Intrinsic value of CarMax - KMX

Previous Close

$69.92

  Intrinsic Value

$26.40

stock screener

  Rating & Target

str. sell

-62%

Previous close

$69.92

 
Intrinsic value

$26.40

 
Up/down potential

-62%

 
Rating

str. sell

We calculate the intrinsic value of KMX 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 12.3

 

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, %
  5.50
  5.45
  5.40
  5.36
  5.33
  5.30
  5.27
  5.24
  5.22
  5.19
  5.17
  5.16
  5.14
  5.13
  5.11
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
  5.05
  5.05
  5.04
  5.04
  5.04
  5.03
  5.03
  5.03
  5.02
Revenue, $m
  18,062
  19,046
  20,076
  21,153
  22,280
  23,459
  24,695
  25,988
  27,344
  28,764
  30,252
  31,812
  33,448
  35,163
  36,961
  38,847
  40,826
  42,901
  45,078
  47,363
  49,760
  52,275
  54,914
  57,684
  60,592
  63,643
  66,846
  70,207
  73,736
  77,440
Variable operating expenses, $m
  16,852
  17,770
  18,731
  19,735
  20,787
  21,888
  23,040
  24,247
  25,512
  26,837
  28,225
  29,681
  31,207
  32,807
  34,485
  36,245
  38,090
  40,027
  42,058
  44,189
  46,426
  48,772
  51,235
  53,819
  56,532
  59,379
  62,367
  65,503
  68,796
  72,252
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
  16,852
  17,770
  18,731
  19,735
  20,787
  21,888
  23,040
  24,247
  25,512
  26,837
  28,225
  29,681
  31,207
  32,807
  34,485
  36,245
  38,090
  40,027
  42,058
  44,189
  46,426
  48,772
  51,235
  53,819
  56,532
  59,379
  62,367
  65,503
  68,796
  72,252
Operating income, $m
  1,210
  1,276
  1,345
  1,417
  1,493
  1,572
  1,655
  1,741
  1,832
  1,927
  2,027
  2,131
  2,241
  2,356
  2,476
  2,603
  2,735
  2,874
  3,020
  3,173
  3,334
  3,502
  3,679
  3,865
  4,060
  4,264
  4,479
  4,704
  4,940
  5,188
EBITDA, $m
  1,400
  1,476
  1,556
  1,639
  1,726
  1,818
  1,913
  2,014
  2,119
  2,229
  2,344
  2,465
  2,592
  2,725
  2,864
  3,010
  3,163
  3,324
  3,493
  3,670
  3,856
  4,051
  4,255
  4,470
  4,695
  4,931
  5,180
  5,440
  5,714
  6,001
Interest expense (income), $m
  55
  708
  750
  794
  840
  888
  939
  991
  1,047
  1,104
  1,165
  1,228
  1,295
  1,365
  1,438
  1,514
  1,595
  1,679
  1,767
  1,860
  1,957
  2,059
  2,166
  2,279
  2,397
  2,520
  2,650
  2,787
  2,930
  3,080
  3,238
Earnings before tax, $m
  502
  526
  551
  577
  604
  633
  663
  695
  728
  762
  799
  837
  876
  918
  962
  1,008
  1,056
  1,107
  1,160
  1,216
  1,275
  1,336
  1,400
  1,468
  1,539
  1,614
  1,692
  1,774
  1,860
  1,951
Tax expense, $m
  135
  142
  149
  156
  163
  171
  179
  188
  196
  206
  216
  226
  237
  248
  260
  272
  285
  299
  313
  328
  344
  361
  378
  396
  416
  436
  457
  479
  502
  527
Net income, $m
  366
  384
  402
  421
  441
  462
  484
  507
  531
  556
  583
  611
  640
  670
  702
  736
  771
  808
  847
  888
  930
  975
  1,022
  1,072
  1,124
  1,178
  1,235
  1,295
  1,358
  1,424

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
  18,449
  19,455
  20,506
  21,606
  22,758
  23,963
  25,224
  26,546
  27,930
  29,381
  30,901
  32,495
  34,165
  35,917
  37,754
  39,681
  41,701
  43,821
  46,045
  48,379
  50,827
  53,396
  56,092
  58,922
  61,891
  65,008
  68,279
  71,713
  75,318
  79,101
Adjusted assets (=assets-cash), $m
  18,449
  19,455
  20,506
  21,606
  22,758
  23,963
  25,224
  26,546
  27,930
  29,381
  30,901
  32,495
  34,165
  35,917
  37,754
  39,681
  41,701
  43,821
  46,045
  48,379
  50,827
  53,396
  56,092
  58,922
  61,891
  65,008
  68,279
  71,713
  75,318
  79,101
Revenue / Adjusted assets
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
  0.979
Average production assets, $m
  2,727
  2,876
  3,031
  3,194
  3,364
  3,542
  3,729
  3,924
  4,129
  4,343
  4,568
  4,804
  5,051
  5,310
  5,581
  5,866
  6,165
  6,478
  6,807
  7,152
  7,514
  7,893
  8,292
  8,710
  9,149
  9,610
  10,094
  10,601
  11,134
  11,693
Working capital, $m
  1,915
  2,019
  2,128
  2,242
  2,362
  2,487
  2,618
  2,755
  2,898
  3,049
  3,207
  3,372
  3,545
  3,727
  3,918
  4,118
  4,328
  4,548
  4,778
  5,020
  5,275
  5,541
  5,821
  6,115
  6,423
  6,746
  7,086
  7,442
  7,816
  8,209
Total debt, $m
  13,893
  14,707
  15,559
  16,450
  17,383
  18,359
  19,381
  20,451
  21,573
  22,748
  23,979
  25,270
  26,623
  28,042
  29,530
  31,090
  32,727
  34,444
  36,246
  38,136
  40,119
  42,200
  44,384
  46,675
  49,081
  51,605
  54,255
  57,037
  59,956
  63,021
Total liabilities, $m
  14,944
  15,758
  16,610
  17,501
  18,434
  19,410
  20,432
  21,502
  22,624
  23,799
  25,030
  26,321
  27,674
  29,093
  30,581
  32,141
  33,778
  35,495
  37,297
  39,187
  41,170
  43,251
  45,435
  47,727
  50,132
  52,656
  55,306
  58,088
  61,007
  64,072
Total equity, $m
  3,505
  3,696
  3,896
  4,105
  4,324
  4,553
  4,793
  5,044
  5,307
  5,582
  5,871
  6,174
  6,491
  6,824
  7,173
  7,539
  7,923
  8,326
  8,749
  9,192
  9,657
  10,145
  10,658
  11,195
  11,759
  12,352
  12,973
  13,626
  14,310
  15,029
Total liabilities and equity, $m
  18,449
  19,454
  20,506
  21,606
  22,758
  23,963
  25,225
  26,546
  27,931
  29,381
  30,901
  32,495
  34,165
  35,917
  37,754
  39,680
  41,701
  43,821
  46,046
  48,379
  50,827
  53,396
  56,093
  58,922
  61,891
  65,008
  68,279
  71,714
  75,317
  79,101
Debt-to-equity ratio
  3.960
  3.980
  3.990
  4.010
  4.020
  4.030
  4.040
  4.050
  4.070
  4.070
  4.080
  4.090
  4.100
  4.110
  4.120
  4.120
  4.130
  4.140
  4.140
  4.150
  4.150
  4.160
  4.160
  4.170
  4.170
  4.180
  4.180
  4.190
  4.190
  4.190
Adjusted equity ratio
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190
  0.190

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  366
  384
  402
  421
  441
  462
  484
  507
  531
  556
  583
  611
  640
  670
  702
  736
  771
  808
  847
  888
  930
  975
  1,022
  1,072
  1,124
  1,178
  1,235
  1,295
  1,358
  1,424
Depreciation, amort., depletion, $m
  189
  200
  211
  222
  234
  246
  259
  273
  287
  302
  317
  334
  351
  369
  388
  407
  428
  450
  473
  497
  522
  548
  576
  605
  635
  667
  701
  736
  773
  812
Funds from operations, $m
  556
  584
  613
  643
  675
  708
  743
  780
  818
  858
  900
  944
  991
  1,039
  1,090
  1,143
  1,199
  1,258
  1,320
  1,384
  1,452
  1,523
  1,598
  1,677
  1,759
  1,845
  1,936
  2,031
  2,131
  2,236
Change in working capital, $m
  100
  104
  109
  114
  119
  125
  131
  137
  144
  151
  158
  165
  173
  182
  191
  200
  210
  220
  231
  242
  254
  267
  280
  294
  308
  323
  339
  356
  374
  393
Cash from operations, $m
  456
  479
  504
  529
  555
  583
  612
  642
  674
  708
  742
  779
  817
  857
  899
  943
  990
  1,038
  1,089
  1,142
  1,198
  1,257
  1,318
  1,383
  1,451
  1,522
  1,597
  1,675
  1,757
  1,844
Maintenance CAPEX, $m
  -180
  -189
  -200
  -211
  -222
  -234
  -246
  -259
  -273
  -287
  -302
  -317
  -334
  -351
  -369
  -388
  -407
  -428
  -450
  -473
  -497
  -522
  -548
  -576
  -605
  -635
  -667
  -701
  -736
  -773
New CAPEX, $m
  -135
  -149
  -155
  -163
  -170
  -178
  -187
  -195
  -205
  -214
  -225
  -236
  -247
  -259
  -272
  -285
  -299
  -313
  -329
  -345
  -362
  -380
  -399
  -418
  -439
  -461
  -484
  -508
  -533
  -559
Cash from investing activities, $m
  -315
  -338
  -355
  -374
  -392
  -412
  -433
  -454
  -478
  -501
  -527
  -553
  -581
  -610
  -641
  -673
  -706
  -741
  -779
  -818
  -859
  -902
  -947
  -994
  -1,044
  -1,096
  -1,151
  -1,209
  -1,269
  -1,332
Free cash flow, $m
  141
  141
  148
  156
  163
  171
  180
  188
  197
  206
  216
  226
  237
  248
  259
  271
  284
  297
  310
  325
  340
  355
  372
  389
  407
  426
  446
  466
  488
  511
Issuance/(repayment) of debt, $m
  774
  814
  852
  891
  932
  976
  1,022
  1,070
  1,121
  1,175
  1,231
  1,291
  1,353
  1,419
  1,488
  1,561
  1,637
  1,717
  1,801
  1,890
  1,983
  2,081
  2,184
  2,292
  2,405
  2,525
  2,650
  2,781
  2,920
  3,065
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  774
  814
  852
  891
  932
  976
  1,022
  1,070
  1,121
  1,175
  1,231
  1,291
  1,353
  1,419
  1,488
  1,561
  1,637
  1,717
  1,801
  1,890
  1,983
  2,081
  2,184
  2,292
  2,405
  2,525
  2,650
  2,781
  2,920
  3,065
Total cash flow (excl. dividends), $m
  916
  956
  1,000
  1,047
  1,096
  1,147
  1,202
  1,259
  1,318
  1,381
  1,447
  1,517
  1,590
  1,666
  1,747
  1,832
  1,920
  2,014
  2,112
  2,215
  2,323
  2,436
  2,556
  2,681
  2,812
  2,950
  3,095
  3,248
  3,408
  3,576
Retained Cash Flow (-), $m
  -189
  -191
  -200
  -209
  -219
  -229
  -240
  -251
  -263
  -276
  -289
  -303
  -317
  -333
  -349
  -366
  -384
  -403
  -423
  -443
  -465
  -488
  -512
  -538
  -564
  -592
  -622
  -652
  -685
  -719
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
  727
  765
  800
  838
  877
  918
  962
  1,008
  1,055
  1,106
  1,159
  1,214
  1,272
  1,334
  1,398
  1,465
  1,536
  1,611
  1,689
  1,771
  1,858
  1,948
  2,043
  2,143
  2,248
  2,358
  2,474
  2,595
  2,723
  2,857
Discount rate, %
  12.60
  13.23
  13.89
  14.59
  15.32
  16.08
  16.89
  17.73
  18.62
  19.55
  20.52
  21.55
  22.63
  23.76
  24.95
  26.19
  27.50
  28.88
  30.32
  31.84
  33.43
  35.10
  36.86
  38.70
  40.64
  42.67
  44.80
  47.04
  49.39
  51.86
PV of cash for distribution, $m
  646
  596
  542
  486
  430
  375
  323
  273
  227
  185
  149
  117
  90
  67
  49
  35
  25
  17
  11
  7
  4
  3
  1
  1
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  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

CarMax, Inc. (CarMax) is a holding company. The Company is a retailer of used vehicles. The Company operates through two segments: CarMax Sales Operations and CarMax Auto Finance (CAF). The Company's CarMax Sales Operations segment consists of all aspects of its auto merchandising and service operations, excluding financing provided by CAF. The Company's CAF segment consists of its own finance operation that provides vehicle financing through CarMax stores. The Company operates approximately 160 used car stores in over 70 metropolitan markets. The Company's products and services include retail merchandising, wholesale auctions, extended protection plans (EPPs), reconditioning and service, and customer credit. The Company's CarMax Sales Operations segment sells used vehicles, purchases used vehicles from customers and other sources, sells related products and services, and arranges financing options for customers. CAF operates in the auto finance sector of the consumer finance market.

FINANCIAL RATIOS  of  CarMax (KMX)

Valuation Ratios
P/E Ratio 20.8
Price to Sales 0.8
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow -27.9
Price to Free Cash Flow -14.7
Growth Rates
Sales Growth Rate 4.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 32.3%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.4
LT Debt to Equity 380.4%
Total Debt to Equity 391.4%
Interest Coverage 19
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 4.4%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity 20.9%
Return On Equity - 3 Yr. Avg. 19.9%
Asset Turnover 1
Profitability Ratios
Gross Margin 13.8%
Gross Margin - 3 Yr. Avg. 13.4%
EBITDA Margin 7.7%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 6.3%
Oper. Margin - 3 Yr. Avg. 6.6%
Pre-Tax Margin 6.3%
Pre-Tax Margin - 3 Yr. Avg. 6.6%
Net Profit Margin 3.9%
Net Profit Margin - 3 Yr. Avg. 4.1%
Effective Tax Rate 37.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.1%
Payout Ratio 0%

KMX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KMX stock intrinsic value calculation we used $17120.209 million for the last fiscal year's total revenue generated by CarMax. The default revenue input number comes from 0001 income statement of CarMax. 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 KMX stock valuation model: a) initial revenue growth rate of 5.5% 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 12.6%, whose default value for KMX is calculated based on our internal credit rating of CarMax, 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 CarMax.
    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 KMX stock the variable cost ratio is equal to 93.3%.

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 KMX 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 CarMax.

Corporate tax rate of 27% is the nominal tax rate for CarMax. 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 KMX 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 KMX are equal to 15.1%.

Life of production assets of 14.4 years is the average useful life of capital assets used in CarMax 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 KMX is equal to 10.6%. 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 - $3316.849 million for CarMax - 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 176.564 million for CarMax 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 CarMax at the current share price and the inputted number of shares is $12.3 billion.

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PAG Penske Automot 44.08 54.41  hold

COMPANY NEWS

▶ Why CarMax Has Investment Appeal Despite Stock Price Slump   [Oct-11-18 01:20PM  GuruFocus.com]
▶ The Charts of CarMax Could Soon Be Headed Into Reverse   [Oct-04-18 09:46AM  TheStreet.com]
▶ CarMax Board Elects New Director   [Oct-02-18 04:20PM  Business Wire]
▶ 3 Must-See Quotes From CarMax's Earnings Call   [Sep-30-18 01:31PM  Motley Fool]
▶ Jim Cramer: Why CarMax and KB Home Are Outliers   [Sep-26-18 07:01PM  TheStreet.com]
▶ CarMax Shifts Back to Growth   [05:35PM  Motley Fool]
▶ CarMax Rides Strong Used-Car Demand   [10:02AM  Motley Fool]
▶ CarMax: Fiscal 2Q Earnings Snapshot   [07:47AM  Associated Press]
▶ CarMax Reports Second Quarter Results   [07:35AM  Business Wire]
▶ 3 Things to Watch in the Stock Market This Week   [Sep-23-18 07:17AM  Motley Fool]
▶ Q3 Earnings Season Preview   [Sep-21-18 04:47PM  Zacks]
▶ 3 Things to Watch When CarMax Posts Earnings   [Sep-20-18 06:17PM  Motley Fool]
▶ CarMax Announces Second Quarter Conference Call   [Sep-12-18 02:00PM  Business Wire]
▶ CarMax Shares Appear Stuck in Neutral   [Aug-09-18 08:32AM  TheStreet.com]
▶ Bull of the Day: CarMax (KMX)   [06:36AM  Zacks]
▶ Moving Average Crossover Alert: CarMax (KMX)   [Jul-16-18 09:30AM  Zacks]
▶ The Best Cars to Buy Used   [Jul-09-18 01:17PM  TheStreet.com]
▶ CarMax Sales Trends Improve as Pricing Pressures Ease   [Jun-25-18 09:01PM  Motley Fool]
▶ Company News For Jun 25, 2018   [10:02AM  Zacks]
▶ What Happened in the Stock Market Today   [Jun-22-18 05:15PM  Motley Fool]
▶ Why CarMax Stock Popped 14%   [03:38PM  Motley Fool]
▶ CarMax Shares Rev Higher on Earnings Beat   [12:47PM  InvestorPlace]
▶ CarMax: Fiscal 1Q Earnings Snapshot   [07:41AM  Associated Press]
▶ CarMax Reports First Quarter Results   [07:35AM  Business Wire]
▶ CarMax, Inc. to Host Earnings Call   [07:00AM  ACCESSWIRE]
▶ 3 Things to Watch in the Stock Market This Week   [Jun-17-18 11:34AM  Motley Fool]
▶ Will CarMax Return to Growth in the First Quarter?   [Jun-14-18 07:09PM  Motley Fool]
▶ 7 Stocks Warren Buffett Would Approve Of   [Jun-07-18 02:27PM  InvestorPlace]
▶ Americas largest used car dealer proposes store in Palm Beach County   [Apr-20-18 12:34PM  American City Business Journals]
▶ MARKETS: Amazon and Best Buy become new BFFs, Roku stock tanks   [Apr-18-18 10:44AM  Yahoo Finance Video]
▶ 3 Takeaways From CarMax's Earnings Report   [Apr-05-18 04:35PM  Motley Fool]

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