Intrinsic value of Core-Mark Holding - CORE

Previous Close

$33.56

  Intrinsic Value

$15.68

stock screener

  Rating & Target

str. sell

-53%

  Value-price divergence*

-59%

Previous close

$33.56

 
Intrinsic value

$15.68

 
Up/down potential

-53%

 
Rating

str. sell

 
Value-price divergence*

-59%

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

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 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, %
  31.26
  3.10
  3.29
  3.46
  3.61
  3.75
  3.88
  3.99
  4.09
  4.18
  4.26
  4.34
  4.40
  4.46
  4.52
  4.57
  4.61
  4.65
  4.68
  4.71
  4.74
  4.77
  4.79
  4.81
  4.83
  4.85
  4.86
  4.88
  4.89
  4.90
  4.91
Revenue, $m
  14,529
  14,979
  15,472
  16,008
  16,586
  17,209
  17,876
  18,590
  19,350
  20,159
  21,019
  21,931
  22,896
  23,918
  24,999
  26,140
  27,345
  28,616
  29,956
  31,368
  32,856
  34,423
  36,073
  37,809
  39,636
  41,557
  43,579
  45,704
  47,939
  50,288
  52,757
Variable operating expenses, $m
 
  14,859
  15,348
  15,879
  16,453
  17,071
  17,732
  18,440
  19,194
  19,997
  20,849
  21,750
  22,708
  23,721
  24,793
  25,925
  27,119
  28,380
  29,709
  31,110
  32,585
  34,139
  35,775
  37,497
  39,309
  41,215
  43,219
  45,327
  47,543
  49,873
  52,322
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
  14,439
  14,859
  15,348
  15,879
  16,453
  17,071
  17,732
  18,440
  19,194
  19,997
  20,849
  21,750
  22,708
  23,721
  24,793
  25,925
  27,119
  28,380
  29,709
  31,110
  32,585
  34,139
  35,775
  37,497
  39,309
  41,215
  43,219
  45,327
  47,543
  49,873
  52,322
Operating income, $m
  90
  120
  124
  128
  133
  138
  144
  150
  156
  163
  170
  181
  189
  197
  206
  216
  226
  236
  247
  259
  271
  284
  298
  312
  327
  343
  359
  377
  395
  415
  435
EBITDA, $m
  133
  148
  152
  158
  163
  169
  176
  183
  191
  199
  207
  216
  225
  236
  246
  257
  269
  282
  295
  309
  324
  339
  355
  372
  390
  409
  429
  450
  472
  495
  520
Interest expense (income), $m
  4
  13
  14
  15
  16
  17
  19
  20
  22
  23
  25
  27
  29
  31
  34
  36
  39
  41
  44
  47
  51
  54
  57
  61
  65
  69
  73
  78
  83
  88
  93
Earnings before tax, $m
  86
  107
  110
  114
  117
  121
  125
  130
  134
  139
  144
  154
  160
  166
  172
  179
  187
  195
  203
  211
  220
  230
  240
  251
  262
  274
  286
  299
  313
  327
  342
Tax expense, $m
  32
  29
  30
  31
  32
  33
  34
  35
  36
  38
  39
  41
  43
  45
  47
  48
  50
  53
  55
  57
  60
  62
  65
  68
  71
  74
  77
  81
  84
  88
  92
Net income, $m
  54
  78
  81
  83
  86
  88
  91
  95
  98
  102
  105
  112
  117
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  191
  200
  209
  218
  228
  239
  250

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  26
  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
  1,492
  1,511
  1,561
  1,615
  1,674
  1,736
  1,804
  1,876
  1,952
  2,034
  2,121
  2,213
  2,310
  2,413
  2,522
  2,637
  2,759
  2,887
  3,022
  3,165
  3,315
  3,473
  3,640
  3,815
  3,999
  4,193
  4,397
  4,611
  4,837
  5,074
  5,323
Adjusted assets (=assets-cash), $m
  1,466
  1,511
  1,561
  1,615
  1,674
  1,736
  1,804
  1,876
  1,952
  2,034
  2,121
  2,213
  2,310
  2,413
  2,522
  2,637
  2,759
  2,887
  3,022
  3,165
  3,315
  3,473
  3,640
  3,815
  3,999
  4,193
  4,397
  4,611
  4,837
  5,074
  5,323
Revenue / Adjusted assets
  9.911
  9.913
  9.912
  9.912
  9.908
  9.913
  9.909
  9.909
  9.913
  9.911
  9.910
  9.910
  9.912
  9.912
  9.912
  9.913
  9.911
  9.912
  9.913
  9.911
  9.911
  9.912
  9.910
  9.911
  9.911
  9.911
  9.911
  9.912
  9.911
  9.911
  9.911
Average production assets, $m
  116
  120
  124
  128
  133
  138
  143
  149
  155
  161
  168
  175
  183
  191
  200
  209
  219
  229
  240
  251
  263
  275
  289
  302
  317
  332
  349
  366
  384
  402
  422
Working capital, $m
  645
  674
  696
  720
  746
  774
  804
  837
  871
  907
  946
  987
  1,030
  1,076
  1,125
  1,176
  1,231
  1,288
  1,348
  1,412
  1,479
  1,549
  1,623
  1,701
  1,784
  1,870
  1,961
  2,057
  2,157
  2,263
  2,374
Total debt, $m
  386
  388
  420
  454
  492
  532
  575
  621
  670
  722
  777
  836
  898
  964
  1,033
  1,107
  1,184
  1,266
  1,352
  1,443
  1,539
  1,640
  1,746
  1,858
  1,975
  2,099
  2,229
  2,366
  2,510
  2,661
  2,820
Total liabilities, $m
  962
  964
  996
  1,030
  1,068
  1,108
  1,151
  1,197
  1,246
  1,298
  1,353
  1,412
  1,474
  1,540
  1,609
  1,683
  1,760
  1,842
  1,928
  2,019
  2,115
  2,216
  2,322
  2,434
  2,551
  2,675
  2,805
  2,942
  3,086
  3,237
  3,396
Total equity, $m
  530
  547
  565
  585
  606
  629
  653
  679
  707
  736
  768
  801
  836
  874
  913
  955
  999
  1,045
  1,094
  1,146
  1,200
  1,257
  1,318
  1,381
  1,448
  1,518
  1,592
  1,669
  1,751
  1,837
  1,927
Total liabilities and equity, $m
  1,492
  1,511
  1,561
  1,615
  1,674
  1,737
  1,804
  1,876
  1,953
  2,034
  2,121
  2,213
  2,310
  2,414
  2,522
  2,638
  2,759
  2,887
  3,022
  3,165
  3,315
  3,473
  3,640
  3,815
  3,999
  4,193
  4,397
  4,611
  4,837
  5,074
  5,323
Debt-to-equity ratio
  0.728
  0.710
  0.740
  0.780
  0.810
  0.850
  0.880
  0.910
  0.950
  0.980
  1.010
  1.040
  1.070
  1.100
  1.130
  1.160
  1.190
  1.210
  1.240
  1.260
  1.280
  1.300
  1.330
  1.350
  1.360
  1.380
  1.400
  1.420
  1.430
  1.450
  1.460
Adjusted equity ratio
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362
  0.362

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  54
  78
  81
  83
  86
  88
  91
  95
  98
  102
  105
  112
  117
  121
  126
  131
  136
  142
  148
  154
  161
  168
  175
  183
  191
  200
  209
  218
  228
  239
  250
Depreciation, amort., depletion, $m
  43
  28
  28
  29
  30
  31
  32
  33
  35
  36
  37
  35
  37
  38
  40
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  70
  73
  77
  80
  84
Funds from operations, $m
  -321
  106
  109
  112
  116
  120
  124
  128
  133
  137
  143
  147
  153
  159
  166
  173
  180
  188
  196
  205
  214
  223
  233
  244
  255
  266
  278
  291
  305
  319
  334
Change in working capital, $m
  -223
  20
  22
  24
  26
  28
  30
  32
  34
  36
  39
  41
  43
  46
  49
  51
  54
  57
  60
  64
  67
  71
  74
  78
  82
  86
  91
  96
  101
  106
  111
Cash from operations, $m
  -98
  86
  87
  88
  90
  92
  94
  96
  98
  101
  104
  106
  110
  113
  117
  121
  126
  131
  136
  141
  147
  153
  159
  165
  172
  180
  188
  196
  204
  213
  223
Maintenance CAPEX, $m
  0
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -60
  -63
  -66
  -70
  -73
  -77
  -80
New CAPEX, $m
  -62
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
Cash from investing activities, $m
  -157
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -66
  -68
  -72
  -75
  -78
  -82
  -87
  -91
  -96
  -100
Free cash flow, $m
  -255
  58
  59
  59
  59
  60
  61
  62
  63
  64
  65
  65
  67
  69
  70
  72
  74
  77
  79
  82
  84
  87
  91
  94
  97
  101
  105
  109
  113
  118
  123
Issuance/(repayment) of debt, $m
  295
  28
  32
  34
  37
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  73
  78
  82
  86
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
Issuance/(repurchase) of shares, $m
  -9
  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 from financing (excl. dividends), $m  
  283
  28
  32
  34
  37
  40
  43
  46
  49
  52
  55
  59
  62
  66
  70
  73
  78
  82
  86
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  151
  159
Total cash flow (excl. dividends), $m
  30
  86
  91
  94
  97
  100
  104
  107
  111
  116
  120
  124
  129
  134
  140
  146
  152
  159
  165
  173
  180
  188
  197
  206
  215
  225
  235
  246
  257
  269
  282
Retained Cash Flow (-), $m
  -36
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -30
  -31
  -33
  -35
  -37
  -39
  -42
  -44
  -46
  -49
  -52
  -54
  -57
  -60
  -63
  -67
  -70
  -74
  -78
  -82
  -86
  -90
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
 
  69
  73
  74
  76
  77
  79
  81
  84
  86
  89
  91
  94
  97
  100
  104
  108
  112
  116
  121
  126
  131
  136
  142
  148
  154
  161
  168
  176
  183
  191
Discount rate, %
 
  6.20
  6.51
  6.84
  7.18
  7.54
  7.91
  8.31
  8.72
  9.16
  9.62
  10.10
  10.60
  11.13
  11.69
  12.28
  12.89
  13.53
  14.21
  14.92
  15.67
  16.45
  17.27
  18.14
  19.04
  20.00
  21.00
  22.05
  23.15
  24.30
  25.52
PV of cash for distribution, $m
 
  65
  64
  61
  57
  54
  50
  47
  43
  39
  35
  31
  28
  25
  21
  18
  16
  13
  11
  9
  7
  5
  4
  3
  2
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  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
  100.0

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 28.7
Price to Sales 0.1
Price to Book 2.9
Price to Tangible Book
Price to Cash Flow -15.8
Price to Free Cash Flow -9.7
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 $14529 million for the last fiscal year's total revenue generated by Core-Mark Holding. The default revenue input number comes from 2016 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 3.1% 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 6.2%, 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 99.2%.

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 3.5% 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 0.8%.

Life of production assets of 3.4 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 4.5%. 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 - $530 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 45.506 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 $1.5 billion.

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COMPANY NEWS

▶ 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]
▶ Core-Mark posts 2Q profit   [Aug-08-17 11:55PM  Associated Press]
▶ Core-Mark Announces Second Quarter 2017 Investor Call   [Aug-01-17 08:30AM  GlobeNewswire]
▶ Core-Mark (CORE) Catches Eye: Stock Jumps 7.4%   [Jul-12-17 08:42AM  Zacks]
▶ Core-Mark Announces Completion of Farner-Bocken Acquisition   [Jul-11-17 08:30AM  GlobeNewswire]
▶ Core-Mark Announces First Quarter 2017 Financial Results   [May-09-17 08:30AM  GlobeNewswire]
▶ Core-Mark posts 1Q profit   [06:22AM  Associated Press]
▶ Core-Mark Announces First Quarter 2017 Investor Call   [May-02-17 08:30AM  GlobeNewswire]
▶ New Strong Sell Stocks for March 3rd   [Mar-03-17 09:20AM  Zacks]
▶ Core-Mark posts 4Q profit   [06:48AM  Associated Press]
▶ Core-Mark Announces Fourth Quarter 2016 Investor Call   [Feb-24-17 08:30AM  GlobeNewswire]
▶ Canadian Orebodies Inc. Opens the Market   [Jan-27-17 11:14AM  PR Newswire]
▶ Core-Mark Announces Expiration of Supply Agreement   [Jan-24-17 11:12AM  GlobeNewswire]
▶ Core-Mark to Webcast Presentation from 2017 ICR Conference   [Jan-09-17 08:30AM  GlobeNewswire]
▶ Core-Mark Announces New Supply Agreement with Walmart   [Dec-15-16 04:30PM  GlobeNewswire]
▶ Core-Mark Announces Third Quarter 2016 Investor Call   [Oct-31-16 08:30AM  GlobeNewswire]
Financial statements of CORE
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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