Intrinsic value of Bitauto Holdings ADR - BITA

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$29.32

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$29.32

 
Intrinsic value

$63.99

 
Up/down potential

+118%

 
Rating

str. buy

 
Value-price divergence* premium content

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*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of BITA 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 2016), $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 2.1

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  35.77
  31.80
  29.12
  26.71
  24.54
  22.58
  20.83
  19.24
  17.82
  16.54
  15.38
  14.34
  13.41
  12.57
  11.81
  11.13
  10.52
  9.97
  9.47
  9.02
  8.62
  8.26
  7.93
  7.64
  7.38
  7.14
  6.92
  6.73
  6.56
  6.40
  6.26
Revenue, $m
  835
  1,101
  1,421
  1,801
  2,242
  2,749
  3,321
  3,960
  4,666
  5,437
  6,274
  7,174
  8,136
  9,158
  10,240
  11,380
  12,577
  13,831
  15,140
  16,506
  17,929
  19,410
  20,949
  22,550
  24,213
  25,941
  27,737
  29,604
  31,546
  33,566
  35,668
Variable operating expenses, $m
 
  945
  1,221
  1,547
  1,926
  2,361
  2,853
  3,402
  4,008
  4,671
  5,389
  6,162
  6,989
  7,867
  8,796
  9,776
  10,804
  11,880
  13,005
  14,179
  15,401
  16,673
  17,996
  19,370
  20,799
  22,283
  23,826
  25,430
  27,098
  28,833
  30,639
Fixed operating expenses, $m
 
  140
  144
  148
  151
  155
  159
  163
  167
  171
  175
  180
  184
  189
  194
  198
  203
  208
  214
  219
  224
  230
  236
  242
  248
  254
  260
  267
  274
  280
  287
Total operating expenses, $m
  851
  1,085
  1,365
  1,695
  2,077
  2,516
  3,012
  3,565
  4,175
  4,842
  5,564
  6,342
  7,173
  8,056
  8,990
  9,974
  11,007
  12,088
  13,219
  14,398
  15,625
  16,903
  18,232
  19,612
  21,047
  22,537
  24,086
  25,697
  27,372
  29,113
  30,926
Operating income, $m
  -16
  15
  56
  106
  165
  233
  309
  396
  491
  596
  709
  832
  963
  1,102
  1,250
  1,406
  1,570
  1,742
  1,921
  2,108
  2,304
  2,507
  2,718
  2,938
  3,166
  3,404
  3,651
  3,907
  4,174
  4,452
  4,742
EBITDA, $m
  66
  15
  56
  106
  165
  233
  309
  396
  491
  596
  709
  832
  963
  1,102
  1,250
  1,406
  1,570
  1,742
  1,921
  2,108
  2,304
  2,507
  2,718
  2,938
  3,166
  3,404
  3,651
  3,907
  4,174
  4,452
  4,742
Interest expense (income), $m
  0
  0
  26
  58
  95
  138
  188
  244
  307
  376
  452
  534
  623
  717
  817
  924
  1,036
  1,153
  1,276
  1,405
  1,539
  1,679
  1,824
  1,975
  2,133
  2,296
  2,466
  2,642
  2,825
  3,016
  3,214
Earnings before tax, $m
  -21
  15
  30
  49
  70
  94
  121
  151
  184
  219
  257
  298
  340
  385
  433
  482
  534
  588
  645
  703
  764
  828
  894
  962
  1,034
  1,108
  1,185
  1,265
  1,349
  1,436
  1,527
Tax expense, $m
  21
  4
  8
  13
  19
  25
  33
  41
  50
  59
  69
  80
  92
  104
  117
  130
  144
  159
  174
  190
  206
  224
  241
  260
  279
  299
  320
  342
  364
  388
  412
Net income, $m
  -42
  11
  22
  36
  51
  69
  89
  110
  134
  160
  188
  217
  248
  281
  316
  352
  390
  430
  471
  514
  558
  604
  652
  703
  755
  809
  865
  924
  985
  1,049
  1,115

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  293
  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
  4,338
  5,342
  6,898
  8,740
  10,885
  13,343
  16,122
  19,224
  22,650
  26,395
  30,456
  34,824
  39,494
  44,459
  49,710
  55,243
  61,054
  67,138
  73,496
  80,127
  87,034
  94,222
  101,696
  109,465
  117,538
  125,928
  134,647
  143,711
  153,136
  162,940
  173,144
Adjusted assets (=assets-cash), $m
  4,045
  5,342
  6,898
  8,740
  10,885
  13,343
  16,122
  19,224
  22,650
  26,395
  30,456
  34,824
  39,494
  44,459
  49,710
  55,243
  61,054
  67,138
  73,496
  80,127
  87,034
  94,222
  101,696
  109,465
  117,538
  125,928
  134,647
  143,711
  153,136
  162,940
  173,144
Revenue / Adjusted assets
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
  0.206
Average production assets, $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
  0
Working capital, $m
  657
  480
  620
  785
  978
  1,198
  1,448
  1,727
  2,034
  2,371
  2,735
  3,128
  3,547
  3,993
  4,465
  4,962
  5,484
  6,030
  6,601
  7,197
  7,817
  8,463
  9,134
  9,832
  10,557
  11,310
  12,093
  12,908
  13,754
  14,635
  15,551
Total debt, $m
  0
  748
  1,647
  2,712
  3,952
  5,372
  6,979
  8,772
  10,752
  12,916
  15,263
  17,789
  20,488
  23,357
  26,392
  29,591
  32,949
  36,466
  40,141
  43,974
  47,966
  52,120
  56,440
  60,931
  65,597
  70,446
  75,486
  80,725
  86,173
  91,840
  97,737
Total liabilities, $m
  2,340
  3,088
  3,987
  5,052
  6,292
  7,712
  9,319
  11,112
  13,092
  15,256
  17,603
  20,129
  22,828
  25,697
  28,732
  31,931
  35,289
  38,806
  42,481
  46,314
  50,306
  54,460
  58,780
  63,271
  67,937
  72,786
  77,826
  83,065
  88,513
  94,180
  100,077
Total equity, $m
  1,998
  2,254
  2,911
  3,688
  4,594
  5,631
  6,804
  8,113
  9,558
  11,139
  12,852
  14,696
  16,667
  18,761
  20,978
  23,313
  25,765
  28,332
  31,015
  33,814
  36,729
  39,762
  42,916
  46,194
  49,601
  53,141
  56,821
  60,646
  64,623
  68,761
  73,067
Total liabilities and equity, $m
  4,338
  5,342
  6,898
  8,740
  10,886
  13,343
  16,123
  19,225
  22,650
  26,395
  30,455
  34,825
  39,495
  44,458
  49,710
  55,244
  61,054
  67,138
  73,496
  80,128
  87,035
  94,222
  101,696
  109,465
  117,538
  125,927
  134,647
  143,711
  153,136
  162,941
  173,144
Debt-to-equity ratio
  0.000
  0.330
  0.570
  0.740
  0.860
  0.950
  1.030
  1.080
  1.120
  1.160
  1.190
  1.210
  1.230
  1.240
  1.260
  1.270
  1.280
  1.290
  1.290
  1.300
  1.310
  1.310
  1.320
  1.320
  1.320
  1.330
  1.330
  1.330
  1.330
  1.340
  1.340
Adjusted equity ratio
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422
  0.422

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -42
  11
  22
  36
  51
  69
  89
  110
  134
  160
  188
  217
  248
  281
  316
  352
  390
  430
  471
  514
  558
  604
  652
  703
  755
  809
  865
  924
  985
  1,049
  1,115
Depreciation, amort., depletion, $m
  82
  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
Funds from operations, $m
  -654
  11
  22
  36
  51
  69
  89
  110
  134
  160
  188
  217
  248
  281
  316
  352
  390
  430
  471
  514
  558
  604
  652
  703
  755
  809
  865
  924
  985
  1,049
  1,115
Change in working capital, $m
  -343
  116
  140
  165
  193
  221
  250
  279
  308
  336
  365
  392
  419
  446
  472
  497
  522
  547
  571
  596
  620
  646
  671
  698
  725
  754
  783
  814
  847
  881
  916
Cash from operations, $m
  -311
  -105
  -118
  -130
  -142
  -152
  -161
  -168
  -173
  -176
  -177
  -175
  -171
  -165
  -156
  -145
  -132
  -117
  -100
  -82
  -62
  -41
  -19
  5
  29
  55
  82
  110
  138
  168
  199
Maintenance CAPEX, $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
  0
New CAPEX, $m
  -34
  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 investing activities, $m
  -202
  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
Free cash flow, $m
  -513
  -105
  -118
  -130
  -142
  -152
  -161
  -168
  -173
  -176
  -177
  -175
  -171
  -165
  -156
  -145
  -132
  -117
  -100
  -82
  -62
  -41
  -19
  5
  29
  55
  82
  110
  138
  168
  199
Issuance/(repayment) of debt, $m
  52
  748
  899
  1,065
  1,240
  1,421
  1,606
  1,793
  1,980
  2,165
  2,347
  2,525
  2,699
  2,869
  3,035
  3,198
  3,358
  3,517
  3,675
  3,833
  3,992
  4,154
  4,320
  4,490
  4,666
  4,849
  5,040
  5,239
  5,448
  5,667
  5,898
Issuance/(repurchase) of shares, $m
  711
  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  
  763
  748
  899
  1,065
  1,240
  1,421
  1,606
  1,793
  1,980
  2,165
  2,347
  2,525
  2,699
  2,869
  3,035
  3,198
  3,358
  3,517
  3,675
  3,833
  3,992
  4,154
  4,320
  4,490
  4,666
  4,849
  5,040
  5,239
  5,448
  5,667
  5,898
Total cash flow (excl. dividends), $m
  249
  643
  782
  935
  1,098
  1,269
  1,445
  1,625
  1,807
  1,989
  2,170
  2,350
  2,528
  2,705
  2,880
  3,053
  3,227
  3,400
  3,574
  3,751
  3,930
  4,113
  4,301
  4,495
  4,696
  4,904
  5,122
  5,349
  5,586
  5,835
  6,096
Retained Cash Flow (-), $m
  -505
  -549
  -657
  -777
  -905
  -1,037
  -1,173
  -1,309
  -1,446
  -1,581
  -1,713
  -1,844
  -1,971
  -2,095
  -2,216
  -2,335
  -2,452
  -2,568
  -2,683
  -2,798
  -2,915
  -3,033
  -3,154
  -3,278
  -3,407
  -3,540
  -3,679
  -3,825
  -3,977
  -4,138
  -4,306
Prev. year cash balance distribution, $m
 
  293
  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
 
  386
  125
  157
  193
  232
  273
  316
  361
  408
  456
  506
  558
  610
  664
  718
  775
  832
  891
  952
  1,015
  1,080
  1,147
  1,217
  1,289
  1,364
  1,442
  1,524
  1,609
  1,697
  1,790
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  370
  114
  137
  159
  179
  198
  213
  226
  234
  239
  240
  238
  232
  223
  211
  197
  181
  164
  147
  129
  112
  95
  80
  66
  53
  42
  33
  25
  19
  13
Current shareholders' claim on cash, %
  100
  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

Bitauto Holdings Limited provides Internet content and marketing services for the automotive industry in the People’s Republic of China. The company operates in three segments: Advertising Business, EP Platform Business, and Digital Marketing Solutions Business. The Advertising Business segment provides advertising services, including new automobile pricing and promotional information, specifications, reviews, and consumer feedback to automakers through its bitauto.com and taoche.com Websites, as well as mobile applications. The EP Platform Business segment provides Web-based and mobile-based integrated digital marketing, customer relationship management (CRM), and automobile listing services to automobile customers in China. This segment’s platform enables dealer subscribers to create their own online showrooms, list pricing and promotional information, provide dealer contact information, place advertisements, and manage customer relationships. It also provides automobile transaction, CRM, and online automotive financial platform services to automobile customers. The Digital Marketing Solutions Business segment provides one-stop digital marketing solutions, such as Website creation and maintenance, online public relations, online marketing campaigns, and advertising agent services to automakers. The company also distributes its dealer customers' automobile pricing and promotional information through its partners who provides Internet services. In addition, it provides customer services and training to dealer customers. Bitauto Holdings Limited was founded in 2000 and is headquartered in Beijing, the People’s Republic of China.

FINANCIAL RATIOS  of  Bitauto Holdings ADR (BITA)

Valuation Ratios
P/E Ratio -49.4
Price to Sales 2.5
Price to Book 1
Price to Tangible Book
Price to Cash Flow -6.7
Price to Free Cash Flow -6
Growth Rates
Sales Growth Rate 35.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 325%
Cap. Spend. - 3 Yr. Gr. Rate 27.7%
Financial Strength
Quick Ratio NaN
Current Ratio 1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.3%
Ret/ On Assets - 3 Yr. Avg. 3.7%
Return On Total Capital -2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity -2.4%
Return On Equity - 3 Yr. Avg. 6.4%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 64.1%
Gross Margin - 3 Yr. Avg. 68.5%
EBITDA Margin 7.3%
EBITDA Margin - 3 Yr. Avg. 9%
Operating Margin -1.9%
Oper. Margin - 3 Yr. Avg. 4.9%
Pre-Tax Margin -2.5%
Pre-Tax Margin - 3 Yr. Avg. 4.6%
Net Profit Margin -5%
Net Profit Margin - 3 Yr. Avg. 1.9%
Effective Tax Rate -100%
Eff/ Tax Rate - 3 Yr. Avg. -35.1%
Payout Ratio 0%

BITA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BITA stock intrinsic value calculation we used $835 million for the last fiscal year's total revenue generated by Bitauto Holdings ADR. The default revenue input number comes from 2016 income statement of Bitauto Holdings ADR. 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 BITA stock valuation model: a) initial revenue growth rate of 31.8% 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 4.3%, whose default value for BITA is calculated based on our internal credit rating of Bitauto Holdings ADR, 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 Bitauto Holdings ADR.
    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 BITA stock the variable cost ratio is equal to 85.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $137 million in the base year in the intrinsic value calculation for BITA 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 3.5% for Bitauto Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Bitauto Holdings ADR. 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 BITA 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 BITA are equal to 0%.

Life of production assets of 0 years is the average useful life of capital assets used in Bitauto Holdings ADR 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 BITA is equal to 43.6%. 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 - $1998 million for Bitauto Holdings ADR - 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 71.847 million for Bitauto Holdings ADR 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 Bitauto Holdings ADR at the current share price and the inputted number of shares is $2.1 billion.


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COMPANY NEWS

▶ Bitauto Raises $1 Billion from Tencent, JD.com and Baidu   [Apr-21-17 12:29AM  Barrons.com]
▶ Can Bitauto Keep Going After Last Week's 13% Pop?   [Mar-13-17 10:00AM  Motley Fool]
▶ Can Bitauto Keep Going After Last Week's 13% Pop?   [Mar-06-17 09:07AM  at Motley Fool]
▶ Bitauto Holdngs reports 4Q loss   [07:03AM  Associated Press]
▶ Is Bitauto Hldg Ltd (ADR) (BITA) Going to Reward Investors?   [Dec-08-16 03:12PM  Insider Monkey]
▶ This Fast-Rising China-Based Tech Stock Is a Must Buy   [Sep-29-16 12:58PM  at TheStreet]
▶ These 3 Stocks Are Surprisingly Cheap   [Sep-26-16 04:16PM  at Motley Fool]
▶ Why I Just Bought This Chinese Growth Company   [Jul-02-16 08:06AM  at Motley Fool]
▶ Can Bitauto Keep Going After Last Week's 10% Pop?   [Jun-13-16 10:13AM  at Motley Fool]
▶ What Happened in the Stock Market Today   [Jun-06-16 05:38PM  at Motley Fool]
▶ Why Bitauto Stock Popped Today   [01:20PM  at Motley Fool]
▶ Why Are Traders Piling Into These Stocks?   [12:07PM  at Insider Monkey]
▶ 3 Chinese Internet Stocks That Fell Apart Last Week   [May-22-16 10:00AM  at Motley Fool]
▶ BITAUTO HOLDINGS LTD Financials   [01:04PM  EDGAR Online Financials]
▶ Bitauto Files Annual Report on Form 20-F   [Apr-29-16 06:00AM  PR Newswire]
▶ ETFs with exposure to Bitauto Holdings Ltd. : April 26, 2016   [Apr-26-16 02:01PM  at Capital Cube]
▶ 2 Chinese Stocks To Buy After the Smoke Clears   [Feb-20-16 07:28AM  at Motley Fool]
Stock chart of BITA Financial statements of BITA
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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