Intrinsic value of Cheetah Mobile ADR - CMCM

Previous Close

$11.05

  Intrinsic Value

$6.69

stock screener

  Rating & Target

sell

-39%

Previous close

$11.05

 
Intrinsic value

$6.69

 
Up/down potential

-39%

 
Rating

sell

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 1.6

 

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
  15.20
  14.18
  13.26
  12.44
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
Revenue, $m
  660
  760
  868
  983
  1,106
  1,235
  1,371
  1,514
  1,663
  1,820
  1,982
  2,152
  2,328
  2,512
  2,703
  2,901
  3,107
  3,321
  3,544
  3,775
  4,016
  4,266
  4,527
  4,799
  5,082
  5,378
  5,686
  6,008
  6,344
  6,695
  7,062
Variable operating expenses, $m
 
  741
  844
  954
  1,071
  1,194
  1,325
  1,461
  1,604
  1,754
  1,909
  2,058
  2,227
  2,402
  2,584
  2,774
  2,971
  3,176
  3,388
  3,610
  3,840
  4,080
  4,329
  4,589
  4,860
  5,143
  5,437
  5,745
  6,066
  6,402
  6,753
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
  741
  844
  954
  1,071
  1,194
  1,325
  1,461
  1,604
  1,754
  1,909
  2,058
  2,227
  2,402
  2,584
  2,774
  2,971
  3,176
  3,388
  3,610
  3,840
  4,080
  4,329
  4,589
  4,860
  5,143
  5,437
  5,745
  6,066
  6,402
  6,753
Operating income, $m
  -35
  20
  24
  29
  35
  40
  46
  53
  59
  66
  73
  94
  102
  110
  118
  127
  136
  145
  155
  165
  176
  187
  198
  210
  222
  235
  249
  263
  278
  293
  309
EBITDA, $m
  -11
  42
  48
  54
  61
  68
  76
  83
  92
  100
  109
  119
  128
  138
  149
  160
  171
  183
  195
  208
  221
  235
  249
  264
  280
  296
  313
  331
  349
  369
  389
Interest expense (income), $m
  1
  1
  2
  4
  6
  8
  10
  12
  15
  17
  20
  22
  25
  28
  31
  34
  38
  41
  45
  48
  52
  56
  60
  64
  69
  74
  78
  84
  89
  94
  100
Earnings before tax, $m
  -10
  19
  22
  25
  29
  32
  36
  40
  44
  49
  53
  72
  77
  82
  87
  93
  98
  104
  111
  117
  124
  131
  138
  146
  153
  162
  170
  179
  189
  199
  209
Tax expense, $m
  -2
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  19
  21
  22
  24
  25
  27
  28
  30
  32
  33
  35
  37
  39
  41
  44
  46
  48
  51
  54
  56
Net income, $m
  -12
  14
  16
  18
  21
  24
  26
  29
  32
  36
  39
  52
  56
  60
  64
  68
  72
  76
  81
  85
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  152

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
  629
  718
  813
  914
  1,021
  1,134
  1,252
  1,376
  1,505
  1,640
  1,780
  1,926
  2,078
  2,236
  2,399
  2,570
  2,747
  2,931
  3,122
  3,322
  3,529
  3,745
  3,969
  4,204
  4,448
  4,703
  4,969
  5,247
  5,538
  5,841
Adjusted assets (=assets-cash), $m
  546
  629
  718
  813
  914
  1,021
  1,134
  1,252
  1,376
  1,505
  1,640
  1,780
  1,926
  2,078
  2,236
  2,399
  2,570
  2,747
  2,931
  3,122
  3,322
  3,529
  3,745
  3,969
  4,204
  4,448
  4,703
  4,969
  5,247
  5,538
  5,841
Revenue / Adjusted assets
  1.209
  1.208
  1.209
  1.209
  1.210
  1.210
  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
  1.209
  1.209
Average production assets, $m
  51
  59
  67
  76
  85
  95
  106
  117
  128
  140
  153
  166
  179
  193
  208
  223
  239
  256
  273
  291
  309
  329
  349
  370
  391
  414
  438
  463
  488
  516
  544
Working capital, $m
  160
  -47
  -54
  -61
  -69
  -77
  -85
  -94
  -103
  -113
  -123
  -133
  -144
  -156
  -168
  -180
  -193
  -206
  -220
  -234
  -249
  -265
  -281
  -298
  -315
  -333
  -353
  -372
  -393
  -415
  -438
Total debt, $m
  72
  64
  115
  170
  227
  288
  352
  420
  490
  564
  641
  721
  804
  890
  980
  1,074
  1,171
  1,272
  1,377
  1,486
  1,599
  1,717
  1,840
  1,969
  2,102
  2,241
  2,387
  2,539
  2,697
  2,862
  3,035
Total liabilities, $m
  366
  358
  409
  464
  521
  582
  646
  714
  784
  858
  935
  1,015
  1,098
  1,184
  1,274
  1,368
  1,465
  1,566
  1,671
  1,780
  1,893
  2,011
  2,134
  2,263
  2,396
  2,535
  2,681
  2,833
  2,991
  3,156
  3,329
Total equity, $m
  436
  270
  309
  350
  393
  439
  488
  538
  592
  647
  705
  765
  828
  893
  961
  1,032
  1,105
  1,181
  1,260
  1,343
  1,428
  1,517
  1,610
  1,707
  1,808
  1,913
  2,022
  2,137
  2,256
  2,381
  2,512
Total liabilities and equity, $m
  802
  628
  718
  814
  914
  1,021
  1,134
  1,252
  1,376
  1,505
  1,640
  1,780
  1,926
  2,077
  2,235
  2,400
  2,570
  2,747
  2,931
  3,123
  3,321
  3,528
  3,744
  3,970
  4,204
  4,448
  4,703
  4,970
  5,247
  5,537
  5,841
Debt-to-equity ratio
  0.165
  0.240
  0.370
  0.480
  0.580
  0.660
  0.720
  0.780
  0.830
  0.870
  0.910
  0.940
  0.970
  1.000
  1.020
  1.040
  1.060
  1.080
  1.090
  1.110
  1.120
  1.130
  1.140
  1.150
  1.160
  1.170
  1.180
  1.190
  1.200
  1.200
  1.210
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
  14
  16
  18
  21
  24
  26
  29
  32
  36
  39
  52
  56
  60
  64
  68
  72
  76
  81
  85
  90
  95
  101
  106
  112
  118
  124
  131
  138
  145
  152
Depreciation, amort., depletion, $m
  24
  22
  24
  25
  26
  28
  29
  31
  33
  34
  36
  24
  26
  28
  31
  33
  35
  38
  40
  43
  45
  48
  51
  54
  58
  61
  64
  68
  72
  76
  80
Funds from operations, $m
  45
  36
  40
  43
  47
  51
  56
  60
  65
  70
  75
  77
  82
  88
  94
  100
  107
  114
  121
  128
  136
  144
  152
  161
  170
  179
  189
  199
  210
  221
  232
Change in working capital, $m
  -13
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
Cash from operations, $m
  58
  42
  46
  50
  55
  59
  64
  69
  74
  80
  85
  87
  93
  100
  106
  113
  120
  127
  135
  143
  151
  159
  168
  177
  187
  197
  208
  219
  230
  243
  255
Maintenance CAPEX, $m
  0
  -8
  -9
  -10
  -11
  -13
  -14
  -16
  -17
  -19
  -21
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -38
  -40
  -43
  -45
  -48
  -51
  -54
  -58
  -61
  -64
  -68
  -72
  -76
New CAPEX, $m
  -17
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
Cash from investing activities, $m
  -142
  -16
  -17
  -19
  -20
  -23
  -24
  -27
  -29
  -31
  -34
  -35
  -38
  -40
  -43
  -46
  -49
  -51
  -55
  -58
  -62
  -64
  -68
  -72
  -76
  -81
  -85
  -89
  -94
  -99
  -104
Free cash flow, $m
  -84
  27
  29
  32
  34
  37
  40
  43
  46
  49
  52
  52
  55
  59
  63
  67
  71
  75
  80
  85
  89
  94
  100
  105
  111
  117
  123
  130
  137
  144
  151
Issuance/(repayment) of debt, $m
  47
  47
  51
  54
  58
  61
  64
  67
  71
  74
  77
  80
  83
  87
  90
  93
  97
  101
  105
  109
  114
  118
  123
  128
  134
  139
  145
  152
  158
  166
  173
Issuance/(repurchase) of shares, $m
  5
  22
  22
  22
  23
  22
  22
  21
  21
  20
  19
  8
  7
  6
  4
  3
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  15
  69
  73
  76
  81
  83
  86
  88
  92
  94
  96
  88
  90
  93
  94
  96
  98
  101
  105
  109
  114
  118
  123
  128
  134
  139
  145
  152
  158
  166
  173
Total cash flow (excl. dividends), $m
  -63
  96
  102
  109
  114
  120
  126
  131
  137
  142
  148
  140
  145
  151
  157
  163
  170
  176
  185
  194
  203
  213
  223
  233
  245
  256
  269
  281
  295
  309
  324
Retained Cash Flow (-), $m
  -23
  -35
  -38
  -41
  -43
  -46
  -48
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -114
  -120
  -125
  -130
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
 
  262
  64
  68
  71
  74
  77
  81
  84
  87
  90
  79
  83
  86
  89
  93
  96
  100
  106
  111
  117
  124
  130
  137
  144
  151
  159
  167
  175
  184
  194
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
 
  251
  59
  59
  58
  57
  56
  54
  52
  50
  47
  38
  35
  33
  30
  27
  24
  22
  19
  17
  15
  13
  11
  9
  7
  6
  5
  4
  3
  2
  1
Current shareholders' claim on cash, %
  100
  97.5
  95.4
  93.5
  91.9
  90.5
  89.3
  88.2
  87.3
  86.5
  85.8
  85.5
  85.3
  85.2
  85.1
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0
  85.0

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 -1278.6
Price to Sales 23.2
Price to Book 35.2
Price to Tangible Book
Price to Cash Flow 264.5
Price to Free Cash Flow 374.2
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 -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 15.2% 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 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 144.165 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 $1.6 billion.

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COMPANY NEWS

▶ This firm sees continued strong growth in mobile apps   [Nov-21-17 06:17PM  CNBC Videos]
▶ 7 Tips to Boost a Slow Computer   [09:00AM  GlobeNewswire]
▶ Why Cheetah Mobile, Inc. Stock Jumped 13.9% Today   [Nov-08-17 12:08PM  Motley Fool]
▶ Cheetah Mobile Responds to Recent Allegations   [Oct-27-17 12:17PM  PR Newswire]
▶ 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]
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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