Intrinsic value of Sonic Automotive Cl A - SAH

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  Intrinsic Value

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  Value-price divergence*

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Intrinsic value

$28.63

 
Up/down potential

+43%

 
Rating

buy

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

We calculate the intrinsic value of SAH 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 0.9

 

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, %
  1.12
  3.50
  3.65
  3.78
  3.91
  4.02
  4.11
  4.20
  4.28
  4.35
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.77
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
Revenue, $m
  9,732
  10,073
  10,440
  10,835
  11,259
  11,711
  12,193
  12,705
  13,249
  13,826
  14,437
  15,083
  15,767
  16,488
  17,250
  18,053
  18,900
  19,792
  20,732
  21,722
  22,764
  23,861
  25,015
  26,229
  27,505
  28,848
  30,259
  31,743
  33,302
  34,941
  36,664
Variable operating expenses, $m
 
  8,580
  8,892
  9,226
  9,585
  9,968
  10,376
  10,810
  11,271
  11,760
  12,278
  12,778
  13,357
  13,968
  14,613
  15,294
  16,011
  16,767
  17,563
  18,402
  19,285
  20,214
  21,192
  22,220
  23,301
  24,438
  25,634
  26,891
  28,212
  29,600
  31,060
Fixed operating expenses, $m
 
  1,270
  1,302
  1,334
  1,368
  1,402
  1,437
  1,473
  1,510
  1,547
  1,586
  1,626
  1,666
  1,708
  1,751
  1,794
  1,839
  1,885
  1,932
  1,981
  2,030
  2,081
  2,133
  2,186
  2,241
  2,297
  2,354
  2,413
  2,474
  2,535
  2,599
Total operating expenses, $m
  9,499
  9,850
  10,194
  10,560
  10,953
  11,370
  11,813
  12,283
  12,781
  13,307
  13,864
  14,404
  15,023
  15,676
  16,364
  17,088
  17,850
  18,652
  19,495
  20,383
  21,315
  22,295
  23,325
  24,406
  25,542
  26,735
  27,988
  29,304
  30,686
  32,135
  33,659
Operating income, $m
  233
  222
  247
  275
  306
  341
  380
  422
  468
  519
  573
  680
  744
  812
  886
  965
  1,050
  1,140
  1,237
  1,340
  1,449
  1,566
  1,691
  1,823
  1,963
  2,112
  2,271
  2,439
  2,617
  2,805
  3,005
EBITDA, $m
  312
  326
  352
  382
  416
  454
  495
  540
  589
  643
  701
  764
  832
  904
  982
  1,066
  1,155
  1,250
  1,352
  1,461
  1,576
  1,699
  1,830
  1,969
  2,117
  2,273
  2,439
  2,616
  2,802
  3,000
  3,210
Interest expense (income), $m
  77
  84
  88
  92
  96
  100
  105
  110
  115
  121
  127
  134
  140
  147
  155
  163
  171
  180
  190
  199
  210
  221
  232
  244
  257
  270
  284
  299
  315
  331
  348
Earnings before tax, $m
  155
  138
  159
  183
  210
  241
  275
  312
  353
  398
  446
  546
  603
  665
  731
  802
  878
  960
  1,047
  1,140
  1,239
  1,345
  1,458
  1,578
  1,706
  1,842
  1,986
  2,139
  2,302
  2,474
  2,657
Tax expense, $m
  60
  37
  43
  49
  57
  65
  74
  84
  95
  107
  121
  148
  163
  179
  197
  217
  237
  259
  283
  308
  335
  363
  394
  426
  461
  497
  536
  578
  621
  668
  717
Net income, $m
  93
  101
  116
  134
  153
  176
  200
  228
  258
  290
  326
  399
  440
  485
  534
  585
  641
  701
  764
  832
  905
  982
  1,065
  1,152
  1,246
  1,345
  1,450
  1,562
  1,680
  1,806
  1,940

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  3
  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
  3,639
  3,763
  3,900
  4,048
  4,206
  4,375
  4,555
  4,746
  4,949
  5,165
  5,393
  5,634
  5,890
  6,159
  6,444
  6,744
  7,060
  7,393
  7,745
  8,114
  8,504
  8,913
  9,344
  9,798
  10,275
  10,776
  11,303
  11,858
  12,440
  13,052
  13,696
Adjusted assets (=assets-cash), $m
  3,636
  3,763
  3,900
  4,048
  4,206
  4,375
  4,555
  4,746
  4,949
  5,165
  5,393
  5,634
  5,890
  6,159
  6,444
  6,744
  7,060
  7,393
  7,745
  8,114
  8,504
  8,913
  9,344
  9,798
  10,275
  10,776
  11,303
  11,858
  12,440
  13,052
  13,696
Revenue / Adjusted assets
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
  2.677
Average production assets, $m
  1,032
  1,068
  1,107
  1,149
  1,193
  1,241
  1,292
  1,347
  1,404
  1,466
  1,530
  1,599
  1,671
  1,748
  1,828
  1,914
  2,003
  2,098
  2,198
  2,303
  2,413
  2,529
  2,652
  2,780
  2,916
  3,058
  3,207
  3,365
  3,530
  3,704
  3,886
Working capital, $m
  94
  1,722
  1,785
  1,853
  1,925
  2,003
  2,085
  2,173
  2,266
  2,364
  2,469
  2,579
  2,696
  2,819
  2,950
  3,087
  3,232
  3,384
  3,545
  3,715
  3,893
  4,080
  4,278
  4,485
  4,703
  4,933
  5,174
  5,428
  5,695
  5,975
  6,269
Total debt, $m
  2,409
  2,509
  2,619
  2,737
  2,864
  2,999
  3,143
  3,297
  3,459
  3,632
  3,815
  4,008
  4,213
  4,429
  4,656
  4,897
  5,150
  5,417
  5,698
  5,995
  6,306
  6,635
  6,980
  7,343
  7,725
  8,127
  8,549
  8,993
  9,460
  9,950
  10,465
Total liabilities, $m
  2,914
  3,014
  3,124
  3,242
  3,369
  3,504
  3,648
  3,802
  3,964
  4,137
  4,320
  4,513
  4,718
  4,934
  5,161
  5,402
  5,655
  5,922
  6,203
  6,500
  6,811
  7,140
  7,485
  7,848
  8,230
  8,632
  9,054
  9,498
  9,965
  10,455
  10,970
Total equity, $m
  725
  749
  776
  805
  837
  871
  906
  944
  985
  1,028
  1,073
  1,121
  1,172
  1,226
  1,282
  1,342
  1,405
  1,471
  1,541
  1,615
  1,692
  1,774
  1,860
  1,950
  2,045
  2,144
  2,249
  2,360
  2,476
  2,597
  2,725
Total liabilities and equity, $m
  3,639
  3,763
  3,900
  4,047
  4,206
  4,375
  4,554
  4,746
  4,949
  5,165
  5,393
  5,634
  5,890
  6,160
  6,443
  6,744
  7,060
  7,393
  7,744
  8,115
  8,503
  8,914
  9,345
  9,798
  10,275
  10,776
  11,303
  11,858
  12,441
  13,052
  13,695
Debt-to-equity ratio
  3.323
  3.350
  3.370
  3.400
  3.420
  3.450
  3.470
  3.490
  3.510
  3.530
  3.550
  3.570
  3.590
  3.610
  3.630
  3.650
  3.670
  3.680
  3.700
  3.710
  3.730
  3.740
  3.750
  3.770
  3.780
  3.790
  3.800
  3.810
  3.820
  3.830
  3.840
Adjusted equity ratio
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199
  0.199

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  93
  101
  116
  134
  153
  176
  200
  228
  258
  290
  326
  399
  440
  485
  534
  585
  641
  701
  764
  832
  905
  982
  1,065
  1,152
  1,246
  1,345
  1,450
  1,562
  1,680
  1,806
  1,940
Depreciation, amort., depletion, $m
  79
  103
  105
  108
  110
  113
  115
  118
  121
  124
  128
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  140
  146
  153
  161
  169
  177
  186
  195
  205
Funds from operations, $m
  223
  204
  222
  241
  264
  288
  316
  346
  379
  415
  454
  483
  528
  577
  630
  686
  746
  811
  880
  953
  1,032
  1,115
  1,204
  1,299
  1,399
  1,506
  1,619
  1,739
  1,866
  2,001
  2,144
Change in working capital, $m
  7
  58
  63
  68
  72
  77
  82
  88
  93
  99
  104
  111
  117
  123
  130
  137
  145
  153
  161
  169
  178
  188
  197
  208
  218
  230
  241
  254
  267
  280
  295
Cash from operations, $m
  216
  210
  159
  174
  191
  211
  233
  258
  286
  316
  349
  372
  412
  454
  500
  549
  602
  658
  719
  784
  854
  928
  1,007
  1,091
  1,181
  1,276
  1,377
  1,485
  1,599
  1,721
  1,850
Maintenance CAPEX, $m
  0
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -105
  -110
  -116
  -121
  -127
  -133
  -140
  -146
  -153
  -161
  -169
  -177
  -186
  -195
New CAPEX, $m
  -206
  -36
  -39
  -42
  -45
  -48
  -51
  -54
  -58
  -61
  -65
  -69
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -129
  -135
  -142
  -150
  -157
  -165
  -174
  -183
Cash from investing activities, $m
  -221
  -90
  -95
  -100
  -105
  -111
  -116
  -122
  -129
  -135
  -142
  -150
  -156
  -164
  -173
  -181
  -191
  -200
  -210
  -221
  -231
  -243
  -255
  -269
  -281
  -295
  -311
  -326
  -342
  -360
  -378
Free cash flow, $m
  -5
  119
  64
  74
  86
  100
  117
  136
  157
  181
  207
  223
  255
  289
  327
  367
  411
  458
  509
  564
  622
  685
  751
  823
  899
  980
  1,067
  1,159
  1,257
  1,361
  1,472
Issuance/(repayment) of debt, $m
  118
  103
  110
  118
  127
  135
  144
  153
  163
  173
  183
  193
  204
  216
  228
  240
  253
  267
  281
  296
  312
  328
  345
  363
  382
  402
  422
  444
  467
  490
  515
Issuance/(repurchase) of shares, $m
  -100
  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  
  13
  103
  110
  118
  127
  135
  144
  153
  163
  173
  183
  193
  204
  216
  228
  240
  253
  267
  281
  296
  312
  328
  345
  363
  382
  402
  422
  444
  467
  490
  515
Total cash flow (excl. dividends), $m
  8
  222
  174
  192
  212
  236
  261
  289
  320
  354
  390
  417
  459
  505
  555
  608
  665
  725
  790
  860
  934
  1,013
  1,097
  1,186
  1,281
  1,382
  1,489
  1,603
  1,724
  1,852
  1,987
Retained Cash Flow (-), $m
  4
  -24
  -27
  -29
  -31
  -34
  -36
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -57
  -60
  -63
  -66
  -70
  -74
  -77
  -82
  -86
  -90
  -95
  -100
  -105
  -110
  -116
  -122
  -128
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
 
  198
  146
  162
  181
  202
  225
  251
  280
  311
  345
  369
  409
  452
  498
  548
  602
  659
  721
  786
  856
  931
  1,011
  1,096
  1,186
  1,282
  1,384
  1,493
  1,608
  1,730
  1,859
Discount rate, %
 
  11.80
  12.39
  13.01
  13.66
  14.34
  15.06
  15.81
  16.60
  17.43
  18.31
  19.22
  20.18
  21.19
  22.25
  23.36
  24.53
  25.76
  27.05
  28.40
  29.82
  31.31
  32.87
  34.52
  36.24
  38.06
  39.96
  41.96
  44.05
  46.26
  48.57
PV of cash for distribution, $m
 
  177
  116
  113
  108
  103
  97
  90
  82
  73
  64
  53
  45
  37
  30
  23
  18
  13
  10
  7
  5
  3
  2
  1
  1
  0
  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

Sonic Automotive, Inc. operates as an automotive retailer in the United States. It operates through two segments, Franchised Dealerships and EchoPark. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repairs, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products. The EchoPark segment operates stand-alone pre-owned specialty retail locations, which enables customers to search, buy, service, and sell their pre-owned vehicles. As of December 31, 2015, it operated 114 franchises in 13 states representing 25 different brands of cars and light trucks; 18 collision repair centers; 3 stand-alone pre-owned specialty retail locations under the EchoPark brand; and 96 franchised dealership stores. The company was founded in 1997 and is based in Charlotte, North Carolina.

FINANCIAL RATIOS  of  Sonic Automotive Cl A (SAH)

Valuation Ratios
P/E Ratio 9.6
Price to Sales 0.1
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 4.1
Price to Free Cash Flow 89.5
Growth Rates
Sales Growth Rate 1.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 19.1%
Cap. Spend. - 3 Yr. Gr. Rate 5.4%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 115.9%
Total Debt to Equity 332.3%
Interest Coverage 3
Management Effectiveness
Return On Assets 3.9%
Ret/ On Assets - 3 Yr. Avg. 4.1%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 12.8%
Return On Equity - 3 Yr. Avg. 13.4%
Asset Turnover 2.7
Profitability Ratios
Gross Margin 14.7%
Gross Margin - 3 Yr. Avg. 14.7%
EBITDA Margin 3.2%
EBITDA Margin - 3 Yr. Avg. 3.1%
Operating Margin 2.4%
Oper. Margin - 3 Yr. Avg. 2.4%
Pre-Tax Margin 1.6%
Pre-Tax Margin - 3 Yr. Avg. 1.6%
Net Profit Margin 1%
Net Profit Margin - 3 Yr. Avg. 1%
Effective Tax Rate 38.7%
Eff/ Tax Rate - 3 Yr. Avg. 39%
Payout Ratio 9.7%

SAH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SAH stock intrinsic value calculation we used $9732 million for the last fiscal year's total revenue generated by Sonic Automotive Cl A. The default revenue input number comes from 2016 income statement of Sonic Automotive 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 SAH stock valuation model: a) initial revenue growth rate of 3.5% 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 11.8%, whose default value for SAH is calculated based on our internal credit rating of Sonic Automotive 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 Sonic Automotive 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 SAH stock the variable cost ratio is equal to 85.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1239 million in the base year in the intrinsic value calculation for SAH 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 Sonic Automotive Cl A.

Corporate tax rate of 27% is the nominal tax rate for Sonic Automotive 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 SAH 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 SAH are equal to 10.6%.

Life of production assets of 19 years is the average useful life of capital assets used in Sonic Automotive 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 SAH is equal to 17.1%. 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 - $725 million for Sonic Automotive 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 44.442 million for Sonic Automotive 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 Sonic Automotive Cl A at the current share price and the inputted number of shares is $0.9 billion.


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COMPANY NEWS

▶ Sonic Automotive Has Momentum   [07:00AM  Morningstar]
▶ BMW, Houston and EchoPark help Sonic Automotive end 2016 strong   [Feb-21-17 06:20PM  at bizjournals.com]
▶ MLS exec 'impressed' by Charlotte bid group   [Feb-01-17 05:37PM  at bizjournals.com]
▶ Is Sonic Automotive Inc (SAH) A Good Stock To Buy?   [Dec-07-16 03:48PM  at Insider Monkey]
▶ Here's When to Sell These 5 Toxic Stocks   [Jul-02-16 11:40AM  at TheStreet]
▶ Shares jump as Sonic Automotive touts record car sales   [Apr-26-16 02:55PM  at bizjournals.com]
▶ Why Are Investors Piling Into These Stocks Today?   [01:50PM  at Insider Monkey]
Stock chart of SAH Financial statements of SAH
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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