Fundamental Valuation Report


Industrials:Specialty Business Services

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$106.16 (USD) 09/28/2020

Weighted Valuation
$91.18 (USD)

Overall Rating
Overvalued by 14.1%

Valuation Models Comparables: $96.16 (USD)
Adjusted Book Value: $83.72 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Overvalued on a Comparable Valuation
Asset: Overvalued on an Asset Valuation
According to Analyst consensus at $90.00 this stock is Overvalued

Company Overview (CPRT:NAS USD)

Price 106.16
Range 105.40 – 106.50
52 week 58.78 – 106.16
Open 105.61
Vol / Avg. 1.05M/1.56M
Mkt cap 24.48B
P/E 36.23
Div/yield 0.00/0.00
EPS 2.93
Shares 234.78M
Beta 1.15

Company Description

Copart Inc is a provider of online auctions and vehicle remarketing services targeted primarily at insurance companies, car dealerships, fleet operators, and vehicle rental companies. The majority of the vehicles sold through Copart’s services are either damaged or recovered stolen vehicles. Copart principally sells to vehicle dismantlers, rebuilders, used vehicle importers and exporters and the general public. The company generates revenue from fees paid by vehicle sellers and buyers and/or purchasing and reselling vehicles on its own account. Its main markets include North America and the British Isles.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for CPRT:NAS

Using a discounted cash flow model we generated an intrinsic value of $54.01 (USD) for CPRT:NAS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

CPRT:NAS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $54.01 1% 5% 1% 5%
WACC (or Ke) 7.74 $68.21 $44.52
Terminal Growth Rate 2.70 $45.29 $67.06
Tax Rate 0.13 $57.70 $50.32
Cash Flow 1,173,072,908 $50.01 $58.01
Capital Expenditures -314,277,200 $53.05 $54.98
Long Term Debt 640,492,000 $54.15 $53.88

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $96.16 (USD) for CPRT:NAS. We also generated a valuation of $137.80 (USD) using other metrics and comparables.
The comparable companies were Cintas (CTAS:NAS), Global Payments (GPN:NYS), Maximus (MMS:NYS) and IAA (IAA:NYS).

Company CPRT:NAS End Date Value
Earnings/Share $2.93 (USD)
Book Value/Share $10.60 (USD)
Sales/Share $9.24 (USD)
Cash Flow/Share $3.85 (USD)
EBITDA/Share $3.88 (USD)
Price Based on Comps Adjustment Factor (%)
$176.98 (USD) -18.8
$54.13 (USD) 41.2
$43.37 (USD) 0.0
$88.88 (USD) 23.2
$85.24 (USD) 26.6
36.23 PE Ratio 60.40 39.21 139.50 20.83 42.07
10.01 PB Ratio 5.10 9.84 1.95 3.53 0.00
11.49 PS Ratio 4.69 5.12 7.24 1.34 5.07
27.60 PCF Ratio 23.67 27.10 22.96 23.26 21.37
27.02 EV to EBITDA 21.99 23.73 28.73 11.65 23.83


Using a multiples approach we generated a valuation of  $76.39 (USD) for CPRT:NAS

Company CPRT:NAS End Date Value
Earnings/Share $2.93 (USD)
Book Value/Share $10.60 (USD)
Sales/Share $9.24 (USD)
Cash Flow/Share $3.85 (USD)
EBITDA/Share $3.88 (USD)
Price Based on Comps Adjustment Factor
$81.00 (USD) 0
$85.85 (USD) 0
$59.79 (USD) 0
$86.57 (USD) 0
$68.75 (USD) 0
Ratios Ratio Average
PE Ratio 27.64
PB Ratio 8.10
PS Ratio 6.47
PCF Ratio 22.51
EV to EBITDA 17.73

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  CPRT:NAS for the last 10 years was  7.91

We ran the Adjusted Book Value for  CPRT:NAS and generated a book value of  $10.58 (USD)
By multiplying these we get an adjusted valuation of  $83.72 (USD)

Analyst Data

In the Stockcalc database there are 1 analysts that provide a valuation for CPRT:NAS. The 1 analysts have a concensus valuation for CPRT:NAS for 2021 of $90.00 (USD).


Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
0 2 0 3.0000 Hold 2020-9-25

Current Price: 106.16 USD

Analyst Consensus
USD Millions 2021 2022
Mean EPS 3.08 3.23
# EPS Analysts 2 1
Mean Revenue 2,510.00 2,735.70
# Revenue Analysts 1 1
Mean Target Price 90.00
Mean Cash Flow
Mean Net Income 684.20 767.80
Mean Debt Outstanding
Mean Tax Rate 24.00 24.00
Mean Growth Rate
Mean Capital Expenditure

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

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