Intrinsic value of LKQ - LKQ

Previous Close

$40.34

  Intrinsic Value

$26.42

stock screener

  Rating & Target

sell

-35%

Previous close

$40.34

 
Intrinsic value

$26.42

 
Up/down potential

-35%

 
Rating

sell

We calculate the intrinsic value of LKQ 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 12.5

 

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, %
  19.34
  6.60
  6.44
  6.30
  6.17
  6.05
  5.94
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.18
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
Revenue, $m
  8,584
  9,151
  9,740
  10,353
  10,991
  11,656
  12,349
  13,072
  13,825
  14,612
  15,433
  16,291
  17,187
  18,124
  19,104
  20,129
  21,202
  22,325
  23,501
  24,732
  26,022
  27,374
  28,791
  30,276
  31,832
  33,465
  35,176
  36,972
  38,855
  40,830
  42,902
Variable operating expenses, $m
 
  8,234
  8,744
  9,275
  9,829
  10,405
  11,005
  11,631
  12,284
  12,965
  13,677
  14,115
  14,891
  15,703
  16,552
  17,440
  18,370
  19,343
  20,361
  21,428
  22,546
  23,717
  24,945
  26,231
  27,580
  28,994
  30,477
  32,033
  33,664
  35,375
  37,171
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
  7,839
  8,234
  8,744
  9,275
  9,829
  10,405
  11,005
  11,631
  12,284
  12,965
  13,677
  14,115
  14,891
  15,703
  16,552
  17,440
  18,370
  19,343
  20,361
  21,428
  22,546
  23,717
  24,945
  26,231
  27,580
  28,994
  30,477
  32,033
  33,664
  35,375
  37,171
Operating income, $m
  745
  917
  996
  1,078
  1,163
  1,252
  1,344
  1,441
  1,541
  1,647
  1,756
  2,176
  2,296
  2,421
  2,552
  2,689
  2,832
  2,982
  3,139
  3,304
  3,476
  3,657
  3,846
  4,045
  4,252
  4,471
  4,699
  4,939
  5,191
  5,454
  5,731
EBITDA, $m
  951
  1,288
  1,371
  1,458
  1,548
  1,641
  1,739
  1,840
  1,947
  2,057
  2,173
  2,294
  2,420
  2,552
  2,690
  2,834
  2,985
  3,143
  3,309
  3,482
  3,664
  3,854
  4,054
  4,263
  4,482
  4,712
  4,953
  5,205
  5,470
  5,749
  6,040
Interest expense (income), $m
  86
  115
  126
  137
  149
  162
  175
  188
  203
  217
  233
  249
  265
  283
  301
  321
  341
  362
  384
  406
  431
  456
  482
  510
  539
  569
  601
  635
  670
  707
  745
Earnings before tax, $m
  677
  802
  870
  940
  1,013
  1,090
  1,169
  1,252
  1,339
  1,429
  1,524
  1,928
  2,031
  2,138
  2,251
  2,369
  2,492
  2,621
  2,756
  2,897
  3,046
  3,201
  3,364
  3,535
  3,713
  3,901
  4,098
  4,304
  4,521
  4,748
  4,986
Tax expense, $m
  220
  217
  235
  254
  274
  294
  316
  338
  362
  386
  411
  520
  548
  577
  608
  640
  673
  708
  744
  782
  822
  864
  908
  954
  1,003
  1,053
  1,106
  1,162
  1,221
  1,282
  1,346
Net income, $m
  464
  586
  635
  686
  740
  796
  854
  914
  977
  1,043
  1,112
  1,407
  1,482
  1,561
  1,643
  1,729
  1,819
  1,913
  2,012
  2,115
  2,223
  2,337
  2,456
  2,580
  2,711
  2,848
  2,991
  3,142
  3,300
  3,466
  3,640

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  227
  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
  8,303
  8,608
  9,163
  9,739
  10,340
  10,966
  11,617
  12,297
  13,006
  13,746
  14,518
  15,325
  16,169
  17,050
  17,972
  18,936
  19,946
  21,002
  22,108
  23,267
  24,480
  25,752
  27,085
  28,481
  29,946
  31,481
  33,092
  34,780
  36,552
  38,410
  40,359
Adjusted assets (=assets-cash), $m
  8,076
  8,608
  9,163
  9,739
  10,340
  10,966
  11,617
  12,297
  13,006
  13,746
  14,518
  15,325
  16,169
  17,050
  17,972
  18,936
  19,946
  21,002
  22,108
  23,267
  24,480
  25,752
  27,085
  28,481
  29,946
  31,481
  33,092
  34,780
  36,552
  38,410
  40,359
Revenue / Adjusted assets
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
  1.063
Average production assets, $m
  1,154
  1,226
  1,305
  1,387
  1,473
  1,562
  1,655
  1,752
  1,853
  1,958
  2,068
  2,183
  2,303
  2,429
  2,560
  2,697
  2,841
  2,992
  3,149
  3,314
  3,487
  3,668
  3,858
  4,057
  4,266
  4,484
  4,714
  4,954
  5,207
  5,471
  5,749
Working capital, $m
  2,357
  2,343
  2,493
  2,650
  2,814
  2,984
  3,161
  3,346
  3,539
  3,741
  3,951
  4,170
  4,400
  4,640
  4,891
  5,153
  5,428
  5,715
  6,016
  6,331
  6,662
  7,008
  7,370
  7,751
  8,149
  8,567
  9,005
  9,465
  9,947
  10,452
  10,983
Total debt, $m
  3,342
  3,595
  3,925
  4,267
  4,624
  4,996
  5,383
  5,786
  6,208
  6,647
  7,106
  7,585
  8,086
  8,610
  9,157
  9,730
  10,330
  10,957
  11,614
  12,302
  13,023
  13,779
  14,570
  15,400
  16,270
  17,182
  18,138
  19,142
  20,194
  21,298
  22,456
Total liabilities, $m
  4,860
  5,113
  5,443
  5,785
  6,142
  6,514
  6,901
  7,304
  7,726
  8,165
  8,624
  9,103
  9,604
  10,128
  10,675
  11,248
  11,848
  12,475
  13,132
  13,820
  14,541
  15,297
  16,088
  16,918
  17,788
  18,700
  19,656
  20,660
  21,712
  22,816
  23,974
Total equity, $m
  3,443
  3,495
  3,720
  3,954
  4,198
  4,452
  4,717
  4,993
  5,280
  5,581
  5,895
  6,222
  6,564
  6,922
  7,297
  7,688
  8,098
  8,527
  8,976
  9,446
  9,939
  10,455
  10,996
  11,563
  12,158
  12,781
  13,435
  14,121
  14,840
  15,594
  16,386
Total liabilities and equity, $m
  8,303
  8,608
  9,163
  9,739
  10,340
  10,966
  11,618
  12,297
  13,006
  13,746
  14,519
  15,325
  16,168
  17,050
  17,972
  18,936
  19,946
  21,002
  22,108
  23,266
  24,480
  25,752
  27,084
  28,481
  29,946
  31,481
  33,091
  34,781
  36,552
  38,410
  40,360
Debt-to-equity ratio
  0.971
  1.030
  1.050
  1.080
  1.100
  1.120
  1.140
  1.160
  1.180
  1.190
  1.210
  1.220
  1.230
  1.240
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
  1.310
  1.320
  1.330
  1.330
  1.340
  1.340
  1.350
  1.360
  1.360
  1.370
  1.370
Adjusted equity ratio
  0.398
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406
  0.406

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  464
  586
  635
  686
  740
  796
  854
  914
  977
  1,043
  1,112
  1,407
  1,482
  1,561
  1,643
  1,729
  1,819
  1,913
  2,012
  2,115
  2,223
  2,337
  2,456
  2,580
  2,711
  2,848
  2,991
  3,142
  3,300
  3,466
  3,640
Depreciation, amort., depletion, $m
  206
  371
  376
  380
  385
  389
  394
  400
  405
  411
  417
  117
  124
  131
  138
  145
  153
  161
  169
  178
  187
  197
  207
  218
  229
  241
  253
  266
  280
  294
  309
Funds from operations, $m
  547
  957
  1,011
  1,066
  1,125
  1,185
  1,248
  1,314
  1,383
  1,454
  1,529
  1,525
  1,606
  1,691
  1,781
  1,874
  1,972
  2,074
  2,181
  2,293
  2,411
  2,534
  2,663
  2,798
  2,940
  3,089
  3,245
  3,408
  3,580
  3,760
  3,949
Change in working capital, $m
  -88
  145
  151
  157
  163
  170
  177
  185
  193
  201
  210
  220
  229
  240
  251
  262
  275
  287
  301
  315
  330
  346
  363
  380
  399
  418
  438
  460
  482
  506
  530
Cash from operations, $m
  635
  812
  860
  909
  961
  1,015
  1,071
  1,129
  1,190
  1,253
  1,319
  1,305
  1,377
  1,452
  1,530
  1,612
  1,697
  1,787
  1,880
  1,978
  2,081
  2,188
  2,300
  2,418
  2,542
  2,671
  2,807
  2,949
  3,098
  3,254
  3,418
Maintenance CAPEX, $m
  0
  -62
  -66
  -70
  -75
  -79
  -84
  -89
  -94
  -100
  -105
  -111
  -117
  -124
  -131
  -138
  -145
  -153
  -161
  -169
  -178
  -187
  -197
  -207
  -218
  -229
  -241
  -253
  -266
  -280
  -294
New CAPEX, $m
  -207
  -73
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -120
  -126
  -131
  -137
  -144
  -150
  -158
  -165
  -173
  -181
  -190
  -199
  -209
  -219
  -229
  -241
  -252
  -265
  -278
Cash from investing activities, $m
  -1,710
  -135
  -145
  -152
  -161
  -168
  -177
  -186
  -195
  -205
  -215
  -226
  -237
  -250
  -262
  -275
  -289
  -303
  -319
  -334
  -351
  -368
  -387
  -406
  -427
  -448
  -470
  -494
  -518
  -545
  -572
Free cash flow, $m
  -1,075
  677
  715
  757
  801
  847
  894
  943
  994
  1,048
  1,103
  1,079
  1,139
  1,202
  1,268
  1,337
  1,408
  1,483
  1,562
  1,644
  1,730
  1,819
  1,913
  2,012
  2,115
  2,223
  2,336
  2,455
  2,579
  2,710
  2,846
Issuance/(repayment) of debt, $m
  1,239
  319
  329
  343
  357
  372
  387
  404
  421
  439
  459
  479
  501
  524
  548
  573
  599
  628
  657
  688
  721
  755
  792
  830
  870
  912
  956
  1,003
  1,052
  1,104
  1,158
Issuance/(repurchase) of shares, $m
  8
  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  
  1,226
  319
  329
  343
  357
  372
  387
  404
  421
  439
  459
  479
  501
  524
  548
  573
  599
  628
  657
  688
  721
  755
  792
  830
  870
  912
  956
  1,003
  1,052
  1,104
  1,158
Total cash flow (excl. dividends), $m
  147
  997
  1,044
  1,100
  1,158
  1,218
  1,281
  1,347
  1,416
  1,487
  1,562
  1,558
  1,640
  1,726
  1,816
  1,909
  2,008
  2,111
  2,219
  2,332
  2,450
  2,575
  2,705
  2,842
  2,985
  3,135
  3,293
  3,458
  3,631
  3,813
  4,004
Retained Cash Flow (-), $m
  -328
  -213
  -225
  -234
  -244
  -254
  -265
  -276
  -288
  -300
  -314
  -328
  -342
  -358
  -374
  -392
  -410
  -429
  -449
  -470
  -493
  -516
  -541
  -567
  -595
  -623
  -654
  -686
  -719
  -754
  -791
Prev. year cash balance distribution, $m
 
  161
  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
 
  945
  819
  866
  914
  964
  1,016
  1,071
  1,128
  1,187
  1,249
  1,230
  1,298
  1,368
  1,441
  1,518
  1,598
  1,682
  1,770
  1,862
  1,958
  2,058
  2,164
  2,274
  2,390
  2,512
  2,639
  2,772
  2,912
  3,059
  3,213
Discount rate, %
 
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
 
  880
  705
  684
  658
  627
  591
  552
  511
  467
  421
  352
  311
  270
  231
  195
  162
  132
  105
  83
  64
  48
  35
  25
  18
  12
  8
  5
  3
  2
  1
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

LKQ Corporation (LKQ) is a distributor of vehicle products, including replacement parts, components and systems used in the repair and maintenance of vehicles, as well as specialty vehicle products and accessories, and automotive glass products. The Company's segments include Wholesale-North America; Europe; Specialty, and Self Service. It offers its customers a range of replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks, and recreational and performance vehicles. It distributes a range of products to collision and mechanical repair shops, including aftermarket collision and mechanical products, recycled collision and mechanical products, refurbished collision products, such as wheels, bumper covers and lights, and re-manufactured engines. It also has operations in North America, Europe and Taiwan. It is a provider of alternative vehicle collision replacement products and alternative vehicle mechanical replacement products.

FINANCIAL RATIOS  of  LKQ (LKQ)

Valuation Ratios
P/E Ratio 26.7
Price to Sales 1.4
Price to Book 3.6
Price to Tangible Book
Price to Cash Flow 19.5
Price to Free Cash Flow 29
Growth Rates
Sales Growth Rate 19.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.8%
Cap. Spend. - 3 Yr. Gr. Rate 18.1%
Financial Strength
Quick Ratio 3
Current Ratio 0.4
LT Debt to Equity 95.1%
Total Debt to Equity 97.1%
Interest Coverage 9
Management Effectiveness
Return On Assets 7.5%
Ret/ On Assets - 3 Yr. Avg. 8.1%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8.8%
Return On Equity 14.2%
Return On Equity - 3 Yr. Avg. 14.6%
Asset Turnover 1.2
Profitability Ratios
Gross Margin 39%
Gross Margin - 3 Yr. Avg. 39.3%
EBITDA Margin 11.3%
EBITDA Margin - 3 Yr. Avg. 11.4%
Operating Margin 8.7%
Oper. Margin - 3 Yr. Avg. 9.4%
Pre-Tax Margin 7.9%
Pre-Tax Margin - 3 Yr. Avg. 8.5%
Net Profit Margin 5.4%
Net Profit Margin - 3 Yr. Avg. 5.7%
Effective Tax Rate 32.5%
Eff/ Tax Rate - 3 Yr. Avg. 33.7%
Payout Ratio 0%

LKQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LKQ stock intrinsic value calculation we used $8584 million for the last fiscal year's total revenue generated by LKQ. The default revenue input number comes from 2016 income statement of LKQ. 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 LKQ stock valuation model: a) initial revenue growth rate of 6.6% 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 7.4%, whose default value for LKQ is calculated based on our internal credit rating of LKQ, 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 LKQ.
    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 LKQ stock the variable cost ratio is equal to 90.2%.

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 LKQ 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 LKQ.

Corporate tax rate of 27% is the nominal tax rate for LKQ. 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 LKQ 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 LKQ are equal to 13.4%.

Life of production assets of 18.6 years is the average useful life of capital assets used in LKQ 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 LKQ is equal to 25.6%. 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 - $3443 million for LKQ - 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 308.784 million for LKQ 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 LKQ at the current share price and the inputted number of shares is $12.5 billion.

RELATED COMPANIES Price Int.Val. Rating
GPC Genuine Parts 93.49 89.41  hold
PRTS U.S. Auto Part 2.10 1.59  sell
ORLY O'Reilly A 247.24 250.45  buy
DORM Dorman Product 63.67 68.83  hold
CPRT Copart 43.90 30.64  hold

COMPANY NEWS

▶ LKQ Purchase Fills in Strategy Gap   [Dec-12-17 08:50AM  Morningstar]
▶ M&A News: GGP Rejects Buyout; 3M Sells Unit, LKQ Expands In Europe   [Dec-11-17 04:14PM  Investor's Business Daily]
▶ ETFs with exposure to LKQ Corp. : December 7, 2017   [Dec-07-17 02:16PM  Capital Cube]
▶ ETFs with exposure to LKQ Corp. : November 24, 2017   [Nov-24-17 10:44AM  Capital Cube]
▶ LKQ Corporation to Present at Upcoming Investor Conferences   [Nov-22-17 10:00AM  GlobeNewswire]
▶ Thanksgiving air travel will reach record numbers, how to prepare   [Nov-20-17 10:45AM  Yahoo Finance Video]
▶ What Does LKQ Corporations (LKQ) Share Price Indicate?   [Nov-16-17 02:47PM  Simply Wall St.]
▶ ETFs with exposure to LKQ Corp. : November 13, 2017   [Nov-13-17 12:41PM  Capital Cube]
▶ LKQ Trying To Close In On Key Technical Benchmark   [Nov-01-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to LKQ Corp. : October 30, 2017   [Oct-30-17 12:02PM  Capital Cube]
▶ LKQ Hits the Gas on Sales Gains, Acquisitions   [Oct-26-17 01:15PM  Motley Fool]
▶ LKQ Corporation to Host Earnings Call   [08:00AM  ACCESSWIRE]
▶ LKQ beats Street 3Q forecasts   [07:25AM  Associated Press]
▶ Tesla wants to make a huge impact in China   [10:25AM  Yahoo Finance Video]
▶ ETFs with exposure to LKQ Corp. : October 17, 2017   [Oct-17-17 09:49AM  Capital Cube]
▶ ETFs with exposure to LKQ Corp. : October 5, 2017   [Oct-05-17 11:09AM  Capital Cube]
▶ GM and Ford beat sales expectations   [Oct-03-17 10:25AM  Yahoo Finance Video]
▶ Pres Trump set to unveil new tax plan   [Sep-27-17 09:11AM  Yahoo Finance]
▶ Yahoo Finance Live: Market Movers - Sep 27th, 2017   [07:20AM  Yahoo Finance Video]
▶ LKQ Corporation to Present at Upcoming Investor Conferences   [Sep-08-17 09:00AM  GlobeNewswire]
▶ LKQ Corporation Appoints New Chief Financial Officer   [Sep-05-17 09:00AM  GlobeNewswire]
▶ ETFs with exposure to LKQ Corp. : August 28, 2017   [Aug-28-17 05:43PM  Capital Cube]
▶ ETFs with exposure to LKQ Corp. : August 16, 2017   [Aug-16-17 06:03PM  Capital Cube]
▶ LKQ beats Street 2Q forecasts   [Jul-27-17 10:40PM  Associated Press]
▶ North American Growth Gives LKQ a Boost   [12:46PM  Motley Fool]
▶ LKQ Corp. Value Analysis (NASDAQ:LKQ) : July 10, 2017   [Jul-10-17 04:15PM  Capital Cube]
▶ Growing Book Values for 7 Cheap Stocks   [Jun-20-17 04:02PM  GuruFocus.com]
▶ ETFs with exposure to LKQ Corp. : June 14, 2017   [Jun-14-17 01:40PM  Capital Cube]
▶ ETFs with exposure to LKQ Corp. : June 2, 2017   [Jun-02-17 02:16PM  Capital Cube]
▶ LKQ Corporation Leadership Transition Becomes Effective   [Jun-01-17 08:30AM  GlobeNewswire]
▶ Car Auction Stock In Double Bottom Pattern With Earnings Due   [May-24-17 11:54AM  Investor's Business Daily]
▶ LKQ Corporation to Present at Upcoming Investor Conference   [May-19-17 10:00AM  GlobeNewswire]
▶ ETFs with exposure to LKQ Corp. : May 15, 2017   [May-15-17 04:02PM  Capital Cube]
▶ ETFs with exposure to LKQ Corp. : May 4, 2017   [May-04-17 04:07PM  Capital Cube]
▶ LKQ tops Street 1Q forecasts   [07:24AM  Associated Press]
▶ 8 Undervalued Stocks With Growing Book Values   [Apr-18-17 06:37PM  GuruFocus.com]
▶ ETFs with exposure to LKQ Corp. : April 7, 2017   [Apr-07-17 05:00PM  Capital Cube]
Financial statements of LKQ
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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