Intrinsic value of CoreCivic - CXW

Previous Close

$25.72

  Intrinsic Value

$8.71

stock screener

  Rating & Target

str. sell

-66%

  Value-price divergence*

-67%

Previous close

$25.72

 
Intrinsic value

$8.71

 
Up/down potential

-66%

 
Rating

str. sell

 
Value-price divergence*

-67%

Our model is not good at valuating stocks of financial companies, such as CXW.

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

We calculate the intrinsic value of CXW 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 3.1

 

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, %
  3.18
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  1,850
  1,887
  1,930
  1,980
  2,036
  2,097
  2,165
  2,239
  2,319
  2,405
  2,497
  2,596
  2,701
  2,813
  2,932
  3,059
  3,193
  3,335
  3,485
  3,643
  3,811
  3,988
  4,174
  4,370
  4,577
  4,795
  5,024
  5,266
  5,520
  5,787
  6,069
Variable operating expenses, $m
 
  1,325
  1,355
  1,390
  1,429
  1,472
  1,519
  1,571
  1,627
  1,687
  1,752
  1,817
  1,891
  1,969
  2,053
  2,141
  2,235
  2,334
  2,439
  2,550
  2,667
  2,791
  2,921
  3,059
  3,204
  3,356
  3,517
  3,686
  3,864
  4,051
  4,248
Fixed operating expenses, $m
 
  268
  274
  281
  288
  295
  303
  310
  318
  326
  334
  342
  351
  360
  369
  378
  387
  397
  407
  417
  428
  438
  449
  461
  472
  484
  496
  508
  521
  534
  547
Total operating expenses, $m
  1,553
  1,593
  1,629
  1,671
  1,717
  1,767
  1,822
  1,881
  1,945
  2,013
  2,086
  2,159
  2,242
  2,329
  2,422
  2,519
  2,622
  2,731
  2,846
  2,967
  3,095
  3,229
  3,370
  3,520
  3,676
  3,840
  4,013
  4,194
  4,385
  4,585
  4,795
Operating income, $m
  296
  295
  301
  309
  319
  330
  343
  358
  374
  392
  411
  436
  459
  484
  511
  540
  571
  604
  639
  676
  716
  758
  803
  851
  901
  955
  1,012
  1,072
  1,135
  1,202
  1,273
EBITDA, $m
  463
  467
  477
  490
  504
  521
  540
  561
  584
  610
  638
  668
  700
  735
  773
  813
  855
  901
  949
  1,001
  1,056
  1,114
  1,175
  1,240
  1,309
  1,382
  1,460
  1,541
  1,627
  1,718
  1,814
Interest expense (income), $m
  56
  55
  56
  58
  59
  61
  64
  66
  69
  72
  75
  78
  82
  86
  90
  94
  99
  104
  109
  115
  121
  127
  133
  140
  147
  155
  163
  171
  180
  190
  199
Earnings before tax, $m
  228
  240
  245
  252
  260
  269
  280
  292
  305
  320
  336
  358
  377
  398
  421
  445
  472
  500
  529
  561
  595
  631
  670
  711
  754
  800
  849
  900
  955
  1,013
  1,074
Tax expense, $m
  8
  65
  66
  68
  70
  73
  75
  79
  82
  86
  91
  97
  102
  108
  114
  120
  127
  135
  143
  152
  161
  170
  181
  192
  204
  216
  229
  243
  258
  273
  290
Net income, $m
  220
  175
  179
  184
  189
  196
  204
  213
  223
  234
  246
  261
  276
  291
  307
  325
  344
  365
  386
  410
  435
  461
  489
  519
  550
  584
  620
  657
  697
  739
  784

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  38
  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
  3,272
  3,299
  3,375
  3,462
  3,559
  3,667
  3,785
  3,914
  4,054
  4,204
  4,365
  4,538
  4,722
  4,918
  5,127
  5,348
  5,582
  5,830
  6,093
  6,370
  6,662
  6,971
  7,297
  7,640
  8,002
  8,383
  8,784
  9,206
  9,650
  10,118
  10,609
Adjusted assets (=assets-cash), $m
  3,234
  3,299
  3,375
  3,462
  3,559
  3,667
  3,785
  3,914
  4,054
  4,204
  4,365
  4,538
  4,722
  4,918
  5,127
  5,348
  5,582
  5,830
  6,093
  6,370
  6,662
  6,971
  7,297
  7,640
  8,002
  8,383
  8,784
  9,206
  9,650
  10,118
  10,609
Revenue / Adjusted assets
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
  0.572
Average production assets, $m
  2,902
  2,961
  3,029
  3,107
  3,194
  3,291
  3,397
  3,513
  3,638
  3,773
  3,918
  4,073
  4,238
  4,414
  4,601
  4,799
  5,010
  5,232
  5,468
  5,717
  5,979
  6,256
  6,549
  6,857
  7,181
  7,523
  7,883
  8,262
  8,661
  9,080
  9,522
Working capital, $m
  27
  11
  12
  12
  12
  13
  13
  13
  14
  14
  15
  16
  16
  17
  18
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  32
  33
  35
  36
Total debt, $m
  1,457
  1,472
  1,514
  1,562
  1,616
  1,675
  1,741
  1,812
  1,890
  1,973
  2,062
  2,158
  2,260
  2,369
  2,484
  2,607
  2,736
  2,874
  3,019
  3,173
  3,335
  3,506
  3,686
  3,877
  4,077
  4,288
  4,510
  4,744
  4,990
  5,249
  5,522
Total liabilities, $m
  1,813
  1,828
  1,870
  1,918
  1,972
  2,031
  2,097
  2,168
  2,246
  2,329
  2,418
  2,514
  2,616
  2,725
  2,840
  2,963
  3,092
  3,230
  3,375
  3,529
  3,691
  3,862
  4,042
  4,233
  4,433
  4,644
  4,866
  5,100
  5,346
  5,605
  5,878
Total equity, $m
  1,459
  1,471
  1,505
  1,544
  1,587
  1,635
  1,688
  1,746
  1,808
  1,875
  1,947
  2,024
  2,106
  2,194
  2,286
  2,385
  2,490
  2,600
  2,717
  2,841
  2,971
  3,109
  3,254
  3,408
  3,569
  3,739
  3,918
  4,106
  4,304
  4,512
  4,732
Total liabilities and equity, $m
  3,272
  3,299
  3,375
  3,462
  3,559
  3,666
  3,785
  3,914
  4,054
  4,204
  4,365
  4,538
  4,722
  4,919
  5,126
  5,348
  5,582
  5,830
  6,092
  6,370
  6,662
  6,971
  7,296
  7,641
  8,002
  8,383
  8,784
  9,206
  9,650
  10,117
  10,610
Debt-to-equity ratio
  0.999
  1.000
  1.010
  1.010
  1.020
  1.020
  1.030
  1.040
  1.050
  1.050
  1.060
  1.070
  1.070
  1.080
  1.090
  1.090
  1.100
  1.110
  1.110
  1.120
  1.120
  1.130
  1.130
  1.140
  1.140
  1.150
  1.150
  1.160
  1.160
  1.160
  1.170
Adjusted equity ratio
  0.443
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446
  0.446

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  220
  175
  179
  184
  189
  196
  204
  213
  223
  234
  246
  261
  276
  291
  307
  325
  344
  365
  386
  410
  435
  461
  489
  519
  550
  584
  620
  657
  697
  739
  784
Depreciation, amort., depletion, $m
  167
  172
  176
  180
  185
  191
  197
  203
  211
  218
  226
  231
  241
  251
  261
  273
  285
  297
  311
  325
  340
  355
  372
  390
  408
  427
  448
  469
  492
  516
  541
Funds from operations, $m
  351
  347
  355
  364
  375
  387
  401
  416
  433
  452
  472
  493
  516
  542
  569
  598
  629
  662
  697
  735
  774
  816
  861
  908
  958
  1,011
  1,067
  1,127
  1,189
  1,255
  1,325
Change in working capital, $m
  -24
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
Cash from operations, $m
  375
  347
  355
  364
  374
  387
  400
  416
  433
  451
  471
  492
  516
  541
  568
  597
  628
  661
  696
  734
  773
  815
  860
  907
  957
  1,010
  1,066
  1,125
  1,188
  1,254
  1,323
Maintenance CAPEX, $m
  0
  -165
  -168
  -172
  -177
  -181
  -187
  -193
  -200
  -207
  -214
  -223
  -231
  -241
  -251
  -261
  -273
  -285
  -297
  -311
  -325
  -340
  -355
  -372
  -390
  -408
  -427
  -448
  -469
  -492
  -516
New CAPEX, $m
  -93
  -59
  -68
  -78
  -87
  -97
  -106
  -116
  -125
  -135
  -145
  -155
  -165
  -176
  -187
  -198
  -210
  -223
  -235
  -249
  -263
  -277
  -292
  -308
  -325
  -342
  -360
  -379
  -399
  -419
  -441
Cash from investing activities, $m
  -122
  -224
  -236
  -250
  -264
  -278
  -293
  -309
  -325
  -342
  -359
  -378
  -396
  -417
  -438
  -459
  -483
  -508
  -532
  -560
  -588
  -617
  -647
  -680
  -715
  -750
  -787
  -827
  -868
  -911
  -957
Free cash flow, $m
  253
  124
  118
  114
  111
  108
  107
  107
  108
  110
  112
  115
  119
  124
  130
  137
  145
  154
  163
  174
  186
  198
  212
  227
  243
  260
  279
  298
  320
  342
  366
Issuance/(repayment) of debt, $m
  -21
  37
  42
  48
  54
  60
  66
  71
  77
  83
  89
  96
  102
  109
  115
  123
  130
  137
  145
  154
  162
  171
  180
  190
  200
  211
  222
  234
  246
  259
  272
Issuance/(repurchase) of shares, $m
  -1
  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  
  -25
  37
  42
  48
  54
  60
  66
  71
  77
  83
  89
  96
  102
  109
  115
  123
  130
  137
  145
  154
  162
  171
  180
  190
  200
  211
  222
  234
  246
  259
  272
Total cash flow (excl. dividends), $m
  228
  160
  160
  162
  164
  168
  173
  179
  185
  193
  202
  210
  221
  233
  246
  260
  275
  291
  309
  328
  348
  370
  393
  417
  443
  471
  501
  532
  566
  601
  639
Retained Cash Flow (-), $m
  4
  -28
  -34
  -39
  -43
  -48
  -53
  -57
  -62
  -67
  -72
  -77
  -82
  -87
  -93
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -145
  -153
  -161
  -170
  -179
  -188
  -198
  -208
  -219
Prev. year cash balance distribution, $m
 
  16
  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
 
  148
  127
  123
  121
  120
  120
  121
  123
  126
  130
  133
  139
  145
  153
  161
  170
  181
  192
  204
  217
  232
  247
  264
  282
  301
  322
  344
  368
  393
  419
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  138
  109
  98
  88
  79
  71
  64
  57
  51
  45
  39
  34
  30
  26
  22
  18
  15
  12
  10
  8
  6
  4
  3
  2
  2
  1
  1
  0
  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

CoreCivic, Inc., formerly Corrections Corporation of America, is a diversified government solutions company. The Company provides partnership correctional, detention and residential reentry facilities and operates prison in the United States. The Company’s business offerings include CoreCivic Safety, CoreCivic Properties, and CoreCivic Community. The Company provides a range of solutions to government partners that serve the public good corrections and detention management, government real estate solutions, and network of residential reentry centers. As of March 31, 2017, the Company owned or controlled 48 correctional and detention facilities, owned or controlled 27 residential reentry centers, and managed an additional 11 correctional and detention facilities owned by its government partners, with a total design capacity of approximately 88,400 beds in 20 states.

FINANCIAL RATIOS  of  CoreCivic (CXW)

Valuation Ratios
P/E Ratio 13.7
Price to Sales 1.6
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 8.1
Price to Free Cash Flow 10.7
Growth Rates
Sales Growth Rate 3.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -58.5%
Cap. Spend. - 3 Yr. Gr. Rate 3.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 98.4%
Total Debt to Equity 99.9%
Interest Coverage 5
Management Effectiveness
Return On Assets 8.3%
Ret/ On Assets - 3 Yr. Avg. 8%
Return On Total Capital 7.5%
Ret/ On T. Cap. - 3 Yr. Avg. 7.6%
Return On Equity 15.1%
Return On Equity - 3 Yr. Avg. 14.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 31%
Gross Margin - 3 Yr. Avg. 30.3%
EBITDA Margin 24.4%
EBITDA Margin - 3 Yr. Avg. 23.1%
Operating Margin 16.1%
Oper. Margin - 3 Yr. Avg. 15.4%
Pre-Tax Margin 12.3%
Pre-Tax Margin - 3 Yr. Avg. 12.5%
Net Profit Margin 11.9%
Net Profit Margin - 3 Yr. Avg. 12%
Effective Tax Rate 3.5%
Eff/ Tax Rate - 3 Yr. Avg. 3.5%
Payout Ratio 116.4%

CXW stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CXW stock intrinsic value calculation we used $1850 million for the last fiscal year's total revenue generated by CoreCivic. The default revenue input number comes from 2016 income statement of CoreCivic. 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 CXW stock valuation model: a) initial revenue growth rate of 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 7.2%, whose default value for CXW is calculated based on our internal credit rating of CoreCivic, 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 CoreCivic.
    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 CXW stock the variable cost ratio is equal to 70.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $261 million in the base year in the intrinsic value calculation for CXW 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 3.8% for CoreCivic.

Corporate tax rate of 27% is the nominal tax rate for CoreCivic. 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 CXW 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 CXW are equal to 156.9%.

Life of production assets of 17.6 years is the average useful life of capital assets used in CoreCivic 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 CXW is equal to 0.6%. 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 - $1459 million for CoreCivic - 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 118.712 million for CoreCivic 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 CoreCivic at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ CoreCivic Prices Offering of Senior Unsecured Notes   [Oct-11-17 05:47PM  GlobeNewswire]
▶ Top Ranked Value Stocks to Buy for October 10th   [Oct-10-17 07:44AM  Zacks]
▶ CoreCivic Reports Second Quarter 2017 Financial Results   [Aug-07-17 04:15PM  GlobeNewswire]
▶ CoreCivic to Offer Look Inside Its Walls   [10:00AM  TheStreet.com]
▶ Cato's Dividend Yield Is the Cat's Meow, but for How Long?   [Jul-12-17 11:00AM  TheStreet.com]
▶ CoreCivic agrees to pay Metro employees bills following scabies outbreak   [Jun-23-17 09:30AM  American City Business Journals]
▶ [$$] Federal Prison Population Expected to Grow Under Trump   [Jun-09-17 01:20AM  The Wall Street Journal]
▶ [$$] Federal Prison Population Expected to Grow   [Jun-08-17 04:28PM  The Wall Street Journal]
▶ Stocks Touted as Trump Winners Look Like Losers   [May-22-17 06:00AM  Investopedia]
▶ Did Investors Mistreat CoreCivic Midweek?   [May-19-17 10:00AM  TheStreet.com]
▶ 3 Value Stocks for Bold Investors   [07:44AM  Motley Fool]
▶ Why CoreCivic Inc. Dropped 12% Today   [04:21PM  Motley Fool]
▶ CoreCivic Reports First Quarter 2017 Financial Results   [May-03-17 04:15PM  GlobeNewswire]
▶ A Foolish Take: The Most Durable Trump Bump   [Apr-17-17 04:07PM  Motley Fool]
▶ [$$] Taser International: prepare to be stunned   [Apr-06-17 10:00AM  Financial Times]
▶ Private Prisons Break Out Under Trump   [Apr-04-17 02:56PM  TheStreet.com]
▶ Expect Further Upside In CoreCivic, GEO Group   [Mar-17-17 09:19AM  Benzinga]
▶ [$$] Private prisons: turning the screw   [07:55PM  at Financial Times]
Financial statements of CXW
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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