Intrinsic value of Core-Mark Holding - CORE

Previous Close

$27.78

  Intrinsic Value

$8.91

stock screener

  Rating & Target

str. sell

-68%

Previous close

$27.78

 
Intrinsic value

$8.91

 
Up/down potential

-68%

 
Rating

str. sell

We calculate the intrinsic value of CORE 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 1.3

 

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, %
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.45
  5.40
  5.36
  5.32
  5.29
Revenue, $m
  17,445
  19,290
  21,224
  23,244
  25,352
  27,547
  29,832
  32,209
  34,679
  37,246
  39,913
  42,685
  45,567
  48,564
  51,681
  54,924
  58,302
  61,819
  65,486
  69,308
  73,296
  77,458
  81,804
  86,344
  91,088
  96,048
  101,235
  106,662
  112,341
  118,286
Variable operating expenses, $m
  17,338
  19,171
  21,092
  23,098
  25,191
  27,372
  29,642
  32,002
  34,455
  37,004
  39,640
  42,393
  45,255
  48,231
  51,327
  54,549
  57,903
  61,397
  65,038
  68,834
  72,795
  76,928
  81,245
  85,753
  90,465
  95,391
  100,543
  105,932
  111,573
  117,477
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
  17,338
  19,171
  21,092
  23,098
  25,191
  27,372
  29,642
  32,002
  34,455
  37,004
  39,640
  42,393
  45,255
  48,231
  51,327
  54,549
  57,903
  61,397
  65,038
  68,834
  72,795
  76,928
  81,245
  85,753
  90,465
  95,391
  100,543
  105,932
  111,573
  117,477
Operating income, $m
  106
  119
  132
  146
  160
  175
  191
  207
  224
  242
  273
  292
  312
  332
  354
  376
  399
  423
  448
  474
  501
  530
  560
  591
  623
  657
  693
  730
  769
  809
EBITDA, $m
  169
  187
  205
  225
  245
  266
  289
  312
  335
  360
  386
  413
  441
  470
  500
  531
  564
  598
  634
  670
  709
  749
  791
  835
  881
  929
  979
  1,032
  1,087
  1,144
Interest expense (income), $m
  4
  30
  38
  45
  54
  62
  71
  80
  90
  100
  110
  121
  133
  144
  157
  169
  182
  196
  210
  225
  241
  257
  274
  291
  310
  329
  349
  370
  392
  415
  439
Earnings before tax, $m
  76
  81
  87
  92
  98
  104
  111
  117
  124
  131
  152
  159
  167
  176
  184
  193
  203
  213
  223
  233
  245
  256
  268
  281
  294
  308
  323
  338
  354
  370
Tax expense, $m
  21
  22
  23
  25
  26
  28
  30
  32
  33
  35
  41
  43
  45
  47
  50
  52
  55
  57
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  96
  100
Net income, $m
  55
  59
  63
  67
  72
  76
  81
  86
  91
  96
  111
  116
  122
  128
  135
  141
  148
  155
  163
  170
  179
  187
  196
  205
  215
  225
  236
  247
  258
  270

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
  1,982
  2,192
  2,411
  2,641
  2,881
  3,130
  3,390
  3,660
  3,940
  4,232
  4,535
  4,850
  5,177
  5,518
  5,872
  6,241
  6,624
  7,024
  7,441
  7,875
  8,328
  8,801
  9,295
  9,811
  10,350
  10,913
  11,503
  12,119
  12,765
  13,440
Adjusted assets (=assets-cash), $m
  1,982
  2,192
  2,411
  2,641
  2,881
  3,130
  3,390
  3,660
  3,940
  4,232
  4,535
  4,850
  5,177
  5,518
  5,872
  6,241
  6,624
  7,024
  7,441
  7,875
  8,328
  8,801
  9,295
  9,811
  10,350
  10,913
  11,503
  12,119
  12,765
  13,440
Revenue / Adjusted assets
  8.802
  8.800
  8.803
  8.801
  8.800
  8.801
  8.800
  8.800
  8.802
  8.801
  8.801
  8.801
  8.802
  8.801
  8.801
  8.801
  8.802
  8.801
  8.801
  8.801
  8.801
  8.801
  8.801
  8.801
  8.801
  8.801
  8.801
  8.801
  8.801
  8.801
Average production assets, $m
  297
  328
  361
  395
  431
  468
  507
  548
  590
  633
  679
  726
  775
  826
  879
  934
  991
  1,051
  1,113
  1,178
  1,246
  1,317
  1,391
  1,468
  1,548
  1,633
  1,721
  1,813
  1,910
  2,011
Working capital, $m
  820
  907
  998
  1,092
  1,192
  1,295
  1,402
  1,514
  1,630
  1,751
  1,876
  2,006
  2,142
  2,282
  2,429
  2,581
  2,740
  2,906
  3,078
  3,257
  3,445
  3,641
  3,845
  4,058
  4,281
  4,514
  4,758
  5,013
  5,280
  5,559
Total debt, $m
  697
  841
  992
  1,151
  1,316
  1,487
  1,666
  1,852
  2,046
  2,247
  2,456
  2,673
  2,898
  3,133
  3,377
  3,631
  3,895
  4,171
  4,458
  4,757
  5,069
  5,395
  5,735
  6,090
  6,462
  6,850
  7,256
  7,681
  8,126
  8,591
Total liabilities, $m
  1,366
  1,510
  1,662
  1,820
  1,985
  2,157
  2,335
  2,522
  2,715
  2,916
  3,125
  3,342
  3,567
  3,802
  4,046
  4,300
  4,564
  4,840
  5,127
  5,426
  5,738
  6,064
  6,404
  6,760
  7,131
  7,519
  7,925
  8,350
  8,795
  9,260
Total equity, $m
  616
  682
  750
  821
  896
  973
  1,054
  1,138
  1,225
  1,316
  1,410
  1,508
  1,610
  1,716
  1,826
  1,941
  2,060
  2,185
  2,314
  2,449
  2,590
  2,737
  2,891
  3,051
  3,219
  3,394
  3,577
  3,769
  3,970
  4,180
Total liabilities and equity, $m
  1,982
  2,192
  2,412
  2,641
  2,881
  3,130
  3,389
  3,660
  3,940
  4,232
  4,535
  4,850
  5,177
  5,518
  5,872
  6,241
  6,624
  7,025
  7,441
  7,875
  8,328
  8,801
  9,295
  9,811
  10,350
  10,913
  11,502
  12,119
  12,765
  13,440
Debt-to-equity ratio
  1.130
  1.230
  1.320
  1.400
  1.470
  1.530
  1.580
  1.630
  1.670
  1.710
  1.740
  1.770
  1.800
  1.830
  1.850
  1.870
  1.890
  1.910
  1.930
  1.940
  1.960
  1.970
  1.980
  2.000
  2.010
  2.020
  2.030
  2.040
  2.050
  2.060
Adjusted equity ratio
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311
  0.311

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  55
  59
  63
  67
  72
  76
  81
  86
  91
  96
  111
  116
  122
  128
  135
  141
  148
  155
  163
  170
  179
  187
  196
  205
  215
  225
  236
  247
  258
  270
Depreciation, amort., depletion, $m
  63
  68
  73
  79
  85
  91
  98
  104
  111
  119
  113
  121
  129
  138
  146
  156
  165
  175
  186
  196
  208
  219
  232
  245
  258
  272
  287
  302
  318
  335
Funds from operations, $m
  118
  127
  137
  146
  157
  167
  178
  190
  202
  214
  224
  237
  251
  266
  281
  297
  313
  330
  348
  367
  386
  406
  428
  450
  473
  497
  522
  549
  577
  606
Change in working capital, $m
  83
  87
  91
  95
  99
  103
  107
  112
  116
  121
  125
  130
  135
  141
  146
  152
  159
  165
  172
  180
  187
  196
  204
  213
  223
  233
  244
  255
  267
  279
Cash from operations, $m
  36
  40
  46
  51
  58
  64
  71
  78
  86
  94
  98
  107
  116
  125
  135
  144
  154
  165
  176
  187
  199
  211
  223
  236
  250
  264
  279
  294
  310
  326
Maintenance CAPEX, $m
  -46
  -49
  -55
  -60
  -66
  -72
  -78
  -85
  -91
  -98
  -106
  -113
  -121
  -129
  -138
  -146
  -156
  -165
  -175
  -186
  -196
  -208
  -219
  -232
  -245
  -258
  -272
  -287
  -302
  -318
New CAPEX, $m
  -22
  -31
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -97
  -101
Cash from investing activities, $m
  -68
  -80
  -88
  -94
  -102
  -109
  -117
  -125
  -133
  -142
  -151
  -160
  -170
  -180
  -191
  -201
  -213
  -225
  -237
  -251
  -264
  -279
  -293
  -309
  -326
  -342
  -360
  -379
  -399
  -419
Free cash flow, $m
  -33
  -40
  -42
  -43
  -44
  -45
  -46
  -47
  -47
  -48
  -52
  -53
  -54
  -55
  -56
  -57
  -59
  -60
  -62
  -63
  -65
  -68
  -70
  -73
  -75
  -78
  -82
  -85
  -89
  -93
Issuance/(repayment) of debt, $m
  138
  144
  151
  158
  165
  172
  179
  186
  193
  201
  209
  217
  226
  235
  244
  254
  264
  275
  287
  299
  312
  326
  340
  355
  371
  388
  406
  425
  445
  465
Issuance/(repurchase) of shares, $m
  6
  6
  5
  4
  3
  2
  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  
  144
  150
  156
  162
  168
  174
  179
  186
  193
  201
  209
  217
  226
  235
  244
  254
  264
  275
  287
  299
  312
  326
  340
  355
  371
  388
  406
  425
  445
  465
Total cash flow (excl. dividends), $m
  112
  110
  115
  119
  124
  128
  133
  139
  146
  153
  156
  164
  172
  180
  188
  197
  206
  215
  225
  236
  247
  258
  270
  283
  296
  310
  324
  340
  355
  372
Retained Cash Flow (-), $m
  -61
  -65
  -68
  -71
  -74
  -78
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -130
  -135
  -141
  -147
  -154
  -160
  -168
  -175
  -183
  -192
  -201
  -210
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
  50
  45
  46
  48
  49
  51
  52
  55
  59
  62
  62
  66
  70
  74
  78
  82
  86
  91
  96
  101
  106
  111
  117
  122
  128
  135
  141
  148
  155
  162
Discount rate, %
  7.50
  7.88
  8.27
  8.68
  9.12
  9.57
  10.05
  10.55
  11.08
  11.63
  12.22
  12.83
  13.47
  14.14
  14.85
  15.59
  16.37
  17.19
  18.05
  18.95
  19.90
  20.89
  21.94
  23.04
  24.19
  25.40
  26.67
  28.00
  29.40
  30.87
PV of cash for distribution, $m
  47
  38
  36
  34
  32
  29
  27
  25
  23
  21
  17
  15
  13
  12
  10
  8
  7
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  99.6
  99.1
  98.8
  98.6
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4
  98.4

Core-Mark Holding Company, Inc. is a wholesale distributor to the convenience retail industry in North America. The Company provides sales, marketing, distribution and logistics services. As of December 31, 2016, the Company offered services to over 43,000 customer locations across the United States and Canada through 30 distribution centers. The Company's segments include the United States, Canada and Corporate. The Company's primary customer base consists of traditional convenience stores, as well as alternative outlets selling consumer packaged goods. The Company's traditional convenience store customers include various national and super-regional convenience store operators, as well as independently owned convenience stores. Its alternative outlet customers include a range of store formats, including grocery stores, drug stores, liquor stores, cigarette and tobacco shops, hotel gift shops, military exchanges, college and corporate campuses, casinos and hardware stores.

FINANCIAL RATIOS  of  Core-Mark Holding (CORE)

Valuation Ratios
P/E Ratio 23.7
Price to Sales 0.1
Price to Book 2.4
Price to Tangible Book
Price to Cash Flow -13.1
Price to Free Cash Flow -8
Growth Rates
Sales Growth Rate 31.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 59%
Cap. Spend. - 3 Yr. Gr. Rate 28.1%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 65.7%
Total Debt to Equity 72.8%
Interest Coverage 23
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8.1%
Return On Equity 10.5%
Return On Equity - 3 Yr. Avg. 10.3%
Asset Turnover 11.3
Profitability Ratios
Gross Margin 5.1%
Gross Margin - 3 Yr. Avg. 5.5%
EBITDA Margin 0.9%
EBITDA Margin - 3 Yr. Avg. 1%
Operating Margin 0.6%
Oper. Margin - 3 Yr. Avg. 0.7%
Pre-Tax Margin 0.6%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. 0.4%
Effective Tax Rate 37.2%
Eff/ Tax Rate - 3 Yr. Avg. 36.5%
Payout Ratio 29.6%

CORE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CORE stock intrinsic value calculation we used $15687.6 million for the last fiscal year's total revenue generated by Core-Mark Holding. The default revenue input number comes from 0001 income statement of Core-Mark Holding. 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 CORE stock valuation model: a) initial revenue growth rate of 11.2% 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 7.5%, whose default value for CORE is calculated based on our internal credit rating of Core-Mark Holding, 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 Core-Mark Holding.
    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 CORE stock the variable cost ratio is equal to 99.4%.

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 CORE 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 Core-Mark Holding.

Corporate tax rate of 27% is the nominal tax rate for Core-Mark Holding. 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 CORE 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 CORE are equal to 1.7%.

Life of production assets of 6 years is the average useful life of capital assets used in Core-Mark Holding 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 CORE is equal to 4.7%. 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 - $555.2 million for Core-Mark Holding - 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 45.934 million for Core-Mark Holding 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 Core-Mark Holding at the current share price and the inputted number of shares is $1.3 billion.

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COMPANY NEWS

▶ Core-Mark: 3Q Earnings Snapshot   [08:51AM  Associated Press]
▶ Core-Mark Announces Third Quarter 2018 Investor Call   [Oct-30-18 08:30AM  GlobeNewswire]
▶ Amazons Cashierless 'Go' Stores: Loser and Winner Stocks   [Oct-23-18 01:37PM  Investopedia]
▶ Buzz over Bay Area exodus likely to intensify in 2019 as higher tax bills arrive   [Oct-12-18 05:27PM  American City Business Journals]
▶ North Texas among the regions benefitting from 'Bay Area exodus'   [Oct-11-18 11:49AM  American City Business Journals]
▶ Core-Mark: 2Q Earnings Snapshot   [08:59AM  Associated Press]
▶ Core-Mark Announces Second Quarter 2018 Investor Call   [Aug-01-18 08:30AM  GlobeNewswire]
▶ Core-Mark: 1Q Earnings Snapshot   [May-08-18 09:55AM  Associated Press]
▶ Core-Mark Announces First Quarter 2018 Investor Call   [May-01-18 08:30AM  GlobeNewswire]
▶ Core-Mark beats 4Q profit forecasts   [09:31AM  Associated Press]
▶ Core-Mark Announces Fourth Quarter 2017 Investor Call   [Feb-26-18 08:30AM  GlobeNewswire]
▶ Core-Mark to Webcast Presentation from 2018 ICR Conference   [Jan-04-18 08:30AM  GlobeNewswire]
▶ Core-Mark Holding Company, Inc. to Host Earnings Call   [Nov-07-17 09:20AM  ACCESSWIRE]
▶ Core-Mark posts 3Q profit   [08:49AM  Associated Press]
▶ Core-Mark Announces Third Quarter 2017 Investor Call   [Oct-31-17 08:30AM  GlobeNewswire]
▶ Switch Turns On Investors In Trading Debut, IPO Raises $531 Mil.   [Oct-06-17 05:22PM  Investor's Business Daily]
▶ Core-Mark Announces Changes to Senior Management Team   [Sep-27-17 08:30AM  GlobeNewswire]

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