Intrinsic value of Lithia Motors Cl A - LAD

Previous Close

$111.12

  Intrinsic Value

$58.43

stock screener

  Rating & Target

sell

-47%

Previous close

$111.12

 
Intrinsic value

$58.43

 
Up/down potential

-47%

 
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
  18.10
  16.79
  15.61
  14.55
  13.59
  12.74
  11.96
  11.27
  10.64
  10.08
  9.57
  9.11
  8.70
  8.33
  8.00
  7.70
  7.43
  7.18
  6.97
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.69
  5.62
Revenue, $m
  8,678
  10,249
  11,969
  13,838
  15,851
  18,006
  20,300
  22,728
  25,288
  27,979
  30,798
  33,744
  36,819
  40,022
  43,356
  46,823
  50,427
  54,172
  58,064
  62,109
  66,314
  70,686
  75,233
  79,965
  84,892
  90,024
  95,371
  100,947
  106,764
  112,834
  119,172
Variable operating expenses, $m
 
  9,793
  11,433
  13,214
  15,133
  17,186
  19,372
  21,686
  24,126
  26,690
  29,377
  32,159
  35,089
  38,141
  41,319
  44,623
  48,057
  51,627
  55,336
  59,191
  63,198
  67,364
  71,698
  76,208
  80,903
  85,794
  90,890
  96,204
  101,747
  107,532
  113,572
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
  9,841
  11,482
  13,265
  15,185
  17,239
  19,427
  21,742
  24,183
  26,749
  29,437
  32,221
  35,152
  38,206
  41,385
  44,691
  48,127
  51,699
  55,409
  59,266
  63,275
  67,443
  71,779
  76,291
  80,988
  85,881
  90,979
  96,296
  101,841
  107,628
  113,671
Operating income, $m
  338
  407
  487
  574
  667
  767
  873
  986
  1,105
  1,230
  1,361
  1,524
  1,667
  1,816
  1,971
  2,132
  2,300
  2,474
  2,655
  2,843
  3,039
  3,242
  3,454
  3,674
  3,904
  4,143
  4,392
  4,651
  4,922
  5,205
  5,501
EBITDA, $m
  387
  481
  569
  664
  767
  877
  994
  1,118
  1,249
  1,386
  1,530
  1,681
  1,838
  2,002
  2,172
  2,350
  2,534
  2,726
  2,925
  3,132
  3,347
  3,571
  3,804
  4,046
  4,299
  4,562
  4,836
  5,121
  5,419
  5,730
  6,055
Interest expense (income), $m
  50
  82
  100
  120
  142
  165
  190
  217
  245
  275
  306
  339
  374
  409
  447
  485
  526
  568
  611
  656
  703
  752
  803
  856
  911
  968
  1,028
  1,090
  1,155
  1,223
  1,293
Earnings before tax, $m
  284
  325
  387
  453
  525
  602
  683
  769
  860
  955
  1,054
  1,185
  1,293
  1,406
  1,524
  1,647
  1,774
  1,906
  2,044
  2,187
  2,335
  2,490
  2,651
  2,818
  2,992
  3,174
  3,364
  3,561
  3,767
  3,982
  4,207
Tax expense, $m
  87
  88
  104
  122
  142
  162
  184
  208
  232
  258
  285
  320
  349
  380
  412
  445
  479
  515
  552
  590
  631
  672
  716
  761
  808
  857
  908
  961
  1,017
  1,075
  1,136
Net income, $m
  197
  238
  282
  331
  383
  439
  498
  561
  627
  697
  770
  865
  944
  1,027
  1,113
  1,202
  1,295
  1,391
  1,492
  1,596
  1,705
  1,818
  1,935
  2,057
  2,184
  2,317
  2,455
  2,600
  2,750
  2,907
  3,071

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
  4,481
  5,234
  6,051
  6,931
  7,873
  8,876
  9,938
  11,057
  12,234
  13,466
  14,755
  16,099
  17,500
  18,957
  20,473
  22,049
  23,687
  25,389
  27,158
  28,996
  30,908
  32,896
  34,965
  37,119
  39,363
  41,702
  44,140
  46,683
  49,337
  52,108
Adjusted assets (=assets-cash), $m
  3,794
  4,481
  5,234
  6,051
  6,931
  7,873
  8,876
  9,938
  11,057
  12,234
  13,466
  14,755
  16,099
  17,500
  18,957
  20,473
  22,049
  23,687
  25,389
  27,158
  28,996
  30,908
  32,896
  34,965
  37,119
  39,363
  41,702
  44,140
  46,683
  49,337
  52,108
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
  1,312
  1,532
  1,771
  2,029
  2,305
  2,598
  2,909
  3,237
  3,581
  3,942
  4,319
  4,713
  5,123
  5,550
  5,993
  6,455
  6,934
  7,432
  7,950
  8,488
  9,048
  9,630
  10,236
  10,866
  11,523
  12,208
  12,921
  13,666
  14,443
  15,254
Working capital, $m
  365
  2,285
  2,669
  3,086
  3,535
  4,015
  4,527
  5,068
  5,639
  6,239
  6,868
  7,525
  8,211
  8,925
  9,668
  10,441
  11,245
  12,080
  12,948
  13,850
  14,788
  15,763
  16,777
  17,832
  18,931
  20,075
  21,268
  22,511
  23,808
  25,162
  26,575
Total debt, $m
  2,392
  2,865
  3,437
  4,058
  4,727
  5,443
  6,205
  7,012
  7,863
  8,757
  9,693
  10,673
  11,694
  12,759
  13,867
  15,019
  16,216
  17,461
  18,755
  20,099
  21,496
  22,949
  24,460
  26,033
  27,670
  29,375
  31,152
  33,005
  34,938
  36,955
  39,061
Total liabilities, $m
  2,933
  3,406
  3,978
  4,599
  5,268
  5,984
  6,746
  7,553
  8,404
  9,298
  10,234
  11,214
  12,235
  13,300
  14,408
  15,560
  16,757
  18,002
  19,296
  20,640
  22,037
  23,490
  25,001
  26,574
  28,211
  29,916
  31,693
  33,546
  35,479
  37,496
  39,602
Total equity, $m
  911
  1,076
  1,256
  1,452
  1,663
  1,890
  2,130
  2,385
  2,654
  2,936
  3,232
  3,541
  3,864
  4,200
  4,550
  4,914
  5,292
  5,685
  6,093
  6,518
  6,959
  7,418
  7,895
  8,392
  8,909
  9,447
  10,008
  10,594
  11,204
  11,841
  12,506
Total liabilities and equity, $m
  3,844
  4,482
  5,234
  6,051
  6,931
  7,874
  8,876
  9,938
  11,058
  12,234
  13,466
  14,755
  16,099
  17,500
  18,958
  20,474
  22,049
  23,687
  25,389
  27,158
  28,996
  30,908
  32,896
  34,966
  37,120
  39,363
  41,701
  44,140
  46,683
  49,337
  52,108
Debt-to-equity ratio
  2.626
  2.660
  2.740
  2.790
  2.840
  2.880
  2.910
  2.940
  2.960
  2.980
  3.000
  3.010
  3.030
  3.040
  3.050
  3.060
  3.060
  3.070
  3.080
  3.080
  3.090
  3.090
  3.100
  3.100
  3.110
  3.110
  3.110
  3.120
  3.120
  3.120
  3.120
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
  238
  282
  331
  383
  439
  498
  561
  627
  697
  770
  865
  944
  1,027
  1,113
  1,202
  1,295
  1,391
  1,492
  1,596
  1,705
  1,818
  1,935
  2,057
  2,184
  2,317
  2,455
  2,600
  2,750
  2,907
  3,071
Depreciation, amort., depletion, $m
  49
  74
  82
  90
  100
  110
  120
  132
  144
  156
  169
  157
  171
  186
  202
  218
  235
  252
  270
  289
  309
  329
  350
  372
  395
  419
  444
  470
  497
  525
  555
Funds from operations, $m
  -98
  311
  364
  421
  483
  549
  619
  693
  771
  853
  939
  1,022
  1,115
  1,213
  1,314
  1,420
  1,530
  1,644
  1,762
  1,885
  2,013
  2,147
  2,285
  2,429
  2,580
  2,736
  2,899
  3,069
  3,247
  3,432
  3,626
Change in working capital, $m
  -185
  350
  384
  417
  449
  481
  511
  541
  571
  600
  629
  657
  686
  714
  743
  773
  804
  835
  868
  902
  938
  975
  1,014
  1,055
  1,099
  1,144
  1,193
  1,243
  1,297
  1,354
  1,413
Cash from operations, $m
  87
  -39
  -20
  5
  34
  68
  107
  152
  200
  253
  310
  365
  430
  499
  571
  647
  726
  808
  894
  983
  1,076
  1,172
  1,271
  1,374
  1,481
  1,592
  1,707
  1,826
  1,950
  2,079
  2,213
Maintenance CAPEX, $m
  0
  -40
  -48
  -56
  -64
  -74
  -84
  -94
  -106
  -118
  -130
  -143
  -157
  -171
  -186
  -202
  -218
  -235
  -252
  -270
  -289
  -309
  -329
  -350
  -372
  -395
  -419
  -444
  -470
  -497
  -525
New CAPEX, $m
  -101
  -199
  -220
  -239
  -258
  -276
  -294
  -311
  -328
  -344
  -361
  -377
  -394
  -410
  -427
  -444
  -461
  -479
  -498
  -518
  -538
  -560
  -582
  -606
  -631
  -657
  -685
  -714
  -744
  -777
  -811
Cash from investing activities, $m
  -352
  -239
  -268
  -295
  -322
  -350
  -378
  -405
  -434
  -462
  -491
  -520
  -551
  -581
  -613
  -646
  -679
  -714
  -750
  -788
  -827
  -869
  -911
  -956
  -1,003
  -1,052
  -1,104
  -1,158
  -1,214
  -1,274
  -1,336
Free cash flow, $m
  -265
  -279
  -288
  -290
  -288
  -281
  -270
  -254
  -233
  -209
  -181
  -156
  -121
  -83
  -42
  1
  47
  94
  144
  195
  249
  303
  360
  418
  478
  540
  603
  668
  736
  805
  876
Issuance/(repayment) of debt, $m
  396
  523
  572
  621
  669
  716
  762
  807
  851
  894
  937
  979
  1,022
  1,064
  1,108
  1,152
  1,198
  1,245
  1,293
  1,344
  1,397
  1,453
  1,511
  1,573
  1,637
  1,705
  1,777
  1,853
  1,933
  2,017
  2,106
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
  523
  572
  621
  669
  716
  762
  807
  851
  894
  937
  979
  1,022
  1,064
  1,108
  1,152
  1,198
  1,245
  1,293
  1,344
  1,397
  1,453
  1,511
  1,573
  1,637
  1,705
  1,777
  1,853
  1,933
  2,017
  2,106
Total cash flow (excl. dividends), $m
  29
  244
  284
  331
  381
  435
  492
  553
  617
  685
  756
  823
  901
  982
  1,066
  1,153
  1,244
  1,339
  1,437
  1,539
  1,646
  1,756
  1,871
  1,991
  2,115
  2,245
  2,380
  2,521
  2,668
  2,822
  2,982
Retained Cash Flow (-), $m
  -83
  -165
  -181
  -196
  -211
  -226
  -241
  -255
  -269
  -282
  -296
  -309
  -323
  -336
  -350
  -364
  -378
  -393
  -408
  -424
  -441
  -459
  -477
  -497
  -517
  -539
  -561
  -585
  -610
  -637
  -665
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
 
  79
  104
  135
  170
  209
  252
  298
  349
  403
  460
  514
  578
  646
  716
  789
  866
  946
  1,029
  1,115
  1,205
  1,297
  1,394
  1,494
  1,598
  1,707
  1,819
  1,936
  2,058
  2,185
  2,317
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
 
  72
  84
  96
  106
  113
  116
  116
  112
  106
  98
  86
  76
  64
  53
  43
  34
  26
  19
  14
  10
  7
  4
  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

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 14.2
Price to Sales 0.3
Price to Book 3.1
Price to Tangible Book
Price to Cash Flow 32.1
Price to Free Cash Flow -199.5
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 18.1% 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 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 25.002 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 $2.8 billion.

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COMPANY NEWS

▶ 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]
▶ Top 4 Small-Cap Stocks for 2018   [Feb-02-18 05:06PM  Investopedia]
▶ 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]
▶ 5 Stocks With Exciting Interest Coverage Ratio   [Sep-18-17 10:14AM  Zacks]
▶ New Strong Buy Stocks for September 15th   [Sep-15-17 10:39AM  Zacks]
▶ [$$] Houston and Auto Retail   [Sep-05-17 08:41AM  Barrons.com]
▶ New Strong Buy Stocks for August 30th   [Aug-30-17 09:11AM  Zacks]
▶ Lithia Motors beats 2Q profit forecasts   [Jul-28-17 10:25PM  Associated Press]
▶ Lithia Motors beats 2Q profit forecasts   [07:22AM  Associated Press]
▶ 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 12:20PM  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]
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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