Intrinsic value of TrueCar - TRUE

Previous Close

$16.67

  Intrinsic Value

$0.52

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

-205%

Previous close

$16.67

 
Intrinsic value

$0.52

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

-205%

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

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

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 1.4

 

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
  22.60
  20.84
  19.26
  17.83
  16.55
  15.39
  14.35
  13.42
  12.58
  11.82
  11.14
  10.52
  9.97
  9.47
  9.03
  8.62
  8.26
  7.94
  7.64
  7.38
  7.14
  6.93
  6.73
  6.56
  6.40
  6.26
  6.14
  6.02
  5.92
  5.83
Revenue, $m
  278
  341
  412
  491
  579
  675
  778
  890
  1,009
  1,136
  1,271
  1,412
  1,561
  1,716
  1,879
  2,049
  2,225
  2,409
  2,600
  2,799
  3,006
  3,220
  3,443
  3,675
  3,916
  4,167
  4,428
  4,700
  4,983
  5,278
  5,586
Variable operating expenses, $m
 
  423
  510
  607
  715
  832
  959
  1,096
  1,243
  1,398
  1,563
  1,731
  1,914
  2,104
  2,304
  2,512
  2,728
  2,954
  3,188
  3,432
  3,685
  3,948
  4,221
  4,505
  4,801
  5,108
  5,428
  5,762
  6,109
  6,470
  6,847
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
  423
  510
  607
  715
  832
  959
  1,096
  1,243
  1,398
  1,563
  1,731
  1,914
  2,104
  2,304
  2,512
  2,728
  2,954
  3,188
  3,432
  3,685
  3,948
  4,221
  4,505
  4,801
  5,108
  5,428
  5,762
  6,109
  6,470
  6,847
Operating income, $m
  -39
  -82
  -98
  -116
  -136
  -158
  -181
  -206
  -233
  -262
  -292
  -319
  -353
  -388
  -425
  -463
  -503
  -544
  -588
  -632
  -679
  -728
  -778
  -830
  -885
  -941
  -1,000
  -1,062
  -1,126
  -1,192
  -1,262
EBITDA, $m
  -16
  -66
  -80
  -95
  -112
  -130
  -150
  -172
  -195
  -220
  -246
  -273
  -302
  -332
  -363
  -396
  -430
  -466
  -502
  -541
  -581
  -622
  -665
  -710
  -757
  -805
  -856
  -908
  -963
  -1,020
  -1,079
Interest expense (income), $m
  2
  2
  3
  4
  6
  7
  9
  11
  13
  15
  17
  20
  22
  25
  27
  30
  33
  36
  40
  43
  46
  50
  54
  58
  62
  66
  71
  75
  80
  85
  90
Earnings before tax, $m
  -41
  -84
  -102
  -121
  -142
  -165
  -190
  -217
  -246
  -277
  -310
  -339
  -375
  -412
  -452
  -493
  -536
  -581
  -627
  -675
  -726
  -778
  -832
  -888
  -947
  -1,008
  -1,071
  -1,137
  -1,206
  -1,277
  -1,352
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
  -84
  -102
  -121
  -142
  -165
  -190
  -217
  -246
  -277
  -310
  -339
  -375
  -412
  -452
  -493
  -536
  -581
  -627
  -675
  -726
  -778
  -832
  -888
  -947
  -1,008
  -1,071
  -1,137
  -1,206
  -1,277
  -1,352

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
  228
  275
  329
  387
  451
  521
  595
  675
  760
  850
  945
  1,044
  1,148
  1,257
  1,370
  1,489
  1,612
  1,739
  1,872
  2,010
  2,154
  2,303
  2,458
  2,620
  2,787
  2,962
  3,144
  3,333
  3,530
  3,736
Adjusted assets (=assets-cash), $m
  186
  228
  275
  329
  387
  451
  521
  595
  675
  760
  850
  945
  1,044
  1,148
  1,257
  1,370
  1,489
  1,612
  1,739
  1,872
  2,010
  2,154
  2,303
  2,458
  2,620
  2,787
  2,962
  3,144
  3,333
  3,530
  3,736
Revenue / Adjusted assets
  1.495
  1.496
  1.498
  1.492
  1.496
  1.497
  1.493
  1.496
  1.495
  1.495
  1.495
  1.494
  1.495
  1.495
  1.495
  1.496
  1.494
  1.494
  1.495
  1.495
  1.496
  1.495
  1.495
  1.495
  1.495
  1.495
  1.495
  1.495
  1.495
  1.495
  1.495
Average production assets, $m
  91
  111
  135
  161
  189
  221
  255
  291
  330
  372
  416
  462
  510
  561
  614
  670
  728
  788
  850
  915
  983
  1,053
  1,126
  1,202
  1,281
  1,363
  1,448
  1,537
  1,629
  1,726
  1,826
Working capital, $m
  118
  12
  15
  18
  21
  24
  28
  32
  36
  41
  46
  51
  56
  62
  68
  74
  80
  87
  94
  101
  108
  116
  124
  132
  141
  150
  159
  169
  179
  190
  201
Total debt, $m
  29
  45
  62
  82
  104
  127
  153
  181
  211
  242
  275
  310
  347
  386
  426
  468
  512
  558
  605
  655
  706
  759
  814
  872
  932
  994
  1,059
  1,126
  1,197
  1,270
  1,346
Total liabilities, $m
  70
  85
  102
  122
  144
  167
  193
  221
  251
  282
  315
  350
  387
  426
  466
  508
  552
  598
  645
  695
  746
  799
  854
  912
  972
  1,034
  1,099
  1,166
  1,237
  1,310
  1,386
Total equity, $m
  225
  143
  173
  207
  243
  284
  327
  374
  425
  478
  535
  594
  657
  722
  791
  862
  936
  1,014
  1,094
  1,178
  1,265
  1,355
  1,449
  1,546
  1,648
  1,753
  1,863
  1,977
  2,096
  2,221
  2,350
Total liabilities and equity, $m
  295
  228
  275
  329
  387
  451
  520
  595
  676
  760
  850
  944
  1,044
  1,148
  1,257
  1,370
  1,488
  1,612
  1,739
  1,873
  2,011
  2,154
  2,303
  2,458
  2,620
  2,787
  2,962
  3,143
  3,333
  3,531
  3,736
Debt-to-equity ratio
  0.129
  0.310
  0.360
  0.400
  0.430
  0.450
  0.470
  0.480
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
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
  -84
  -102
  -121
  -142
  -165
  -190
  -217
  -246
  -277
  -310
  -339
  -375
  -412
  -452
  -493
  -536
  -581
  -627
  -675
  -726
  -778
  -832
  -888
  -947
  -1,008
  -1,071
  -1,137
  -1,206
  -1,277
  -1,352
Depreciation, amort., depletion, $m
  23
  16
  19
  21
  24
  27
  31
  34
  38
  42
  47
  46
  51
  56
  61
  67
  73
  79
  85
  92
  98
  105
  113
  120
  128
  136
  145
  154
  163
  173
  183
Funds from operations, $m
  -3
  -68
  -83
  -99
  -118
  -138
  -159
  -183
  -208
  -235
  -263
  -292
  -324
  -356
  -391
  -426
  -463
  -502
  -542
  -584
  -627
  -672
  -719
  -768
  -819
  -871
  -926
  -983
  -1,043
  -1,105
  -1,169
Change in working capital, $m
  -6
  2
  3
  3
  3
  3
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
Cash from operations, $m
  3
  -70
  -85
  -102
  -121
  -141
  -163
  -187
  -212
  -239
  -268
  -298
  -329
  -362
  -396
  -432
  -470
  -509
  -549
  -591
  -635
  -680
  -727
  -776
  -827
  -880
  -936
  -993
  -1,053
  -1,115
  -1,181
Maintenance CAPEX, $m
  0
  -9
  -11
  -13
  -16
  -19
  -22
  -25
  -29
  -33
  -37
  -42
  -46
  -51
  -56
  -61
  -67
  -73
  -79
  -85
  -92
  -98
  -105
  -113
  -120
  -128
  -136
  -145
  -154
  -163
  -173
New CAPEX, $m
  -17
  -20
  -23
  -26
  -29
  -31
  -34
  -37
  -39
  -42
  -44
  -46
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -96
  -101
Cash from investing activities, $m
  -17
  -29
  -34
  -39
  -45
  -50
  -56
  -62
  -68
  -75
  -81
  -88
  -95
  -102
  -109
  -116
  -125
  -133
  -142
  -150
  -160
  -168
  -178
  -189
  -199
  -210
  -221
  -234
  -247
  -259
  -274
Free cash flow, $m
  -14
  -100
  -120
  -142
  -165
  -191
  -219
  -249
  -280
  -314
  -349
  -385
  -424
  -464
  -506
  -549
  -594
  -641
  -690
  -741
  -794
  -849
  -906
  -965
  -1,026
  -1,090
  -1,157
  -1,227
  -1,299
  -1,375
  -1,454
Issuance/(repayment) of debt, $m
  0
  16
  18
  20
  22
  24
  26
  28
  30
  32
  33
  35
  37
  39
  40
  42
  44
  46
  47
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
Issuance/(repurchase) of shares, $m
  9
  111
  131
  154
  179
  205
  234
  264
  296
  330
  366
  398
  437
  478
  520
  565
  610
  658
  708
  759
  812
  868
  926
  986
  1,048
  1,113
  1,181
  1,251
  1,325
  1,402
  1,482
Cash from financing (excl. dividends), $m  
  9
  127
  149
  174
  201
  229
  260
  292
  326
  362
  399
  433
  474
  517
  560
  607
  654
  704
  755
  808
  863
  921
  981
  1,044
  1,108
  1,175
  1,246
  1,318
  1,395
  1,475
  1,558
Total cash flow (excl. dividends), $m
  -5
  27
  29
  32
  35
  38
  40
  43
  46
  48
  51
  48
  50
  53
  55
  57
  60
  62
  65
  67
  70
  73
  76
  79
  82
  85
  88
  92
  96
  100
  104
Retained Cash Flow (-), $m
  8
  -111
  -131
  -154
  -179
  -205
  -234
  -264
  -296
  -330
  -366
  -398
  -437
  -478
  -520
  -565
  -610
  -658
  -708
  -759
  -812
  -868
  -926
  -986
  -1,048
  -1,113
  -1,181
  -1,251
  -1,325
  -1,402
  -1,482
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
 
  24
  -102
  -122
  -144
  -168
  -193
  -221
  -251
  -282
  -315
  -350
  -387
  -425
  -465
  -507
  -551
  -596
  -643
  -692
  -743
  -795
  -850
  -907
  -967
  -1,028
  -1,092
  -1,159
  -1,229
  -1,302
  -1,377
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
 
  23
  -93
  -106
  -118
  -130
  -140
  -149
  -157
  -162
  -165
  -166
  -165
  -162
  -156
  -149
  -140
  -130
  -118
  -107
  -94
  -82
  -71
  -59
  -49
  -40
  -32
  -25
  -19
  -14
  -10
Current shareholders' claim on cash, %
  100
  86.7
  75.5
  66.0
  57.9
  51.0
  45.0
  39.8
  35.3
  31.4
  27.9
  24.9
  22.3
  19.9
  17.8
  16.0
  14.3
  12.9
  11.6
  10.4
  9.4
  8.4
  7.6
  6.8
  6.2
  5.6
  5.0
  4.5
  4.1
  3.7
  3.3

TrueCar, Inc., together with its subsidiaries, operates as an Internet-based information, technology, and communication services company. The company operates its platform on the TrueCar Website and TrueCar mobile applications. It also customizes and operates its platform for its affinity group marketing partners, including financial institutions, membership-based organizations, and employee buying programs for large enterprises. The company’s platform enables users to obtain market-based pricing data on new and used cars, and to connect with its network of TrueCar certified dealers. In addition, the company provides forecast, consulting, and other services regarding determination of the residual value of an automobile at future given points in time, which are used to underwrite automotive loans and leases, and by financial institutions to measure exposure and risk across loan, lease, and fleet portfolios. Further, TrueCar, Inc. offers geographically specific and real-time pricing information for consumers and dealers. The company was formerly known as Zag.com Inc. TrueCar, Inc. was founded in 2005 and is headquartered in Santa Monica, California.

FINANCIAL RATIOS  of  TrueCar (TRUE)

Valuation Ratios
P/E Ratio -34.2
Price to Sales 5.2
Price to Book 6.4
Price to Tangible Book
Price to Cash Flow 478.8
Price to Free Cash Flow -102.6
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 22.6% 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 10 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 83.504 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 $1.4 billion.

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COMPANY NEWS

▶ 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]
▶ Automakers Expected to Reach $50 Billion in Revenue in May   [Jun-01-17 07:01AM  Business Wire]
▶ 3 of the Best Stocks to Buy in June   [May-31-17 09:47AM  Motley Fool]
▶ 3 Stocks With TrueCar-Like Return Potential   [May-26-17 11:00AM  Motley Fool]
▶ TrueCar to Participate in Upcoming Conferences   [May-23-17 09:01AM  Business Wire]
▶ 3 Top Small-Cap Stocks to Buy in May   [May-19-17 09:20AM  Motley Fool]
▶ Which Companies Are Now Outperforming 95% Of All Stocks?   [May-18-17 11:15AM  Investor's Business Daily]
▶ 4 Internet Services Stocks to Buy Today   [May-12-17 01:18PM  Zacks]
▶ 2014 Internet IPO TrueCar Earns IBD Composite Rating Upgrade   [12:00PM  Investor's Business Daily]
▶ TrueCar partners with eBay Motors on new car buying program   [04:05PM  American City Business Journals]
▶ TrueCar reports 1Q loss   [May-09-17 07:02PM  Associated Press]
▶ 3 Small-Cap Stocks for May   [05:42PM  Motley Fool]
▶ TrueCar Announces Pricing of Public Offering   [Apr-26-17 11:12PM  GlobeNewswire]
▶ 2 Overlooked Rebound Stocks You Can Buy Now   [Apr-24-17 10:41AM  Motley Fool]
▶ TrueCar Announces Proposed Public Offering   [06:28AM  GlobeNewswire]
▶ 3 Stocks Are Up 150%   [Apr-11-17 11:36AM  Motley Fool]
▶ March Auto Sales Revenue to Hit $52 Billion   [07:01AM  Business Wire]
▶ March Auto Sales Expected to Reflect Continued Momentum   [Mar-24-17 09:01AM  Business Wire]
▶ 3 Underdog Stocks We're Watching   [Mar-13-17 09:46AM  Motley Fool]
▶ 3 Underdog Stocks We're Watching   [09:46AM  at Motley Fool]
▶ February Auto Sales Expected to Remain Steady   [Feb-24-17 06:27PM  Business Wire]
▶ TrueCar to Participate in Upcoming Conferences   [Feb-23-17 05:21PM  Business Wire]
▶ 4 Graphs That Show TrueCar, Inc.'s Strong Fourth Quarter   [Feb-21-17 02:18PM  at Motley Fool]
▶ Stocks to Watch: Kraft Heinz, Unilever, Deere   [09:38AM  at The Wall Street Journal]
▶ After-hours buzz: ANET, TRUE, MRK & more   [Feb-16-17 06:06PM  at CNBC]
Stock chart of TRUE 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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