Intrinsic value of China Ceramics - CCCL

Previous Close

$1.84

  Intrinsic Value

$5.12

stock screener

  Rating & Target

str. buy

+178%

Previous close

$1.84

 
Intrinsic value

$5.12

 
Up/down potential

+178%

 
Rating

str. buy

We calculate the intrinsic value of CCCL 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 0.0

 

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, %
  -21.77
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  115
  117
  120
  123
  127
  130
  135
  139
  144
  149
  155
  161
  168
  175
  182
  190
  198
  207
  217
  226
  237
  248
  259
  272
  285
  298
  312
  327
  343
  360
  377
Variable operating expenses, $m
 
  129
  132
  135
  139
  143
  148
  153
  158
  164
  170
  177
  184
  192
  200
  208
  218
  227
  237
  248
  260
  272
  284
  298
  312
  327
  342
  359
  376
  394
  413
Fixed operating expenses, $m
 
  37
  38
  39
  40
  41
  42
  43
  44
  45
  46
  47
  48
  50
  51
  52
  53
  55
  56
  58
  59
  60
  62
  64
  65
  67
  68
  70
  72
  74
  76
Total operating expenses, $m
  161
  166
  170
  174
  179
  184
  190
  196
  202
  209
  216
  224
  232
  242
  251
  260
  271
  282
  293
  306
  319
  332
  346
  362
  377
  394
  410
  429
  448
  468
  489
Operating income, $m
  -46
  -48
  -49
  -51
  -52
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -66
  -68
  -70
  -72
  -75
  -77
  -79
  -82
  -84
  -87
  -90
  -92
  -95
  -98
  -102
  -105
  -108
  -112
EBITDA, $m
  -40
  -48
  -49
  -50
  -52
  -53
  -54
  -56
  -57
  -59
  -61
  -62
  -64
  -66
  -68
  -70
  -72
  -74
  -76
  -79
  -81
  -84
  -86
  -89
  -92
  -95
  -98
  -101
  -104
  -107
  -111
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
Earnings before tax, $m
  -46
  -48
  -49
  -51
  -52
  -53
  -55
  -56
  -58
  -60
  -61
  -63
  -65
  -67
  -69
  -71
  -73
  -75
  -78
  -80
  -83
  -85
  -88
  -91
  -94
  -97
  -100
  -103
  -106
  -110
  -113
Tax expense, $m
  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
  0
  0
Net income, $m
  -47
  -48
  -49
  -51
  -52
  -53
  -55
  -56
  -58
  -60
  -61
  -63
  -65
  -67
  -69
  -71
  -73
  -75
  -78
  -80
  -83
  -85
  -88
  -91
  -94
  -97
  -100
  -103
  -106
  -110
  -113

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
  0
Total assets, $m
  135
  138
  141
  144
  149
  153
  158
  163
  169
  175
  182
  189
  197
  205
  214
  223
  233
  243
  254
  266
  278
  291
  305
  319
  334
  350
  367
  384
  403
  422
  443
Adjusted assets (=assets-cash), $m
  135
  138
  141
  144
  149
  153
  158
  163
  169
  175
  182
  189
  197
  205
  214
  223
  233
  243
  254
  266
  278
  291
  305
  319
  334
  350
  367
  384
  403
  422
  443
Revenue / Adjusted assets
  0.852
  0.848
  0.851
  0.854
  0.852
  0.850
  0.854
  0.853
  0.852
  0.851
  0.852
  0.852
  0.853
  0.854
  0.850
  0.852
  0.850
  0.852
  0.854
  0.850
  0.853
  0.852
  0.849
  0.853
  0.853
  0.851
  0.850
  0.852
  0.851
  0.853
  0.851
Average production assets, $m
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
Working capital, $m
  90
  59
  60
  62
  63
  65
  67
  70
  72
  75
  78
  81
  84
  87
  91
  95
  99
  104
  108
  113
  118
  124
  130
  136
  142
  149
  156
  164
  172
  180
  189
Total debt, $m
  0
  0
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  11
  12
  13
  15
  17
  18
  20
  22
  24
  26
  29
  31
  34
  36
  39
  42
  45
  49
  52
Total liabilities, $m
  23
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  40
  41
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  72
  75
Total equity, $m
  112
  114
  117
  120
  123
  127
  131
  136
  140
  146
  151
  157
  164
  170
  178
  185
  193
  202
  211
  221
  231
  241
  253
  265
  277
  290
  304
  319
  334
  350
  367
Total liabilities and equity, $m
  135
  137
  141
  145
  148
  153
  158
  164
  169
  176
  182
  189
  198
  205
  214
  223
  233
  243
  254
  266
  278
  290
  305
  319
  334
  349
  366
  384
  402
  422
  442
Debt-to-equity ratio
  0.000
  0.000
  0.010
  0.010
  0.020
  0.020
  0.030
  0.040
  0.040
  0.050
  0.050
  0.060
  0.060
  0.070
  0.080
  0.080
  0.090
  0.090
  0.100
  0.100
  0.110
  0.110
  0.110
  0.120
  0.120
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
Adjusted equity ratio
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830
  0.830

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -47
  -48
  -49
  -51
  -52
  -53
  -55
  -56
  -58
  -60
  -61
  -63
  -65
  -67
  -69
  -71
  -73
  -75
  -78
  -80
  -83
  -85
  -88
  -91
  -94
  -97
  -100
  -103
  -106
  -110
  -113
Depreciation, amort., depletion, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Funds from operations, $m
  -12
  -48
  -49
  -50
  -52
  -53
  -54
  -56
  -57
  -59
  -61
  -63
  -64
  -66
  -68
  -70
  -73
  -75
  -77
  -79
  -82
  -84
  -87
  -90
  -93
  -96
  -99
  -102
  -105
  -109
  -112
Change in working capital, $m
  -11
  1
  1
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  5
  6
  6
  6
  7
  7
  8
  8
  8
  9
Cash from operations, $m
  -1
  -49
  -50
  -52
  -53
  -55
  -57
  -58
  -60
  -62
  -64
  -66
  -68
  -70
  -72
  -74
  -77
  -79
  -82
  -84
  -87
  -90
  -93
  -96
  -99
  -103
  -106
  -110
  -113
  -117
  -121
Maintenance CAPEX, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
New 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
Cash from investing activities, $m
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
Free cash flow, $m
  5
  -49
  -51
  -52
  -54
  -55
  -57
  -59
  -60
  -62
  -64
  -66
  -68
  -70
  -73
  -75
  -77
  -80
  -82
  -85
  -88
  -91
  -94
  -97
  -100
  -103
  -107
  -111
  -114
  -118
  -122
Issuance/(repayment) of debt, $m
  -6
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
Issuance/(repurchase) of shares, $m
  1
  50
  52
  54
  55
  57
  59
  61
  63
  65
  67
  69
  71
  74
  76
  79
  81
  84
  87
  90
  93
  96
  99
  103
  106
  110
  114
  118
  122
  126
  130
Cash from financing (excl. dividends), $m  
  -5
  50
  53
  55
  56
  58
  60
  62
  64
  66
  68
  70
  72
  75
  77
  81
  83
  86
  89
  92
  95
  98
  101
  105
  109
  113
  117
  121
  125
  129
  133
Total cash flow (excl. dividends), $m
  0
  2
  2
  2
  2
  3
  3
  3
  3
  4
  4
  4
  4
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  9
  10
  10
  11
  12
Retained Cash Flow (-), $m
  45
  -50
  -52
  -54
  -55
  -57
  -59
  -61
  -63
  -65
  -67
  -69
  -71
  -74
  -76
  -79
  -81
  -84
  -87
  -90
  -93
  -96
  -99
  -103
  -106
  -110
  -114
  -118
  -122
  -126
  -130
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
 
  -49
  -50
  -52
  -53
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -67
  -69
  -71
  -73
  -76
  -78
  -80
  -83
  -86
  -89
  -91
  -94
  -98
  -101
  -104
  -108
  -111
  -115
  -119
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
 
  -47
  -46
  -45
  -44
  -42
  -41
  -39
  -37
  -35
  -33
  -31
  -29
  -26
  -24
  -22
  -19
  -17
  -15
  -13
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
Current shareholders' claim on cash, %
  100
  60.9
  36.9
  22.3
  13.4
  8.1
  4.9
  2.9
  1.8
  1.1
  0.6
  0.4
  0.2
  0.1
  0.1
  0.1
  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
  0.0

China Ceramics Co., Ltd. is a manufacturer of ceramic tiles used for exterior siding and for interior flooring, and design in residential and commercial buildings. The Company's ceramic tiles, sold under the HD or Hengda, HDL or Hengdeli, Pottery Capital of Tang Dynasty, TOERTO and WULIQIAO brands, are available in over 2,000 styles, colors and size combinations. It operates in the segment of manufacturing and sale of medium to high-end ceramic tiles. Its geographical segment is People's Republic of China (PRC). It has five principal product categories: porcelain tiles, glazed tiles, glazed porcelain tiles, rustic tiles and polished glazed tiles. Its ceramic tiles are used for flooring, interior walls for decorative purposes and on exterior siding. The Company's manufacturing facilities are located in Jinjiang, Fujian Province and in Gaoan, Jiangxi Province. Combined, these facilities provide an aggregate annual production capacity of approximately 70 million square meters.

FINANCIAL RATIOS  of  China Ceramics (CCCL)

Valuation Ratios
P/E Ratio -0.1
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow -4.7
Price to Free Cash Flow -4.7
Growth Rates
Sales Growth Rate -21.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -28.9%
Ret/ On Assets - 3 Yr. Avg. -17.6%
Return On Total Capital -34.2%
Ret/ On T. Cap. - 3 Yr. Avg. -21%
Return On Equity -34.9%
Return On Equity - 3 Yr. Avg. -21.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin -3.5%
Gross Margin - 3 Yr. Avg. 6.3%
EBITDA Margin -34.8%
EBITDA Margin - 3 Yr. Avg. -18.2%
Operating Margin -40%
Oper. Margin - 3 Yr. Avg. -24.9%
Pre-Tax Margin -40%
Pre-Tax Margin - 3 Yr. Avg. -24.9%
Net Profit Margin -40.9%
Net Profit Margin - 3 Yr. Avg. -26.3%
Effective Tax Rate -2.2%
Eff/ Tax Rate - 3 Yr. Avg. -36.1%
Payout Ratio 0%

CCCL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCCL stock intrinsic value calculation we used $115 million for the last fiscal year's total revenue generated by China Ceramics. The default revenue input number comes from 2016 income statement of China Ceramics. 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 CCCL stock valuation model: a) initial revenue growth rate of 2% 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 CCCL is calculated based on our internal credit rating of China Ceramics, 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 China Ceramics.
    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 CCCL stock the variable cost ratio is equal to 109.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $36 million in the base year in the intrinsic value calculation for CCCL 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 China Ceramics.

Corporate tax rate of 27% is the nominal tax rate for China Ceramics. 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 CCCL 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 CCCL are equal to 1.3%.

Life of production assets of 0.3 years is the average useful life of capital assets used in China Ceramics 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 CCCL is equal to 50%. 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 - $112 million for China Ceramics - 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 5.471 million for China Ceramics 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 China Ceramics at the current share price and the inputted number of shares is $0.0 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ How Financially Strong Is China Ceramics Co Ltd (CCCL)?   [Nov-03-17 05:29PM  Simply Wall St.]
▶ China Ceramics Appoints New Independent Director   [Aug-10-17 09:00AM  PR Newswire]
▶ China Ceramics Closes $861,000 Private Placement   [Jul-18-17 04:00PM  PR Newswire]
▶ China Ceramics Appoints New Independent Director   [Jul-07-17 04:00PM  PR Newswire]
▶ /C O R R E C T I O N -- China Ceramics Co., Ltd./   [Sep-22-16 11:42AM  PR Newswire]
▶ In the Red, and Breadth Is Steadily Slipping   [Jul-27-16 11:11AM  TheStreet.com]
▶ China Ceramics Comments on Unusual Market Activity   [Jul-26-16 09:00AM  PR Newswire]
▶ CHINA CERAMICS CO., LTD Financials   [01:04PM  EDGAR Online Financials]
▶ China Ceramics Announces Fourth Quarter Asset Impairment   [Apr-08-16 09:00AM  PR Newswire]
▶ Director/PDMR Shareholding   [Mar-24-16 05:58AM  at noodls]
▶ Director/PDMR Shareholding   [11:33AM  at noodls]
▶ Director/PDMR Shareholding   [Mar-22-16 06:06AM  at noodls]
▶ China Ceramics Announces Conference Call   [Feb-18-16 11:00AM  PR Newswire]
▶ China Ceramics Announces $900,000 Public Offering   [Feb-04-16 08:00AM  PR Newswire]
▶ What Do Hedge Funds Think of China Ceramics Co Ltd (CCCL)?   [Nov-28  07:49AM  at Insider Monkey]
▶ Director/PDMR Shareholding   [Apr-27  11:09AM  at noodls]
▶ China Ceramics reports Q4 results   [Apr-22  09:09AM  at noodls]
▶ Notice of AGM   [11:05AM  at noodls]
▶ Director/PDMR Shareholding   [Mar-31  06:51AM  at noodls]
▶ Holding(s) in Company   [Mar-30  10:02AM  at noodls]
▶ Director/PDMR Shareholding   [09:47AM  at noodls]
▶ Director/PDMR Shareholding   [Mar-27  08:32AM  at noodls]
▶ Director/PDMR Shareholding   [Mar-26  11:28AM  at noodls]
▶ Director/PDMR Shareholding   [Mar-18  11:48AM  at noodls]
▶ Directorate Change   [10:07AM  at noodls]
▶ Director/PDMR Shareholding   [10:07AM  at noodls]
▶ 2014 Final Results   [Mar-12  03:04AM  at noodls]
▶ Return of Value - Purchase Offer for B Shares   [Feb-23  03:05AM  at noodls]
▶ Blocklisting Interim Review   [Feb-19  10:43AM  at noodls]
▶ Disposal and Proposed Return of Value   [Feb-16  09:29PM  at noodls]
▶ Posting of Circular and Notice of General Meeting   [Feb-14  08:12AM  at noodls]
Financial statements of CCCL
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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