Intrinsic value of Navistar International - NAV

Previous Close

$35.81

  Intrinsic Value

$32.33

stock screener

  Rating & Target

hold

-10%

Previous close

$35.81

 
Intrinsic value

$32.33

 
Up/down potential

-10%

 
Rating

hold

We calculate the intrinsic value of NAV 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 3.5

 

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, %
  15.60
  14.54
  13.59
  12.73
  11.95
  11.26
  10.63
  10.07
  9.56
  9.11
  8.70
  8.33
  7.99
  7.69
  7.42
  7.18
  6.96
  6.77
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
  5.85
  5.76
  5.68
  5.62
  5.55
  5.50
Revenue, $m
  9,907
  11,347
  12,889
  14,529
  16,266
  18,098
  20,022
  22,039
  24,146
  26,345
  28,636
  31,020
  33,500
  36,078
  38,756
  41,540
  44,433
  47,440
  50,567
  53,819
  57,204
  60,727
  64,398
  68,223
  72,210
  76,371
  80,712
  85,245
  89,980
  94,929
Variable operating expenses, $m
  6,131
  7,022
  7,974
  8,988
  10,062
  11,194
  12,383
  13,630
  14,932
  16,291
  17,700
  19,173
  20,706
  22,299
  23,955
  25,675
  27,464
  29,322
  31,255
  33,265
  35,357
  37,535
  39,804
  42,168
  44,633
  47,204
  49,887
  52,689
  55,616
  58,674
Fixed operating expenses, $m
  3,007
  3,073
  3,140
  3,210
  3,280
  3,352
  3,426
  3,501
  3,578
  3,657
  3,738
  3,820
  3,904
  3,990
  4,078
  4,167
  4,259
  4,353
  4,448
  4,546
  4,646
  4,749
  4,853
  4,960
  5,069
  5,180
  5,294
  5,411
  5,530
  5,652
Total operating expenses, $m
  9,138
  10,095
  11,114
  12,198
  13,342
  14,546
  15,809
  17,131
  18,510
  19,948
  21,438
  22,993
  24,610
  26,289
  28,033
  29,842
  31,723
  33,675
  35,703
  37,811
  40,003
  42,284
  44,657
  47,128
  49,702
  52,384
  55,181
  58,100
  61,146
  64,326
Operating income, $m
  769
  1,253
  1,774
  2,332
  2,924
  3,552
  4,213
  4,907
  5,635
  6,396
  7,199
  8,027
  8,890
  9,789
  10,724
  11,697
  12,710
  13,765
  14,864
  16,008
  17,200
  18,444
  19,741
  21,095
  22,509
  23,986
  25,530
  27,145
  28,834
  30,603
EBITDA, $m
  1,029
  1,549
  2,109
  2,709
  3,345
  4,019
  4,729
  5,475
  6,257
  7,074
  7,926
  8,815
  9,741
  10,705
  11,709
  12,753
  13,839
  14,971
  16,148
  17,375
  18,654
  19,987
  21,377
  22,829
  24,344
  25,927
  27,581
  29,311
  31,121
  33,015
Interest expense (income), $m
  294
  354
  51
  116
  185
  259
  338
  420
  507
  598
  693
  792
  896
  1,003
  1,115
  1,231
  1,352
  1,477
  1,608
  1,744
  1,885
  2,031
  2,184
  2,343
  2,508
  2,681
  2,861
  3,048
  3,244
  3,448
  3,662
Earnings before tax, $m
  415
  1,202
  1,658
  2,146
  2,665
  3,214
  3,793
  4,400
  5,037
  5,703
  6,406
  7,132
  7,887
  8,674
  9,493
  10,345
  11,233
  12,157
  13,120
  14,123
  15,169
  16,260
  17,398
  18,587
  19,828
  21,126
  22,482
  23,901
  25,386
  26,941
Tax expense, $m
  112
  325
  448
  579
  720
  868
  1,024
  1,188
  1,360
  1,540
  1,730
  1,926
  2,129
  2,342
  2,563
  2,793
  3,033
  3,282
  3,542
  3,813
  4,096
  4,390
  4,698
  5,018
  5,354
  5,704
  6,070
  6,453
  6,854
  7,274
Net income, $m
  303
  878
  1,211
  1,567
  1,945
  2,346
  2,769
  3,212
  3,677
  4,163
  4,677
  5,206
  5,757
  6,332
  6,930
  7,552
  8,200
  8,875
  9,578
  10,310
  11,073
  11,870
  12,701
  13,568
  14,475
  15,422
  16,412
  17,448
  18,532
  19,667

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
  7,092
  8,123
  9,226
  10,400
  11,644
  12,955
  14,332
  15,776
  17,284
  18,858
  20,498
  22,205
  23,980
  25,825
  27,743
  29,735
  31,806
  33,958
  36,197
  38,525
  40,948
  43,470
  46,097
  48,835
  51,690
  54,668
  57,775
  61,020
  64,410
  67,952
Adjusted assets (=assets-cash), $m
  7,092
  8,123
  9,226
  10,400
  11,644
  12,955
  14,332
  15,776
  17,284
  18,858
  20,498
  22,205
  23,980
  25,825
  27,743
  29,735
  31,806
  33,958
  36,197
  38,525
  40,948
  43,470
  46,097
  48,835
  51,690
  54,668
  57,775
  61,020
  64,410
  67,952
Revenue / Adjusted assets
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
  1.397
Average production assets, $m
  1,536
  1,759
  1,998
  2,252
  2,521
  2,805
  3,103
  3,416
  3,743
  4,083
  4,439
  4,808
  5,192
  5,592
  6,007
  6,439
  6,887
  7,353
  7,838
  8,342
  8,867
  9,413
  9,982
  10,574
  11,193
  11,837
  12,510
  13,213
  13,947
  14,714
Working capital, $m
  545
  624
  709
  799
  895
  995
  1,101
  1,212
  1,328
  1,449
  1,575
  1,706
  1,842
  1,984
  2,132
  2,285
  2,444
  2,609
  2,781
  2,960
  3,146
  3,340
  3,542
  3,752
  3,972
  4,200
  4,439
  4,688
  4,949
  5,221
Total debt, $m
  727
  1,655
  2,649
  3,705
  4,824
  6,004
  7,244
  8,543
  9,901
  11,317
  12,793
  14,329
  15,927
  17,588
  19,313
  21,107
  22,970
  24,908
  26,922
  29,017
  31,198
  33,468
  35,832
  38,297
  40,866
  43,546
  46,343
  49,263
  52,314
  55,502
Total liabilities, $m
  6,382
  7,310
  8,304
  9,360
  10,479
  11,659
  12,899
  14,198
  15,556
  16,972
  18,448
  19,984
  21,582
  23,243
  24,968
  26,762
  28,625
  30,563
  32,577
  34,672
  36,853
  39,123
  41,487
  43,952
  46,521
  49,201
  51,998
  54,918
  57,969
  61,157
Total equity, $m
  709
  812
  923
  1,040
  1,164
  1,295
  1,433
  1,578
  1,728
  1,886
  2,050
  2,220
  2,398
  2,583
  2,774
  2,974
  3,181
  3,396
  3,620
  3,852
  4,095
  4,347
  4,610
  4,884
  5,169
  5,467
  5,778
  6,102
  6,441
  6,795
Total liabilities and equity, $m
  7,091
  8,122
  9,227
  10,400
  11,643
  12,954
  14,332
  15,776
  17,284
  18,858
  20,498
  22,204
  23,980
  25,826
  27,742
  29,736
  31,806
  33,959
  36,197
  38,524
  40,948
  43,470
  46,097
  48,836
  51,690
  54,668
  57,776
  61,020
  64,410
  67,952
Debt-to-equity ratio
  1.030
  2.040
  2.870
  3.560
  4.140
  4.630
  5.050
  5.420
  5.730
  6.000
  6.240
  6.450
  6.640
  6.810
  6.960
  7.100
  7.220
  7.330
  7.440
  7.530
  7.620
  7.700
  7.770
  7.840
  7.910
  7.970
  8.020
  8.070
  8.120
  8.170
Adjusted equity ratio
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  303
  878
  1,211
  1,567
  1,945
  2,346
  2,769
  3,212
  3,677
  4,163
  4,677
  5,206
  5,757
  6,332
  6,930
  7,552
  8,200
  8,875
  9,578
  10,310
  11,073
  11,870
  12,701
  13,568
  14,475
  15,422
  16,412
  17,448
  18,532
  19,667
Depreciation, amort., depletion, $m
  260
  296
  335
  377
  421
  468
  517
  568
  621
  677
  728
  788
  851
  917
  985
  1,056
  1,129
  1,205
  1,285
  1,368
  1,454
  1,543
  1,636
  1,734
  1,835
  1,941
  2,051
  2,166
  2,286
  2,412
Funds from operations, $m
  562
  1,174
  1,546
  1,944
  2,367
  2,814
  3,285
  3,780
  4,299
  4,841
  5,404
  5,994
  6,609
  7,249
  7,914
  8,608
  9,329
  10,080
  10,862
  11,677
  12,527
  13,413
  14,337
  15,302
  16,309
  17,362
  18,463
  19,614
  20,818
  22,079
Change in working capital, $m
  74
  79
  85
  90
  96
  101
  106
  111
  116
  121
  126
  131
  136
  142
  147
  153
  159
  165
  172
  179
  186
  194
  202
  210
  219
  229
  239
  249
  260
  272
Cash from operations, $m
  489
  1,094
  1,461
  1,853
  2,271
  2,713
  3,179
  3,669
  4,183
  4,720
  5,278
  5,863
  6,472
  7,107
  7,767
  8,454
  9,170
  9,915
  10,690
  11,499
  12,341
  13,219
  14,135
  15,092
  16,090
  17,133
  18,224
  19,365
  20,558
  21,807
Maintenance CAPEX, $m
  -217
  -252
  -288
  -328
  -369
  -413
  -460
  -509
  -560
  -614
  -669
  -728
  -788
  -851
  -917
  -985
  -1,056
  -1,129
  -1,205
  -1,285
  -1,368
  -1,454
  -1,543
  -1,636
  -1,734
  -1,835
  -1,941
  -2,051
  -2,166
  -2,286
New CAPEX, $m
  -210
  -223
  -239
  -254
  -269
  -284
  -298
  -313
  -327
  -341
  -355
  -370
  -384
  -400
  -415
  -431
  -448
  -466
  -485
  -504
  -525
  -546
  -569
  -593
  -618
  -645
  -673
  -703
  -734
  -767
Cash from investing activities, $m
  -427
  -475
  -527
  -582
  -638
  -697
  -758
  -822
  -887
  -955
  -1,024
  -1,098
  -1,172
  -1,251
  -1,332
  -1,416
  -1,504
  -1,595
  -1,690
  -1,789
  -1,893
  -2,000
  -2,112
  -2,229
  -2,352
  -2,480
  -2,614
  -2,754
  -2,900
  -3,053
Free cash flow, $m
  62
  619
  934
  1,272
  1,633
  2,016
  2,421
  2,848
  3,296
  3,765
  4,254
  4,766
  5,300
  5,856
  6,435
  7,038
  7,666
  8,320
  9,000
  9,710
  10,449
  11,219
  12,023
  12,862
  13,738
  14,654
  15,611
  16,611
  17,658
  18,753
Issuance/(repayment) of debt, $m
  -4,331
  928
  993
  1,057
  1,119
  1,180
  1,240
  1,299
  1,358
  1,417
  1,476
  1,536
  1,598
  1,661
  1,726
  1,793
  1,864
  1,937
  2,014
  2,095
  2,180
  2,270
  2,365
  2,464
  2,569
  2,680
  2,797
  2,920
  3,051
  3,188
Issuance/(repurchase) of shares, $m
  4,984
  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  
  653
  928
  993
  1,057
  1,119
  1,180
  1,240
  1,299
  1,358
  1,417
  1,476
  1,536
  1,598
  1,661
  1,726
  1,793
  1,864
  1,937
  2,014
  2,095
  2,180
  2,270
  2,365
  2,464
  2,569
  2,680
  2,797
  2,920
  3,051
  3,188
Total cash flow (excl. dividends), $m
  715
  1,547
  1,927
  2,329
  2,752
  3,196
  3,661
  4,147
  4,654
  5,182
  5,730
  6,302
  6,897
  7,517
  8,161
  8,832
  9,530
  10,257
  11,015
  11,805
  12,629
  13,489
  14,388
  15,326
  16,308
  17,334
  18,408
  19,531
  20,708
  21,941
Retained Cash Flow (-), $m
  -5,287
  -103
  -110
  -117
  -124
  -131
  -138
  -144
  -151
  -157
  -164
  -171
  -178
  -185
  -192
  -199
  -207
  -215
  -224
  -233
  -242
  -252
  -263
  -274
  -285
  -298
  -311
  -324
  -339
  -354
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
  -4,572
  1,444
  1,817
  2,211
  2,627
  3,065
  3,523
  4,003
  4,503
  5,025
  5,566
  6,131
  6,720
  7,332
  7,969
  8,632
  9,323
  10,042
  10,791
  11,572
  12,387
  13,237
  14,125
  15,053
  16,022
  17,036
  18,097
  19,207
  20,369
  21,587
Discount rate, %
  15.40
  16.17
  16.98
  17.83
  18.72
  19.65
  20.64
  21.67
  22.75
  23.89
  25.08
  26.34
  27.66
  29.04
  30.49
  32.02
  33.62
  35.30
  37.06
  38.92
  40.86
  42.90
  45.05
  47.30
  49.67
  52.15
  54.76
  57.50
  60.37
  63.39
PV of cash for distribution, $m
  -3,962
  1,070
  1,135
  1,147
  1,114
  1,044
  947
  833
  712
  590
  475
  371
  281
  207
  147
  101
  68
  44
  27
  16
  9
  5
  3
  1
  1
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Navistar International Corporation is a holding company whose principal operating entities are Navistar, Inc. and Navistar Financial Corporation (NFC). The Company's segments include Truck, Parts, Global Operations (collectively, Manufacturing operations) and Financial Services, which consists of NFC and its foreign finance operations (collectively, Financial Services operations). The Truck segment manufactures and distributes Class 4 through 8 trucks, buses and military vehicles under the International and IC Bus brands, along with production of engines. The Parts segment supports its brands of International commercial trucks, IC buses and engines. The Global Operations segment includes operations of its subsidiary, International Industria de Motores da America do Sul Ltda. (IIAA). The Financial Services segment provides and manages retail, wholesale and lease financing of products sold by the Truck and Parts segments and their dealers.

FINANCIAL RATIOS  of  Navistar International (NAV)

Valuation Ratios
P/E Ratio 117.6
Price to Sales 0.4
Price to Book -0.8
Price to Tangible Book
Price to Cash Flow 32.4
Price to Free Cash Flow -27.1
Growth Rates
Sales Growth Rate 5.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.6%
Cap. Spend. - 3 Yr. Gr. Rate -2.9%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity -84.9%
Total Debt to Equity -110.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 4.7%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 69.8%
Ret/ On T. Cap. - 3 Yr. Avg. 29.1%
Return On Equity -0.6%
Return On Equity - 3 Yr. Avg. 1.8%
Asset Turnover 1.5
Profitability Ratios
Gross Margin 17.9%
Gross Margin - 3 Yr. Avg. 16.2%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 5.6%
Operating Margin 5%
Oper. Margin - 3 Yr. Avg. 3.5%
Pre-Tax Margin 0.7%
Pre-Tax Margin - 3 Yr. Avg. -0.3%
Net Profit Margin 0.4%
Net Profit Margin - 3 Yr. Avg. -0.9%
Effective Tax Rate 15.6%
Eff/ Tax Rate - 3 Yr. Avg. -34.7%
Payout Ratio 0%

NAV stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NAV stock intrinsic value calculation we used $8570 million for the last fiscal year's total revenue generated by Navistar International. The default revenue input number comes from 0001 income statement of Navistar International. 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 NAV stock valuation model: a) initial revenue growth rate of 15.6% 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 15.4%, whose default value for NAV is calculated based on our internal credit rating of Navistar International, 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 Navistar International.
    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 NAV stock the variable cost ratio is equal to 61.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $2942 million in the base year in the intrinsic value calculation for NAV 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 7% for Navistar International.

Corporate tax rate of 27% is the nominal tax rate for Navistar International. 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 NAV 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 NAV are equal to 15.5%.

Life of production assets of 6.1 years is the average useful life of capital assets used in Navistar International 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 NAV is equal to 5.5%. 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 - $-4578 million for Navistar International - 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 98.774 million for Navistar International 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 Navistar International at the current share price and the inputted number of shares is $3.5 billion.

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COMPANY NEWS

▶ Navistar Repays $200 Million In Convertible Notes   [Oct-15-18 04:30PM  PR Newswire]
▶ Company News For Sept 7, 2018   [10:14AM  Zacks]
▶ Trade jitters and tech woes weigh on S&P, Nasdaq   [Sep-06-18 05:12PM  Reuters]
▶ Navistar profit surges higher   [10:27AM  Reuters Videos]
▶ Navistar: Fiscal 3Q Earnings Snapshot   [06:45AM  Associated Press]
▶ Q3 Earnings Outlook For Navistar International   [Sep-05-18 03:03PM  Benzinga]
▶ What Navistar Management Wants Shareholders to Know   [Jun-21-18 06:05PM  Motley Fool]
▶ Navistar International Corp Is an Economy-Driven Winner   [Jun-11-18 01:01PM  InvestorPlace]
▶ Navistar: Fiscal 2Q Earnings Snapshot   [06:41AM  Associated Press]
▶ Navistar International Earnings Preview   [Jun-04-18 04:42PM  Benzinga]
▶ Gabelli & Companys Annual Automotive Aftermarket Symposium   [May-23-18 07:30AM  Business Wire]
▶ Today's Top Supply Chain and Logistics News From WSJ   [06:36AM  The Wall Street Journal]
▶ This Stock Soared On Reports It May Be Bought By Volkswagen   [04:22PM  Investor's Business Daily]

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