Intrinsic value of TrueCar - TRUE

Previous Close

$15.15

  Intrinsic Value

$0.44

stock screener

  Rating & Target

str. sell

-97%

  Value-price divergence*

-147%

Previous close

$15.15

 
Intrinsic value

$0.44

 
Up/down potential

-97%

 
Rating

str. sell

 
Value-price divergence*

-147%

*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 1.5

 

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
  24.20
  22.28
  20.55
  19.00
  17.60
  16.34
  15.20
  14.18
  13.26
  12.44
  11.69
  11.03
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
Revenue, $m
  278
  345
  422
  509
  606
  712
  829
  955
  1,090
  1,235
  1,388
  1,550
  1,721
  1,901
  2,089
  2,285
  2,489
  2,702
  2,924
  3,154
  3,394
  3,643
  3,902
  4,171
  4,450
  4,741
  5,043
  5,358
  5,685
  6,027
  6,383
Variable operating expenses, $m
 
  429
  523
  629
  748
  878
  1,021
  1,176
  1,342
  1,519
  1,707
  1,901
  2,110
  2,330
  2,561
  2,801
  3,052
  3,313
  3,585
  3,867
  4,161
  4,466
  4,783
  5,113
  5,455
  5,812
  6,182
  6,568
  6,970
  7,389
  7,825
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
  429
  523
  629
  748
  878
  1,021
  1,176
  1,342
  1,519
  1,707
  1,901
  2,110
  2,330
  2,561
  2,801
  3,052
  3,313
  3,585
  3,867
  4,161
  4,466
  4,783
  5,113
  5,455
  5,812
  6,182
  6,568
  6,970
  7,389
  7,825
Operating income, $m
  -39
  -83
  -101
  -120
  -142
  -166
  -193
  -221
  -252
  -284
  -319
  -350
  -389
  -429
  -472
  -516
  -562
  -611
  -661
  -713
  -767
  -823
  -882
  -942
  -1,005
  -1,071
  -1,139
  -1,211
  -1,285
  -1,362
  -1,442
EBITDA, $m
  -16
  -60
  -73
  -89
  -105
  -124
  -144
  -166
  -190
  -215
  -242
  -270
  -300
  -331
  -363
  -398
  -433
  -470
  -509
  -549
  -591
  -634
  -679
  -726
  -774
  -825
  -878
  -932
  -989
  -1,049
  -1,111
Interest expense (income), $m
  2
  2
  3
  5
  6
  8
  10
  12
  14
  16
  19
  22
  24
  27
  31
  34
  37
  41
  45
  49
  53
  57
  61
  66
  71
  76
  81
  86
  92
  97
  103
Earnings before tax, $m
  -41
  -85
  -104
  -125
  -148
  -174
  -202
  -233
  -266
  -301
  -338
  -372
  -413
  -457
  -503
  -550
  -600
  -652
  -705
  -761
  -820
  -880
  -943
  -1,008
  -1,076
  -1,147
  -1,220
  -1,297
  -1,376
  -1,459
  -1,545
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
  -85
  -104
  -125
  -148
  -174
  -202
  -233
  -266
  -301
  -338
  -372
  -413
  -457
  -503
  -550
  -600
  -652
  -705
  -761
  -820
  -880
  -943
  -1,008
  -1,076
  -1,147
  -1,220
  -1,297
  -1,376
  -1,459
  -1,545

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
  231
  282
  340
  405
  476
  554
  639
  729
  826
  929
  1,037
  1,151
  1,271
  1,397
  1,528
  1,665
  1,808
  1,956
  2,110
  2,270
  2,437
  2,610
  2,790
  2,977
  3,171
  3,373
  3,584
  3,803
  4,031
  4,269
Adjusted assets (=assets-cash), $m
  186
  231
  282
  340
  405
  476
  554
  639
  729
  826
  929
  1,037
  1,151
  1,271
  1,397
  1,528
  1,665
  1,808
  1,956
  2,110
  2,270
  2,437
  2,610
  2,790
  2,977
  3,171
  3,373
  3,584
  3,803
  4,031
  4,269
Revenue / Adjusted assets
  1.495
  1.494
  1.496
  1.497
  1.496
  1.496
  1.496
  1.495
  1.495
  1.495
  1.494
  1.495
  1.495
  1.496
  1.495
  1.495
  1.495
  1.494
  1.495
  1.495
  1.495
  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
  113
  138
  166
  198
  233
  271
  312
  356
  404
  454
  507
  563
  622
  683
  747
  814
  884
  956
  1,032
  1,110
  1,191
  1,276
  1,364
  1,455
  1,550
  1,649
  1,752
  1,859
  1,971
  2,087
Working capital, $m
  118
  12
  15
  18
  22
  26
  30
  34
  39
  44
  50
  56
  62
  68
  75
  82
  90
  97
  105
  114
  122
  131
  140
  150
  160
  171
  182
  193
  205
  217
  230
Total debt, $m
  29
  46
  65
  86
  110
  137
  166
  197
  230
  266
  304
  345
  387
  432
  478
  527
  578
  631
  686
  743
  802
  864
  928
  995
  1,064
  1,136
  1,211
  1,290
  1,371
  1,456
  1,544
Total liabilities, $m
  70
  86
  105
  126
  150
  177
  206
  237
  270
  306
  344
  385
  427
  472
  518
  567
  618
  671
  726
  783
  842
  904
  968
  1,035
  1,104
  1,176
  1,251
  1,330
  1,411
  1,496
  1,584
Total equity, $m
  225
  145
  178
  214
  255
  300
  349
  402
  459
  519
  584
  652
  724
  800
  879
  961
  1,047
  1,137
  1,230
  1,327
  1,428
  1,533
  1,642
  1,755
  1,872
  1,995
  2,122
  2,254
  2,392
  2,536
  2,685
Total liabilities and equity, $m
  295
  231
  283
  340
  405
  477
  555
  639
  729
  825
  928
  1,037
  1,151
  1,272
  1,397
  1,528
  1,665
  1,808
  1,956
  2,110
  2,270
  2,437
  2,610
  2,790
  2,976
  3,171
  3,373
  3,584
  3,803
  4,032
  4,269
Debt-to-equity ratio
  0.129
  0.310
  0.360
  0.400
  0.430
  0.460
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.530
  0.540
  0.540
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.570
  0.570
  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
  -85
  -104
  -125
  -148
  -174
  -202
  -233
  -266
  -301
  -338
  -372
  -413
  -457
  -503
  -550
  -600
  -652
  -705
  -761
  -820
  -880
  -943
  -1,008
  -1,076
  -1,147
  -1,220
  -1,297
  -1,376
  -1,459
  -1,545
Depreciation, amort., depletion, $m
  23
  23
  27
  32
  37
  42
  48
  55
  62
  69
  77
  80
  89
  99
  108
  119
  129
  140
  152
  164
  176
  189
  203
  216
  231
  246
  262
  278
  295
  313
  331
Funds from operations, $m
  -3
  -62
  -77
  -93
  -112
  -132
  -154
  -178
  -204
  -231
  -260
  -291
  -324
  -358
  -394
  -432
  -471
  -511
  -554
  -598
  -643
  -691
  -740
  -792
  -845
  -901
  -958
  -1,018
  -1,081
  -1,146
  -1,214
Change in working capital, $m
  -6
  2
  3
  3
  3
  4
  4
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
Cash from operations, $m
  3
  -65
  -79
  -96
  -115
  -136
  -158
  -182
  -209
  -236
  -266
  -297
  -330
  -365
  -401
  -439
  -478
  -519
  -562
  -606
  -652
  -700
  -750
  -801
  -855
  -911
  -969
  -1,030
  -1,093
  -1,158
  -1,227
Maintenance CAPEX, $m
  0
  -14
  -18
  -22
  -26
  -31
  -37
  -43
  -50
  -57
  -64
  -72
  -80
  -89
  -99
  -108
  -119
  -129
  -140
  -152
  -164
  -176
  -189
  -203
  -216
  -231
  -246
  -262
  -278
  -295
  -313
New CAPEX, $m
  -17
  -22
  -25
  -28
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -59
  -61
  -64
  -67
  -70
  -72
  -75
  -78
  -81
  -85
  -88
  -91
  -95
  -99
  -103
  -107
  -112
  -116
Cash from investing activities, $m
  -17
  -36
  -43
  -50
  -58
  -66
  -75
  -84
  -94
  -104
  -114
  -125
  -136
  -148
  -160
  -172
  -186
  -199
  -212
  -227
  -242
  -257
  -274
  -291
  -307
  -326
  -345
  -365
  -385
  -407
  -429
Free cash flow, $m
  -14
  -101
  -123
  -147
  -173
  -202
  -233
  -267
  -302
  -340
  -380
  -422
  -467
  -513
  -561
  -611
  -663
  -718
  -774
  -833
  -894
  -957
  -1,023
  -1,092
  -1,163
  -1,237
  -1,314
  -1,394
  -1,478
  -1,565
  -1,656
Issuance/(repayment) of debt, $m
  0
  17
  19
  22
  24
  26
  29
  31
  34
  36
  38
  40
  42
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  78
  81
  85
  88
Issuance/(repurchase) of shares, $m
  9
  114
  136
  161
  189
  219
  251
  286
  323
  361
  402
  440
  485
  532
  582
  633
  686
  741
  799
  858
  920
  985
  1,052
  1,121
  1,194
  1,269
  1,347
  1,429
  1,514
  1,603
  1,695
Cash from financing (excl. dividends), $m  
  9
  131
  155
  183
  213
  245
  280
  317
  357
  397
  440
  480
  527
  577
  629
  682
  737
  794
  854
  915
  979
  1,047
  1,116
  1,188
  1,263
  1,341
  1,422
  1,507
  1,595
  1,688
  1,783
Total cash flow (excl. dividends), $m
  -5
  29
  33
  36
  40
  43
  47
  50
  54
  57
  60
  58
  61
  64
  67
  70
  73
  76
  79
  82
  86
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
Retained Cash Flow (-), $m
  8
  -114
  -136
  -161
  -189
  -219
  -251
  -286
  -323
  -361
  -402
  -440
  -485
  -532
  -582
  -633
  -686
  -741
  -799
  -858
  -920
  -985
  -1,052
  -1,121
  -1,194
  -1,269
  -1,347
  -1,429
  -1,514
  -1,603
  -1,695
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
  -103
  -125
  -149
  -175
  -204
  -235
  -269
  -304
  -342
  -382
  -424
  -468
  -514
  -563
  -613
  -665
  -719
  -776
  -835
  -896
  -959
  -1,025
  -1,094
  -1,165
  -1,239
  -1,316
  -1,397
  -1,480
  -1,568
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
  -95
  -109
  -123
  -136
  -148
  -159
  -168
  -175
  -179
  -181
  -181
  -178
  -173
  -165
  -156
  -145
  -132
  -119
  -106
  -93
  -80
  -67
  -56
  -45
  -36
  -28
  -22
  -16
  -12
Current shareholders' claim on cash, %
  100
  87.1
  76.2
  66.9
  59.0
  52.2
  46.3
  41.1
  36.7
  32.7
  29.3
  26.3
  23.6
  21.2
  19.1
  17.2
  15.5
  14.0
  12.7
  11.4
  10.3
  9.4
  8.5
  7.7
  7.0
  6.3
  5.7
  5.2
  4.7
  4.3
  3.9

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 -31.1
Price to Sales 4.7
Price to Book 5.8
Price to Tangible Book
Price to Cash Flow 435.1
Price to Free Cash Flow -93.2
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 24.2% 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 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 97.486 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 $1.5 billion.

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MSFT Microsoft 77.65 60.76  hold
AXP American Expre 91.96 40.98  str.sell

COMPANY NEWS

▶ 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]
▶ 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]
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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