Intrinsic value of Rush Enterprises Cl A - RUSHA

Previous Close

$45.98

  Intrinsic Value

$3.65

stock screener

  Rating & Target

str. sell

-92%

  Value-price divergence*

-146%

Previous close

$45.98

 
Intrinsic value

$3.65

 
Up/down potential

-92%

 
Rating

str. sell

 
Value-price divergence*

-146%

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

We calculate the intrinsic value of RUSHA 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 1.8

 

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, %
  -15.36
  17.30
  16.07
  14.96
  13.97
  13.07
  12.26
  11.54
  10.88
  10.29
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
  7.05
  6.85
  6.66
  6.50
  6.35
  6.21
  6.09
  5.98
  5.88
  5.79
  5.72
  5.64
  5.58
Revenue, $m
  4,215
  4,944
  5,739
  6,597
  7,519
  8,502
  9,544
  10,645
  11,804
  13,019
  14,290
  15,618
  17,001
  18,442
  19,941
  21,499
  23,118
  24,801
  26,550
  28,367
  30,257
  32,222
  34,267
  36,396
  38,612
  40,922
  43,329
  45,840
  48,460
  51,195
  54,051
Variable operating expenses, $m
 
  4,672
  5,418
  6,225
  7,090
  8,013
  8,992
  10,026
  11,114
  12,255
  13,449
  14,667
  15,966
  17,319
  18,727
  20,190
  21,711
  23,291
  24,933
  26,640
  28,415
  30,261
  32,181
  34,180
  36,261
  38,430
  40,691
  43,049
  45,510
  48,078
  50,760
Fixed operating expenses, $m
 
  153
  157
  160
  164
  169
  173
  177
  182
  186
  191
  196
  200
  205
  211
  216
  221
  227
  232
  238
  244
  250
  257
  263
  270
  276
  283
  290
  297
  305
  313
Total operating expenses, $m
  4,134
  4,825
  5,575
  6,385
  7,254
  8,182
  9,165
  10,203
  11,296
  12,441
  13,640
  14,863
  16,166
  17,524
  18,938
  20,406
  21,932
  23,518
  25,165
  26,878
  28,659
  30,511
  32,438
  34,443
  36,531
  38,706
  40,974
  43,339
  45,807
  48,383
  51,073
Operating income, $m
  81
  119
  164
  212
  264
  320
  379
  442
  508
  578
  650
  755
  835
  917
  1,003
  1,093
  1,186
  1,283
  1,384
  1,489
  1,598
  1,711
  1,830
  1,953
  2,081
  2,215
  2,355
  2,501
  2,653
  2,812
  2,978
EBITDA, $m
  239
  297
  366
  440
  520
  605
  696
  791
  892
  999
  1,110
  1,226
  1,347
  1,473
  1,604
  1,740
  1,882
  2,030
  2,183
  2,343
  2,509
  2,682
  2,861
  3,049
  3,244
  3,447
  3,659
  3,881
  4,112
  4,353
  4,606
Interest expense (income), $m
  38
  44
  54
  65
  77
  89
  103
  117
  132
  148
  165
  183
  201
  220
  240
  260
  282
  304
  327
  352
  377
  403
  430
  458
  487
  518
  549
  583
  617
  653
  691
Earnings before tax, $m
  66
  75
  110
  147
  188
  231
  276
  325
  376
  429
  485
  573
  634
  697
  764
  833
  904
  979
  1,057
  1,137
  1,221
  1,309
  1,400
  1,495
  1,594
  1,697
  1,805
  1,918
  2,036
  2,159
  2,287
Tax expense, $m
  25
  20
  30
  40
  51
  62
  75
  88
  101
  116
  131
  155
  171
  188
  206
  225
  244
  264
  285
  307
  330
  353
  378
  404
  430
  458
  487
  518
  550
  583
  618
Net income, $m
  41
  55
  80
  108
  137
  168
  202
  237
  274
  313
  354
  418
  463
  509
  557
  608
  660
  715
  771
  830
  892
  955
  1,022
  1,091
  1,164
  1,239
  1,318
  1,400
  1,486
  1,576
  1,670

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  82
  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
  2,603
  2,957
  3,432
  3,946
  4,497
  5,085
  5,708
  6,367
  7,060
  7,786
  8,547
  9,341
  10,168
  11,030
  11,926
  12,858
  13,827
  14,833
  15,879
  16,966
  18,096
  19,272
  20,495
  21,768
  23,093
  24,475
  25,915
  27,416
  28,983
  30,619
  32,327
Adjusted assets (=assets-cash), $m
  2,521
  2,957
  3,432
  3,946
  4,497
  5,085
  5,708
  6,367
  7,060
  7,786
  8,547
  9,341
  10,168
  11,030
  11,926
  12,858
  13,827
  14,833
  15,879
  16,966
  18,096
  19,272
  20,495
  21,768
  23,093
  24,475
  25,915
  27,416
  28,983
  30,619
  32,327
Revenue / Adjusted assets
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
  1.672
Average production assets, $m
  1,154
  1,355
  1,572
  1,808
  2,060
  2,329
  2,615
  2,917
  3,234
  3,567
  3,916
  4,279
  4,658
  5,053
  5,464
  5,891
  6,334
  6,795
  7,275
  7,773
  8,290
  8,829
  9,389
  9,972
  10,580
  11,213
  11,872
  12,560
  13,278
  14,027
  14,810
Working capital, $m
  118
  969
  1,125
  1,293
  1,474
  1,666
  1,871
  2,086
  2,314
  2,552
  2,801
  3,061
  3,332
  3,615
  3,908
  4,214
  4,531
  4,861
  5,204
  5,560
  5,930
  6,316
  6,716
  7,134
  7,568
  8,021
  8,493
  8,985
  9,498
  10,034
  10,594
Total debt, $m
  1,335
  1,541
  1,853
  2,191
  2,554
  2,941
  3,351
  3,784
  4,240
  4,718
  5,219
  5,741
  6,286
  6,853
  7,442
  8,056
  8,693
  9,355
  10,043
  10,759
  11,502
  12,276
  13,081
  13,918
  14,790
  15,699
  16,647
  17,635
  18,666
  19,742
  20,866
Total liabilities, $m
  1,740
  1,946
  2,258
  2,596
  2,959
  3,346
  3,756
  4,189
  4,645
  5,123
  5,624
  6,146
  6,691
  7,258
  7,847
  8,461
  9,098
  9,760
  10,448
  11,164
  11,907
  12,681
  13,486
  14,323
  15,195
  16,104
  17,052
  18,040
  19,071
  20,147
  21,271
Total equity, $m
  863
  1,011
  1,174
  1,349
  1,538
  1,739
  1,952
  2,177
  2,414
  2,663
  2,923
  3,195
  3,478
  3,772
  4,079
  4,397
  4,729
  5,073
  5,431
  5,802
  6,189
  6,591
  7,009
  7,445
  7,898
  8,370
  8,863
  9,376
  9,912
  10,472
  11,056
Total liabilities and equity, $m
  2,603
  2,957
  3,432
  3,945
  4,497
  5,085
  5,708
  6,366
  7,059
  7,786
  8,547
  9,341
  10,169
  11,030
  11,926
  12,858
  13,827
  14,833
  15,879
  16,966
  18,096
  19,272
  20,495
  21,768
  23,093
  24,474
  25,915
  27,416
  28,983
  30,619
  32,327
Debt-to-equity ratio
  1.547
  1.520
  1.580
  1.620
  1.660
  1.690
  1.720
  1.740
  1.760
  1.770
  1.790
  1.800
  1.810
  1.820
  1.820
  1.830
  1.840
  1.840
  1.850
  1.850
  1.860
  1.860
  1.870
  1.870
  1.870
  1.880
  1.880
  1.880
  1.880
  1.890
  1.890
Adjusted equity ratio
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  41
  55
  80
  108
  137
  168
  202
  237
  274
  313
  354
  418
  463
  509
  557
  608
  660
  715
  771
  830
  892
  955
  1,022
  1,091
  1,164
  1,239
  1,318
  1,400
  1,486
  1,576
  1,670
Depreciation, amort., depletion, $m
  158
  178
  202
  228
  255
  285
  316
  350
  384
  421
  459
  470
  512
  555
  600
  647
  696
  747
  799
  854
  911
  970
  1,032
  1,096
  1,163
  1,232
  1,305
  1,380
  1,459
  1,541
  1,627
Funds from operations, $m
  816
  233
  282
  335
  392
  453
  518
  587
  659
  734
  813
  888
  975
  1,064
  1,158
  1,255
  1,356
  1,461
  1,571
  1,684
  1,803
  1,926
  2,054
  2,187
  2,326
  2,471
  2,622
  2,780
  2,945
  3,117
  3,297
Change in working capital, $m
  295
  143
  156
  168
  181
  193
  204
  216
  227
  238
  249
  260
  271
  282
  294
  305
  317
  330
  343
  356
  370
  385
  401
  417
  434
  453
  472
  492
  513
  536
  560
Cash from operations, $m
  521
  90
  126
  167
  212
  261
  314
  371
  432
  496
  564
  628
  703
  782
  864
  950
  1,039
  1,132
  1,228
  1,328
  1,432
  1,540
  1,653
  1,770
  1,892
  2,019
  2,151
  2,288
  2,432
  2,581
  2,737
Maintenance CAPEX, $m
  0
  -127
  -149
  -173
  -199
  -226
  -256
  -287
  -321
  -355
  -392
  -430
  -470
  -512
  -555
  -600
  -647
  -696
  -747
  -799
  -854
  -911
  -970
  -1,032
  -1,096
  -1,163
  -1,232
  -1,305
  -1,380
  -1,459
  -1,541
New CAPEX, $m
  -197
  -201
  -218
  -235
  -252
  -269
  -286
  -302
  -317
  -333
  -348
  -364
  -379
  -395
  -411
  -427
  -444
  -461
  -479
  -498
  -518
  -538
  -560
  -583
  -607
  -633
  -660
  -688
  -718
  -749
  -783
Cash from investing activities, $m
  -189
  -328
  -367
  -408
  -451
  -495
  -542
  -589
  -638
  -688
  -740
  -794
  -849
  -907
  -966
  -1,027
  -1,091
  -1,157
  -1,226
  -1,297
  -1,372
  -1,449
  -1,530
  -1,615
  -1,703
  -1,796
  -1,892
  -1,993
  -2,098
  -2,208
  -2,324
Free cash flow, $m
  332
  -238
  -240
  -241
  -239
  -235
  -228
  -218
  -206
  -192
  -176
  -166
  -146
  -125
  -102
  -78
  -52
  -26
  2
  31
  60
  91
  123
  155
  189
  223
  259
  296
  333
  373
  413
Issuance/(repayment) of debt, $m
  -279
  288
  313
  338
  363
  387
  410
  433
  456
  478
  500
  522
  545
  567
  590
  613
  637
  662
  688
  715
  744
  773
  805
  838
  872
  909
  947
  988
  1,031
  1,076
  1,124
Issuance/(repurchase) of shares, $m
  -35
  93
  82
  68
  52
  33
  12
  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  
  -315
  381
  395
  406
  415
  420
  422
  433
  456
  478
  500
  522
  545
  567
  590
  613
  637
  662
  688
  715
  744
  773
  805
  838
  872
  909
  947
  988
  1,031
  1,076
  1,124
Total cash flow (excl. dividends), $m
  17
  143
  155
  165
  175
  184
  194
  215
  250
  286
  324
  357
  398
  442
  488
  536
  585
  637
  690
  746
  804
  864
  927
  993
  1,061
  1,132
  1,206
  1,284
  1,365
  1,449
  1,537
Retained Cash Flow (-), $m
  -18
  -148
  -163
  -176
  -188
  -201
  -213
  -225
  -237
  -249
  -260
  -272
  -283
  -295
  -307
  -319
  -331
  -344
  -358
  -372
  -387
  -402
  -418
  -435
  -453
  -472
  -492
  -514
  -536
  -559
  -584
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
 
  -5
  -8
  -11
  -14
  -17
  -19
  -10
  13
  37
  64
  85
  115
  148
  181
  217
  254
  292
  333
  374
  417
  462
  509
  557
  608
  660
  714
  770
  829
  890
  953
Discount rate, %
 
  8.80
  9.24
  9.70
  10.19
  10.70
  11.23
  11.79
  12.38
  13.00
  13.65
  14.33
  15.05
  15.80
  16.59
  17.42
  18.29
  19.21
  20.17
  21.18
  22.24
  23.35
  24.52
  25.74
  27.03
  28.38
  29.80
  31.29
  32.85
  34.50
  36.22
PV of cash for distribution, $m
 
  -4
  -7
  -8
  -9
  -10
  -10
  -5
  5
  12
  18
  19
  21
  22
  21
  19
  17
  15
  12
  10
  8
  6
  4
  3
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  95.1
  91.5
  89.1
  87.5
  86.6
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3
  86.3

Rush Enterprises, Inc. is an integrated retailer of commercial vehicles and related services. The Company operates through the Truck Segment, which includes its operation of a regional network of commercial vehicle dealerships under the name Rush Truck Centers. Through its Rush Truck Centers, it offers services, including retail sales of new and used commercial vehicles, aftermarket parts sales, service and repair facilities, financing, leasing and rental, and insurance products. As of December 31, 2016, the Company operated 100 Rush Truck Centers in 21 states. The Company's Rush Truck Centers are located in Alabama, Arizona, California, Colorado, Florida, Georgia, Idaho, Kentucky, Missouri, Nevada, New Mexico, North Carolina, Ohio, Oklahoma, Tennessee, Texas, Utah and Virginia. Its Rush Truck Leasing provides full-service maintenance on customers' vehicles. At Rush Truck Centers, it offers third-party financing to assist customers in purchasing new and used commercial vehicles.

FINANCIAL RATIOS  of  Rush Enterprises Cl A (RUSHA)

Valuation Ratios
P/E Ratio 44
Price to Sales 0.4
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 3.5
Price to Free Cash Flow 5.6
Growth Rates
Sales Growth Rate -15.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.5%
Cap. Spend. - 3 Yr. Gr. Rate 0.5%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 62.9%
Total Debt to Equity 154.7%
Interest Coverage 3
Management Effectiveness
Return On Assets 2.4%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 1.8%
Ret/ On T. Cap. - 3 Yr. Avg. 2.9%
Return On Equity 4.8%
Return On Equity - 3 Yr. Avg. 8.1%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 17%
Gross Margin - 3 Yr. Avg. 16.3%
EBITDA Margin 6.2%
EBITDA Margin - 3 Yr. Avg. 6%
Operating Margin 1.9%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin 1.6%
Pre-Tax Margin - 3 Yr. Avg. 2.2%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 1.3%
Effective Tax Rate 37.9%
Eff/ Tax Rate - 3 Yr. Avg. 38.6%
Payout Ratio 0%

RUSHA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RUSHA stock intrinsic value calculation we used $4215 million for the last fiscal year's total revenue generated by Rush Enterprises Cl A. The default revenue input number comes from 2016 income statement of Rush Enterprises 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 RUSHA stock valuation model: a) initial revenue growth rate of 17.3% 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 8.8%, whose default value for RUSHA is calculated based on our internal credit rating of Rush Enterprises 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 Rush Enterprises 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 RUSHA stock the variable cost ratio is equal to 94.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $149 million in the base year in the intrinsic value calculation for RUSHA 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 Rush Enterprises Cl A.

Corporate tax rate of 27% is the nominal tax rate for Rush Enterprises 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 RUSHA 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 RUSHA are equal to 27.4%.

Life of production assets of 9.1 years is the average useful life of capital assets used in Rush Enterprises 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 RUSHA is equal to 19.6%. 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 - $863 million for Rush Enterprises 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 39.296 million for Rush Enterprises 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 Rush Enterprises Cl A at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ 3 Value Stocks for Smart Investors   [Sep-18-17 10:30AM  Motley Fool]
▶ Rush Enterprises posts 2Q profit   [Jul-27-17 03:10PM  Associated Press]
▶ Rush Enterprises beats 2Q profit forecasts   [Jul-26-17 11:49PM  Associated Press]
▶ 3 Value Stocks for the 2nd Quarter   [May-31-17 05:02PM  Motley Fool]
▶ 3 Brick & Mortar Retailers in Strong Uptrends   [May-19-17 11:45AM  Investopedia]
▶ Energy sector recovery boosts Rush Enterprises first quarter results   [Apr-24-17 07:45PM  American City Business Journals]
▶ Rush Enterprises posts 1Q profit   [05:52PM  Associated Press]
▶ Rush Enterprises beats 1Q profit forecasts   [04:48PM  Associated Press]
▶ Rush Enterprises, Inc. Announces Executive Promotions   [Mar-29-17 04:01PM  GlobeNewswire]
▶ Rush Enterprises posts 4Q profit   [Feb-15-17 05:54PM  Associated Press]
Financial statements of RUSHA
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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