Intrinsic value of CarMax - KMX

Previous Close

$72.80

  Intrinsic Value

$22.13

stock screener

  Rating & Target

str. sell

-70%

Previous close

$72.80

 
Intrinsic value

$22.13

 
Up/down potential

-70%

 
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 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 13.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
Revenue, $m
  16,637
  17,439
  18,283
  19,170
  20,103
  21,085
  22,117
  23,201
  24,341
  25,540
  26,799
  28,122
  29,512
  30,973
  32,507
  34,119
  35,813
  37,591
  39,459
  41,422
  43,483
  45,647
  47,921
  50,308
  52,816
  55,449
  58,214
  61,118
  64,168
  67,370
Variable operating expenses, $m
  15,489
  16,236
  17,021
  17,847
  18,716
  19,630
  20,591
  21,600
  22,662
  23,777
  24,950
  26,182
  27,476
  28,836
  30,264
  31,765
  33,341
  34,997
  36,737
  38,564
  40,483
  42,498
  44,614
  46,837
  49,171
  51,623
  54,197
  56,901
  59,740
  62,722
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
  15,489
  16,236
  17,021
  17,847
  18,716
  19,630
  20,591
  21,600
  22,662
  23,777
  24,950
  26,182
  27,476
  28,836
  30,264
  31,765
  33,341
  34,997
  36,737
  38,564
  40,483
  42,498
  44,614
  46,837
  49,171
  51,623
  54,197
  56,901
  59,740
  62,722
Operating income, $m
  1,148
  1,203
  1,261
  1,323
  1,387
  1,455
  1,526
  1,601
  1,680
  1,762
  1,849
  1,940
  2,036
  2,137
  2,243
  2,354
  2,471
  2,594
  2,723
  2,858
  3,000
  3,150
  3,307
  3,471
  3,644
  3,826
  4,017
  4,217
  4,428
  4,649
EBITDA, $m
  1,393
  1,460
  1,530
  1,605
  1,683
  1,765
  1,851
  1,942
  2,037
  2,138
  2,243
  2,354
  2,470
  2,592
  2,721
  2,856
  2,998
  3,146
  3,303
  3,467
  3,640
  3,821
  4,011
  4,211
  4,421
  4,641
  4,873
  5,116
  5,371
  5,639
Interest expense (income), $m
  55
  657
  691
  727
  765
  805
  847
  891
  937
  986
  1,037
  1,090
  1,147
  1,206
  1,268
  1,334
  1,402
  1,475
  1,551
  1,630
  1,714
  1,802
  1,894
  1,991
  2,093
  2,200
  2,312
  2,430
  2,554
  2,684
  2,821
Earnings before tax, $m
  491
  512
  534
  558
  582
  608
  635
  664
  694
  726
  759
  794
  830
  869
  909
  952
  996
  1,043
  1,092
  1,144
  1,198
  1,255
  1,315
  1,378
  1,444
  1,514
  1,586
  1,663
  1,743
  1,827
Tax expense, $m
  133
  138
  144
  151
  157
  164
  172
  179
  187
  196
  205
  214
  224
  235
  246
  257
  269
  282
  295
  309
  324
  339
  355
  372
  390
  409
  428
  449
  471
  493
Net income, $m
  358
  374
  390
  407
  425
  444
  464
  485
  507
  530
  554
  579
  606
  634
  664
  695
  727
  762
  797
  835
  875
  916
  960
  1,006
  1,054
  1,105
  1,158
  1,214
  1,272
  1,334

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
  17,064
  17,886
  18,751
  19,662
  20,619
  21,625
  22,684
  23,796
  24,966
  26,195
  27,486
  28,843
  30,269
  31,767
  33,341
  34,994
  36,731
  38,555
  40,471
  42,484
  44,598
  46,818
  49,150
  51,598
  54,170
  56,871
  59,707
  62,685
  65,813
  69,098
Adjusted assets (=assets-cash), $m
  17,064
  17,886
  18,751
  19,662
  20,619
  21,625
  22,684
  23,796
  24,966
  26,195
  27,486
  28,843
  30,269
  31,767
  33,341
  34,994
  36,731
  38,555
  40,471
  42,484
  44,598
  46,818
  49,150
  51,598
  54,170
  56,871
  59,707
  62,685
  65,813
  69,098
Revenue / Adjusted assets
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
  0.975
Average production assets, $m
  2,446
  2,564
  2,688
  2,818
  2,955
  3,099
  3,251
  3,411
  3,578
  3,754
  3,939
  4,134
  4,338
  4,553
  4,779
  5,016
  5,264
  5,526
  5,801
  6,089
  6,392
  6,710
  7,044
  7,395
  7,764
  8,151
  8,557
  8,984
  9,433
  9,903
Working capital, $m
  1,847
  1,936
  2,029
  2,128
  2,231
  2,340
  2,455
  2,575
  2,702
  2,835
  2,975
  3,122
  3,276
  3,438
  3,608
  3,787
  3,975
  4,173
  4,380
  4,598
  4,827
  5,067
  5,319
  5,584
  5,863
  6,155
  6,462
  6,784
  7,123
  7,478
Total debt, $m
  12,804
  13,469
  14,169
  14,906
  15,680
  16,494
  17,351
  18,251
  19,197
  20,191
  21,236
  22,333
  23,487
  24,699
  25,972
  27,310
  28,715
  30,190
  31,741
  33,369
  35,079
  36,875
  38,761
  40,742
  42,823
  45,008
  47,302
  49,712
  52,242
  54,899
Total liabilities, $m
  13,804
  14,470
  15,170
  15,906
  16,681
  17,495
  18,351
  19,251
  20,197
  21,191
  22,236
  23,334
  24,488
  25,699
  26,973
  28,310
  29,715
  31,191
  32,741
  34,369
  36,080
  37,876
  39,762
  41,743
  43,824
  46,008
  48,303
  50,712
  53,243
  55,900
Total equity, $m
  3,259
  3,416
  3,582
  3,755
  3,938
  4,130
  4,333
  4,545
  4,768
  5,003
  5,250
  5,509
  5,781
  6,067
  6,368
  6,684
  7,016
  7,364
  7,730
  8,114
  8,518
  8,942
  9,388
  9,855
  10,346
  10,862
  11,404
  11,973
  12,570
  13,198
Total liabilities and equity, $m
  17,063
  17,886
  18,752
  19,661
  20,619
  21,625
  22,684
  23,796
  24,965
  26,194
  27,486
  28,843
  30,269
  31,766
  33,341
  34,994
  36,731
  38,555
  40,471
  42,483
  44,598
  46,818
  49,150
  51,598
  54,170
  56,870
  59,707
  62,685
  65,813
  69,098
Debt-to-equity ratio
  3.930
  3.940
  3.960
  3.970
  3.980
  3.990
  4.000
  4.020
  4.030
  4.040
  4.040
  4.050
  4.060
  4.070
  4.080
  4.090
  4.090
  4.100
  4.110
  4.110
  4.120
  4.120
  4.130
  4.130
  4.140
  4.140
  4.150
  4.150
  4.160
  4.160
Adjusted equity ratio
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191
  0.191

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  358
  374
  390
  407
  425
  444
  464
  485
  507
  530
  554
  579
  606
  634
  664
  695
  727
  762
  797
  835
  875
  916
  960
  1,006
  1,054
  1,105
  1,158
  1,214
  1,272
  1,334
Depreciation, amort., depletion, $m
  245
  256
  269
  282
  296
  310
  325
  341
  358
  375
  394
  413
  434
  455
  478
  502
  526
  553
  580
  609
  639
  671
  704
  740
  776
  815
  856
  898
  943
  990
Funds from operations, $m
  603
  630
  659
  689
  721
  754
  789
  826
  864
  905
  948
  993
  1,040
  1,090
  1,142
  1,196
  1,254
  1,314
  1,378
  1,444
  1,514
  1,587
  1,665
  1,746
  1,831
  1,920
  2,014
  2,112
  2,216
  2,324
Change in working capital, $m
  85
  89
  94
  99
  104
  109
  115
  120
  127
  133
  140
  147
  154
  162
  170
  179
  188
  197
  207
  218
  229
  240
  252
  265
  278
  292
  307
  322
  338
  355
Cash from operations, $m
  518
  541
  565
  590
  617
  645
  674
  705
  738
  772
  808
  846
  886
  927
  971
  1,017
  1,066
  1,117
  1,170
  1,226
  1,285
  1,347
  1,412
  1,481
  1,552
  1,628
  1,707
  1,790
  1,877
  1,969
Maintenance CAPEX, $m
  -234
  -245
  -256
  -269
  -282
  -296
  -310
  -325
  -341
  -358
  -375
  -394
  -413
  -434
  -455
  -478
  -502
  -526
  -553
  -580
  -609
  -639
  -671
  -704
  -740
  -776
  -815
  -856
  -898
  -943
New CAPEX, $m
  -106
  -118
  -124
  -130
  -137
  -144
  -152
  -159
  -168
  -176
  -185
  -194
  -204
  -215
  -226
  -237
  -249
  -261
  -275
  -288
  -303
  -318
  -334
  -351
  -369
  -387
  -406
  -427
  -448
  -471
Cash from investing activities, $m
  -340
  -363
  -380
  -399
  -419
  -440
  -462
  -484
  -509
  -534
  -560
  -588
  -617
  -649
  -681
  -715
  -751
  -787
  -828
  -868
  -912
  -957
  -1,005
  -1,055
  -1,109
  -1,163
  -1,221
  -1,283
  -1,346
  -1,414
Free cash flow, $m
  179
  179
  185
  191
  198
  205
  213
  221
  229
  238
  248
  257
  268
  279
  290
  303
  315
  329
  343
  358
  373
  390
  407
  425
  444
  464
  485
  507
  531
  555
Issuance/(repayment) of debt, $m
  634
  665
  700
  736
  774
  814
  856
  900
  946
  994
  1,045
  1,098
  1,154
  1,212
  1,273
  1,338
  1,405
  1,476
  1,550
  1,628
  1,710
  1,796
  1,886
  1,981
  2,080
  2,185
  2,294
  2,410
  2,530
  2,657
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  
  634
  665
  700
  736
  774
  814
  856
  900
  946
  994
  1,045
  1,098
  1,154
  1,212
  1,273
  1,338
  1,405
  1,476
  1,550
  1,628
  1,710
  1,796
  1,886
  1,981
  2,080
  2,185
  2,294
  2,410
  2,530
  2,657
Total cash flow (excl. dividends), $m
  813
  844
  885
  927
  972
  1,019
  1,069
  1,121
  1,175
  1,232
  1,292
  1,355
  1,421
  1,491
  1,564
  1,640
  1,720
  1,805
  1,893
  1,986
  2,084
  2,186
  2,293
  2,406
  2,525
  2,649
  2,780
  2,917
  3,061
  3,212
Retained Cash Flow (-), $m
  -150
  -157
  -165
  -174
  -183
  -192
  -202
  -212
  -223
  -235
  -247
  -259
  -272
  -286
  -301
  -316
  -332
  -348
  -366
  -384
  -404
  -424
  -445
  -468
  -491
  -516
  -542
  -569
  -597
  -627
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
  95
  100
  105
  110
  115
  121
  127
  133
  139
  146
  153
  161
  169
  177
  186
  195
  205
  215
  226
  237
  249
  261
  274
  288
  302
  317
  333
  349
  367
  385
Cash available for distribution, $m
  663
  687
  719
  754
  790
  827
  867
  908
  952
  998
  1,046
  1,096
  1,149
  1,205
  1,263
  1,324
  1,389
  1,456
  1,527
  1,602
  1,680
  1,762
  1,848
  1,939
  2,034
  2,133
  2,238
  2,348
  2,463
  2,585
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
  588
  536
  487
  437
  387
  338
  291
  246
  205
  167
  134
  105
  81
  61
  45
  32
  22
  15
  10
  6
  4
  2
  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 21.7
Price to Sales 0.9
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow -29
Price to Free Cash Flow -15.3
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 $15875 million for the last fiscal year's total revenue generated by CarMax. The default revenue input number comes from 2017 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 4.8% 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 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 93.1%.

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 0.6%.

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 14.7%.

Life of production assets of 10 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 11.1%. 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 - $3109 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 190 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 $13.8 billion.

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PAG Penske Automot 51.24 31.87  sell

COMPANY NEWS

▶ 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]
▶ CarMax Misses Q4 Forecasts Amid 'Softer Sales Environment'   [Apr-04-18 04:45PM  Investor's Business Daily]
▶ CarMax misses Street 4Q forecasts   [09:10AM  Associated Press]
▶ CarMax Reports Fourth 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   [Apr-01-18 12:02PM  Motley Fool]
▶ 3 Earnings Reports to Watch Next Week   [Mar-30-18 01:25PM  InvestorPlace]
▶ If you can't take the pain, start selling   [Mar-29-18 07:30PM  CNBC Videos]
▶ Top mid-cap stock picks   [Mar-15-18 03:01PM  CNBC Videos]
▶ Ruane Cunniff Comments on Carmax   [Mar-06-18 05:42PM  GuruFocus.com]
▶ CarMax Board Elects Two New Directors   [Feb-02-18 08:45AM  Business Wire]
▶ 5 Gurus' Stock Picks for a Pricey Equities Market   [Feb-01-18 08:00AM  Investopedia]
▶ 5 Undervalued Stocks With Growing Earnings   [Jan-15-18 02:53PM  GuruFocus.com]
▶ Should You Sell CarMax Inc (NYSE:KMX) At This PE Ratio?   [Jan-05-18 05:10PM  Simply Wall St.]
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