Intrinsic value of Concord Medical Services Holdings ADR - CCM

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$3.54

  Intrinsic Value

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  Value-price divergence*

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$3.54

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

We calculate the intrinsic value of CCM 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 0.2

 

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, %
  -25.84
  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
  66
  628
  643
  659
  678
  698
  721
  745
  772
  801
  831
  864
  899
  937
  976
  1,019
  1,063
  1,110
  1,160
  1,213
  1,269
  1,328
  1,390
  1,455
  1,524
  1,597
  1,673
  1,753
  1,838
  1,927
  2,021
Variable operating expenses, $m
 
  437
  447
  459
  472
  486
  502
  519
  537
  557
  579
  602
  626
  652
  680
  709
  740
  773
  808
  844
  883
  924
  967
  1,013
  1,061
  1,111
  1,164
  1,220
  1,279
  1,341
  1,406
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
  90
  437
  447
  459
  472
  486
  502
  519
  537
  557
  579
  602
  626
  652
  680
  709
  740
  773
  808
  844
  883
  924
  967
  1,013
  1,061
  1,111
  1,164
  1,220
  1,279
  1,341
  1,406
Operating income, $m
  -24
  191
  195
  200
  206
  212
  219
  227
  235
  243
  253
  263
  273
  285
  297
  310
  323
  338
  353
  369
  386
  404
  422
  442
  463
  485
  509
  533
  559
  586
  614
EBITDA, $m
  -5
  278
  284
  292
  300
  309
  319
  330
  342
  354
  368
  383
  398
  415
  432
  451
  471
  491
  514
  537
  562
  588
  615
  644
  675
  707
  740
  776
  814
  853
  894
Interest expense (income), $m
  12
  39
  40
  42
  44
  46
  48
  51
  54
  57
  60
  63
  67
  71
  75
  80
  85
  90
  95
  101
  107
  113
  120
  127
  134
  142
  150
  159
  168
  178
  188
Earnings before tax, $m
  -30
  152
  155
  158
  162
  166
  171
  176
  181
  187
  193
  199
  206
  214
  221
  230
  239
  248
  258
  268
  279
  291
  303
  316
  329
  343
  358
  374
  391
  408
  426
Tax expense, $m
  8
  41
  42
  43
  44
  45
  46
  47
  49
  50
  52
  54
  56
  58
  60
  62
  64
  67
  70
  72
  75
  78
  82
  85
  89
  93
  97
  101
  105
  110
  115
Net income, $m
  -38
  111
  113
  116
  118
  121
  125
  128
  132
  136
  141
  145
  151
  156
  162
  168
  174
  181
  188
  196
  204
  212
  221
  230
  240
  251
  262
  273
  285
  298
  311

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  36
  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
  467
  3,006
  3,075
  3,155
  3,243
  3,342
  3,449
  3,567
  3,694
  3,831
  3,978
  4,135
  4,303
  4,482
  4,672
  4,873
  5,087
  5,313
  5,552
  5,805
  6,071
  6,353
  6,650
  6,962
  7,292
  7,639
  8,005
  8,389
  8,794
  9,220
  9,668
Adjusted assets (=assets-cash), $m
  431
  3,006
  3,075
  3,155
  3,243
  3,342
  3,449
  3,567
  3,694
  3,831
  3,978
  4,135
  4,303
  4,482
  4,672
  4,873
  5,087
  5,313
  5,552
  5,805
  6,071
  6,353
  6,650
  6,962
  7,292
  7,639
  8,005
  8,389
  8,794
  9,220
  9,668
Revenue / Adjusted assets
  0.153
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
  0.209
Average production assets, $m
  4
  435
  445
  457
  470
  484
  500
  517
  535
  555
  576
  599
  623
  649
  677
  706
  737
  770
  804
  841
  879
  920
  963
  1,008
  1,056
  1,106
  1,159
  1,215
  1,274
  1,335
  1,400
Working capital, $m
  35
  270
  276
  283
  291
  300
  310
  321
  332
  344
  358
  372
  387
  403
  420
  438
  457
  477
  499
  522
  546
  571
  598
  626
  655
  687
  719
  754
  790
  829
  869
Total debt, $m
  160
  898
  935
  976
  1,023
  1,075
  1,132
  1,194
  1,261
  1,333
  1,410
  1,493
  1,582
  1,676
  1,776
  1,882
  1,995
  2,114
  2,240
  2,373
  2,514
  2,662
  2,818
  2,983
  3,157
  3,340
  3,533
  3,735
  3,949
  4,173
  4,409
Total liabilities, $m
  298
  1,584
  1,621
  1,662
  1,709
  1,761
  1,818
  1,880
  1,947
  2,019
  2,096
  2,179
  2,268
  2,362
  2,462
  2,568
  2,681
  2,800
  2,926
  3,059
  3,200
  3,348
  3,504
  3,669
  3,843
  4,026
  4,219
  4,421
  4,635
  4,859
  5,095
Total equity, $m
  169
  1,422
  1,455
  1,492
  1,534
  1,581
  1,632
  1,687
  1,747
  1,812
  1,882
  1,956
  2,035
  2,120
  2,210
  2,305
  2,406
  2,513
  2,626
  2,746
  2,872
  3,005
  3,145
  3,293
  3,449
  3,613
  3,786
  3,968
  4,160
  4,361
  4,573
Total liabilities and equity, $m
  467
  3,006
  3,076
  3,154
  3,243
  3,342
  3,450
  3,567
  3,694
  3,831
  3,978
  4,135
  4,303
  4,482
  4,672
  4,873
  5,087
  5,313
  5,552
  5,805
  6,072
  6,353
  6,649
  6,962
  7,292
  7,639
  8,005
  8,389
  8,795
  9,220
  9,668
Debt-to-equity ratio
  0.947
  0.630
  0.640
  0.650
  0.670
  0.680
  0.690
  0.710
  0.720
  0.740
  0.750
  0.760
  0.780
  0.790
  0.800
  0.820
  0.830
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.920
  0.930
  0.940
  0.950
  0.960
  0.960
Adjusted equity ratio
  0.392
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -38
  111
  113
  116
  118
  121
  125
  128
  132
  136
  141
  145
  151
  156
  162
  168
  174
  181
  188
  196
  204
  212
  221
  230
  240
  251
  262
  273
  285
  298
  311
Depreciation, amort., depletion, $m
  19
  87
  89
  91
  94
  97
  100
  103
  107
  111
  115
  120
  125
  130
  135
  141
  147
  154
  161
  168
  176
  184
  193
  202
  211
  221
  232
  243
  255
  267
  280
Funds from operations, $m
  -20
  198
  202
  207
  212
  218
  225
  232
  239
  247
  256
  265
  275
  286
  297
  309
  321
  335
  349
  364
  380
  396
  414
  432
  451
  472
  493
  516
  540
  565
  591
Change in working capital, $m
  -9
  5
  6
  7
  8
  9
  10
  11
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  23
  24
  25
  27
  28
  30
  31
  33
  35
  36
  38
  40
Cash from operations, $m
  -11
  -191
  196
  200
  204
  209
  215
  221
  228
  235
  243
  251
  260
  270
  280
  291
  302
  314
  327
  341
  356
  371
  387
  404
  422
  441
  461
  482
  504
  527
  551
Maintenance CAPEX, $m
  0
  -85
  -87
  -89
  -91
  -94
  -97
  -100
  -103
  -107
  -111
  -115
  -120
  -125
  -130
  -135
  -141
  -147
  -154
  -161
  -168
  -176
  -184
  -193
  -202
  -211
  -221
  -232
  -243
  -255
  -267
New CAPEX, $m
  -12
  -8
  -10
  -11
  -13
  -14
  -16
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -33
  -35
  -37
  -39
  -41
  -43
  -45
  -48
  -50
  -53
  -56
  -59
  -62
  -65
Cash from investing activities, $m
  -11
  -93
  -97
  -100
  -104
  -108
  -113
  -117
  -121
  -127
  -132
  -138
  -144
  -151
  -158
  -164
  -172
  -180
  -189
  -198
  -207
  -217
  -227
  -238
  -250
  -261
  -274
  -288
  -302
  -317
  -332
Free cash flow, $m
  -22
  -285
  99
  99
  100
  101
  102
  104
  106
  108
  110
  113
  116
  119
  123
  126
  130
  134
  139
  144
  149
  154
  160
  166
  172
  179
  186
  194
  202
  210
  219
Issuance/(repayment) of debt, $m
  -67
  30
  36
  42
  47
  52
  57
  62
  67
  72
  77
  83
  88
  94
  100
  106
  113
  119
  126
  133
  141
  148
  156
  165
  174
  183
  193
  203
  213
  224
  236
Issuance/(repurchase) of shares, $m
  16
  285
  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  
  22
  315
  36
  42
  47
  52
  57
  62
  67
  72
  77
  83
  88
  94
  100
  106
  113
  119
  126
  133
  141
  148
  156
  165
  174
  183
  193
  203
  213
  224
  236
Total cash flow (excl. dividends), $m
  -2
  -255
  135
  141
  147
  153
  159
  166
  173
  180
  188
  196
  204
  213
  223
  232
  243
  254
  265
  277
  289
  302
  316
  331
  346
  362
  379
  397
  415
  435
  455
Retained Cash Flow (-), $m
  32
  -30
  -33
  -37
  -42
  -47
  -51
  -56
  -60
  -65
  -70
  -74
  -79
  -85
  -90
  -95
  -101
  -107
  -113
  -119
  -126
  -133
  -140
  -148
  -156
  -164
  -173
  -182
  -191
  -201
  -212
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
 
  0
  103
  104
  105
  106
  108
  110
  113
  115
  118
  122
  125
  129
  133
  137
  142
  147
  152
  157
  163
  169
  176
  183
  190
  198
  206
  215
  224
  233
  243
Discount rate, %
 
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.51
  9.99
  10.49
  11.01
  11.57
  12.14
  12.75
  13.39
  14.06
  14.76
  15.50
  16.27
  17.09
  17.94
  18.84
  19.78
  20.77
  21.81
  22.90
  24.04
  25.25
  26.51
  27.83
  29.22
PV of cash for distribution, $m
 
  0
  89
  83
  76
  70
  64
  58
  53
  47
  42
  36
  32
  27
  23
  19
  16
  13
  10
  8
  6
  5
  3
  2
  2
  1
  1
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4
  77.4

Concord Medical Services Holdings Limited, through its subsidiaries, operates a network of radiotherapy and diagnostic imaging centers. Its services include linear accelerators external beam radiotherapy, gamma knife radiosurgery, head gamma knife systems, body gamma knife systems, CyberKnife robotic radiosurgery system, proton beam therapy systems, and diagnostic imaging services. The company also offers other treatments and diagnostic services through the use of medical equipment comprising electroencephalography for the diagnosis of epilepsy; thermotherapy for pain relief after radiotherapy and chemotherapy; ultrasound therapy for the treatment of cancer; stereotactic radiofrequency ablation for the treatment of Parkinson’s disease; and refraction and tonometry for the diagnosis of ophthalmic conditions. In addition, it provides clinical support services, such as developing treatment protocols for doctors; and organizing joint diagnosis between doctors in its network and clinical research. Further, the company offers radiotherapy and diagnostic equipment leasing and management services to hospitals, as well as sells medical equipment. Additionally, it also engages in establishing the Beijing Proton Medical Center that would offer radiotherapy treatment options to cancer patients; and other specialty cancer hospitals that would offer radiotherapy services, diagnostic imaging services, chemotherapy, and surgery. As of December 31, 2015, the company operated a network of 127 centers based in 76 hospitals, spanning 53 cities across 25 provinces and administrative regions in China. Concord Medical Services Holdings Limited was incorporated in 2007 and is headquartered in Beijing, the People’s Republic of China.

FINANCIAL RATIOS  of  Concord Medical Services Holdings ADR (CCM)

Valuation Ratios
P/E Ratio -12.1
Price to Sales 7
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow -41.9
Price to Free Cash Flow -20
Growth Rates
Sales Growth Rate -25.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 71.4%
Cap. Spend. - 3 Yr. Gr. Rate 1.8%
Financial Strength
Quick Ratio 0
Current Ratio 0.6
LT Debt to Equity 39.6%
Total Debt to Equity 94.7%
Interest Coverage -2
Management Effectiveness
Return On Assets -4.6%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital -10.1%
Ret/ On T. Cap. - 3 Yr. Avg. -3%
Return On Equity -20.5%
Return On Equity - 3 Yr. Avg. -6.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 36.4%
Gross Margin - 3 Yr. Avg. 44.5%
EBITDA Margin 1.5%
EBITDA Margin - 3 Yr. Avg. 35.2%
Operating Margin -36.4%
Oper. Margin - 3 Yr. Avg. -4.1%
Pre-Tax Margin -45.5%
Pre-Tax Margin - 3 Yr. Avg. -6.1%
Net Profit Margin -57.6%
Net Profit Margin - 3 Yr. Avg. -16.9%
Effective Tax Rate -26.7%
Eff/ Tax Rate - 3 Yr. Avg. -327.6%
Payout Ratio -107.9%

CCM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CCM stock intrinsic value calculation we used $616 million for the last fiscal year's total revenue generated by Concord Medical Services Holdings ADR. The default revenue input number comes from 2016 income statement of Concord Medical Services 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 CCM 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 7.1%, whose default value for CCM is calculated based on our internal credit rating of Concord Medical Services 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 Concord Medical Services 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 CCM stock the variable cost ratio is equal to 69.6%.

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 CCM 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 4.5% for Concord Medical Services Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Concord Medical Services 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 CCM 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 CCM are equal to 69.3%.

Life of production assets of 2.7 years is the average useful life of capital assets used in Concord Medical Services 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 CCM is equal to 43%. 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 - $1392 million for Concord Medical Services 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 43.795 million for Concord Medical Services 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 Concord Medical Services Holdings ADR at the current share price and the inputted number of shares is $0.2 billion.


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COMPANY NEWS

▶ Concord Medical Files 2016 Annual Report on Form 20-F   [May-02-17 05:00AM  PR Newswire]
▶ New Strong Sell Stocks for September 13th   [Sep-13-16 09:06AM  Zacks]
▶ Why Traders Are Clamoring for These 5 Stocks This Morning   [Jul-11-16 11:07AM  at Insider Monkey]
▶ CONCORD MEDICAL SERVICES HOLDINGS LTD Financials   [01:04PM  EDGAR Online Financials]
▶ Concord Medical Files 2015 Annual Report on Form 20-F   [Apr-29-16 06:00AM  PR Newswire]
▶ Concord Medical Declares Special Dividend   [Dec-11  05:00AM  PR Newswire]
▶ Chinese Opportunities For A Changing Child Policy   [May-21  07:55PM  at Investopedia]
▶ Concord Medical Files 2014 Annual Report on Form 20-F   [Apr-28  08:00AM  PR Newswire]
▶ Zacks Rank #1 Additions for Friday   [Nov-28  07:34AM  Zacks]
Stock chart of CCM Financial statements of CCM Annual reports of CCM
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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