Intrinsic value of Baozun ADR - BZUN

Previous Close

$33.98

  Intrinsic Value

$14.14

stock screener

  Rating & Target

str. sell

-58%

  Value-price divergence*

+5000%

Previous close

$33.98

 
Intrinsic value

$14.14

 
Up/down potential

-58%

 
Rating

str. sell

 
Value-price divergence*

+5000%

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

We calculate the intrinsic value of BZUN 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 1.8

 

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, %
  30.32
  19.60
  18.14
  16.83
  15.64
  14.58
  13.62
  12.76
  11.98
  11.28
  10.66
  10.09
  9.58
  9.12
  8.71
  8.34
  8.01
  7.71
  7.43
  7.19
  6.97
  6.78
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
  5.76
  5.69
Revenue, $m
  490
  586
  692
  809
  935
  1,072
  1,218
  1,373
  1,538
  1,711
  1,893
  2,085
  2,284
  2,493
  2,710
  2,936
  3,171
  3,415
  3,669
  3,933
  4,207
  4,492
  4,789
  5,097
  5,418
  5,752
  6,100
  6,462
  6,840
  7,234
  7,646
Variable operating expenses, $m
 
  524
  619
  723
  836
  958
  1,089
  1,228
  1,375
  1,530
  1,693
  1,864
  2,042
  2,228
  2,423
  2,625
  2,835
  3,053
  3,280
  3,516
  3,761
  4,016
  4,281
  4,557
  4,843
  5,142
  5,453
  5,777
  6,115
  6,467
  6,835
Fixed operating expenses, $m
 
  41
  42
  43
  44
  45
  46
  48
  49
  50
  51
  52
  54
  55
  57
  58
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
Total operating expenses, $m
  477
  565
  661
  766
  880
  1,003
  1,135
  1,276
  1,424
  1,580
  1,744
  1,916
  2,096
  2,283
  2,480
  2,683
  2,894
  3,114
  3,342
  3,580
  3,827
  4,083
  4,350
  4,628
  4,915
  5,216
  5,529
  5,855
  6,195
  6,549
  6,919
Operating income, $m
  13
  21
  31
  43
  55
  68
  83
  98
  114
  131
  150
  168
  188
  209
  231
  253
  277
  301
  327
  353
  380
  409
  439
  470
  502
  536
  571
  607
  645
  685
  727
EBITDA, $m
  18
  23
  34
  45
  58
  72
  87
  102
  119
  137
  156
  175
  196
  217
  239
  263
  287
  312
  338
  366
  394
  423
  454
  486
  519
  554
  590
  628
  667
  708
  751
Interest expense (income), $m
  0
  0
  1
  1
  2
  3
  4
  5
  6
  7
  9
  10
  11
  13
  14
  16
  17
  19
  21
  22
  24
  26
  28
  30
  33
  35
  37
  40
  42
  45
  48
Earnings before tax, $m
  15
  21
  31
  41
  53
  65
  79
  93
  108
  124
  141
  159
  177
  196
  217
  238
  259
  282
  306
  330
  356
  383
  410
  439
  469
  501
  533
  567
  603
  640
  679
Tax expense, $m
  3
  6
  8
  11
  14
  18
  21
  25
  29
  33
  38
  43
  48
  53
  58
  64
  70
  76
  83
  89
  96
  103
  111
  119
  127
  135
  144
  153
  163
  173
  183
Net income, $m
  13
  15
  22
  30
  39
  48
  57
  68
  79
  91
  103
  116
  129
  143
  158
  173
  189
  206
  223
  241
  260
  279
  300
  321
  343
  365
  389
  414
  440
  467
  496

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  138
  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
  343
  245
  290
  338
  391
  448
  510
  575
  643
  716
  792
  872
  956
  1,043
  1,134
  1,228
  1,327
  1,429
  1,535
  1,646
  1,760
  1,880
  2,004
  2,133
  2,267
  2,407
  2,552
  2,704
  2,862
  3,027
  3,199
Adjusted assets (=assets-cash), $m
  205
  245
  290
  338
  391
  448
  510
  575
  643
  716
  792
  872
  956
  1,043
  1,134
  1,228
  1,327
  1,429
  1,535
  1,646
  1,760
  1,880
  2,004
  2,133
  2,267
  2,407
  2,552
  2,704
  2,862
  3,027
  3,199
Revenue / Adjusted assets
  2.390
  2.392
  2.386
  2.393
  2.391
  2.393
  2.388
  2.388
  2.392
  2.390
  2.390
  2.391
  2.389
  2.390
  2.390
  2.391
  2.390
  2.390
  2.390
  2.389
  2.390
  2.389
  2.390
  2.390
  2.390
  2.390
  2.390
  2.390
  2.390
  2.390
  2.390
Average production assets, $m
  16
  19
  22
  26
  30
  34
  39
  44
  49
  55
  61
  67
  73
  80
  87
  94
  101
  109
  117
  126
  135
  144
  153
  163
  173
  184
  195
  207
  219
  231
  245
Working capital, $m
  199
  93
  110
  129
  149
  170
  194
  218
  244
  272
  301
  331
  363
  396
  431
  467
  504
  543
  583
  625
  669
  714
  761
  810
  861
  915
  970
  1,027
  1,088
  1,150
  1,216
Total debt, $m
  17
  19
  41
  64
  90
  118
  147
  178
  212
  247
  284
  322
  363
  405
  449
  494
  542
  591
  643
  696
  751
  809
  869
  931
  996
  1,063
  1,134
  1,207
  1,283
  1,363
  1,446
Total liabilities, $m
  115
  118
  140
  163
  189
  217
  246
  277
  311
  346
  383
  421
  462
  504
  548
  593
  641
  690
  742
  795
  850
  908
  968
  1,030
  1,095
  1,162
  1,233
  1,306
  1,382
  1,462
  1,545
Total equity, $m
  227
  127
  150
  175
  202
  232
  263
  297
  333
  370
  410
  451
  494
  539
  586
  635
  686
  739
  794
  851
  910
  972
  1,036
  1,103
  1,172
  1,244
  1,319
  1,398
  1,480
  1,565
  1,654
Total liabilities and equity, $m
  342
  245
  290
  338
  391
  449
  509
  574
  644
  716
  793
  872
  956
  1,043
  1,134
  1,228
  1,327
  1,429
  1,536
  1,646
  1,760
  1,880
  2,004
  2,133
  2,267
  2,406
  2,552
  2,704
  2,862
  3,027
  3,199
Debt-to-equity ratio
  0.075
  0.150
  0.270
  0.370
  0.440
  0.510
  0.560
  0.600
  0.640
  0.670
  0.690
  0.710
  0.730
  0.750
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
  0.870
  0.870
Adjusted equity ratio
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517
  0.517

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  13
  15
  22
  30
  39
  48
  57
  68
  79
  91
  103
  116
  129
  143
  158
  173
  189
  206
  223
  241
  260
  279
  300
  321
  343
  365
  389
  414
  440
  467
  496
Depreciation, amort., depletion, $m
  5
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  12
  13
  13
  14
  15
  16
  17
  18
  20
  21
  22
  23
  24
Funds from operations, $m
  -25
  17
  25
  33
  41
  51
  61
  72
  84
  96
  109
  122
  137
  151
  167
  183
  200
  217
  235
  254
  273
  294
  315
  337
  360
  384
  409
  435
  462
  490
  520
Change in working capital, $m
  -27
  15
  17
  19
  20
  22
  23
  25
  26
  28
  29
  30
  32
  33
  35
  36
  37
  39
  40
  42
  44
  45
  47
  49
  51
  53
  55
  58
  60
  63
  65
Cash from operations, $m
  2
  2
  8
  14
  21
  29
  38
  47
  58
  68
  80
  92
  105
  118
  132
  147
  162
  178
  195
  212
  230
  248
  268
  288
  309
  331
  354
  377
  402
  428
  455
Maintenance CAPEX, $m
  0
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
New CAPEX, $m
  -13
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
Cash from investing activities, $m
  -17
  -5
  -5
  -6
  -7
  -7
  -8
  -9
  -9
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -22
  -22
  -23
  -25
  -26
  -28
  -29
  -32
  -33
  -35
  -36
Free cash flow, $m
  -15
  -3
  2
  8
  15
  22
  30
  39
  48
  58
  69
  80
  92
  104
  117
  131
  145
  160
  176
  192
  208
  226
  244
  263
  282
  303
  324
  346
  369
  393
  418
Issuance/(repayment) of debt, $m
  0
  19
  21
  24
  26
  28
  30
  31
  33
  35
  37
  39
  40
  42
  44
  46
  48
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  80
  83
Issuance/(repurchase) of shares, $m
  31
  5
  1
  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  
  30
  24
  22
  24
  26
  28
  30
  31
  33
  35
  37
  39
  40
  42
  44
  46
  48
  49
  51
  53
  55
  58
  60
  62
  65
  67
  70
  73
  76
  80
  83
Total cash flow (excl. dividends), $m
  19
  22
  25
  32
  40
  50
  59
  70
  81
  93
  105
  118
  132
  146
  161
  177
  193
  209
  227
  245
  264
  283
  304
  325
  347
  370
  394
  419
  446
  473
  501
Retained Cash Flow (-), $m
  -48
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -82
  -85
  -89
Prev. year cash balance distribution, $m
 
  121
  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
 
  122
  2
  7
  13
  20
  28
  36
  46
  55
  66
  77
  89
  101
  114
  128
  142
  157
  172
  188
  205
  222
  240
  258
  278
  298
  319
  341
  364
  388
  412
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
 
  117
  1
  6
  11
  16
  20
  25
  29
  32
  35
  37
  38
  39
  38
  38
  36
  34
  32
  29
  26
  23
  20
  17
  14
  12
  9
  7
  6
  4
  3
Current shareholders' claim on cash, %
  100
  99.4
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3
  99.3

Baozun Inc. provides e-commerce solutions for brand partners in the People’s Republic of China. It offers end-to-end e-commerce solutions, including IT infrastructure setup and integration, online store design and setup, visual merchandizing and marketing campaigns, store operations, customer services, warehousing, and order fulfillment. The company also operates Maikefeng mobile application that offers various branded products. It serves brand partners in the apparel, appliances, electronics, home, food and health, cosmetics, insurance, and automobile categories. The company was formerly known as Baozun Cayman Inc. and changed its name to Baozun Inc. in March 2015. Baozun Inc. was founded in 2007 and is headquartered in Shanghai, the People’s Republic of China.

FINANCIAL RATIOS  of  Baozun ADR (BZUN)

Valuation Ratios
P/E Ratio 416.7
Price to Sales 11.1
Price to Book 23.9
Price to Tangible Book
Price to Cash Flow 2708.4
Price to Free Cash Flow -492.4
Growth Rates
Sales Growth Rate 30.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 62.5%
Cap. Spend. - 3 Yr. Gr. Rate 34.1%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 7.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 4.2%
Ret/ On Assets - 3 Yr. Avg. -1%
Return On Total Capital 6.1%
Ret/ On T. Cap. - 3 Yr. Avg. -2.4%
Return On Equity 6.4%
Return On Equity - 3 Yr. Avg. -2.4%
Asset Turnover 1.6
Profitability Ratios
Gross Margin 43.3%
Gross Margin - 3 Yr. Avg. 36%
EBITDA Margin 4.1%
EBITDA Margin - 3 Yr. Avg. 1.1%
Operating Margin 2.7%
Oper. Margin - 3 Yr. Avg. -0.2%
Pre-Tax Margin 3.1%
Pre-Tax Margin - 3 Yr. Avg. 0.2%
Net Profit Margin 2.7%
Net Profit Margin - 3 Yr. Avg. -0.2%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. -5.8%
Payout Ratio 0%

BZUN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BZUN stock intrinsic value calculation we used $490 million for the last fiscal year's total revenue generated by Baozun ADR. The default revenue input number comes from 2016 income statement of Baozun 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 BZUN stock valuation model: a) initial revenue growth rate of 19.6% 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 4.3%, whose default value for BZUN is calculated based on our internal credit rating of Baozun 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 Baozun 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 BZUN stock the variable cost ratio is equal to 89.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $40 million in the base year in the intrinsic value calculation for BZUN 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 Baozun ADR.

Corporate tax rate of 27% is the nominal tax rate for Baozun 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 BZUN 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 BZUN are equal to 3.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Baozun 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 BZUN is equal to 15.9%. 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 - $227 million for Baozun 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 53.232 million for Baozun 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 Baozun ADR at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ ETFs with exposure to Baozun, Inc. : August 3, 2017   [Aug-03-17 07:52PM  Capital Cube]
▶ 3 Stocks With MercadoLibre-Like Return Potential   [Jul-24-17 09:43PM  Motley Fool]
▶ [$$] 3 Chinese Stocks With Strong Earnings Growth   [Jul-17-17 08:49PM  Barrons.com]
▶ ETFs with exposure to Baozun, Inc. : July 13, 2017   [Jul-13-17 03:42PM  Capital Cube]
▶ Baozun Announces Appointment of New Director   [Jul-11-17 06:30AM  GlobeNewswire]
▶ ETFs with exposure to Baozun, Inc. : July 3, 2017   [Jul-03-17 02:59PM  Capital Cube]
▶ ETFs with exposure to Baozun, Inc. : June 16, 2017   [Jun-16-17 03:30PM  Capital Cube]
▶ Alibaba Soars On This Stunning Growth Forecast   [Jun-08-17 04:31PM  Investor's Business Daily]
▶ ETFs with exposure to Baozun, Inc. : June 5, 2017   [Jun-05-17 02:05PM  Capital Cube]
▶ Best Chinese Stocks To Buy And Watch   [Jun-02-17 01:27PM  Investor's Business Daily]
▶ ETFs with exposure to Baozun, Inc. : May 26, 2017   [May-26-17 01:00PM  Capital Cube]
▶ 3 Chinese Stocks That Rallied Over 30% in May   [May-23-17 05:26PM  Motley Fool]
▶ Alibaba-Backed Chinese Internet Stock Enters Buy Zone In Big Volume   [May-09-17 11:10AM  Investor's Business Daily]
▶ Baozun, Inc.: Strong price momentum but will it sustain?   [May-08-17 02:36PM  Capital Cube]
▶ ETFs with exposure to Baozun, Inc. : May 4, 2017   [May-04-17 03:45PM  Capital Cube]
▶ ETFs with exposure to Baozun, Inc. : April 19, 2017   [Apr-19-17 02:13PM  Capital Cube]
▶ Baozun Releases 2016 Chairman Letter   [06:36AM  GlobeNewswire]
▶ ETFs with exposure to Baozun, Inc. : April 5, 2017   [Apr-05-17 04:27PM  Capital Cube]
▶ 3 Tech Stocks Projected to Grow Profits the Most in 2017   [Jan-14-17 10:48AM  Motley Fool]
▶ ETFs with exposure to Baozun, Inc. : January 11, 2017   [Jan-11-17 12:37PM  Capital Cube]
▶ Baozun Inc (ADR) (BZUN): Does It Stack Up To Its Peers?   [Dec-13-16 04:16AM  Insider Monkey]
▶ ETFs with exposure to Baozun, Inc. : December 12, 2016   [Dec-12-16 12:00PM  Capital Cube]
▶ Alibaba Stock: Analyzing 5 Key Customers (BABA)   [May-18-16 01:48AM  at Investopedia]
▶ Baozun Releases 2015 Chairman Letter   [Apr-11-16 07:06AM  GlobeNewswire]
▶ Baozun Expands e-Commerce Solutions Business into Taiwan   [Apr-01-16 08:58AM  GlobeNewswire]
Stock chart of BZUN Financial statements of BZUN
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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