Intrinsic value of Cars.com - CARS

Previous Close

$25.60

  Intrinsic Value

$42.43

stock screener

  Rating & Target

str. buy

+66%

Previous close

$25.60

 
Intrinsic value

$42.43

 
Up/down potential

+66%

 
Rating

str. buy

We calculate the intrinsic value of CARS 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 1.8

 

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, %
  7.60
  7.34
  7.11
  6.90
  6.71
  6.54
  6.38
  6.24
  6.12
  6.01
  5.91
  5.82
  5.73
  5.66
  5.59
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
Revenue, $m
  674
  723
  775
  828
  884
  941
  1,002
  1,064
  1,129
  1,197
  1,268
  1,341
  1,418
  1,499
  1,582
  1,670
  1,762
  1,857
  1,957
  2,062
  2,172
  2,287
  2,407
  2,533
  2,665
  2,803
  2,948
  3,099
  3,259
  3,426
Variable operating expenses, $m
  468
  485
  503
  522
  541
  561
  582
  604
  627
  651
  444
  469
  496
  524
  554
  584
  616
  650
  685
  722
  760
  800
  842
  886
  932
  981
  1,031
  1,085
  1,140
  1,199
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
  468
  485
  503
  522
  541
  561
  582
  604
  627
  651
  444
  469
  496
  524
  554
  584
  616
  650
  685
  722
  760
  800
  842
  886
  932
  981
  1,031
  1,085
  1,140
  1,199
Operating income, $m
  206
  238
  272
  307
  343
  380
  419
  460
  502
  546
  824
  872
  922
  974
  1,029
  1,086
  1,145
  1,207
  1,272
  1,341
  1,412
  1,486
  1,565
  1,646
  1,732
  1,822
  1,916
  2,015
  2,118
  2,227
EBITDA, $m
  486
  522
  559
  598
  638
  680
  723
  768
  815
  864
  915
  968
  1,024
  1,082
  1,142
  1,205
  1,272
  1,341
  1,413
  1,489
  1,568
  1,650
  1,737
  1,828
  1,923
  2,023
  2,128
  2,237
  2,352
  2,473
Interest expense (income), $m
  0
  31
  35
  38
  42
  46
  50
  54
  58
  63
  67
  72
  77
  83
  88
  94
  100
  106
  113
  120
  127
  134
  142
  150
  159
  168
  178
  187
  198
  209
  220
Earnings before tax, $m
  175
  204
  234
  265
  297
  330
  365
  402
  440
  479
  752
  795
  839
  886
  935
  986
  1,039
  1,095
  1,153
  1,214
  1,277
  1,344
  1,414
  1,487
  1,564
  1,644
  1,729
  1,817
  1,910
  2,007
Tax expense, $m
  47
  55
  63
  71
  80
  89
  99
  108
  119
  129
  203
  215
  227
  239
  252
  266
  281
  296
  311
  328
  345
  363
  382
  402
  422
  444
  467
  491
  516
  542
Net income, $m
  128
  149
  171
  193
  217
  241
  267
  293
  321
  350
  549
  580
  613
  647
  682
  720
  758
  799
  842
  886
  933
  981
  1,032
  1,086
  1,142
  1,200
  1,262
  1,326
  1,394
  1,465

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
  2,706
  2,905
  3,111
  3,326
  3,549
  3,781
  4,022
  4,273
  4,535
  4,807
  5,091
  5,387
  5,696
  6,019
  6,355
  6,707
  7,075
  7,459
  7,861
  8,282
  8,722
  9,183
  9,666
  10,171
  10,701
  11,256
  11,838
  12,447
  13,087
  13,757
Adjusted assets (=assets-cash), $m
  2,706
  2,905
  3,111
  3,326
  3,549
  3,781
  4,022
  4,273
  4,535
  4,807
  5,091
  5,387
  5,696
  6,019
  6,355
  6,707
  7,075
  7,459
  7,861
  8,282
  8,722
  9,183
  9,666
  10,171
  10,701
  11,256
  11,838
  12,447
  13,087
  13,757
Revenue / Adjusted assets
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
Average production assets, $m
  1,301
  1,396
  1,495
  1,598
  1,705
  1,817
  1,933
  2,054
  2,179
  2,310
  2,447
  2,589
  2,737
  2,892
  3,054
  3,223
  3,400
  3,585
  3,778
  3,980
  4,192
  4,413
  4,645
  4,888
  5,143
  5,409
  5,689
  5,982
  6,289
  6,611
Working capital, $m
  57
  61
  66
  70
  75
  80
  85
  90
  96
  102
  108
  114
  121
  127
  135
  142
  150
  158
  166
  175
  185
  194
  205
  215
  226
  238
  251
  263
  277
  291
Total debt, $m
  642
  708
  776
  847
  921
  998
  1,078
  1,161
  1,247
  1,338
  1,432
  1,530
  1,632
  1,739
  1,850
  1,966
  2,088
  2,215
  2,348
  2,488
  2,633
  2,786
  2,946
  3,113
  3,288
  3,472
  3,665
  3,867
  4,078
  4,300
Total liabilities, $m
  896
  962
  1,030
  1,101
  1,175
  1,251
  1,331
  1,414
  1,501
  1,591
  1,685
  1,783
  1,885
  1,992
  2,104
  2,220
  2,342
  2,469
  2,602
  2,741
  2,887
  3,040
  3,199
  3,367
  3,542
  3,726
  3,918
  4,120
  4,332
  4,554
Total equity, $m
  1,810
  1,943
  2,081
  2,225
  2,374
  2,529
  2,691
  2,859
  3,034
  3,216
  3,406
  3,604
  3,811
  4,026
  4,252
  4,487
  4,733
  4,990
  5,259
  5,541
  5,835
  6,143
  6,466
  6,805
  7,159
  7,530
  7,919
  8,327
  8,755
  9,203
Total liabilities and equity, $m
  2,706
  2,905
  3,111
  3,326
  3,549
  3,780
  4,022
  4,273
  4,535
  4,807
  5,091
  5,387
  5,696
  6,018
  6,356
  6,707
  7,075
  7,459
  7,861
  8,282
  8,722
  9,183
  9,665
  10,172
  10,701
  11,256
  11,837
  12,447
  13,087
  13,757
Debt-to-equity ratio
  0.350
  0.360
  0.370
  0.380
  0.390
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
  0.420
  0.430
  0.430
  0.440
  0.440
  0.440
  0.440
  0.450
  0.450
  0.450
  0.450
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.470
  0.470
Adjusted equity ratio
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669
  0.669

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  128
  149
  171
  193
  217
  241
  267
  293
  321
  350
  549
  580
  613
  647
  682
  720
  758
  799
  842
  886
  933
  981
  1,032
  1,086
  1,142
  1,200
  1,262
  1,326
  1,394
  1,465
Depreciation, amort., depletion, $m
  280
  284
  287
  291
  295
  299
  304
  308
  313
  318
  91
  96
  102
  108
  114
  120
  126
  133
  140
  148
  156
  164
  173
  182
  191
  201
  211
  222
  234
  246
Funds from operations, $m
  408
  432
  458
  484
  512
  541
  570
  601
  634
  667
  640
  676
  715
  754
  796
  839
  885
  932
  982
  1,034
  1,088
  1,145
  1,205
  1,267
  1,333
  1,401
  1,473
  1,549
  1,628
  1,711
Change in working capital, $m
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  6
  7
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
Cash from operations, $m
  404
  428
  454
  480
  507
  536
  565
  596
  628
  662
  634
  670
  708
  748
  789
  832
  877
  924
  973
  1,025
  1,079
  1,136
  1,195
  1,257
  1,322
  1,390
  1,461
  1,536
  1,614
  1,696
Maintenance CAPEX, $m
  -45
  -48
  -52
  -56
  -59
  -63
  -68
  -72
  -76
  -81
  -86
  -91
  -96
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -211
  -222
  -234
New CAPEX, $m
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -121
  -126
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -185
  -193
  -202
  -212
  -222
  -232
  -243
  -255
  -267
  -280
  -293
  -307
  -322
Cash from investing activities, $m
  -137
  -143
  -151
  -159
  -166
  -174
  -184
  -193
  -202
  -212
  -222
  -233
  -244
  -257
  -270
  -283
  -297
  -311
  -326
  -342
  -360
  -378
  -396
  -416
  -437
  -458
  -481
  -504
  -529
  -556
Free cash flow, $m
  267
  284
  302
  321
  341
  361
  382
  404
  426
  450
  411
  437
  463
  491
  519
  549
  581
  613
  647
  682
  720
  758
  799
  841
  885
  932
  980
  1,031
  1,085
  1,140
Issuance/(repayment) of debt, $m
  64
  66
  68
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  107
  111
  116
  122
  127
  133
  139
  146
  153
  160
  167
  175
  184
  193
  202
  212
  222
Issuance/(repurchase) of shares, $m
  4
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  68
  66
  68
  71
  74
  77
  80
  83
  87
  90
  94
  98
  102
  107
  111
  116
  122
  127
  133
  139
  146
  153
  160
  167
  175
  184
  193
  202
  212
  222
Total cash flow (excl. dividends), $m
  334
  350
  371
  392
  414
  438
  462
  487
  513
  540
  505
  535
  566
  598
  631
  666
  702
  740
  780
  822
  865
  911
  959
  1,008
  1,061
  1,116
  1,173
  1,233
  1,296
  1,362
Retained Cash Flow (-), $m
  -131
  -133
  -138
  -144
  -149
  -155
  -161
  -168
  -175
  -182
  -190
  -198
  -207
  -216
  -225
  -235
  -246
  -257
  -269
  -281
  -295
  -308
  -323
  -338
  -354
  -371
  -389
  -408
  -428
  -448
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
  203
  217
  233
  249
  265
  282
  300
  319
  338
  358
  315
  337
  359
  382
  406
  430
  456
  483
  511
  540
  571
  602
  636
  670
  706
  744
  784
  825
  869
  914
Discount rate, %
  5.10
  5.36
  5.62
  5.90
  6.20
  6.51
  6.83
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.27
  12.89
  13.53
  14.21
  14.92
  15.66
  16.45
  17.27
  18.13
  19.04
  19.99
  20.99
PV of cash for distribution, $m
  193
  196
  197
  198
  196
  193
  189
  183
  176
  167
  131
  123
  115
  106
  96
  86
  76
  66
  57
  48
  40
  32
  26
  20
  16
  12
  9
  6
  4
  3
Current shareholders' claim on cash, %
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8
  99.8

Cars.com Inc. owns a digital automotive marketplace business (Cars.com). Cars.com is an online research destination for car shoppers. The Company is engaged in the sale of online subscription advertising products targeting car dealerships. It offers a suite of products and services targeting the automotive needs of its buyer and seller customers. Cars.com offers a digital automotive marketplace search engine that helps car buyers to make informed purchasing decisions and helps sellers to engage with a portion of their target customer base. This online automotive marketplace service connects buyers and sellers across five Websites: Cars.com, Auto.com, DealerRater.com, NewCars.com and PickupTrucks.com. Its automotive marketplace products also include credible user and automotive and dealer reviews. It is also engaged in the sale of display advertising to national advertisers. Car buyers and car owners interface with Cars.com primarily through the Cars.com sites and mobile applications.

FINANCIAL RATIOS  of  Cars.com (CARS)

Valuation Ratios
P/E Ratio 10.4
Price to Sales 2.9
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 9.2
Price to Free Cash Flow 9.7
Growth Rates
Sales Growth Rate 6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.1%
Cap. Spend. - 3 Yr. Gr. Rate -1.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 7%
Ret/ On Assets - 3 Yr. Avg. 19.7%
Return On Total Capital 7.5%
Ret/ On T. Cap. - 3 Yr. Avg. 21.6%
Return On Equity 7.5%
Return On Equity - 3 Yr. Avg. 21.6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 79.5%
Gross Margin - 3 Yr. Avg. 78.8%
EBITDA Margin 41.1%
EBITDA Margin - 3 Yr. Avg. 30.5%
Operating Margin 28%
Oper. Margin - 3 Yr. Avg. 19.6%
Pre-Tax Margin 28%
Pre-Tax Margin - 3 Yr. Avg. 19.7%
Net Profit Margin 27.8%
Net Profit Margin - 3 Yr. Avg. 57.9%
Effective Tax Rate 0.6%
Eff/ Tax Rate - 3 Yr. Avg. 0.2%
Payout Ratio 0%

CARS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CARS stock intrinsic value calculation we used $626.262 million for the last fiscal year's total revenue generated by Cars.com. The default revenue input number comes from 0001 income statement of Cars.com. 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 CARS stock valuation model: a) initial revenue growth rate of 7.6% 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 5.1%, whose default value for CARS is calculated based on our internal credit rating of Cars.com, 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 Cars.com.
    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 CARS stock the variable cost ratio is equal to 72%.

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 CARS 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 Cars.com.

Corporate tax rate of 27% is the nominal tax rate for Cars.com. 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 CARS 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 CARS are equal to 193%.

Life of production assets of 26.9 years is the average useful life of capital assets used in Cars.com 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 CARS is equal to 8.5%. 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 - $1679.128 million for Cars.com - 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 69.733 million for Cars.com 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 Cars.com at the current share price and the inputted number of shares is $1.8 billion.

COMPANY NEWS

▶ Taking A Look At Carscom Incs (NYSE:CARS) ROE   [Oct-15-18 09:36AM  Simply Wall St.]
▶ Advice on Buying American-Made Cars This Labor Day   [Aug-29-18 01:55PM  PR Newswire]
▶ Cars.com Names Matthew Gold as Chief Strategy Officer   [Aug-09-18 07:00AM  PR Newswire]
▶ Stocks - Bears in Control of Snap in Midday Trading   [Aug-08-18 03:09PM  Investing.com]
▶ Cars.com looks to make car buying fun   [02:03PM  American City Business Journals]
▶ Cars.com pushes to make car buying sexy in new ads   [Aug-07-18 03:22PM  American City Business Journals]
▶ Cars.com inks new deal with Washington Post   [Jul-17-18 03:09PM  American City Business Journals]
▶ 5 Spinoff Stocks That Outperform Their Parents   [Jul-09-18 10:39AM  InvestorPlace]
▶ Cars.com reveals 'most-American' vehicle brand of 2018   [Jun-21-18 03:09PM  American City Business Journals]
▶ Trade of the Day: Cars.com Inc (CARS)   [Jun-01-18 09:15AM  InvestorPlace]
▶ Cars.com hires JPMorgan to explore potential sale   [May-31-18 10:07AM  American City Business Journals]
▶ Cars.com Announces Agreement with Starboard   [Mar-23-18 07:30AM  PR Newswire]
▶ Cars.com Announces $200 Million Share Repurchase Program   [Mar-22-18 09:07AM  PR Newswire]
▶ Cars.com Inc Stock Surges on Q4 Profit Beat   [02:07PM  InvestorPlace]
▶ Cars.com Receives Three Major Industry Awards   [Feb-05-18 01:00PM  PR Newswire]
▶ Best Low P/E Stocks to Buy in January   [Jan-17-18 01:15PM  Motley Fool]
▶ Cars.com CEO on auto market in 2018   [Jan-16-18 02:18PM  CNBC Videos]
▶ Cars.com Appoints Bala Subramanian to Board of Directors   [Jan-08-18 08:00AM  PR Newswire]
▶ Cars.com Surges on Word of Starboard Values Stake   [Dec-20-17 09:30AM  Investopedia]
▶ [$$] Activist Starboard Value Buys 9.9% Stake in Cars.com   [01:05AM  The Wall Street Journal]
▶ [$$] Activist Starboard Value Buys 9.9% Stake in Cars.com   [Dec-18-17 06:11PM  The Wall Street Journal]
▶ Cars.com Releases 2017 Year in Review   [Dec-07-17 10:26AM  PR Newswire]
▶ Cars.com posts 3Q profit   [Nov-08-17 07:37AM  Associated Press]
▶ CarGurus amends IPO raise, pegging valuation close to $1.5B   [Oct-12-17 04:35PM  American City Business Journals]
▶ CarGurus raises $150M in upsized IPO, will trade on the Nasdaq Thursday   [Oct-11-17 07:40PM  American City Business Journals]

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