Intrinsic value of Ritchie Bros. Auctioneers - RBA

Previous Close

$35.13

  Intrinsic Value

$41.05

stock screener

  Rating & Target

hold

+17%

Previous close

$35.13

 
Intrinsic value

$41.05

 
Up/down potential

+17%

 
Rating

hold

We calculate the intrinsic value of RBA 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 3.8

 

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, %
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
  5.81
Revenue, $m
  745
  897
  1,067
  1,253
  1,456
  1,676
  1,912
  2,164
  2,432
  2,714
  3,012
  3,324
  3,651
  3,992
  4,348
  4,718
  5,104
  5,504
  5,921
  6,354
  6,803
  7,271
  7,757
  8,262
  8,788
  9,335
  9,905
  10,499
  11,118
  11,763
Variable operating expenses, $m
  544
  636
  739
  852
  975
  1,108
  1,251
  1,403
  1,565
  1,736
  1,823
  2,012
  2,210
  2,416
  2,632
  2,856
  3,089
  3,332
  3,584
  3,846
  4,118
  4,401
  4,695
  5,001
  5,320
  5,651
  5,996
  6,355
  6,730
  7,121
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
  544
  636
  739
  852
  975
  1,108
  1,251
  1,403
  1,565
  1,736
  1,823
  2,012
  2,210
  2,416
  2,632
  2,856
  3,089
  3,332
  3,584
  3,846
  4,118
  4,401
  4,695
  5,001
  5,320
  5,651
  5,996
  6,355
  6,730
  7,121
Operating income, $m
  201
  261
  328
  401
  481
  568
  661
  761
  866
  978
  1,189
  1,312
  1,441
  1,575
  1,716
  1,862
  2,014
  2,172
  2,337
  2,507
  2,685
  2,869
  3,061
  3,261
  3,468
  3,684
  3,909
  4,143
  4,388
  4,642
EBITDA, $m
  342
  412
  489
  575
  668
  769
  877
  993
  1,116
  1,245
  1,382
  1,525
  1,675
  1,832
  1,995
  2,165
  2,342
  2,526
  2,717
  2,915
  3,122
  3,336
  3,559
  3,791
  4,032
  4,283
  4,545
  4,817
  5,101
  5,397
Interest expense (income), $m
  6
  44
  59
  77
  96
  117
  140
  164
  191
  219
  250
  281
  315
  350
  387
  426
  466
  508
  551
  596
  643
  692
  743
  796
  850
  907
  967
  1,028
  1,093
  1,160
  1,229
Earnings before tax, $m
  157
  202
  251
  306
  365
  429
  497
  570
  647
  728
  907
  997
  1,091
  1,188
  1,290
  1,396
  1,507
  1,621
  1,740
  1,864
  1,993
  2,127
  2,266
  2,410
  2,561
  2,718
  2,881
  3,051
  3,228
  3,413
Tax expense, $m
  42
  54
  68
  83
  99
  116
  134
  154
  175
  197
  245
  269
  294
  321
  348
  377
  407
  438
  470
  503
  538
  574
  612
  651
  691
  734
  778
  824
  872
  921
Net income, $m
  114
  147
  183
  223
  266
  313
  363
  416
  472
  532
  662
  728
  796
  867
  942
  1,019
  1,100
  1,184
  1,271
  1,361
  1,455
  1,552
  1,654
  1,760
  1,869
  1,984
  2,103
  2,227
  2,356
  2,491

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
  2,460
  2,962
  3,520
  4,135
  4,806
  5,531
  6,310
  7,142
  8,025
  8,958
  9,940
  10,970
  12,048
  13,175
  14,349
  15,571
  16,843
  18,166
  19,540
  20,969
  22,453
  23,996
  25,600
  27,268
  29,003
  30,809
  32,690
  34,650
  36,692
  38,822
Adjusted assets (=assets-cash), $m
  2,460
  2,962
  3,520
  4,135
  4,806
  5,531
  6,310
  7,142
  8,025
  8,958
  9,940
  10,970
  12,048
  13,175
  14,349
  15,571
  16,843
  18,166
  19,540
  20,969
  22,453
  23,996
  25,600
  27,268
  29,003
  30,809
  32,690
  34,650
  36,692
  38,822
Revenue / Adjusted assets
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
  0.303
Average production assets, $m
  971
  1,169
  1,390
  1,633
  1,897
  2,184
  2,491
  2,820
  3,168
  3,537
  3,924
  4,331
  4,757
  5,201
  5,665
  6,148
  6,650
  7,172
  7,715
  8,279
  8,865
  9,474
  10,107
  10,766
  11,451
  12,164
  12,906
  13,680
  14,486
  15,327
Working capital, $m
  -228
  -275
  -326
  -383
  -446
  -513
  -585
  -662
  -744
  -831
  -922
  -1,017
  -1,117
  -1,222
  -1,330
  -1,444
  -1,562
  -1,684
  -1,812
  -1,944
  -2,082
  -2,225
  -2,374
  -2,528
  -2,689
  -2,857
  -3,031
  -3,213
  -3,402
  -3,600
Total debt, $m
  1,100
  1,417
  1,771
  2,160
  2,584
  3,044
  3,537
  4,063
  4,622
  5,213
  5,834
  6,486
  7,169
  7,882
  8,625
  9,399
  10,204
  11,041
  11,911
  12,815
  13,755
  14,732
  15,747
  16,803
  17,901
  19,044
  20,235
  21,475
  22,768
  24,117
Total liabilities, $m
  1,557
  1,875
  2,228
  2,617
  3,042
  3,501
  3,994
  4,521
  5,080
  5,670
  6,292
  6,944
  7,627
  8,340
  9,083
  9,857
  10,662
  11,499
  12,369
  13,273
  14,213
  15,189
  16,205
  17,260
  18,359
  19,502
  20,693
  21,933
  23,226
  24,574
Total equity, $m
  903
  1,087
  1,292
  1,518
  1,764
  2,030
  2,316
  2,621
  2,945
  3,288
  3,648
  4,026
  4,422
  4,835
  5,266
  5,715
  6,181
  6,667
  7,171
  7,696
  8,240
  8,806
  9,395
  10,007
  10,644
  11,307
  11,997
  12,716
  13,466
  14,248
Total liabilities and equity, $m
  2,460
  2,962
  3,520
  4,135
  4,806
  5,531
  6,310
  7,142
  8,025
  8,958
  9,940
  10,970
  12,049
  13,175
  14,349
  15,572
  16,843
  18,166
  19,540
  20,969
  22,453
  23,995
  25,600
  27,267
  29,003
  30,809
  32,690
  34,649
  36,692
  38,822
Debt-to-equity ratio
  1.220
  1.300
  1.370
  1.420
  1.470
  1.500
  1.530
  1.550
  1.570
  1.590
  1.600
  1.610
  1.620
  1.630
  1.640
  1.640
  1.650
  1.660
  1.660
  1.670
  1.670
  1.670
  1.680
  1.680
  1.680
  1.680
  1.690
  1.690
  1.690
  1.690
Adjusted equity ratio
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367
  0.367

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  114
  147
  183
  223
  266
  313
  363
  416
  472
  532
  662
  728
  796
  867
  942
  1,019
  1,100
  1,184
  1,271
  1,361
  1,455
  1,552
  1,654
  1,760
  1,869
  1,984
  2,103
  2,227
  2,356
  2,491
Depreciation, amort., depletion, $m
  141
  151
  162
  174
  187
  201
  216
  232
  249
  267
  193
  213
  234
  256
  279
  303
  328
  353
  380
  408
  437
  467
  498
  530
  564
  599
  636
  674
  714
  755
Funds from operations, $m
  255
  298
  345
  397
  453
  514
  579
  648
  722
  799
  856
  941
  1,030
  1,124
  1,221
  1,322
  1,427
  1,537
  1,651
  1,769
  1,892
  2,019
  2,152
  2,290
  2,434
  2,583
  2,739
  2,901
  3,070
  3,246
Change in working capital, $m
  -41
  -47
  -52
  -57
  -62
  -67
  -72
  -77
  -82
  -86
  -91
  -96
  -100
  -104
  -109
  -113
  -118
  -123
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -182
  -189
  -198
Cash from operations, $m
  297
  344
  397
  454
  515
  581
  651
  725
  803
  886
  947
  1,037
  1,130
  1,228
  1,330
  1,435
  1,545
  1,659
  1,778
  1,901
  2,029
  2,162
  2,301
  2,445
  2,594
  2,750
  2,913
  3,083
  3,259
  3,444
Maintenance CAPEX, $m
  -39
  -48
  -58
  -68
  -80
  -93
  -108
  -123
  -139
  -156
  -174
  -193
  -213
  -234
  -256
  -279
  -303
  -328
  -353
  -380
  -408
  -437
  -467
  -498
  -530
  -564
  -599
  -636
  -674
  -714
New CAPEX, $m
  -175
  -198
  -220
  -243
  -265
  -286
  -308
  -328
  -349
  -368
  -388
  -407
  -426
  -445
  -464
  -483
  -502
  -522
  -543
  -564
  -586
  -609
  -633
  -659
  -685
  -713
  -743
  -774
  -806
  -841
Cash from investing activities, $m
  -214
  -246
  -278
  -311
  -345
  -379
  -416
  -451
  -488
  -524
  -562
  -600
  -639
  -679
  -720
  -762
  -805
  -850
  -896
  -944
  -994
  -1,046
  -1,100
  -1,157
  -1,215
  -1,277
  -1,342
  -1,410
  -1,480
  -1,555
Free cash flow, $m
  82
  99
  119
  143
  170
  201
  236
  274
  316
  361
  385
  436
  491
  549
  610
  674
  740
  810
  882
  957
  1,035
  1,116
  1,201
  1,288
  1,379
  1,473
  1,571
  1,673
  1,779
  1,889
Issuance/(repayment) of debt, $m
  280
  318
  353
  389
  425
  459
  493
  526
  559
  591
  622
  652
  683
  713
  743
  774
  805
  837
  870
  904
  940
  977
  1,015
  1,056
  1,098
  1,143
  1,191
  1,240
  1,293
  1,348
Issuance/(repurchase) of shares, $m
  49
  37
  22
  3
  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  
  329
  355
  375
  392
  425
  459
  493
  526
  559
  591
  622
  652
  683
  713
  743
  774
  805
  837
  870
  904
  940
  977
  1,015
  1,056
  1,098
  1,143
  1,191
  1,240
  1,293
  1,348
Total cash flow (excl. dividends), $m
  411
  453
  494
  534
  595
  660
  729
  801
  875
  952
  1,006
  1,089
  1,174
  1,262
  1,353
  1,448
  1,545
  1,647
  1,752
  1,861
  1,975
  2,093
  2,216
  2,344
  2,477
  2,617
  2,762
  2,914
  3,072
  3,238
Retained Cash Flow (-), $m
  -163
  -184
  -205
  -226
  -246
  -266
  -286
  -305
  -324
  -342
  -360
  -378
  -396
  -413
  -431
  -449
  -467
  -485
  -504
  -524
  -545
  -566
  -589
  -612
  -637
  -663
  -690
  -719
  -750
  -782
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
  248
  269
  289
  309
  348
  394
  443
  495
  551
  609
  646
  711
  778
  849
  922
  999
  1,079
  1,162
  1,248
  1,337
  1,430
  1,527
  1,627
  1,732
  1,841
  1,954
  2,072
  2,194
  2,322
  2,456
Discount rate, %
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
  234
  239
  241
  239
  249
  259
  265
  267
  266
  261
  243
  233
  219
  203
  185
  166
  147
  127
  108
  91
  74
  60
  47
  36
  27
  20
  14
  10
  7
  4
Current shareholders' claim on cash, %
  98.7
  98.0
  97.6
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5
  97.5

Ritchie Bros Auctioneers Inc is a Canada-based holding company. The Company is an industrial auctioneer and used equipment distributor, selling used equipment and other assets. Its segments include Core Auction, which is a network of auction locations that conduct live, unreserved auctions with both on-site and online bidding, and Other, which includes its EquipmentOne and Mascus International Holding B.V. (Mascus) online services. EquipmentOne is an online marketplace that equipment sellers can navigate independently. EquipmentOne facilitates the completion of sales through a settlement process managed by EquipmentOne that protects both the seller and the buyer. Mascus is an online equipment listing service for used heavy machinery and trucks. It offers subscriptions to equipment dealers, brokers, exporters and equipment manufacturers to list equipment available for sale at a listed price. The Company, through Mascus, provides online advertising services, business tools and solutions.

FINANCIAL RATIOS  of  Ritchie Bros. Auctioneers (RBA)

Valuation Ratios
P/E Ratio 40.8
Price to Sales 6.6
Price to Book 5.5
Price to Tangible Book
Price to Cash Flow 21.1
Price to Free Cash Flow 23.6
Growth Rates
Sales Growth Rate 9.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13.6%
Cap. Spend. - 3 Yr. Gr. Rate -12%
Financial Strength
Quick Ratio 9
Current Ratio 0.2
LT Debt to Equity 86.8%
Total Debt to Equity 90.2%
Interest Coverage 23
Management Effectiveness
Return On Assets 7.1%
Ret/ On Assets - 3 Yr. Avg. 9.3%
Return On Total Capital 8.7%
Ret/ On T. Cap. - 3 Yr. Avg. 12.1%
Return On Equity 13.2%
Return On Equity - 3 Yr. Avg. 15.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 88.3%
Gross Margin - 3 Yr. Avg. 88.5%
EBITDA Margin 31.3%
EBITDA Margin - 3 Yr. Avg. 37.2%
Operating Margin 22.8%
Oper. Margin - 3 Yr. Avg. 27.8%
Pre-Tax Margin 23%
Pre-Tax Margin - 3 Yr. Avg. 28%
Net Profit Margin 16.3%
Net Profit Margin - 3 Yr. Avg. 20.5%
Effective Tax Rate 27.7%
Eff/ Tax Rate - 3 Yr. Avg. 25.5%
Payout Ratio 76.1%

RBA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RBA stock intrinsic value calculation we used $610.517 million for the last fiscal year's total revenue generated by Ritchie Bros. Auctioneers. The default revenue input number comes from 0001 income statement of Ritchie Bros. Auctioneers. 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 RBA stock valuation model: a) initial revenue growth rate of 22.1% 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 5.7%, whose default value for RBA is calculated based on our internal credit rating of Ritchie Bros. Auctioneers, 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 Ritchie Bros. Auctioneers.
    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 RBA stock the variable cost ratio is equal to 75.8%.

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 RBA 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 Ritchie Bros. Auctioneers.

Corporate tax rate of 27% is the nominal tax rate for Ritchie Bros. Auctioneers. 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 RBA 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 RBA are equal to 130.3%.

Life of production assets of 20.3 years is the average useful life of capital assets used in Ritchie Bros. Auctioneers 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 RBA is equal to -30.6%. 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 - $739.682 million for Ritchie Bros. Auctioneers - 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 108.208 million for Ritchie Bros. Auctioneers 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 Ritchie Bros. Auctioneers at the current share price and the inputted number of shares is $3.8 billion.

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COMPANY NEWS

▶ Ritchie Bros.: 3Q Earnings Snapshot   [05:31PM  Associated Press]
▶ Kruse Energy set for big two-day auction next week   [Oct-25-18 07:00AM  PR Newswire]
▶ Ritchie Bros. sells US$5.5 million drill rig in Texas   [Oct-10-18 01:00PM  PR Newswire]
▶ GovPlanet expands services with first-ever live auction   [Aug-22-18 07:00AM  PR Newswire]
▶ Ritchie Bros.: 2Q Earnings Snapshot   [05:48PM  Associated Press]
▶ Ritchie Bros. Publishes Monthly Auction Metrics   [Aug-08-18 05:00PM  CNW Group]
▶ Ritchie Bros. Publishes Monthly Auction Metrics   [Jul-09-18 05:15PM  CNW Group]
▶ Ritchie Bros. Announces Management Departure   [Jun-12-18 06:00PM  PR Newswire]
▶ Ritchie Bros. Publishes Monthly Auction Metrics   [Jun-07-18 06:20PM  CNW Group]
▶ IronPlanet hosts Big May auction event on May 24   [May-15-18 02:00PM  CNW Group]
▶ Ritchie Bros.: 1Q Earnings Snapshot   [05:32PM  Associated Press]
▶ Ritchie Bros. Publishes Monthly Auction Metrics   [May-07-18 05:05PM  CNW Group]
▶ Ritchie Bros. Publishes Monthly Auction Metrics   [Apr-06-18 05:30PM  CNW Group]
▶ IronPlanet hosts Big Spring Auction on March 22 - 23   [Mar-14-18 03:30PM  PR Newswire]
▶ Ritchie Bros. Publishes Monthly Auction Metrics   [Mar-07-18 05:08PM  PR Newswire]
▶ Ritchie Bros. beats Street 4Q forecasts   [Feb-26-18 07:13PM  Associated Press]
▶ Ritchie Bros. Publishes Monthly Auction Metrics   [Feb-08-18 08:00AM  CNW Group]
▶ Ritchie Bros. Announces Management Departure   [Feb-02-18 07:00PM  PR Newswire]

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