Intrinsic value of TrueCar - TRUE

Previous Close

$11.34

  Intrinsic Value

$0.44

stock screener

  Rating & Target

str. sell

-96%

Previous close

$11.34

 
Intrinsic value

$0.44

 
Up/down potential

-96%

 
Rating

str. sell

We calculate the intrinsic value of TRUE 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, %
  6.92
  9.30
  8.87
  8.48
  8.13
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.21
  6.09
  5.98
  5.89
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
Revenue, $m
  278
  304
  331
  359
  388
  418
  450
  483
  517
  552
  589
  627
  667
  709
  752
  797
  844
  893
  944
  997
  1,052
  1,111
  1,171
  1,235
  1,301
  1,371
  1,444
  1,520
  1,600
  1,683
  1,771
Variable operating expenses, $m
 
  378
  411
  445
  481
  518
  557
  597
  639
  682
  727
  769
  818
  869
  922
  977
  1,034
  1,094
  1,157
  1,222
  1,290
  1,362
  1,436
  1,514
  1,595
  1,681
  1,770
  1,863
  1,961
  2,063
  2,171
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
  316
  378
  411
  445
  481
  518
  557
  597
  639
  682
  727
  769
  818
  869
  922
  977
  1,034
  1,094
  1,157
  1,222
  1,290
  1,362
  1,436
  1,514
  1,595
  1,681
  1,770
  1,863
  1,961
  2,063
  2,171
Operating income, $m
  -39
  -74
  -80
  -86
  -93
  -100
  -107
  -114
  -122
  -130
  -138
  -142
  -151
  -160
  -170
  -180
  -191
  -202
  -213
  -225
  -238
  -251
  -265
  -279
  -294
  -310
  -326
  -343
  -361
  -380
  -400
EBITDA, $m
  -16
  -53
  -58
  -62
  -68
  -73
  -78
  -84
  -90
  -96
  -103
  -109
  -116
  -123
  -131
  -139
  -147
  -155
  -164
  -173
  -183
  -193
  -204
  -215
  -226
  -239
  -251
  -264
  -278
  -293
  -308
Interest expense (income), $m
  2
  2
  3
  3
  3
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
Earnings before tax, $m
  -41
  -76
  -83
  -89
  -96
  -104
  -111
  -119
  -128
  -136
  -145
  -149
  -159
  -169
  -179
  -190
  -202
  -214
  -226
  -239
  -253
  -267
  -281
  -297
  -313
  -330
  -347
  -366
  -385
  -406
  -427
Tax expense, $m
  1
  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
Net income, $m
  -42
  -76
  -83
  -89
  -96
  -104
  -111
  -119
  -128
  -136
  -145
  -149
  -159
  -169
  -179
  -190
  -202
  -214
  -226
  -239
  -253
  -267
  -281
  -297
  -313
  -330
  -347
  -366
  -385
  -406
  -427

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  108
  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
  294
  203
  221
  240
  260
  280
  301
  323
  346
  369
  394
  420
  446
  474
  503
  533
  564
  597
  631
  667
  704
  743
  784
  826
  870
  917
  966
  1,017
  1,070
  1,126
  1,184
Adjusted assets (=assets-cash), $m
  186
  203
  221
  240
  260
  280
  301
  323
  346
  369
  394
  420
  446
  474
  503
  533
  564
  597
  631
  667
  704
  743
  784
  826
  870
  917
  966
  1,017
  1,070
  1,126
  1,184
Revenue / Adjusted assets
  1.495
  1.498
  1.498
  1.496
  1.492
  1.493
  1.495
  1.495
  1.494
  1.496
  1.495
  1.493
  1.496
  1.496
  1.495
  1.495
  1.496
  1.496
  1.496
  1.495
  1.494
  1.495
  1.494
  1.495
  1.495
  1.495
  1.495
  1.495
  1.495
  1.495
  1.496
Average production assets, $m
  91
  99
  108
  117
  127
  137
  147
  158
  169
  181
  193
  205
  218
  232
  246
  261
  276
  292
  309
  326
  344
  363
  383
  404
  426
  448
  472
  497
  523
  550
  579
Working capital, $m
  118
  11
  12
  13
  14
  15
  16
  17
  19
  20
  21
  23
  24
  26
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
Total debt, $m
  29
  35
  42
  49
  56
  64
  72
  80
  88
  97
  106
  116
  126
  136
  147
  158
  169
  181
  194
  207
  221
  236
  251
  266
  283
  300
  318
  337
  357
  378
  399
Total liabilities, $m
  70
  75
  82
  89
  96
  104
  112
  120
  128
  137
  146
  156
  166
  176
  187
  198
  209
  221
  234
  247
  261
  276
  291
  306
  323
  340
  358
  377
  397
  418
  439
Total equity, $m
  225
  128
  139
  151
  163
  176
  189
  203
  217
  232
  248
  264
  281
  298
  316
  335
  355
  376
  397
  419
  443
  467
  493
  520
  548
  577
  607
  639
  673
  708
  745
Total liabilities and equity, $m
  295
  203
  221
  240
  259
  280
  301
  323
  345
  369
  394
  420
  447
  474
  503
  533
  564
  597
  631
  666
  704
  743
  784
  826
  871
  917
  965
  1,016
  1,070
  1,126
  1,184
Debt-to-equity ratio
  0.129
  0.280
  0.300
  0.320
  0.340
  0.360
  0.380
  0.390
  0.410
  0.420
  0.430
  0.440
  0.450
  0.460
  0.460
  0.470
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.510
  0.510
  0.520
  0.520
  0.520
  0.530
  0.530
  0.530
  0.540
Adjusted equity ratio
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629
  0.629

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -42
  -76
  -83
  -89
  -96
  -104
  -111
  -119
  -128
  -136
  -145
  -149
  -159
  -169
  -179
  -190
  -202
  -214
  -226
  -239
  -253
  -267
  -281
  -297
  -313
  -330
  -347
  -366
  -385
  -406
  -427
Depreciation, amort., depletion, $m
  23
  21
  22
  24
  25
  27
  29
  30
  32
  34
  36
  33
  35
  37
  39
  41
  44
  46
  49
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
Funds from operations, $m
  -3
  -55
  -60
  -65
  -71
  -77
  -83
  -89
  -96
  -102
  -109
  -117
  -124
  -132
  -140
  -149
  -158
  -167
  -177
  -187
  -198
  -209
  -221
  -233
  -245
  -259
  -273
  -287
  -302
  -318
  -335
Change in working capital, $m
  -6
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
Cash from operations, $m
  3
  -56
  -61
  -66
  -72
  -78
  -84
  -90
  -97
  -104
  -111
  -118
  -126
  -134
  -142
  -151
  -160
  -169
  -179
  -189
  -200
  -211
  -223
  -235
  -248
  -261
  -275
  -290
  -305
  -321
  -338
Maintenance CAPEX, $m
  0
  -14
  -16
  -17
  -19
  -20
  -22
  -23
  -25
  -27
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -58
  -61
  -64
  -68
  -71
  -75
  -79
  -83
  -87
New CAPEX, $m
  -17
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
Cash from investing activities, $m
  -17
  -22
  -25
  -26
  -29
  -30
  -32
  -34
  -36
  -39
  -41
  -44
  -46
  -49
  -51
  -54
  -56
  -60
  -63
  -66
  -70
  -74
  -78
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -116
Free cash flow, $m
  -14
  -79
  -86
  -93
  -100
  -108
  -116
  -124
  -133
  -142
  -151
  -161
  -171
  -182
  -193
  -204
  -216
  -229
  -242
  -256
  -270
  -285
  -300
  -317
  -334
  -351
  -370
  -390
  -410
  -432
  -454
Issuance/(repayment) of debt, $m
  0
  6
  7
  7
  7
  8
  8
  8
  8
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
  22
Issuance/(repurchase) of shares, $m
  9
  87
  94
  101
  109
  117
  125
  133
  142
  151
  161
  165
  176
  186
  198
  209
  222
  234
  248
  261
  276
  291
  307
  324
  341
  359
  378
  398
  419
  441
  464
Cash from financing (excl. dividends), $m  
  9
  93
  101
  108
  116
  125
  133
  141
  150
  160
  170
  175
  186
  196
  209
  220
  234
  246
  261
  274
  290
  305
  322
  340
  357
  376
  396
  417
  439
  462
  486
Total cash flow (excl. dividends), $m
  -5
  15
  15
  15
  16
  16
  17
  17
  17
  18
  18
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
Retained Cash Flow (-), $m
  8
  -87
  -94
  -101
  -109
  -117
  -125
  -133
  -142
  -151
  -161
  -165
  -176
  -186
  -198
  -209
  -222
  -234
  -248
  -261
  -276
  -291
  -307
  -324
  -341
  -359
  -378
  -398
  -419
  -441
  -464
Prev. year cash balance distribution, $m
 
  108
  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
 
  36
  -79
  -86
  -93
  -100
  -108
  -116
  -125
  -133
  -142
  -152
  -161
  -172
  -182
  -193
  -205
  -217
  -229
  -242
  -256
  -270
  -285
  -301
  -317
  -334
  -352
  -371
  -390
  -411
  -432
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  34
  -72
  -75
  -77
  -78
  -79
  -79
  -78
  -77
  -75
  -72
  -69
  -65
  -61
  -57
  -52
  -47
  -42
  -37
  -33
  -28
  -24
  -20
  -16
  -13
  -10
  -8
  -6
  -4
  -3
Current shareholders' claim on cash, %
  100
  87.0
  75.7
  66.0
  57.6
  50.4
  44.1
  38.6
  33.8
  29.6
  26.0
  22.9
  20.2
  17.8
  15.7
  13.9
  12.2
  10.8
  9.5
  8.4
  7.4
  6.5
  5.8
  5.1
  4.5
  4.0
  3.5
  3.1
  2.7
  2.4
  2.1

TrueCar, Inc. is an Internet-based information, technology, and communication services company. The Company has a data-driven online platform, which features market data and analytics. The Company-branded platform is available on its TrueCar Website and mobile applications. It customizes and operates its platform on a co-branded basis for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for a range of enterprises. The Company enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar Certified Dealers. Its network of over 13,000 TrueCar Certified Dealers consists primarily of new car franchises, as well as independent dealers selling used vehicles. Its subsidiary, ALG, Inc., provides forecasts and consulting services regarding determination of the residual value of an automobile at given future points in time.

FINANCIAL RATIOS  of  TrueCar (TRUE)

Valuation Ratios
P/E Ratio -23.3
Price to Sales 3.5
Price to Book 4.3
Price to Tangible Book
Price to Cash Flow 325.7
Price to Free Cash Flow -69.8
Growth Rates
Sales Growth Rate 6.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -43.3%
Cap. Spend. - 3 Yr. Gr. Rate 16.3%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 12.9%
Total Debt to Equity 12.9%
Interest Coverage -20
Management Effectiveness
Return On Assets -13.4%
Ret/ On Assets - 3 Yr. Avg. -18.4%
Return On Total Capital -16.3%
Ret/ On T. Cap. - 3 Yr. Avg. -21.8%
Return On Equity -18.3%
Return On Equity - 3 Yr. Avg. -23.3%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 90.6%
Gross Margin - 3 Yr. Avg. 90.9%
EBITDA Margin -5.8%
EBITDA Margin - 3 Yr. Avg. -13.5%
Operating Margin -13.7%
Oper. Margin - 3 Yr. Avg. -20.3%
Pre-Tax Margin -14.7%
Pre-Tax Margin - 3 Yr. Avg. -20.9%
Net Profit Margin -15.1%
Net Profit Margin - 3 Yr. Avg. -21.1%
Effective Tax Rate -2.4%
Eff/ Tax Rate - 3 Yr. Avg. -1.3%
Payout Ratio 0%

TRUE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TRUE stock intrinsic value calculation we used $278 million for the last fiscal year's total revenue generated by TrueCar. The default revenue input number comes from 2016 income statement of TrueCar. 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 TRUE stock valuation model: a) initial revenue growth rate of 9.3% 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 4.3%, whose default value for TRUE is calculated based on our internal credit rating of TrueCar, 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 TrueCar.
    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 TRUE stock the variable cost ratio is equal to 124.5%.

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 TRUE 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 7.1% for TrueCar.

Corporate tax rate of 27% is the nominal tax rate for TrueCar. 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 TRUE 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 TRUE are equal to 32.7%.

Life of production assets of 6.3 years is the average useful life of capital assets used in TrueCar 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 TRUE is equal to 3.6%. 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 - $225 million for TrueCar - 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 98.214 million for TrueCar 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 TrueCar at the current share price and the inputted number of shares is $1.1 billion.

RELATED COMPANIES Price Int.Val. Rating
GOOGL Alphabet Cl A 1,109.90 1,028.37  hold
EBAY eBay 42.83 52.17  buy
GCI Gannett 10.21 22.94  str.buy
MSFT Microsoft 91.73 55.03  sell
AXP American Expre 97.35 90.53  hold

COMPANY NEWS

▶ TrueCar to Participate in Upcoming Conferences   [Feb-21-18 07:33PM  GlobeNewswire]
▶ TrueCar Revenue Rises 12% as Key Metrics Improve   [Feb-16-18 02:05PM  Motley Fool]
▶ TrueCar reports 4Q loss   [Feb-15-18 07:03PM  Associated Press]
▶ TrueCar Inc (TRUE) Q4 Revenue Up 12% Y2Y   [04:56PM  InvestorPlace]
▶ TrueCar beats the Street   [04:28PM  CNBC Videos]
▶ TrueCar, Inc. to Host Earnings Call   [12:10PM  ACCESSWIRE]
▶ 3 Stocks That Feel Like Microsoft in 1986   [Nov-30-17 06:04AM  Motley Fool]
▶ TrueCar Has Room To Roll Lower   [Nov-08-17 03:16PM  Forbes]
▶ Company News For Nov 8, 2017   [09:52AM  Zacks]
▶ TrueCar's Losses Widen on Partner Challenges   [Nov-07-17 06:05PM  Motley Fool]
▶ TrueCar to Participate in Upcoming Conference   [Nov-06-17 06:00PM  GlobeNewswire]
▶ TrueCar reports 3Q loss   [04:43PM  Associated Press]
▶ TrueCar, Inc. to Host Earnings Call   [07:45AM  ACCESSWIRE]
▶ Stocks With Rising Relative Strength: Truecar   [Oct-05-17 03:00AM  Investor's Business Daily]
▶ Should You Be Holding TrueCar Inc (TRUE) Right Now?   [Oct-01-17 06:42AM  Simply Wall St.]
▶ TrueCar to Participate in Upcoming Conference   [Sep-21-17 09:00AM  GlobeNewswire]
▶ Is TrueCar Inc (TRUE) Undervalued?   [Sep-16-17 04:13PM  Simply Wall St.]
▶ ALG Finds Incentives Increase as August Auto Sales Dip   [Sep-01-17 07:00AM  GlobeNewswire]
▶ TrueCar to Participate in Upcoming Conference   [Aug-31-17 05:09PM  GlobeNewswire]
▶ TrueCar Can't Serve Two Masters   [04:58PM  Forbes]
▶ 3 Must See Graphs That Tell TrueCar's True Story   [Aug-13-17 08:14AM  Motley Fool]
▶ TrueCar reports 2Q loss   [Aug-09-17 03:16PM  Associated Press]
▶ TrueCar Reports Second Quarter 2017 Financial Results   [Aug-08-17 04:05PM  GlobeNewswire]
▶ 3 Stocks That Feel Like Netflix in 2002   [Aug-02-17 06:00AM  Motley Fool]
▶ ETFs with exposure to TrueCar, Inc. : July 31, 2017   [Jul-31-17 05:14PM  Capital Cube]
▶ 2 Reasons TrueCar, Inc. Is Still a Buy After Rising 150%   [Jul-17-17 10:11AM  Motley Fool]
▶ 3 Stocks With Tesla-Like Return Potential   [Jul-14-17 08:39AM  Motley Fool]
▶ ETFs with exposure to TrueCar, Inc. : July 7, 2017   [Jul-07-17 03:35PM  Capital Cube]
▶ Automakers Expected to Reach $49 Billion in June   [Jul-03-17 07:00AM  Business Wire]
▶ ETFs with exposure to TrueCar, Inc. : June 26, 2017   [Jun-26-17 05:05PM  Capital Cube]
▶ ETFs with exposure to TrueCar, Inc. : June 16, 2017   [Jun-16-17 04:23PM  Capital Cube]
▶ 3 Stocks With FireEye-Like Growth Potential   [Jun-12-17 01:33PM  Motley Fool]
Financial statements of TRUE
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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