Intrinsic value of Rush Enterprises Cl B - RUSHB

Previous Close

$50.55

  Intrinsic Value

$3.78

stock screener

  Rating & Target

str. sell

-93%

Previous close

$50.55

 
Intrinsic value

$3.78

 
Up/down potential

-93%

 
Rating

str. sell

We calculate the intrinsic value of RUSHB 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, %
  -15.36
  14.70
  13.73
  12.86
  12.07
  11.36
  10.73
  10.15
  9.64
  9.18
  8.76
  8.38
  8.04
  7.74
  7.47
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
Revenue, $m
  4,215
  4,835
  5,498
  6,205
  6,954
  7,745
  8,576
  9,446
  10,357
  11,307
  12,298
  13,328
  14,400
  15,515
  16,673
  17,877
  19,128
  20,428
  21,780
  23,186
  24,649
  26,172
  27,759
  29,412
  31,135
  32,933
  34,809
  36,767
  38,813
  40,951
  43,185
Variable operating expenses, $m
 
  4,569
  5,193
  5,857
  6,560
  7,302
  8,082
  8,900
  9,755
  10,648
  11,578
  12,517
  13,524
  14,570
  15,658
  16,789
  17,963
  19,184
  20,454
  21,774
  23,148
  24,579
  26,069
  27,621
  29,240
  30,928
  32,690
  34,529
  36,450
  38,458
  40,556
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
  4,722
  5,350
  6,017
  6,724
  7,471
  8,255
  9,077
  9,937
  10,834
  11,769
  12,713
  13,724
  14,775
  15,869
  17,005
  18,184
  19,411
  20,686
  22,012
  23,392
  24,829
  26,326
  27,884
  29,510
  31,204
  32,973
  34,819
  36,747
  38,763
  40,869
Operating income, $m
  81
  113
  149
  188
  230
  274
  320
  369
  420
  473
  529
  616
  676
  739
  805
  873
  943
  1,017
  1,094
  1,173
  1,256
  1,343
  1,433
  1,528
  1,626
  1,729
  1,836
  1,948
  2,065
  2,188
  2,317
EBITDA, $m
  239
  287
  344
  404
  468
  536
  607
  682
  761
  843
  928
  1,017
  1,110
  1,206
  1,307
  1,411
  1,519
  1,632
  1,749
  1,871
  1,999
  2,131
  2,269
  2,413
  2,563
  2,720
  2,884
  3,055
  3,234
  3,421
  3,617
Interest expense (income), $m
  38
  44
  52
  62
  71
  82
  92
  104
  116
  128
  142
  155
  169
  184
  200
  215
  232
  249
  267
  286
  305
  325
  346
  368
  391
  415
  439
  465
  492
  520
  550
Earnings before tax, $m
  66
  69
  97
  127
  159
  192
  228
  265
  304
  345
  387
  461
  507
  555
  605
  657
  711
  768
  826
  888
  951
  1,018
  1,087
  1,159
  1,235
  1,314
  1,397
  1,483
  1,573
  1,668
  1,767
Tax expense, $m
  25
  19
  26
  34
  43
  52
  62
  72
  82
  93
  105
  124
  137
  150
  163
  177
  192
  207
  223
  240
  257
  275
  294
  313
  333
  355
  377
  400
  425
  450
  477
Net income, $m
  41
  50
  71
  93
  116
  140
  166
  193
  222
  252
  283
  336
  370
  405
  442
  480
  519
  560
  603
  648
  694
  743
  794
  846
  902
  959
  1,020
  1,083
  1,148
  1,217
  1,290

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
  2,892
  3,289
  3,711
  4,159
  4,632
  5,129
  5,650
  6,194
  6,763
  7,355
  7,972
  8,613
  9,279
  9,972
  10,692
  11,440
  12,218
  13,026
  13,867
  14,742
  15,653
  16,602
  17,591
  18,622
  19,697
  20,819
  21,990
  23,214
  24,492
  25,829
Adjusted assets (=assets-cash), $m
  2,521
  2,892
  3,289
  3,711
  4,159
  4,632
  5,129
  5,650
  6,194
  6,763
  7,355
  7,972
  8,613
  9,279
  9,972
  10,692
  11,440
  12,218
  13,026
  13,867
  14,742
  15,653
  16,602
  17,591
  18,622
  19,697
  20,819
  21,990
  23,214
  24,492
  25,829
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
  1,325
  1,507
  1,700
  1,906
  2,122
  2,350
  2,588
  2,838
  3,098
  3,370
  3,652
  3,946
  4,251
  4,568
  4,898
  5,241
  5,597
  5,968
  6,353
  6,754
  7,171
  7,606
  8,059
  8,531
  9,024
  9,538
  10,074
  10,635
  11,221
  11,833
Working capital, $m
  118
  948
  1,078
  1,216
  1,363
  1,518
  1,681
  1,851
  2,030
  2,216
  2,410
  2,612
  2,822
  3,041
  3,268
  3,504
  3,749
  4,004
  4,269
  4,544
  4,831
  5,130
  5,441
  5,765
  6,102
  6,455
  6,823
  7,206
  7,607
  8,026
  8,464
Total debt, $m
  1,335
  1,498
  1,759
  2,037
  2,332
  2,643
  2,970
  3,313
  3,671
  4,045
  4,435
  4,840
  5,262
  5,701
  6,157
  6,630
  7,123
  7,634
  8,166
  8,720
  9,295
  9,895
  10,519
  11,170
  11,848
  12,555
  13,294
  14,064
  14,870
  15,711
  16,590
Total liabilities, $m
  1,740
  1,903
  2,164
  2,442
  2,737
  3,048
  3,375
  3,718
  4,076
  4,450
  4,840
  5,245
  5,667
  6,106
  6,562
  7,035
  7,528
  8,039
  8,571
  9,125
  9,700
  10,300
  10,924
  11,575
  12,253
  12,960
  13,699
  14,469
  15,275
  16,116
  16,995
Total equity, $m
  863
  989
  1,125
  1,269
  1,422
  1,584
  1,754
  1,932
  2,118
  2,313
  2,515
  2,726
  2,946
  3,174
  3,410
  3,657
  3,913
  4,178
  4,455
  4,743
  5,042
  5,353
  5,678
  6,016
  6,369
  6,736
  7,120
  7,521
  7,939
  8,376
  8,833
Total liabilities and equity, $m
  2,603
  2,892
  3,289
  3,711
  4,159
  4,632
  5,129
  5,650
  6,194
  6,763
  7,355
  7,971
  8,613
  9,280
  9,972
  10,692
  11,441
  12,217
  13,026
  13,868
  14,742
  15,653
  16,602
  17,591
  18,622
  19,696
  20,819
  21,990
  23,214
  24,492
  25,828
Debt-to-equity ratio
  1.547
  1.510
  1.560
  1.600
  1.640
  1.670
  1.690
  1.710
  1.730
  1.750
  1.760
  1.780
  1.790
  1.800
  1.810
  1.810
  1.820
  1.830
  1.830
  1.840
  1.840
  1.850
  1.850
  1.860
  1.860
  1.860
  1.870
  1.870
  1.870
  1.880
  1.880
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
  50
  71
  93
  116
  140
  166
  193
  222
  252
  283
  336
  370
  405
  442
  480
  519
  560
  603
  648
  694
  743
  794
  846
  902
  959
  1,020
  1,083
  1,148
  1,217
  1,290
Depreciation, amort., depletion, $m
  158
  175
  195
  216
  238
  262
  287
  313
  341
  369
  399
  401
  434
  467
  502
  538
  576
  615
  656
  698
  742
  788
  836
  886
  937
  992
  1,048
  1,107
  1,169
  1,233
  1,300
Funds from operations, $m
  816
  225
  265
  308
  354
  403
  453
  507
  563
  621
  682
  738
  804
  872
  944
  1,018
  1,095
  1,175
  1,259
  1,346
  1,437
  1,531
  1,629
  1,732
  1,839
  1,951
  2,068
  2,190
  2,317
  2,450
  2,590
Change in working capital, $m
  295
  121
  130
  139
  147
  155
  163
  171
  178
  186
  194
  202
  210
  218
  227
  236
  245
  255
  265
  276
  287
  299
  311
  324
  338
  352
  368
  384
  401
  419
  438
Cash from operations, $m
  521
  103
  135
  170
  207
  248
  291
  336
  384
  435
  488
  536
  594
  654
  717
  782
  850
  921
  994
  1,070
  1,150
  1,232
  1,318
  1,408
  1,501
  1,599
  1,700
  1,806
  1,916
  2,031
  2,152
Maintenance CAPEX, $m
  0
  -127
  -146
  -166
  -187
  -209
  -233
  -258
  -284
  -312
  -340
  -370
  -401
  -434
  -467
  -502
  -538
  -576
  -615
  -656
  -698
  -742
  -788
  -836
  -886
  -937
  -992
  -1,048
  -1,107
  -1,169
  -1,233
New CAPEX, $m
  -197
  -171
  -182
  -194
  -205
  -217
  -228
  -239
  -249
  -260
  -271
  -282
  -294
  -305
  -317
  -330
  -343
  -356
  -370
  -385
  -401
  -417
  -435
  -453
  -472
  -493
  -514
  -537
  -561
  -586
  -612
Cash from investing activities, $m
  -189
  -298
  -328
  -360
  -392
  -426
  -461
  -497
  -533
  -572
  -611
  -652
  -695
  -739
  -784
  -832
  -881
  -932
  -985
  -1,041
  -1,099
  -1,159
  -1,223
  -1,289
  -1,358
  -1,430
  -1,506
  -1,585
  -1,668
  -1,755
  -1,845
Free cash flow, $m
  332
  -194
  -192
  -189
  -185
  -178
  -170
  -161
  -150
  -137
  -124
  -117
  -102
  -85
  -68
  -50
  -31
  -12
  9
  29
  51
  73
  96
  119
  143
  168
  194
  221
  249
  277
  307
Issuance/(repayment) of debt, $m
  -279
  245
  261
  278
  295
  311
  327
  343
  358
  374
  390
  406
  422
  439
  456
  474
  492
  512
  532
  553
  576
  599
  624
  651
  678
  707
  738
  771
  805
  841
  879
Issuance/(repurchase) of shares, $m
  -35
  76
  65
  52
  37
  21
  4
  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
  321
  326
  330
  332
  332
  331
  343
  358
  374
  390
  406
  422
  439
  456
  474
  492
  512
  532
  553
  576
  599
  624
  651
  678
  707
  738
  771
  805
  841
  879
Total cash flow (excl. dividends), $m
  17
  126
  134
  141
  147
  154
  160
  182
  209
  237
  266
  289
  320
  353
  388
  424
  461
  500
  541
  583
  627
  672
  720
  770
  822
  876
  933
  992
  1,054
  1,118
  1,186
Retained Cash Flow (-), $m
  -18
  -126
  -136
  -145
  -153
  -162
  -170
  -178
  -186
  -194
  -203
  -211
  -219
  -228
  -237
  -246
  -256
  -266
  -277
  -288
  -299
  -312
  -324
  -338
  -353
  -368
  -384
  -401
  -418
  -437
  -457
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
 
  0
  -2
  -4
  -6
  -8
  -10
  4
  22
  42
  63
  78
  101
  126
  151
  178
  205
  234
  264
  295
  327
  361
  396
  432
  469
  508
  549
  591
  635
  681
  729
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
 
  0
  -1
  -3
  -4
  -5
  -5
  2
  9
  14
  18
  18
  19
  19
  18
  16
  14
  12
  10
  8
  6
  4
  3
  2
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  96.6
  94.1
  92.4
  91.3
  90.7
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6
  90.6

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 B (RUSHB)

Valuation Ratios
P/E Ratio 48.4
Price to Sales 0.5
Price to Book 2.3
Price to Tangible Book
Price to Cash Flow 3.8
Price to Free Cash Flow 6.1
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%

RUSHB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RUSHB stock intrinsic value calculation we used $4215 million for the last fiscal year's total revenue generated by Rush Enterprises Cl B. The default revenue input number comes from 2016 income statement of Rush Enterprises Cl B. 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 RUSHB stock valuation model: a) initial revenue growth rate of 14.7% 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 RUSHB is calculated based on our internal credit rating of Rush Enterprises Cl B, 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 B.
    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 RUSHB 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 RUSHB 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 B.

Corporate tax rate of 27% is the nominal tax rate for Rush Enterprises Cl B. 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 RUSHB 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 RUSHB 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 B 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 RUSHB 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 B - 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 42.315 million for Rush Enterprises Cl B 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 B at the current share price and the inputted number of shares is $2.1 billion.

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COMPANY NEWS

▶ Is It Too Late To Buy Rush Enterprises Inc (NASDAQ:RUSH.B)?   [Jan-03-18 03:58PM  Simply Wall St.]
▶ Rush Enterprises reports strong third quarter despite hurricane season hits   [Oct-26-17 08:10AM  American City Business Journals]
▶ Rush Enterprises posts 3Q profit   [Oct-25-17 06:05PM  Associated Press]
▶ Rush Enterprises beats 3Q profit forecasts   [06:03PM  Associated Press]
▶ 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]
▶ 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]
Financial statements of RUSHB
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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