Intrinsic value of Cheetah Mobile ADR - CMCM

Previous Close

$8.46

  Intrinsic Value

$4.49

stock screener

  Rating & Target

sell

-47%

  Value-price divergence*

-77%

Previous close

$8.46

 
Intrinsic value

$4.49

 
Up/down potential

-47%

 
Rating

sell

 
Value-price divergence*

-77%

*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 1.2

 

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, %
  20.88
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.96
  5.86
  5.77
  5.70
  5.63
  5.56
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
Revenue, $m
  660
  705
  752
  800
  851
  903
  958
  1,015
  1,074
  1,137
  1,201
  1,269
  1,339
  1,413
  1,490
  1,571
  1,655
  1,744
  1,836
  1,933
  2,034
  2,140
  2,252
  2,368
  2,490
  2,618
  2,753
  2,894
  3,041
  3,196
  3,359
Variable operating expenses, $m
 
  688
  732
  779
  827
  877
  930
  984
  1,041
  1,100
  1,162
  1,213
  1,281
  1,351
  1,425
  1,502
  1,583
  1,667
  1,756
  1,848
  1,945
  2,047
  2,153
  2,265
  2,381
  2,504
  2,632
  2,767
  2,908
  3,056
  3,212
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
  688
  732
  779
  827
  877
  930
  984
  1,041
  1,100
  1,162
  1,213
  1,281
  1,351
  1,425
  1,502
  1,583
  1,667
  1,756
  1,848
  1,945
  2,047
  2,153
  2,265
  2,381
  2,504
  2,632
  2,767
  2,908
  3,056
  3,212
Operating income, $m
  -35
  17
  19
  21
  24
  26
  28
  31
  33
  36
  39
  56
  59
  62
  65
  69
  72
  76
  80
  85
  89
  94
  99
  104
  109
  115
  120
  127
  133
  140
  147
EBITDA, $m
  -11
  39
  41
  44
  47
  50
  53
  56
  59
  63
  66
  70
  74
  78
  82
  87
  91
  96
  101
  106
  112
  118
  124
  130
  137
  144
  152
  159
  168
  176
  185
Interest expense (income), $m
  1
  1
  1
  2
  3
  4
  5
  6
  6
  7
  8
  10
  11
  12
  13
  14
  16
  17
  18
  20
  22
  23
  25
  27
  29
  31
  33
  35
  37
  40
  42
Earnings before tax, $m
  -10
  17
  18
  19
  21
  22
  24
  25
  27
  29
  30
  46
  48
  50
  52
  54
  57
  59
  62
  65
  67
  70
  73
  77
  80
  84
  88
  91
  96
  100
  105
Tax expense, $m
  -2
  4
  5
  5
  6
  6
  6
  7
  7
  8
  8
  12
  13
  14
  14
  15
  15
  16
  17
  17
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
Net income, $m
  -12
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  73
  76

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
  583
  622
  662
  704
  747
  792
  840
  889
  940
  994
  1,050
  1,108
  1,169
  1,233
  1,299
  1,369
  1,442
  1,519
  1,599
  1,683
  1,770
  1,862
  1,959
  2,060
  2,166
  2,277
  2,393
  2,516
  2,644
  2,778
Adjusted assets (=assets-cash), $m
  546
  583
  622
  662
  704
  747
  792
  840
  889
  940
  994
  1,050
  1,108
  1,169
  1,233
  1,299
  1,369
  1,442
  1,519
  1,599
  1,683
  1,770
  1,862
  1,959
  2,060
  2,166
  2,277
  2,393
  2,516
  2,644
  2,778
Revenue / Adjusted assets
  1.209
  1.209
  1.209
  1.208
  1.209
  1.209
  1.210
  1.208
  1.208
  1.210
  1.208
  1.209
  1.208
  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
Average production assets, $m
  51
  54
  58
  62
  65
  70
  74
  78
  83
  88
  92
  98
  103
  109
  115
  121
  127
  134
  141
  149
  157
  165
  173
  182
  192
  202
  212
  223
  234
  246
  259
Working capital, $m
  160
  -44
  -47
  -50
  -53
  -56
  -59
  -63
  -67
  -70
  -74
  -79
  -83
  -88
  -92
  -97
  -103
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -154
  -162
  -171
  -179
  -189
  -198
  -208
Total debt, $m
  72
  38
  60
  83
  107
  132
  158
  185
  213
  242
  272
  304
  338
  372
  409
  447
  486
  528
  572
  617
  665
  715
  768
  823
  880
  941
  1,004
  1,070
  1,140
  1,213
  1,290
Total liabilities, $m
  366
  332
  354
  377
  401
  426
  452
  479
  507
  536
  566
  598
  632
  666
  703
  741
  780
  822
  866
  911
  959
  1,009
  1,062
  1,117
  1,174
  1,235
  1,298
  1,364
  1,434
  1,507
  1,584
Total equity, $m
  436
  251
  267
  285
  303
  321
  341
  361
  382
  404
  427
  451
  476
  503
  530
  559
  589
  620
  653
  687
  724
  761
  801
  842
  886
  931
  979
  1,029
  1,082
  1,137
  1,195
Total liabilities and equity, $m
  802
  583
  621
  662
  704
  747
  793
  840
  889
  940
  993
  1,049
  1,108
  1,169
  1,233
  1,300
  1,369
  1,442
  1,519
  1,598
  1,683
  1,770
  1,863
  1,959
  2,060
  2,166
  2,277
  2,393
  2,516
  2,644
  2,779
Debt-to-equity ratio
  0.165
  0.150
  0.230
  0.290
  0.350
  0.410
  0.460
  0.510
  0.560
  0.600
  0.640
  0.670
  0.710
  0.740
  0.770
  0.800
  0.830
  0.850
  0.880
  0.900
  0.920
  0.940
  0.960
  0.980
  0.990
  1.010
  1.030
  1.040
  1.050
  1.070
  1.080
Adjusted equity ratio
  0.421
  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
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  34
  35
  37
  38
  40
  41
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  73
  76
Depreciation, amort., depletion, $m
  24
  22
  22
  23
  23
  24
  25
  25
  26
  27
  27
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
  38
Funds from operations, $m
  45
  34
  35
  37
  38
  40
  42
  44
  45
  47
  49
  48
  50
  53
  55
  58
  60
  63
  66
  69
  72
  76
  79
  83
  87
  91
  95
  100
  104
  109
  114
Change in working capital, $m
  -13
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
Cash from operations, $m
  58
  37
  38
  40
  42
  43
  45
  47
  49
  51
  54
  52
  55
  57
  60
  63
  65
  68
  72
  75
  79
  82
  86
  90
  94
  99
  103
  108
  113
  119
  124
Maintenance CAPEX, $m
  0
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -27
  -28
  -30
  -31
  -33
  -34
  -36
New CAPEX, $m
  -17
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
Cash from investing activities, $m
  -142
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -49
Free cash flow, $m
  -84
  26
  27
  28
  29
  30
  31
  32
  33
  34
  36
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
Issuance/(repayment) of debt, $m
  47
  21
  22
  23
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  58
  60
  63
  66
  70
  73
  77
Issuance/(repurchase) of shares, $m
  5
  4
  4
  3
  3
  3
  2
  2
  2
  1
  1
  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
  25
  26
  26
  27
  28
  28
  29
  30
  30
  32
  32
  33
  35
  36
  38
  40
  42
  44
  46
  48
  50
  52
  55
  58
  60
  63
  66
  70
  73
  77
Total cash flow (excl. dividends), $m
  -63
  51
  52
  54
  55
  57
  59
  61
  63
  65
  67
  65
  68
  71
  74
  77
  81
  85
  88
  92
  97
  101
  106
  111
  116
  121
  127
  133
  139
  145
  152
Retained Cash Flow (-), $m
  -23
  -16
  -17
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -41
  -43
  -46
  -48
  -50
  -53
  -55
  -58
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
 
  236
  36
  36
  37
  38
  39
  40
  42
  43
  44
  41
  43
  45
  47
  49
  51
  53
  56
  58
  61
  63
  66
  69
  72
  76
  79
  83
  86
  90
  95
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
 
  226
  33
  32
  31
  30
  29
  27
  26
  25
  23
  20
  18
  17
  16
  14
  13
  12
  10
  9
  8
  7
  5
  5
  4
  3
  2
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  99.4
  98.9
  98.5
  98.1
  97.8
  97.6
  97.4
  97.2
  97.1
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0

Cheetah Mobile Inc. is a holding company. The Company and its consolidated subsidiaries, variable interest entities (VIEs) and a VIE's subsidiary are engaged in the provision of online marketing services, Internet value-added services, and Internet security services and others. The Company operates a platform that offers mobile and personal computer (PC) applications for its users and global content promotional channels for its customers, both of which are powered by its cloud-based data analytics engines. For its users, its diversified suite of applications optimizes mobile and PC Internet system performance, and provides real time protection against known and unknown security threats. Its data analytics engines perform real time analysis of mobile applications, program files and Websites on their devices for behavior that may impair system performance or impose security risks.

FINANCIAL RATIOS  of  Cheetah Mobile ADR (CMCM)

Valuation Ratios
P/E Ratio -978.9
Price to Sales 17.8
Price to Book 26.9
Price to Tangible Book
Price to Cash Flow 202.5
Price to Free Cash Flow 286.5
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 -9
Management Effectiveness
Return On Assets -1.5%
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 2.3%
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 6.8% 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 6.8 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 141.717 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 $1.2 billion.

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COMPANY NEWS

▶ 3 Tech Stocks Under $10 to Buy Now   [Sep-05-17 03:35PM  Zacks]
▶ 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]
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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