Intrinsic value of Copart - CPRT

Previous Close

$43.91

  Intrinsic Value

$30.64

stock screener

  Rating & Target

sell

-30%

Previous close

$43.91

 
Intrinsic value

$30.64

 
Up/down potential

-30%

 
Rating

sell

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

We calculate the intrinsic value of CPRT 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 2017), $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 10.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  14.20
  13.80
  12.92
  12.13
  11.42
  10.77
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.76
  7.49
  7.24
  7.01
  6.81
  6.63
  6.47
  6.32
  6.19
  6.07
  5.96
  5.87
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
Revenue, $m
  1,448
  1,648
  1,861
  2,086
  2,325
  2,575
  2,838
  3,112
  3,399
  3,697
  4,008
  4,332
  4,668
  5,017
  5,380
  5,758
  6,150
  6,558
  6,982
  7,423
  7,883
  8,361
  8,860
  9,379
  9,922
  10,487
  11,078
  11,695
  12,339
  13,013
  13,718
Variable operating expenses, $m
 
  1,116
  1,256
  1,404
  1,560
  1,725
  1,897
  2,077
  2,265
  2,461
  2,666
  2,844
  3,065
  3,294
  3,532
  3,780
  4,038
  4,305
  4,584
  4,874
  5,175
  5,489
  5,817
  6,158
  6,514
  6,885
  7,273
  7,678
  8,101
  8,543
  9,006
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
  987
  1,116
  1,256
  1,404
  1,560
  1,725
  1,897
  2,077
  2,265
  2,461
  2,666
  2,844
  3,065
  3,294
  3,532
  3,780
  4,038
  4,305
  4,584
  4,874
  5,175
  5,489
  5,817
  6,158
  6,514
  6,885
  7,273
  7,678
  8,101
  8,543
  9,006
Operating income, $m
  461
  532
  605
  683
  764
  850
  941
  1,035
  1,133
  1,236
  1,343
  1,488
  1,603
  1,723
  1,848
  1,978
  2,112
  2,252
  2,398
  2,550
  2,708
  2,872
  3,043
  3,222
  3,408
  3,602
  3,805
  4,017
  4,238
  4,470
  4,712
EBITDA, $m
  518
  615
  694
  779
  867
  961
  1,059
  1,161
  1,268
  1,380
  1,496
  1,616
  1,742
  1,872
  2,008
  2,149
  2,295
  2,447
  2,605
  2,770
  2,941
  3,120
  3,306
  3,500
  3,702
  3,913
  4,134
  4,364
  4,605
  4,856
  5,119
Interest expense (income), $m
  23
  20
  24
  28
  33
  37
  42
  48
  53
  59
  65
  71
  77
  84
  91
  98
  106
  114
  122
  130
  139
  148
  158
  168
  178
  189
  200
  212
  224
  237
  251
Earnings before tax, $m
  440
  512
  581
  655
  732
  813
  898
  987
  1,080
  1,177
  1,278
  1,417
  1,526
  1,639
  1,757
  1,879
  2,007
  2,139
  2,276
  2,419
  2,568
  2,724
  2,885
  3,054
  3,230
  3,413
  3,605
  3,805
  4,014
  4,233
  4,461
Tax expense, $m
  46
  138
  157
  177
  198
  220
  243
  267
  292
  318
  345
  383
  412
  443
  474
  507
  542
  577
  615
  653
  693
  735
  779
  825
  872
  922
  973
  1,027
  1,084
  1,143
  1,205
Net income, $m
  394
  374
  424
  478
  534
  594
  656
  721
  789
  859
  933
  1,034
  1,114
  1,197
  1,283
  1,372
  1,465
  1,561
  1,662
  1,766
  1,875
  1,988
  2,106
  2,229
  2,358
  2,492
  2,631
  2,778
  2,930
  3,090
  3,257

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  210
  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
  1,983
  2,017
  2,278
  2,554
  2,845
  3,152
  3,473
  3,809
  4,160
  4,526
  4,906
  5,302
  5,714
  6,141
  6,586
  7,048
  7,528
  8,027
  8,546
  9,086
  9,648
  10,234
  10,844
  11,480
  12,144
  12,836
  13,559
  14,314
  15,103
  15,928
  16,790
Adjusted assets (=assets-cash), $m
  1,773
  2,017
  2,278
  2,554
  2,845
  3,152
  3,473
  3,809
  4,160
  4,526
  4,906
  5,302
  5,714
  6,141
  6,586
  7,048
  7,528
  8,027
  8,546
  9,086
  9,648
  10,234
  10,844
  11,480
  12,144
  12,836
  13,559
  14,314
  15,103
  15,928
  16,790
Revenue / Adjusted assets
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
  0.817
Average production assets, $m
  924
  1,051
  1,187
  1,331
  1,483
  1,643
  1,810
  1,986
  2,168
  2,359
  2,557
  2,764
  2,978
  3,201
  3,433
  3,673
  3,924
  4,184
  4,454
  4,736
  5,029
  5,334
  5,652
  5,984
  6,330
  6,691
  7,068
  7,461
  7,873
  8,302
  8,752
Working capital, $m
  285
  178
  201
  225
  251
  278
  306
  336
  367
  399
  433
  468
  504
  542
  581
  622
  664
  708
  754
  802
  851
  903
  957
  1,013
  1,072
  1,133
  1,196
  1,263
  1,333
  1,405
  1,482
Total debt, $m
  633
  662
  780
  905
  1,037
  1,176
  1,321
  1,474
  1,632
  1,798
  1,970
  2,150
  2,336
  2,530
  2,731
  2,941
  3,158
  3,384
  3,619
  3,864
  4,119
  4,384
  4,660
  4,949
  5,249
  5,563
  5,890
  6,232
  6,590
  6,963
  7,354
Total liabilities, $m
  884
  914
  1,032
  1,157
  1,289
  1,428
  1,573
  1,726
  1,884
  2,050
  2,222
  2,402
  2,588
  2,782
  2,983
  3,193
  3,410
  3,636
  3,871
  4,116
  4,371
  4,636
  4,912
  5,201
  5,501
  5,815
  6,142
  6,484
  6,842
  7,215
  7,606
Total equity, $m
  1,098
  1,103
  1,246
  1,397
  1,556
  1,724
  1,900
  2,084
  2,276
  2,476
  2,684
  2,900
  3,125
  3,359
  3,602
  3,855
  4,118
  4,391
  4,675
  4,970
  5,278
  5,598
  5,932
  6,280
  6,643
  7,021
  7,417
  7,830
  8,262
  8,713
  9,184
Total liabilities and equity, $m
  1,982
  2,017
  2,278
  2,554
  2,845
  3,152
  3,473
  3,810
  4,160
  4,526
  4,906
  5,302
  5,713
  6,141
  6,585
  7,048
  7,528
  8,027
  8,546
  9,086
  9,649
  10,234
  10,844
  11,481
  12,144
  12,836
  13,559
  14,314
  15,104
  15,928
  16,790
Debt-to-equity ratio
  0.577
  0.600
  0.630
  0.650
  0.670
  0.680
  0.700
  0.710
  0.720
  0.730
  0.730
  0.740
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
Adjusted equity ratio
  0.501
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547
  0.547

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  394
  374
  424
  478
  534
  594
  656
  721
  789
  859
  933
  1,034
  1,114
  1,197
  1,283
  1,372
  1,465
  1,561
  1,662
  1,766
  1,875
  1,988
  2,106
  2,229
  2,358
  2,492
  2,631
  2,778
  2,930
  3,090
  3,257
Depreciation, amort., depletion, $m
  57
  83
  89
  96
  103
  110
  118
  126
  135
  144
  153
  129
  139
  149
  160
  171
  182
  195
  207
  220
  234
  248
  263
  278
  294
  311
  329
  347
  366
  386
  407
Funds from operations, $m
  471
  457
  514
  574
  637
  704
  774
  847
  924
  1,003
  1,086
  1,163
  1,252
  1,346
  1,442
  1,543
  1,647
  1,756
  1,869
  1,986
  2,109
  2,236
  2,369
  2,508
  2,652
  2,803
  2,960
  3,125
  3,296
  3,476
  3,664
Change in working capital, $m
  -21
  22
  23
  24
  26
  27
  28
  30
  31
  32
  34
  35
  36
  38
  39
  41
  42
  44
  46
  48
  50
  52
  54
  56
  59
  61
  64
  67
  70
  73
  76
Cash from operations, $m
  492
  435
  491
  549
  612
  677
  746
  817
  893
  971
  1,052
  1,128
  1,216
  1,308
  1,403
  1,502
  1,605
  1,712
  1,823
  1,939
  2,059
  2,185
  2,315
  2,452
  2,594
  2,742
  2,896
  3,058
  3,227
  3,403
  3,588
Maintenance CAPEX, $m
  0
  -43
  -49
  -55
  -62
  -69
  -76
  -84
  -92
  -101
  -110
  -119
  -129
  -139
  -149
  -160
  -171
  -182
  -195
  -207
  -220
  -234
  -248
  -263
  -278
  -294
  -311
  -329
  -347
  -366
  -386
New CAPEX, $m
  -172
  -127
  -136
  -144
  -152
  -160
  -168
  -175
  -183
  -191
  -198
  -206
  -215
  -223
  -232
  -241
  -250
  -260
  -271
  -282
  -293
  -305
  -318
  -332
  -346
  -361
  -377
  -394
  -411
  -430
  -450
Cash from investing activities, $m
  -336
  -170
  -185
  -199
  -214
  -229
  -244
  -259
  -275
  -292
  -308
  -325
  -344
  -362
  -381
  -401
  -421
  -442
  -466
  -489
  -513
  -539
  -566
  -595
  -624
  -655
  -688
  -723
  -758
  -796
  -836
Free cash flow, $m
  156
  265
  306
  350
  398
  448
  502
  558
  617
  679
  744
  803
  873
  946
  1,023
  1,102
  1,184
  1,269
  1,358
  1,450
  1,546
  1,646
  1,749
  1,857
  1,969
  2,086
  2,208
  2,336
  2,468
  2,607
  2,752
Issuance/(repayment) of debt, $m
  -7
  111
  118
  125
  132
  139
  146
  152
  159
  166
  172
  179
  186
  194
  201
  209
  217
  226
  235
  245
  255
  265
  276
  288
  301
  314
  327
  342
  357
  374
  391
Issuance/(repurchase) of shares, $m
  35
  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  
  -107
  111
  118
  125
  132
  139
  146
  152
  159
  166
  172
  179
  186
  194
  201
  209
  217
  226
  235
  245
  255
  265
  276
  288
  301
  314
  327
  342
  357
  374
  391
Total cash flow (excl. dividends), $m
  54
  376
  424
  475
  530
  587
  647
  710
  776
  845
  917
  982
  1,060
  1,140
  1,224
  1,311
  1,401
  1,495
  1,593
  1,695
  1,801
  1,911
  2,026
  2,145
  2,270
  2,400
  2,536
  2,678
  2,826
  2,981
  3,143
Retained Cash Flow (-), $m
  -324
  -133
  -143
  -151
  -159
  -168
  -176
  -184
  -192
  -200
  -208
  -217
  -225
  -234
  -243
  -253
  -263
  -273
  -284
  -295
  -308
  -320
  -334
  -348
  -363
  -379
  -395
  -413
  -432
  -451
  -472
Prev. year cash balance distribution, $m
 
  128
  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
 
  370
  281
  324
  370
  419
  471
  527
  584
  645
  708
  765
  834
  906
  981
  1,058
  1,139
  1,222
  1,309
  1,399
  1,493
  1,590
  1,692
  1,797
  1,907
  2,021
  2,140
  2,265
  2,394
  2,530
  2,671
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
 
  355
  258
  282
  305
  325
  342
  356
  365
  371
  371
  364
  356
  345
  329
  311
  289
  266
  241
  215
  190
  165
  140
  118
  97
  79
  62
  49
  37
  28
  20
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

Copart, Inc. (Copart) is a provider of online auctions and vehicle remarketing services in the United States, Canada, the United Kingdom, the United Arab Emirates, Oman, Bahrain, Brazil, Ireland, Spain and India. The Company also provides vehicle remarketing services in Germany. The Company operates through two segments: United States and International. The Company provides vehicle sellers with a range of services to process and sell vehicles primarily over the Internet through its virtual bidding third generation Internet auction-style sales technology (VB3). The Company's service offerings include Online Seller Access, Salvage Estimation Services, Estimating Services, End-Of-Life Vehicle Processing, Virtual Insured Exchange (VIX), Transportation Services, Vehicle Inspection Stations, On-Demand Reporting, Department of Motor Vehicle (DMV) Processing, Flexible Vehicle Processing Programs, Buy It Now, Member Network, Sales Process, Copart Dealer Services, CashForCars.com and U-Pull-It.

FINANCIAL RATIOS  of  Copart (CPRT)

Valuation Ratios
P/E Ratio 25.7
Price to Sales 7
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 20.6
Price to Free Cash Flow 31.6
Growth Rates
Sales Growth Rate 14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -1.1%
Cap. Spend. - 3 Yr. Gr. Rate 16%
Financial Strength
Quick Ratio 3
Current Ratio 0.1
LT Debt to Equity 50.2%
Total Debt to Equity 57.7%
Interest Coverage 20
Management Effectiveness
Return On Assets 22.8%
Ret/ On Assets - 3 Yr. Avg. 17.8%
Return On Total Capital 25.1%
Ret/ On T. Cap. - 3 Yr. Avg. 19.3%
Return On Equity 42.1%
Return On Equity - 3 Yr. Avg. 31.8%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 43.6%
Gross Margin - 3 Yr. Avg. 42.9%
EBITDA Margin 35.9%
EBITDA Margin - 3 Yr. Avg. 35.9%
Operating Margin 31.8%
Oper. Margin - 3 Yr. Avg. 31.3%
Pre-Tax Margin 30.4%
Pre-Tax Margin - 3 Yr. Avg. 30.2%
Net Profit Margin 27.2%
Net Profit Margin - 3 Yr. Avg. 22.6%
Effective Tax Rate 10.5%
Eff/ Tax Rate - 3 Yr. Avg. 25.3%
Payout Ratio 0%

CPRT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPRT stock intrinsic value calculation we used $1448 million for the last fiscal year's total revenue generated by Copart. The default revenue input number comes from 2017 income statement of Copart. 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 CPRT stock valuation model: a) initial revenue growth rate of 13.8% 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 CPRT is calculated based on our internal credit rating of Copart, 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 Copart.
    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 CPRT stock the variable cost ratio is equal to 68%.

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 CPRT 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 3.6% for Copart.

Corporate tax rate of 27% is the nominal tax rate for Copart. 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 CPRT 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 CPRT are equal to 63.8%.

Life of production assets of 21.5 years is the average useful life of capital assets used in Copart 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 CPRT is equal to 10.8%. 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 - $1098 million for Copart - 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 230.811 million for Copart 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 Copart at the current share price and the inputted number of shares is $10.1 billion.

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COMPANY NEWS

▶ ETFs with exposure to Copart, Inc. : December 11, 2017   [Dec-11-17 01:43PM  Capital Cube]
▶ ETFs with exposure to Copart, Inc. : November 30, 2017   [Nov-30-17 01:41PM  Capital Cube]
▶ What Happened in the Stock Market Today   [Nov-22-17 05:06PM  Motley Fool]
▶ Copart Earnings Plummet on Expected Costs   [03:54PM  Motley Fool]
▶ Why Copart, Inc. Stock Popped Today   [02:01PM  Motley Fool]
▶ Copart beats Street 1Q forecasts   [Nov-21-17 06:15PM  Associated Press]
▶ Should You Buy Copart (CPRT) Ahead of Earnings?   [Nov-20-17 08:54AM  Zacks]
▶ Copart, Inc. to Webcast First Quarter Fiscal 2018 Results   [Nov-15-17 06:09PM  Business Wire]
▶ ETFs with exposure to Copart, Inc. : November 8, 2017   [Nov-08-17 05:48PM  Capital Cube]
▶ ETFs with exposure to Copart, Inc. : October 23, 2017   [Oct-23-17 10:29AM  Capital Cube]
▶ Copart Announces Expansion of Its Reno, Nevada Location   [Oct-11-17 07:30AM  PR Newswire]
▶ ETFs with exposure to Copart, Inc. : October 2, 2017   [Oct-02-17 10:46AM  Capital Cube]
▶ A Deep Look at Copart   [Sep-29-17 06:57PM  GuruFocus.com]
▶ IBD Rating Upgrades: Copart Shows Improved Technical Strength   [03:00AM  Investor's Business Daily]
▶ Copart tops Street 4Q forecasts   [Sep-19-17 11:34PM  Associated Press]
▶ Copart, Inc. to Webcast Fourth Quarter Fiscal 2017 Results   [Sep-13-17 07:33PM  Business Wire]
▶ Copart Opens New Location in Andrews, Texas   [Aug-14-17 07:30AM  PR Newswire]
▶ ETFs with exposure to Copart, Inc. : July 24, 2017   [Jul-24-17 03:04PM  Capital Cube]
▶ ETFs with exposure to Copart, Inc. : July 14, 2017   [Jul-14-17 01:39PM  Capital Cube]
▶ Copart, Inc. Value Analysis (NASDAQ:CPRT) : July 10, 2017   [Jul-10-17 03:53PM  Capital Cube]
▶ 3 Value Stocks Perfect for Retirement   [Jun-29-17 08:53AM  Motley Fool]
▶ ETFs with exposure to Copart, Inc. : June 19, 2017   [Jun-19-17 03:07PM  Capital Cube]
▶ Copart Acquires National Powersport Auctions   [Jun-12-17 06:21PM  Business Wire]
▶ ETFs with exposure to Copart, Inc. : May 31, 2017   [May-31-17 12:27PM  Capital Cube]
▶ Copart Reports Record Performance in Third Quarter 2017   [May-26-17 01:22PM  Motley Fool]
▶ Copart beats 3Q profit forecasts   [May-24-17 06:22PM  Associated Press]
▶ Which Stocks Are Showing Rising Relative Strength?   [12:05PM  Investor's Business Daily]
Financial statements of CPRT
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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