Intrinsic value of Sonic Automotive Cl A - SAH

Previous Close

$20.35

  Intrinsic Value

$19.51

stock screener

  Rating & Target

hold

-4%

Previous close

$20.35

 
Intrinsic value

$19.51

 
Up/down potential

-4%

 
Rating

hold

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  9,732
  9,927
  10,155
  10,416
  10,709
  11,034
  11,390
  11,778
  12,198
  12,650
  13,135
  13,655
  14,209
  14,799
  15,426
  16,092
  16,797
  17,543
  18,333
  19,167
  20,047
  20,977
  21,957
  22,990
  24,078
  25,224
  26,431
  27,701
  29,038
  30,444
  31,924
Variable operating expenses, $m
 
  8,457
  8,650
  8,871
  9,119
  9,394
  9,696
  10,025
  10,380
  10,764
  11,175
  11,568
  12,037
  12,537
  13,068
  13,632
  14,229
  14,862
  15,531
  16,237
  16,983
  17,770
  18,601
  19,476
  20,398
  21,369
  22,391
  23,467
  24,600
  25,791
  27,044
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
  9,727
  9,952
  10,205
  10,487
  10,796
  11,133
  11,498
  11,890
  12,311
  12,761
  13,194
  13,703
  14,245
  14,819
  15,426
  16,068
  16,747
  17,463
  18,218
  19,013
  19,851
  20,734
  21,662
  22,639
  23,666
  24,745
  25,880
  27,074
  28,326
  29,643
Operating income, $m
  233
  200
  203
  211
  222
  237
  257
  280
  308
  339
  375
  461
  506
  554
  607
  665
  728
  796
  870
  949
  1,034
  1,125
  1,223
  1,328
  1,439
  1,558
  1,686
  1,821
  1,965
  2,118
  2,281
EBITDA, $m
  312
  303
  307
  316
  329
  346
  368
  393
  423
  457
  495
  538
  585
  637
  693
  755
  822
  894
  972
  1,056
  1,146
  1,242
  1,346
  1,456
  1,574
  1,699
  1,833
  1,975
  2,127
  2,288
  2,459
Interest expense (income), $m
  77
  84
  86
  89
  91
  94
  98
  102
  106
  110
  115
  120
  125
  131
  137
  144
  151
  158
  166
  174
  183
  192
  202
  212
  223
  234
  246
  259
  272
  286
  301
Earnings before tax, $m
  155
  116
  117
  122
  131
  143
  159
  179
  202
  229
  260
  342
  380
  423
  470
  521
  577
  638
  704
  775
  851
  933
  1,021
  1,115
  1,216
  1,324
  1,439
  1,562
  1,692
  1,832
  1,979
Tax expense, $m
  60
  31
  32
  33
  35
  39
  43
  48
  55
  62
  70
  92
  103
  114
  127
  141
  156
  172
  190
  209
  230
  252
  276
  301
  328
  357
  389
  422
  457
  495
  534
Net income, $m
  93
  85
  85
  89
  95
  104
  116
  130
  147
  167
  190
  249
  278
  309
  343
  381
  421
  466
  514
  565
  621
  681
  745
  814
  888
  967
  1,051
  1,140
  1,235
  1,337
  1,445

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
  3,708
  3,793
  3,891
  4,000
  4,122
  4,255
  4,400
  4,556
  4,725
  4,907
  5,101
  5,308
  5,528
  5,762
  6,011
  6,274
  6,553
  6,848
  7,160
  7,489
  7,836
  8,202
  8,588
  8,994
  9,423
  9,873
  10,348
  10,847
  11,373
  11,925
Adjusted assets (=assets-cash), $m
  3,636
  3,708
  3,793
  3,891
  4,000
  4,122
  4,255
  4,400
  4,556
  4,725
  4,907
  5,101
  5,308
  5,528
  5,762
  6,011
  6,274
  6,553
  6,848
  7,160
  7,489
  7,836
  8,202
  8,588
  8,994
  9,423
  9,873
  10,348
  10,847
  11,373
  11,925
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
  1,052
  1,076
  1,104
  1,135
  1,170
  1,207
  1,248
  1,293
  1,341
  1,392
  1,447
  1,506
  1,569
  1,635
  1,706
  1,780
  1,860
  1,943
  2,032
  2,125
  2,224
  2,327
  2,437
  2,552
  2,674
  2,802
  2,936
  3,078
  3,227
  3,384
Working capital, $m
  94
  1,697
  1,736
  1,781
  1,831
  1,887
  1,948
  2,014
  2,086
  2,163
  2,246
  2,335
  2,430
  2,531
  2,638
  2,752
  2,872
  3,000
  3,135
  3,278
  3,428
  3,587
  3,755
  3,931
  4,117
  4,313
  4,520
  4,737
  4,966
  5,206
  5,459
Total debt, $m
  2,409
  2,465
  2,534
  2,612
  2,699
  2,796
  2,903
  3,019
  3,145
  3,280
  3,425
  3,581
  3,747
  3,923
  4,111
  4,310
  4,521
  4,744
  4,980
  5,230
  5,493
  5,772
  6,065
  6,374
  6,699
  7,042
  7,404
  7,784
  8,184
  8,604
  9,047
Total liabilities, $m
  2,914
  2,970
  3,039
  3,117
  3,204
  3,301
  3,408
  3,524
  3,650
  3,785
  3,930
  4,086
  4,252
  4,428
  4,616
  4,815
  5,026
  5,249
  5,485
  5,735
  5,998
  6,277
  6,570
  6,879
  7,204
  7,547
  7,909
  8,289
  8,689
  9,109
  9,552
Total equity, $m
  725
  738
  755
  774
  796
  820
  847
  876
  907
  940
  976
  1,015
  1,056
  1,100
  1,147
  1,196
  1,249
  1,304
  1,363
  1,425
  1,490
  1,559
  1,632
  1,709
  1,790
  1,875
  1,965
  2,059
  2,159
  2,263
  2,373
Total liabilities and equity, $m
  3,639
  3,708
  3,794
  3,891
  4,000
  4,121
  4,255
  4,400
  4,557
  4,725
  4,906
  5,101
  5,308
  5,528
  5,763
  6,011
  6,275
  6,553
  6,848
  7,160
  7,488
  7,836
  8,202
  8,588
  8,994
  9,422
  9,874
  10,348
  10,848
  11,372
  11,925
Debt-to-equity ratio
  3.323
  3.340
  3.360
  3.370
  3.390
  3.410
  3.430
  3.450
  3.470
  3.490
  3.510
  3.530
  3.550
  3.570
  3.580
  3.600
  3.620
  3.640
  3.650
  3.670
  3.690
  3.700
  3.720
  3.730
  3.740
  3.760
  3.770
  3.780
  3.790
  3.800
  3.810
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
  85
  85
  89
  95
  104
  116
  130
  147
  167
  190
  249
  278
  309
  343
  381
  421
  466
  514
  565
  621
  681
  745
  814
  888
  967
  1,051
  1,140
  1,235
  1,337
  1,445
Depreciation, amort., depletion, $m
  79
  103
  104
  105
  107
  109
  111
  113
  115
  118
  120
  76
  79
  83
  86
  90
  94
  98
  102
  107
  112
  117
  122
  128
  134
  141
  147
  155
  162
  170
  178
Funds from operations, $m
  223
  187
  189
  194
  202
  213
  227
  243
  263
  285
  310
  326
  357
  391
  429
  470
  515
  564
  616
  672
  733
  798
  868
  942
  1,022
  1,107
  1,198
  1,295
  1,397
  1,507
  1,623
Change in working capital, $m
  7
  33
  39
  45
  50
  56
  61
  66
  72
  77
  83
  89
  95
  101
  107
  114
  121
  128
  135
  143
  151
  159
  168
  177
  186
  196
  206
  217
  229
  240
  253
Cash from operations, $m
  216
  154
  150
  150
  152
  158
  166
  177
  191
  208
  227
  237
  262
  290
  322
  357
  395
  436
  481
  530
  582
  639
  700
  766
  836
  911
  992
  1,077
  1,169
  1,266
  1,370
Maintenance CAPEX, $m
  0
  -54
  -55
  -57
  -58
  -60
  -62
  -64
  -66
  -68
  -71
  -73
  -76
  -79
  -83
  -86
  -90
  -94
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -147
  -155
  -162
  -170
New CAPEX, $m
  -206
  -21
  -24
  -28
  -31
  -34
  -38
  -41
  -45
  -48
  -51
  -55
  -59
  -63
  -66
  -71
  -75
  -79
  -84
  -88
  -93
  -99
  -104
  -109
  -115
  -122
  -128
  -135
  -142
  -149
  -157
Cash from investing activities, $m
  -221
  -75
  -79
  -85
  -89
  -94
  -100
  -105
  -111
  -116
  -122
  -128
  -135
  -142
  -149
  -157
  -165
  -173
  -182
  -190
  -200
  -211
  -221
  -231
  -243
  -256
  -269
  -282
  -297
  -311
  -327
Free cash flow, $m
  -5
  79
  71
  65
  63
  63
  67
  72
  81
  92
  105
  108
  127
  149
  173
  200
  230
  263
  299
  339
  382
  429
  479
  534
  592
  655
  723
  795
  873
  955
  1,044
Issuance/(repayment) of debt, $m
  118
  59
  68
  78
  88
  97
  107
  116
  126
  135
  145
  155
  166
  177
  188
  199
  211
  223
  236
  250
  264
  278
  293
  309
  326
  343
  361
  380
  400
  421
  443
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
  59
  68
  78
  88
  97
  107
  116
  126
  135
  145
  155
  166
  177
  188
  199
  211
  223
  236
  250
  264
  278
  293
  309
  326
  343
  361
  380
  400
  421
  443
Total cash flow (excl. dividends), $m
  8
  138
  139
  143
  151
  161
  173
  188
  206
  227
  250
  264
  293
  325
  360
  399
  441
  486
  536
  589
  646
  707
  773
  843
  918
  998
  1,084
  1,175
  1,273
  1,376
  1,486
Retained Cash Flow (-), $m
  4
  -13
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -34
  -36
  -39
  -41
  -44
  -47
  -49
  -52
  -55
  -59
  -62
  -65
  -69
  -73
  -77
  -81
  -85
  -90
  -94
  -99
  -105
  -110
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
 
  125
  122
  124
  129
  136
  147
  160
  175
  193
  214
  225
  252
  281
  314
  350
  389
  431
  477
  527
  580
  638
  700
  766
  837
  913
  994
  1,081
  1,173
  1,272
  1,376
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
 
  112
  97
  86
  77
  70
  63
  57
  51
  46
  40
  33
  28
  23
  19
  15
  12
  9
  6
  5
  3
  2
  1
  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. is an automotive retailer in the United States. The Company's operating segments include Franchised Dealerships and EchoPark. Its Franchised Dealerships segment consists of retail automotive franchises that sell new vehicles and buy and sell used vehicles, sell replacement parts, perform vehicle repair and maintenance services, and arrange finance and insurance products. The EchoPark segment consists of standalone specialty retail locations that provide customers an opportunity to search, buy, service, finance and sell pre-owned vehicles. Its franchised dealerships provide services, including sales of both new and used cars, and light trucks; sales of replacement parts and performance of vehicle maintenance, manufacturer warranty repairs, and paint and collision repair services (collectively, Fixed Operations), and arrangement of extended warranties, service contracts, financing, insurance and other aftermarket products (collectively, F&I) for its customers.

FINANCIAL RATIOS  of  Sonic Automotive Cl A (SAH)

Valuation Ratios
P/E Ratio 9.8
Price to Sales 0.1
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 4.2
Price to Free Cash Flow 91
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 2% 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 43.861 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 closes on Independence Boulevard site for used-car concept   [Nov-03-17 02:40PM  American City Business Journals]
▶ Sonic Automotive sees quick sales rebound in hurricane-ravaged markets   [Oct-24-17 04:55PM  American City Business Journals]
▶ Sonic Automotive meets 3Q profit forecasts   [07:47AM  Associated Press]
▶ Harvey and Irma to deal blow to Sonics Q3 earnings   [Oct-12-17 11:10AM  American City Business Journals]
▶ Sonic Automotive, Inc. -- Hurricane And Earnings Update   [Oct-11-17 04:30PM  PR Newswire]
▶ Why Sonic Automotive Inc (SAH) Could Be A Buy   [Sep-22-17 09:11PM  Simply Wall St.]
▶ New Strong Sell Stocks for August 18 (Revised)   [Aug-23-17 08:54AM  Zacks]
▶ New Strong Sell Stocks for August 18th   [Aug-18-17 09:29AM  Zacks]
▶ Sonic Automotive misses 2Q profit forecasts   [Jul-28-17 10:50PM  Associated Press]
▶ Lumber co.'s inner-Loop site sold to Fortune 500 auto retailer   [May-18-17 12:28PM  American City Business Journals]
▶ Sonic Automotive reports 1Q loss   [Apr-26-17 07:50AM  Associated Press]
▶ 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]
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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