Intrinsic value of Cheetah Mobile ADR - CMCM

Previous Close

$12.06

  Intrinsic Value

$5.30

stock screener

  Rating & Target

str. sell

-56%

  Value-price divergence*

-16%

Previous close

$12.06

 
Intrinsic value

$5.30

 
Up/down potential

-56%

 
Rating

str. sell

 
Value-price divergence*

-16%

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

We calculate the intrinsic value of CMCM 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, %
  20.88
  10.80
  10.22
  9.70
  9.23
  8.81
  8.42
  8.08
  7.77
  7.50
  7.25
  7.02
  6.82
  6.64
  6.47
  6.33
  6.19
  6.07
  5.97
  5.87
  5.78
  5.71
  5.63
  5.57
  5.51
  5.46
  5.42
  5.37
  5.34
  5.30
  5.27
Revenue, $m
  660
  731
  806
  884
  966
  1,051
  1,139
  1,231
  1,327
  1,427
  1,530
  1,637
  1,749
  1,865
  1,986
  2,112
  2,243
  2,379
  2,521
  2,669
  2,823
  2,984
  3,152
  3,328
  3,511
  3,703
  3,904
  4,114
  4,333
  4,563
  4,803
Variable operating expenses, $m
 
  713
  784
  859
  937
  1,019
  1,103
  1,191
  1,283
  1,378
  1,477
  1,566
  1,673
  1,784
  1,899
  2,019
  2,144
  2,275
  2,410
  2,552
  2,699
  2,853
  3,014
  3,182
  3,358
  3,541
  3,733
  3,934
  4,143
  4,363
  4,593
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
  695
  713
  784
  859
  937
  1,019
  1,103
  1,191
  1,283
  1,378
  1,477
  1,566
  1,673
  1,784
  1,899
  2,019
  2,144
  2,275
  2,410
  2,552
  2,699
  2,853
  3,014
  3,182
  3,358
  3,541
  3,733
  3,934
  4,143
  4,363
  4,593
Operating income, $m
  -35
  18
  22
  25
  29
  32
  36
  40
  44
  49
  53
  72
  77
  82
  87
  92
  98
  104
  110
  117
  124
  131
  138
  146
  154
  162
  171
  180
  190
  200
  210
EBITDA, $m
  -11
  38
  41
  45
  50
  54
  59
  63
  68
  73
  79
  84
  90
  96
  102
  109
  115
  122
  130
  137
  145
  154
  162
  171
  181
  191
  201
  212
  223
  235
  247
Interest expense (income), $m
  0
  1
  2
  3
  4
  6
  7
  9
  10
  12
  13
  15
  17
  19
  20
  22
  25
  27
  29
  31
  34
  36
  39
  42
  45
  48
  51
  54
  58
  61
  65
Earnings before tax, $m
  -10
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  57
  60
  63
  66
  70
  74
  77
  81
  85
  90
  94
  99
  104
  109
  114
  120
  126
  132
  138
  145
Tax expense, $m
  -2
  5
  5
  6
  7
  7
  8
  9
  9
  10
  11
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  29
  31
  32
  34
  36
  37
  39
Net income, $m
  -12
  13
  14
  16
  18
  19
  21
  23
  25
  27
  29
  41
  44
  46
  48
  51
  54
  56
  59
  62
  66
  69
  72
  76
  80
  84
  88
  92
  96
  101
  106

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  256
  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
  802
  605
  667
  731
  799
  869
  942
  1,019
  1,098
  1,180
  1,266
  1,354
  1,447
  1,543
  1,643
  1,747
  1,855
  1,968
  2,085
  2,207
  2,335
  2,468
  2,607
  2,753
  2,904
  3,063
  3,229
  3,402
  3,584
  3,774
  3,973
Adjusted assets (=assets-cash), $m
  546
  605
  667
  731
  799
  869
  942
  1,019
  1,098
  1,180
  1,266
  1,354
  1,447
  1,543
  1,643
  1,747
  1,855
  1,968
  2,085
  2,207
  2,335
  2,468
  2,607
  2,753
  2,904
  3,063
  3,229
  3,402
  3,584
  3,774
  3,973
Revenue / Adjusted assets
  1.209
  1.208
  1.208
  1.209
  1.209
  1.209
  1.209
  1.208
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
  1.209
Average production assets, $m
  51
  56
  62
  68
  74
  81
  88
  95
  102
  110
  118
  126
  135
  144
  153
  163
  173
  183
  194
  205
  217
  230
  243
  256
  270
  285
  301
  317
  334
  351
  370
Working capital, $m
  160
  -45
  -50
  -55
  -60
  -65
  -71
  -76
  -82
  -88
  -95
  -102
  -108
  -116
  -123
  -131
  -139
  -147
  -156
  -165
  -175
  -185
  -195
  -206
  -218
  -230
  -242
  -255
  -269
  -283
  -298
Total debt, $m
  72
  51
  86
  123
  161
  201
  243
  287
  332
  379
  427
  478
  531
  585
  642
  702
  763
  827
  894
  964
  1,037
  1,113
  1,192
  1,275
  1,361
  1,452
  1,546
  1,645
  1,749
  1,857
  1,971
Total liabilities, $m
  366
  345
  380
  417
  455
  495
  537
  581
  626
  673
  721
  772
  825
  879
  936
  996
  1,057
  1,121
  1,188
  1,258
  1,331
  1,407
  1,486
  1,569
  1,655
  1,746
  1,840
  1,939
  2,043
  2,151
  2,265
Total equity, $m
  436
  260
  287
  314
  343
  374
  405
  438
  472
  507
  544
  582
  622
  663
  706
  751
  798
  846
  897
  949
  1,004
  1,061
  1,121
  1,184
  1,249
  1,317
  1,388
  1,463
  1,541
  1,623
  1,708
Total liabilities and equity, $m
  802
  605
  667
  731
  798
  869
  942
  1,019
  1,098
  1,180
  1,265
  1,354
  1,447
  1,542
  1,642
  1,747
  1,855
  1,967
  2,085
  2,207
  2,335
  2,468
  2,607
  2,753
  2,904
  3,063
  3,228
  3,402
  3,584
  3,774
  3,973
Debt-to-equity ratio
  0.165
  0.200
  0.300
  0.390
  0.470
  0.540
  0.600
  0.650
  0.700
  0.750
  0.790
  0.820
  0.850
  0.880
  0.910
  0.930
  0.960
  0.980
  1.000
  1.020
  1.030
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.120
  1.130
  1.140
  1.150
Adjusted equity ratio
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  13
  14
  16
  18
  19
  21
  23
  25
  27
  29
  41
  44
  46
  48
  51
  54
  56
  59
  62
  66
  69
  72
  76
  80
  84
  88
  92
  96
  101
  106
Depreciation, amort., depletion, $m
  24
  19
  20
  21
  21
  22
  22
  23
  24
  25
  25
  13
  13
  14
  15
  16
  17
  18
  19
  21
  22
  23
  24
  26
  27
  29
  30
  32
  33
  35
  37
Funds from operations, $m
  45
  32
  34
  37
  39
  41
  44
  46
  49
  52
  55
  54
  57
  60
  64
  67
  71
  75
  79
  83
  87
  92
  97
  101
  107
  112
  118
  124
  130
  136
  143
Change in working capital, $m
  -13
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
Cash from operations, $m
  58
  37
  39
  41
  44
  47
  49
  52
  55
  58
  61
  61
  64
  68
  71
  75
  79
  83
  88
  92
  97
  102
  107
  112
  118
  124
  130
  137
  143
  150
  158
Maintenance CAPEX, $m
  0
  -5
  -6
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -33
  -35
New CAPEX, $m
  -17
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -19
Cash from investing activities, $m
  -142
  -10
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -18
  -19
  -20
  -22
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
  -51
  -54
Free cash flow, $m
  -84
  26
  28
  29
  31
  33
  34
  36
  38
  40
  42
  41
  43
  45
  48
  50
  53
  55
  58
  61
  64
  68
  71
  75
  78
  82
  86
  90
  95
  99
  104
Issuance/(repayment) of debt, $m
  47
  34
  35
  37
  38
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  90
  95
  99
  104
  108
  113
Issuance/(repurchase) of shares, $m
  5
  12
  12
  12
  11
  11
  10
  10
  9
  8
  8
  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  
  15
  46
  47
  49
  49
  51
  52
  53
  54
  55
  57
  51
  53
  55
  57
  59
  62
  64
  67
  70
  73
  76
  79
  83
  87
  90
  95
  99
  104
  108
  113
Total cash flow (excl. dividends), $m
  -63
  72
  75
  78
  81
  83
  86
  89
  92
  95
  98
  91
  95
  100
  105
  109
  114
  120
  125
  131
  137
  144
  150
  157
  165
  173
  181
  189
  198
  208
  218
Retained Cash Flow (-), $m
  -23
  -25
  -27
  -28
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -47
  -48
  -50
  -53
  -55
  -57
  -60
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
Prev. year cash balance distribution, $m
 
  201
  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
 
  248
  48
  50
  52
  53
  55
  56
  58
  60
  62
  53
  56
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  95
  99
  104
  109
  115
  120
  126
  132
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
 
  238
  44
  43
  42
  41
  40
  38
  36
  34
  32
  25
  24
  22
  21
  19
  17
  16
  14
  12
  10
  9
  8
  6
  5
  4
  3
  2
  2
  1
  1
Current shareholders' claim on cash, %
  100
  98.7
  97.6
  96.6
  95.8
  95.1
  94.4
  93.9
  93.4
  93.0
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6
  92.6

Cheetah Mobile Inc. operates a platform that offer mobile and personal computer (PC) applications for users and global content distribution channels in China. The company’s suite of applications optimizes mobile and PC Internet system performance and provides real time protection against known and unknown security threats. Its mobile and PC applications for users include Clean Master, a junk file cleaning, memory boosting, and privacy protection tool for mobile devices; CM Security, an anti-virus and security application for mobile devices; Battery Doctor, a power optimization tool for mobile devices; Cheetah Browser, a safe Web browser for PCs and mobile devices; CM Browser, a mobile browser; CM Launcher, a secure launcher that offers acceleration, secure protection, and stylish wallpapers, as well as automatically organizes mobile phones based on personal behavior; Photo Grid, a photo collage application that allows users to create professional looking collages of photos through an intuitive interface for mobile devices; CM Locker, a lightweight lock screen; and Duba Anti-virus, an Internet security application for PC and mobile devices. The company also offers various products, which include mobile advertising platform that helps customers reach their target audience through its mobile applications; Duba.com personal start page that aggregates online resources and provides users access to their online destinations; Web and mobile games in various genres, such as MMORPGs, first person shooters, action, adventure, sports, puzzle, and children’s games; and cloud-based data analytics engines. It serves direct advertisers including mobile application developers, mobile game developers, and e-commerce companies, as well as search engines. The company was formerly known as Kingsoft Internet Software Holdings Limited and changed its name to Cheetah Mobile Inc. in March, 2014. Cheetah Mobile Inc. was incorporated in 2009 and is headquartered in Beijing, China.

FINANCIAL RATIOS  of  Cheetah Mobile ADR (CMCM)

Valuation Ratios
P/E Ratio -1391.2
Price to Sales 25.3
Price to Book 38.3
Price to Tangible Book
Price to Cash Flow 287.8
Price to Free Cash Flow 407.2
Growth Rates
Sales Growth Rate 20.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 21.4%
Cap. Spend. - 3 Yr. Gr. Rate 33.6%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 3.9%
Total Debt to Equity 16.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.6%
Ret/ On Assets - 3 Yr. Avg. 2.2%
Return On Total Capital -2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity -2.8%
Return On Equity - 3 Yr. Avg. 3.1%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 66.2%
Gross Margin - 3 Yr. Avg. 72.4%
EBITDA Margin 2.1%
EBITDA Margin - 3 Yr. Avg. 7.2%
Operating Margin -5.3%
Oper. Margin - 3 Yr. Avg. 0.5%
Pre-Tax Margin -1.5%
Pre-Tax Margin - 3 Yr. Avg. 3.3%
Net Profit Margin -1.8%
Net Profit Margin - 3 Yr. Avg. 2.2%
Effective Tax Rate 20%
Eff/ Tax Rate - 3 Yr. Avg. 25%
Payout Ratio 0%

CMCM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CMCM stock intrinsic value calculation we used $660 million for the last fiscal year's total revenue generated by Cheetah Mobile ADR. The default revenue input number comes from 2016 income statement of Cheetah Mobile 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 CMCM stock valuation model: a) initial revenue growth rate of 10.8% 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 CMCM is calculated based on our internal credit rating of Cheetah Mobile 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 Cheetah Mobile 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 CMCM stock the variable cost ratio is equal to 97.7%.

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 CMCM 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 Cheetah Mobile ADR.

Corporate tax rate of 27% is the nominal tax rate for Cheetah Mobile 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 CMCM 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 CMCM are equal to 7.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Cheetah Mobile 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 CMCM is equal to -6.2%. 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 - $436 million for Cheetah Mobile 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 146.535 million for Cheetah Mobile 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 Cheetah Mobile ADR at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Tech Stocks from Briefing.com   [Aug-01-17 10:03AM  Briefing.com]
▶ Cheetah Mobile Invests in Robotics Business   [May-26-17 08:30AM  PR Newswire]
▶ Cheetah Mobile launches Live.me in India   [May-24-17 02:30AM  PR Newswire]
▶ Company News for May 23, 2017   [May-23-17 10:19AM  Zacks]
▶ Story Stocks from Briefing.com   [09:12AM  Briefing.com]
▶ ETFs with exposure to Cheetah Mobile, Inc. : May 19, 2017   [May-19-17 01:45PM  Capital Cube]
▶ Tech Stocks from Briefing.com   [May-12-17 12:00PM  Briefing.com]
▶ ETFs with exposure to Cheetah Mobile, Inc. : May 8, 2017   [May-08-17 04:18PM  Capital Cube]
▶ Cheetah Mobile's Live.me Business Raises US$60 Million   [May-01-17 06:00AM  PR Newswire]
▶ Cheetah Mobile Inc. Files Its Annual Report on Form 20-F   [Apr-26-17 06:00PM  PR Newswire]
▶ Cheetah Mobile Appoints New Chief Financial Officer   [Apr-10-17 07:30AM  PR Newswire]
▶ Kingsoft Announces 2016 Annual Results   [06:45AM  ACN Newswire]
▶ 5 Earnings Short-Squeeze Trade Ideas   [Mar-20-17 12:48PM  TheStreet.com]
▶ Tech Stocks from Briefing.com   [Mar-02-17 02:00PM  Briefing.com]
▶ What Smart Money Thinks about Talen Energy Corp (TLN)?   [Dec-08-16 04:48PM  at Insider Monkey]
▶ Is Forward Air Corporation (FWRD) a Good Stock to Invest in?   [Dec-05-16 03:37PM  at Insider Monkey]
▶ Kingsoft Soars On Q3 Beat: Strong Mobile Games   [Nov-20-16 09:17PM  at Barrons.com]
▶ [$$] Chinese Internet Firms Hit Obstacles Abroad   [Sep-22-16 12:38AM  at The Wall Street Journal]
▶ Cheetah Mobile Announces Changes in Board of Directors   [Sep-13-16 08:38AM  PR Newswire]
▶ Kingsoft Announces 2016 Interim Results   [06:05AM  ACN Newswire]
▶ Chinese firm snaps up Bay Area mobile startup for $148 million   [Jun-08-16 01:45PM  at bizjournals.com]
▶ [$$] Facebook Tweaks Algorithm, Tripping Cheetah Mobile   [May-22-16 04:20AM  at The Wall Street Journal]
▶ [$$] Charting the Market   [May-21-16 12:01AM  at Barrons.com]
▶ [$$] Facebook Tweaks Algorithm, Tripping Cheetah Mobile   [May-20-16 09:35PM  at The Wall Street Journal]
▶ The 52-Week Low Club for Friday   [04:04PM  at 24/7 Wall St.]
Stock chart of CMCM Financial statements of CMCM
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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