Intrinsic value of Avis Budget Group - CAR

Previous Close

$31.04

  Intrinsic Value

$7.30

stock screener

  Rating & Target

str. sell

-76%

Previous close

$31.04

 
Intrinsic value

$7.30

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of CAR 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 0001), $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 2.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  4.00
  4.10
  4.19
  4.27
  4.34
  4.41
  4.47
  4.52
  4.57
  4.61
  4.65
  4.69
  4.72
  4.75
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
Revenue, $m
  9,202
  9,579
  9,981
  10,407
  10,859
  11,338
  11,844
  12,380
  12,946
  13,543
  14,173
  14,837
  15,537
  16,274
  17,051
  17,868
  18,728
  19,633
  20,586
  21,587
  22,640
  23,748
  24,912
  26,135
  27,421
  28,772
  30,192
  31,684
  33,252
  34,899
Variable operating expenses, $m
  8,651
  8,998
  9,367
  9,759
  10,175
  10,615
  11,080
  11,573
  12,093
  12,642
  13,028
  13,639
  14,282
  14,960
  15,674
  16,425
  17,216
  18,048
  18,924
  19,844
  20,812
  21,830
  22,900
  24,025
  25,207
  26,449
  27,755
  29,126
  30,567
  32,081
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
  8,651
  8,998
  9,367
  9,759
  10,175
  10,615
  11,080
  11,573
  12,093
  12,642
  13,028
  13,639
  14,282
  14,960
  15,674
  16,425
  17,216
  18,048
  18,924
  19,844
  20,812
  21,830
  22,900
  24,025
  25,207
  26,449
  27,755
  29,126
  30,567
  32,081
Operating income, $m
  551
  581
  613
  648
  684
  723
  764
  807
  853
  901
  1,144
  1,198
  1,254
  1,314
  1,377
  1,443
  1,512
  1,585
  1,662
  1,743
  1,828
  1,917
  2,011
  2,110
  2,214
  2,323
  2,438
  2,558
  2,685
  2,818
EBITDA, $m
  2,856
  2,973
  3,098
  3,230
  3,371
  3,519
  3,676
  3,843
  4,018
  4,204
  4,399
  4,605
  4,823
  5,051
  5,293
  5,546
  5,813
  6,094
  6,390
  6,701
  7,028
  7,371
  7,733
  8,112
  8,511
  8,931
  9,372
  9,835
  10,321
  10,833
Interest expense (income), $m
  461
  692
  662
  699
  738
  779
  823
  870
  919
  971
  1,026
  1,084
  1,145
  1,210
  1,278
  1,349
  1,425
  1,504
  1,588
  1,676
  1,768
  1,866
  1,968
  2,076
  2,189
  2,308
  2,433
  2,564
  2,702
  2,847
  3,000
Earnings before tax, $m
  -142
  -81
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -125
  60
  53
  45
  36
  27
  18
  8
  -3
  -14
  -26
  -38
  -51
  -65
  -79
  -94
  -110
  -127
  -144
  -163
  -182
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  16
  14
  12
  10
  7
  5
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -142
  -81
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -125
  44
  39
  33
  26
  20
  13
  6
  -3
  -14
  -26
  -38
  -51
  -65
  -79
  -94
  -110
  -127
  -144
  -163
  -182

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  18,404
  19,158
  19,961
  20,814
  21,718
  22,675
  23,689
  24,760
  25,891
  27,086
  28,345
  29,674
  31,074
  32,548
  34,101
  35,736
  37,457
  39,267
  41,171
  43,174
  45,281
  47,495
  49,823
  52,270
  54,842
  57,545
  60,385
  63,369
  66,504
  69,798
Adjusted assets (=assets-cash), $m
  18,404
  19,158
  19,961
  20,814
  21,718
  22,675
  23,689
  24,760
  25,891
  27,086
  28,345
  29,674
  31,074
  32,548
  34,101
  35,736
  37,457
  39,267
  41,171
  43,174
  45,281
  47,495
  49,823
  52,270
  54,842
  57,545
  60,385
  63,369
  66,504
  69,798
Revenue / Adjusted assets
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
  0.500
Average production assets, $m
  12,680
  13,200
  13,753
  14,341
  14,964
  15,623
  16,322
  17,060
  17,839
  18,662
  19,530
  20,445
  21,410
  22,426
  23,496
  24,622
  25,808
  27,055
  28,367
  29,747
  31,198
  32,724
  34,328
  36,014
  37,786
  39,648
  41,605
  43,661
  45,821
  48,091
Working capital, $m
  -175
  -182
  -190
  -198
  -206
  -215
  -225
  -235
  -246
  -257
  -269
  -282
  -295
  -309
  -324
  -339
  -356
  -373
  -391
  -410
  -430
  -451
  -473
  -497
  -521
  -547
  -574
  -602
  -632
  -663
Total debt, $m
  12,257
  12,937
  13,659
  14,426
  15,240
  16,102
  17,014
  17,978
  18,996
  20,071
  21,205
  22,400
  23,660
  24,987
  26,385
  27,856
  29,405
  31,034
  32,748
  34,551
  36,447
  38,440
  40,535
  42,737
  45,052
  47,484
  50,040
  52,726
  55,548
  58,512
Total liabilities, $m
  16,563
  17,243
  17,965
  18,732
  19,546
  20,408
  21,320
  22,284
  23,302
  24,377
  25,511
  26,706
  27,966
  29,293
  30,691
  32,162
  33,711
  35,340
  37,054
  38,857
  40,753
  42,746
  44,841
  47,043
  49,358
  51,790
  54,346
  57,032
  59,854
  62,818
Total equity, $m
  1,840
  1,916
  1,996
  2,081
  2,172
  2,268
  2,369
  2,476
  2,589
  2,709
  2,835
  2,967
  3,107
  3,255
  3,410
  3,574
  3,746
  3,927
  4,117
  4,317
  4,528
  4,750
  4,982
  5,227
  5,484
  5,754
  6,038
  6,337
  6,650
  6,980
Total liabilities and equity, $m
  18,403
  19,159
  19,961
  20,813
  21,718
  22,676
  23,689
  24,760
  25,891
  27,086
  28,346
  29,673
  31,073
  32,548
  34,101
  35,736
  37,457
  39,267
  41,171
  43,174
  45,281
  47,496
  49,823
  52,270
  54,842
  57,544
  60,384
  63,369
  66,504
  69,798
Debt-to-equity ratio
  6.660
  6.750
  6.840
  6.930
  7.020
  7.100
  7.180
  7.260
  7.340
  7.410
  7.480
  7.550
  7.610
  7.680
  7.740
  7.800
  7.850
  7.900
  7.950
  8.000
  8.050
  8.090
  8.140
  8.180
  8.210
  8.250
  8.290
  8.320
  8.350
  8.380
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -142
  -81
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -125
  44
  39
  33
  26
  20
  13
  6
  -3
  -14
  -26
  -38
  -51
  -65
  -79
  -94
  -110
  -127
  -144
  -163
  -182
Depreciation, amort., depletion, $m
  2,306
  2,392
  2,485
  2,582
  2,686
  2,796
  2,913
  3,036
  3,165
  3,303
  3,255
  3,408
  3,568
  3,738
  3,916
  4,104
  4,301
  4,509
  4,728
  4,958
  5,200
  5,454
  5,721
  6,002
  6,298
  6,608
  6,934
  7,277
  7,637
  8,015
Funds from operations, $m
  2,164
  2,311
  2,399
  2,493
  2,592
  2,696
  2,807
  2,924
  3,048
  3,178
  3,299
  3,446
  3,601
  3,764
  3,936
  4,117
  4,307
  4,506
  4,714
  4,932
  5,162
  5,403
  5,657
  5,923
  6,204
  6,498
  6,808
  7,133
  7,474
  7,833
Change in working capital, $m
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
Cash from operations, $m
  2,171
  2,319
  2,407
  2,501
  2,600
  2,705
  2,817
  2,934
  3,058
  3,189
  3,311
  3,459
  3,614
  3,778
  3,951
  4,132
  4,323
  4,524
  4,732
  4,951
  5,182
  5,424
  5,679
  5,947
  6,228
  6,524
  6,835
  7,161
  7,504
  7,864
Maintenance CAPEX, $m
  -2,032
  -2,113
  -2,200
  -2,292
  -2,390
  -2,494
  -2,604
  -2,720
  -2,843
  -2,973
  -3,110
  -3,255
  -3,408
  -3,568
  -3,738
  -3,916
  -4,104
  -4,301
  -4,509
  -4,728
  -4,958
  -5,200
  -5,454
  -5,721
  -6,002
  -6,298
  -6,608
  -6,934
  -7,277
  -7,637
New CAPEX, $m
  -491
  -520
  -553
  -587
  -623
  -660
  -698
  -738
  -780
  -823
  -868
  -915
  -965
  -1,016
  -1,070
  -1,126
  -1,185
  -1,247
  -1,312
  -1,380
  -1,451
  -1,526
  -1,604
  -1,686
  -1,772
  -1,862
  -1,957
  -2,056
  -2,160
  -2,269
Cash from investing activities, $m
  -2,523
  -2,633
  -2,753
  -2,879
  -3,013
  -3,154
  -3,302
  -3,458
  -3,623
  -3,796
  -3,978
  -4,170
  -4,373
  -4,584
  -4,808
  -5,042
  -5,289
  -5,548
  -5,821
  -6,108
  -6,409
  -6,726
  -7,058
  -7,407
  -7,774
  -8,160
  -8,565
  -8,990
  -9,437
  -9,906
Free cash flow, $m
  -352
  -315
  -346
  -379
  -413
  -448
  -485
  -524
  -565
  -607
  -667
  -712
  -758
  -806
  -857
  -910
  -966
  -1,025
  -1,089
  -1,157
  -1,227
  -1,301
  -1,379
  -1,461
  -1,546
  -1,636
  -1,730
  -1,829
  -1,933
  -2,042
Issuance/(repayment) of debt, $m
  -563
  679
  722
  767
  814
  862
  912
  964
  1,018
  1,075
  1,134
  1,195
  1,260
  1,327
  1,398
  1,471
  1,549
  1,629
  1,714
  1,803
  1,896
  1,993
  2,095
  2,202
  2,315
  2,432
  2,556
  2,686
  2,822
  2,964
Issuance/(repurchase) of shares, $m
  1,409
  156
  165
  175
  185
  196
  207
  219
  231
  244
  82
  94
  107
  121
  135
  151
  166
  184
  204
  226
  249
  272
  297
  324
  351
  380
  411
  443
  476
  511
Cash from financing (excl. dividends), $m  
  846
  835
  887
  942
  999
  1,058
  1,119
  1,183
  1,249
  1,319
  1,216
  1,289
  1,367
  1,448
  1,533
  1,622
  1,715
  1,813
  1,918
  2,029
  2,145
  2,265
  2,392
  2,526
  2,666
  2,812
  2,967
  3,129
  3,298
  3,475
Total cash flow (excl. dividends), $m
  495
  521
  542
  563
  586
  609
  633
  659
  685
  712
  548
  578
  609
  642
  676
  712
  749
  788
  829
  872
  917
  964
  1,013
  1,065
  1,120
  1,177
  1,236
  1,299
  1,365
  1,434
Retained Cash Flow (-), $m
  -1,409
  -156
  -165
  -175
  -185
  -196
  -207
  -219
  -231
  -244
  -126
  -133
  -140
  -147
  -155
  -163
  -172
  -184
  -204
  -226
  -249
  -272
  -297
  -324
  -351
  -380
  -411
  -443
  -476
  -511
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
  -914
  364
  376
  388
  401
  414
  427
  440
  454
  468
  422
  445
  469
  495
  521
  548
  577
  604
  625
  646
  668
  692
  716
  742
  768
  796
  826
  857
  889
  922
Discount rate, %
  11.70
  12.29
  12.90
  13.54
  14.22
  14.93
  15.68
  16.46
  17.29
  18.15
  19.06
  20.01
  21.01
  22.06
  23.17
  24.32
  25.54
  26.82
  28.16
  29.57
  31.04
  32.60
  34.23
  35.94
  37.73
  39.62
  41.60
  43.68
  45.87
  48.16
PV of cash for distribution, $m
  -818
  289
  262
  234
  206
  179
  154
  130
  108
  88
  62
  50
  39
  30
  23
  17
  12
  8
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  63.6
  62.3
  61.1
  59.9
  58.7
  57.5
  56.3
  55.1
  53.9
  52.7
  52.4
  52.0
  51.5
  51.1
  50.6
  50.1
  49.5
  49.0
  48.4
  47.8
  47.1
  46.5
  45.8
  45.1
  44.4
  43.7
  43.0
  42.3
  41.6
  40.8

Avis Budget Group Inc. is a provider of vehicle rental and car sharing services. The Company operates three brands, which include Avis, Budget and Zipcar. Avis and Budget are a rental car supplier. It also owns Payless, which a car rental brand; Apex, which is a car rental brand in New Zealand and Australia; Maggiore, a vehicle rental brand in Italy, and France Cars, which operates light commercial vehicle fleets in France. The Company operates in two segments: Americas and International. The Americas segment provides and licenses the Company's brands to third parties for vehicle rentals and ancillary products and services in North America, South America, Central America and the Caribbean, and operates its car sharing business in certain of these markets. The International segment provides and licenses the Company's brands to third parties for vehicle rentals and ancillary products and services in Europe, the Middle East, Africa, Asia, Australia and New Zealand.

FINANCIAL RATIOS  of  Avis Budget Group (CAR)

Valuation Ratios
P/E Ratio 16.4
Price to Sales 0.3
Price to Book 12.1
Price to Tangible Book
Price to Cash Flow 1
Price to Free Cash Flow -0.3
Growth Rates
Sales Growth Rate 1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2.6%
Cap. Spend. - 3 Yr. Gr. Rate 1.9%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 5485.1%
Total Debt to Equity 5611.3%
Interest Coverage 2
Management Effectiveness
Return On Assets 2.5%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 1.3%
Ret/ On T. Cap. - 3 Yr. Avg. 2%
Return On Equity 49.4%
Return On Equity - 3 Yr. Avg. 46.7%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 49.1%
Gross Margin - 3 Yr. Avg. 49.5%
EBITDA Margin 33.1%
EBITDA Margin - 3 Yr. Avg. 33.7%
Operating Margin 8.4%
Oper. Margin - 3 Yr. Avg. 9.3%
Pre-Tax Margin 3.2%
Pre-Tax Margin - 3 Yr. Avg. 4.1%
Net Profit Margin 1.9%
Net Profit Margin - 3 Yr. Avg. 2.8%
Effective Tax Rate 41.6%
Eff/ Tax Rate - 3 Yr. Avg. 32.4%
Payout Ratio 0%

CAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CAR stock intrinsic value calculation we used $8848 million for the last fiscal year's total revenue generated by Avis Budget Group. The default revenue input number comes from 0001 income statement of Avis Budget Group. 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 CAR stock valuation model: a) initial revenue growth rate of 4% 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 11.7%, whose default value for CAR is calculated based on our internal credit rating of Avis Budget Group, 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 Avis Budget Group.
    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 CAR stock the variable cost ratio is equal to 94.1%.

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 CAR 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 5.4% for Avis Budget Group.

Corporate tax rate of 27% is the nominal tax rate for Avis Budget Group. 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 CAR 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 CAR are equal to 137.8%.

Life of production assets of 6 years is the average useful life of capital assets used in Avis Budget Group 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 CAR is equal to -1.9%. 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 - $573 million for Avis Budget Group - 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 79.194 million for Avis Budget Group 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 Avis Budget Group at the current share price and the inputted number of shares is $2.5 billion.

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COMPANY NEWS

▶ [$$] Avis shares fall on earnings miss, narrowed guidance   [Nov-05-18 11:08PM  Financial Times]
▶ Avis Budget: 3Q Earnings Snapshot   [07:03PM  Associated Press]
▶ Avis Offers Customers a Chance to Drive Free   [Oct-11-18 10:00AM  GlobeNewswire]
▶ How to protect your portfolio from Hurricane Florence   [Sep-13-18 12:14PM  MarketWatch]
▶ Avis Budget Group Joins the Internet of Things Consortium   [Sep-05-18 09:00AM  GlobeNewswire]
▶ Getaround receives $300M in funding with the hope to expand   [Aug-22-18 11:00AM  Yahoo Finance Video]
▶ Yahoo Finance Live: Market Movers - Aug 22nd, 2018   [07:10AM  Yahoo Finance Video]
▶ Snap and Hostess skid while Match and CVS jump   [Aug-08-18 04:44PM  Associated Press]
▶ Top ways to save money on your next rental car   [01:10PM  Yahoo Finance Video]
▶ Yahoo Finance Live: Midday Movers - Aug 8th, 2018   [09:40AM  Yahoo Finance Video]
▶ Avis Budget: 2Q Earnings Snapshot   [06:10PM  Associated Press]
▶ Lyft beefs up car rental program for drivers   [Aug-06-18 04:23PM  TechCrunch]
▶ Why Hertz Global Holdings Stock Popped 10% This Morning   [Jul-30-18 04:23PM  Motley Fool]
▶ Here's what happened when car2go ditched the Smart car in Denver   [Jul-04-18 09:30AM  American City Business Journals]
▶ Your first trade for July 3, 2018   [Jul-03-18 09:08AM  CNBC]
▶ Final Trade: JNJ, JD & CAR   [Jul-02-18 05:30PM  CNBC Videos]
▶ Hertz's Surprising Boost From Used-Car Pricing   [Jun-18-18 04:53PM  Motley Fool]

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