retailer of new and used vehicles and related services. As of February 28, 2017, it offered 30 brands of new vehicles and all brands of used vehicles in 154 stores in the United States and online at Lithia.com, DCHauto.com and CarboneCars.com. It operates through three segments: Domestic, Import and Luxury. Its Domestic segment consists of retail automotive franchises that sell new vehicles manufactured by Chrysler, General Motors and Ford. Its Import segment consists of retail automotive franchises that sell new vehicles manufactured primarily by Honda, Toyota, Subaru, Nissan and Volkswagen. Its Luxury segment consists of retail automotive franchises that sell new vehicles manufactured primarily by BMW, Mercedes-Benz and Lexus. The franchises in each segment also sell used vehicles, parts and automotive services, and automotive finance and insurance products.

FINANCIAL RATIOS  of  Lithia Motors Cl A (LAD)

Valuation Ratios
P/E Ratio 12.3
Price to Sales 0.3
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 27.8
Price to Free Cash Flow -172.8
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 $10087 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 16.2% 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%, 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%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $100 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 5.4% 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 0.1%.

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 15.3%.

Life of production assets of 10 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 20%. 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 - $1083 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 25 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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COMPANY NEWS

▶ Lithia Welcomes First Chief Technology & Innovation Officer   [Jul-16-18 07:00AM  Business Wire]
▶ Lithia Schedules Release of Second Quarter 2018 Results   [Jul-12-18 07:00AM  Business Wire]
▶ Top 4 Small-Cap Stocks for 2018   [Jul-09-18 07:20PM  Investopedia]
▶ Is Lithia Motors Inc (NYSE:LAD) Undervalued?   [Jun-22-18 12:26PM  Simply Wall St.]
▶ These 5 Stocks Boast Impressive Interest Coverage Ratio   [May-31-18 12:00PM  InvestorPlace]
▶ Top Ranked Value Stocks to Buy for May 7th   [May-07-18 08:22AM  Zacks]
▶ Lithia Motors: 1Q Earnings Snapshot   [07:19AM  Associated Press]
▶ 5 Top Stocks to Buy as Americans Go on a Spending Spree   [Apr-18-18 01:05PM  InvestorPlace]
▶ Lithia Schedules Release of First Quarter 2018 Results   [Apr-10-18 07:30AM  Business Wire]
▶ How to Invest Better Than Warren Buffett   [Feb-28-18 07:37PM  Zacks]
▶ Day Automotive Group Joins Lithia   [Feb-27-18 08:00AM  Business Wire]
▶ Lithia Motors, Inc. Class A to Host Earnings Call   [Feb-14-18 08:30AM  ACCESSWIRE]
▶ Lithia Motors beats Street 4Q forecasts   [07:22AM  Associated Press]
▶ 5 Value Stocks Breaking Out Right Now   [Feb-05-18 02:05PM  InvestorPlace]
▶ Stocks Flashing Renewed Technical Strength: Lithia Motors   [Jan-16-18 03:00AM  Investor's Business Daily]
▶ Stocks Showing Rising Market Leadership: Lithia Motors Earns 83 RS Rating   [Jan-09-18 03:00AM  Investor's Business Daily]
▶ Stocks Close Mixed; How Oprah Caused A Stock To Break Out   [Jan-08-18 04:22PM  Investor's Business Daily]
▶ Stocks With Rising Relative Price Strength: Lithia Motors   [Dec-18-17 03:00AM  Investor's Business Daily]
▶ Two Stocks for the Automotive Industry Enthusiast   [Nov-29-17 12:11PM  GuruFocus.com]
▶ Top 4 Small-Cap Stocks for 2017   [Nov-06-17 11:59AM  Investopedia]
▶ Lithia Motors misses 3Q profit forecasts   [Oct-25-17 07:21AM  Associated Press]
▶ Lithia Schedules Release of Third Quarter 2017 Results   [Oct-11-17 07:00AM  Business Wire]
Financial statements 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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