Intrinsic value of Lithia Motors Cl A - LAD

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$90.73

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$90.73

 
Intrinsic value

$60.22

 
Up/down potential

-34%

 
Rating

sell

 
Value-price divergence* premium content

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*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 2.2

 

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
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
Revenue, $m
  8,678
  9,980
  11,377
  12,867
  14,449
  16,119
  17,877
  19,721
  21,650
  23,664
  25,764
  27,951
  30,226
  32,591
  35,049
  37,603
  40,257
  43,016
  45,884
  48,867
  51,970
  55,201
  58,565
  62,070
  65,723
  69,534
  73,510
  77,660
  81,995
  86,524
  91,257
Variable operating expenses, $m
 
  9,537
  10,868
  12,289
  13,796
  15,388
  17,063
  18,820
  20,659
  22,578
  24,580
  26,638
  28,806
  31,059
  33,402
  35,836
  38,366
  40,995
  43,728
  46,571
  49,529
  52,607
  55,813
  59,154
  62,635
  66,267
  70,056
  74,011
  78,142
  82,458
  86,970
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
  9,585
  10,917
  12,340
  13,848
  15,441
  17,118
  18,876
  20,716
  22,637
  24,640
  26,700
  28,869
  31,124
  33,468
  35,904
  38,436
  41,067
  43,801
  46,646
  49,606
  52,686
  55,894
  59,237
  62,720
  66,354
  70,145
  74,103
  78,236
  82,554
  87,069
Operating income, $m
  338
  395
  459
  528
  601
  678
  760
  845
  934
  1,027
  1,124
  1,252
  1,357
  1,466
  1,580
  1,699
  1,822
  1,950
  2,083
  2,221
  2,365
  2,515
  2,671
  2,833
  3,003
  3,180
  3,365
  3,557
  3,759
  3,969
  4,189
EBITDA, $m
  387
  467
  538
  614
  694
  779
  869
  962
  1,061
  1,163
  1,270
  1,382
  1,498
  1,618
  1,743
  1,874
  2,009
  2,150
  2,296
  2,448
  2,607
  2,772
  2,943
  3,122
  3,309
  3,504
  3,707
  3,919
  4,140
  4,372
  4,614
Interest expense (income), $m
  50
  82
  97
  113
  131
  149
  169
  189
  210
  233
  256
  281
  306
  333
  360
  389
  418
  449
  481
  515
  549
  586
  623
  662
  703
  745
  790
  836
  884
  935
  987
Earnings before tax, $m
  284
  313
  362
  415
  470
  529
  591
  656
  724
  794
  868
  971
  1,051
  1,134
  1,220
  1,310
  1,403
  1,500
  1,601
  1,706
  1,815
  1,929
  2,048
  2,171
  2,300
  2,434
  2,575
  2,721
  2,874
  3,034
  3,202
Tax expense, $m
  87
  84
  98
  112
  127
  143
  160
  177
  195
  214
  234
  262
  284
  306
  329
  354
  379
  405
  432
  461
  490
  521
  553
  586
  621
  657
  695
  735
  776
  819
  864
Net income, $m
  197
  228
  264
  303
  343
  386
  431
  479
  528
  580
  634
  709
  767
  828
  891
  956
  1,024
  1,095
  1,169
  1,245
  1,325
  1,408
  1,495
  1,585
  1,679
  1,777
  1,880
  1,986
  2,098
  2,215
  2,337

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
  4,364
  4,975
  5,626
  6,318
  7,048
  7,817
  8,623
  9,467
  10,347
  11,266
  12,222
  13,216
  14,250
  15,325
  16,442
  17,603
  18,809
  20,063
  21,367
  22,724
  24,137
  25,608
  27,140
  28,738
  30,404
  32,142
  33,957
  35,853
  37,833
  39,903
Adjusted assets (=assets-cash), $m
  3,794
  4,364
  4,975
  5,626
  6,318
  7,048
  7,817
  8,623
  9,467
  10,347
  11,266
  12,222
  13,216
  14,250
  15,325
  16,442
  17,603
  18,809
  20,063
  21,367
  22,724
  24,137
  25,608
  27,140
  28,738
  30,404
  32,142
  33,957
  35,853
  37,833
  39,903
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
  1,277
  1,456
  1,647
  1,849
  2,063
  2,288
  2,524
  2,771
  3,029
  3,298
  3,578
  3,869
  4,172
  4,486
  4,813
  5,153
  5,506
  5,873
  6,255
  6,652
  7,066
  7,496
  7,945
  8,413
  8,900
  9,409
  9,941
  10,495
  11,075
  11,681
Working capital, $m
  365
  2,225
  2,537
  2,869
  3,222
  3,595
  3,987
  4,398
  4,828
  5,277
  5,745
  6,233
  6,740
  7,268
  7,816
  8,385
  8,977
  9,593
  10,232
  10,897
  11,589
  12,310
  13,060
  13,842
  14,656
  15,506
  16,393
  17,318
  18,285
  19,295
  20,350
Total debt, $m
  2,392
  2,775
  3,240
  3,735
  4,260
  4,816
  5,400
  6,012
  6,654
  7,323
  8,021
  8,747
  9,503
  10,289
  11,106
  11,955
  12,837
  13,754
  14,707
  15,698
  16,729
  17,803
  18,921
  20,086
  21,300
  22,566
  23,887
  25,267
  26,707
  28,212
  29,785
Total liabilities, $m
  2,933
  3,316
  3,781
  4,276
  4,801
  5,357
  5,941
  6,553
  7,195
  7,864
  8,562
  9,288
  10,044
  10,830
  11,647
  12,496
  13,378
  14,295
  15,248
  16,239
  17,270
  18,344
  19,462
  20,627
  21,841
  23,107
  24,428
  25,808
  27,248
  28,753
  30,326
Total equity, $m
  911
  1,047
  1,194
  1,350
  1,516
  1,692
  1,876
  2,070
  2,272
  2,483
  2,704
  2,933
  3,172
  3,420
  3,678
  3,946
  4,225
  4,514
  4,815
  5,128
  5,454
  5,793
  6,146
  6,514
  6,897
  7,297
  7,714
  8,150
  8,605
  9,080
  9,577
Total liabilities and equity, $m
  3,844
  4,363
  4,975
  5,626
  6,317
  7,049
  7,817
  8,623
  9,467
  10,347
  11,266
  12,221
  13,216
  14,250
  15,325
  16,442
  17,603
  18,809
  20,063
  21,367
  22,724
  24,137
  25,608
  27,141
  28,738
  30,404
  32,142
  33,958
  35,853
  37,833
  39,903
Debt-to-equity ratio
  2.626
  2.650
  2.710
  2.770
  2.810
  2.850
  2.880
  2.910
  2.930
  2.950
  2.970
  2.980
  3.000
  3.010
  3.020
  3.030
  3.040
  3.050
  3.050
  3.060
  3.070
  3.070
  3.080
  3.080
  3.090
  3.090
  3.100
  3.100
  3.100
  3.110
  3.110
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
  228
  264
  303
  343
  386
  431
  479
  528
  580
  634
  709
  767
  828
  891
  956
  1,024
  1,095
  1,169
  1,245
  1,325
  1,408
  1,495
  1,585
  1,679
  1,777
  1,880
  1,986
  2,098
  2,215
  2,337
Depreciation, amort., depletion, $m
  49
  72
  79
  86
  93
  101
  109
  118
  127
  136
  146
  130
  141
  152
  163
  175
  187
  200
  214
  227
  242
  257
  273
  289
  306
  324
  342
  361
  382
  403
  425
Funds from operations, $m
  -98
  301
  343
  388
  437
  487
  541
  596
  655
  716
  780
  839
  908
  979
  1,054
  1,131
  1,212
  1,295
  1,382
  1,473
  1,567
  1,665
  1,767
  1,874
  1,985
  2,101
  2,222
  2,348
  2,480
  2,618
  2,762
Change in working capital, $m
  -185
  290
  312
  332
  353
  373
  392
  411
  430
  449
  468
  488
  507
  527
  548
  570
  592
  615
  640
  665
  692
  720
  750
  782
  815
  850
  887
  926
  967
  1,010
  1,056
Cash from operations, $m
  87
  88
  32
  56
  84
  115
  149
  185
  225
  267
  311
  351
  400
  452
  506
  562
  620
  680
  743
  808
  875
  945
  1,017
  1,092
  1,170
  1,251
  1,335
  1,422
  1,513
  1,608
  1,706
Maintenance CAPEX, $m
  0
  -40
  -46
  -53
  -60
  -67
  -75
  -83
  -92
  -101
  -110
  -120
  -130
  -141
  -152
  -163
  -175
  -187
  -200
  -214
  -227
  -242
  -257
  -273
  -289
  -306
  -324
  -342
  -361
  -382
  -403
New CAPEX, $m
  -101
  -165
  -179
  -191
  -202
  -214
  -225
  -236
  -247
  -258
  -269
  -280
  -291
  -303
  -315
  -327
  -340
  -353
  -367
  -382
  -397
  -413
  -431
  -449
  -468
  -488
  -509
  -531
  -555
  -580
  -606
Cash from investing activities, $m
  -352
  -205
  -225
  -244
  -262
  -281
  -300
  -319
  -339
  -359
  -379
  -400
  -421
  -444
  -467
  -490
  -515
  -540
  -567
  -596
  -624
  -655
  -688
  -722
  -757
  -794
  -833
  -873
  -916
  -962
  -1,009
Free cash flow, $m
  -265
  -117
  -194
  -188
  -178
  -166
  -151
  -134
  -114
  -92
  -68
  -49
  -21
  9
  39
  72
  105
  140
  175
  212
  250
  289
  330
  371
  414
  457
  503
  549
  597
  647
  698
Issuance/(repayment) of debt, $m
  396
  433
  464
  495
  526
  555
  584
  613
  641
  669
  698
  727
  756
  786
  817
  849
  882
  917
  953
  991
  1,031
  1,073
  1,118
  1,165
  1,214
  1,266
  1,321
  1,379
  1,440
  1,505
  1,573
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
  433
  464
  495
  526
  555
  584
  613
  641
  669
  698
  727
  756
  786
  817
  849
  882
  917
  953
  991
  1,031
  1,073
  1,118
  1,165
  1,214
  1,266
  1,321
  1,379
  1,440
  1,505
  1,573
Total cash flow (excl. dividends), $m
  29
  316
  271
  308
  347
  389
  433
  479
  527
  578
  630
  678
  735
  795
  856
  920
  987
  1,056
  1,129
  1,204
  1,282
  1,363
  1,448
  1,536
  1,628
  1,724
  1,824
  1,928
  2,037
  2,152
  2,271
Retained Cash Flow (-), $m
  -83
  -136
  -147
  -156
  -166
  -175
  -184
  -193
  -202
  -211
  -220
  -229
  -239
  -248
  -258
  -268
  -279
  -290
  -301
  -313
  -326
  -339
  -353
  -368
  -383
  -400
  -417
  -436
  -455
  -475
  -497
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
 
  180
  124
  151
  181
  213
  248
  285
  325
  366
  410
  449
  496
  546
  598
  652
  709
  767
  828
  891
  956
  1,024
  1,095
  1,168
  1,244
  1,324
  1,407
  1,493
  1,583
  1,676
  1,774
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
 
  162
  100
  108
  113
  115
  114
  111
  105
  97
  87
  75
  65
  55
  45
  36
  28
  21
  15
  11
  8
  5
  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 11.6
Price to Sales 0.3
Price to Book 2.5
Price to Tangible Book
Price to Cash Flow 26.2
Price to Free Cash Flow -162.9
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 15% 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 24.635 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 $2.2 billion.


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COMPANY NEWS

▶ 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]
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▶ 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]
▶ Why Intersil, At Home Group, and Lithia Motors Jumped Today   [Sep-13-16 05:57PM  at Motley Fool]
Stock chart of LAD 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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