Intrinsic value of Cheetah Mobile ADR - CMCM

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$11.11

  Intrinsic Value

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  Value-price divergence*

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*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 1.6

 

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
  9.60
  9.14
  8.73
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
Revenue, $m
  660
  4,056
  4,427
  4,813
  5,215
  5,634
  6,068
  6,520
  6,990
  7,477
  7,985
  8,512
  9,060
  9,631
  10,225
  10,844
  11,489
  12,161
  12,863
  13,595
  14,359
  15,157
  15,991
  16,863
  17,775
  18,729
  19,727
  20,772
  21,867
  23,013
  24,213
Variable operating expenses, $m
 
  3,880
  4,229
  4,593
  4,971
  5,365
  5,774
  6,199
  6,641
  7,100
  7,578
  8,012
  8,528
  9,066
  9,625
  10,207
  10,815
  11,447
  12,108
  12,797
  13,516
  14,267
  15,053
  15,873
  16,732
  17,630
  18,569
  19,553
  20,583
  21,662
  22,792
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
  3,880
  4,229
  4,593
  4,971
  5,365
  5,774
  6,199
  6,641
  7,100
  7,578
  8,012
  8,528
  9,066
  9,625
  10,207
  10,815
  11,447
  12,108
  12,797
  13,516
  14,267
  15,053
  15,873
  16,732
  17,630
  18,569
  19,553
  20,583
  21,662
  22,792
Operating income, $m
  -35
  176
  198
  221
  244
  269
  294
  321
  348
  377
  407
  500
  532
  565
  600
  637
  674
  714
  755
  798
  843
  890
  939
  990
  1,043
  1,099
  1,158
  1,219
  1,284
  1,351
  1,421
EBITDA, $m
  -11
  291
  317
  345
  374
  404
  435
  467
  501
  536
  572
  610
  650
  691
  733
  777
  824
  872
  922
  975
  1,030
  1,087
  1,147
  1,209
  1,274
  1,343
  1,414
  1,489
  1,568
  1,650
  1,736
Interest expense (income), $m
  0
  0
  7
  14
  21
  28
  36
  44
  52
  61
  70
  79
  89
  99
  109
  120
  132
  144
  156
  169
  182
  196
  211
  226
  242
  259
  277
  295
  314
  334
  355
Earnings before tax, $m
  -10
  176
  191
  207
  223
  241
  258
  277
  296
  316
  337
  420
  443
  466
  491
  516
  543
  570
  599
  629
  661
  693
  728
  764
  801
  840
  881
  924
  969
  1,016
  1,066
Tax expense, $m
  -2
  47
  52
  56
  60
  65
  70
  75
  80
  85
  91
  114
  120
  126
  133
  139
  147
  154
  162
  170
  178
  187
  196
  206
  216
  227
  238
  250
  262
  274
  288
Net income, $m
  -12
  128
  140
  151
  163
  176
  189
  202
  216
  231
  246
  307
  323
  340
  358
  377
  396
  416
  437
  459
  482
  506
  531
  557
  585
  613
  643
  675
  708
  742
  778

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
  3,350
  3,656
  3,975
  4,307
  4,652
  5,011
  5,384
  5,772
  6,175
  6,593
  7,029
  7,482
  7,953
  8,444
  8,955
  9,487
  10,042
  10,622
  11,226
  11,857
  12,516
  13,205
  13,925
  14,678
  15,466
  16,290
  17,153
  18,057
  19,003
  19,994
Adjusted assets (=assets-cash), $m
  546
  3,350
  3,656
  3,975
  4,307
  4,652
  5,011
  5,384
  5,772
  6,175
  6,593
  7,029
  7,482
  7,953
  8,444
  8,955
  9,487
  10,042
  10,622
  11,226
  11,857
  12,516
  13,205
  13,925
  14,678
  15,466
  16,290
  17,153
  18,057
  19,003
  19,994
Revenue / Adjusted assets
  1.209
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
  1.211
Average production assets, $m
  51
  264
  288
  313
  339
  366
  394
  424
  454
  486
  519
  553
  589
  626
  665
  705
  747
  790
  836
  884
  933
  985
  1,039
  1,096
  1,155
  1,217
  1,282
  1,350
  1,421
  1,496
  1,574
Working capital, $m
  160
  -410
  -447
  -486
  -527
  -569
  -613
  -659
  -706
  -755
  -806
  -860
  -915
  -973
  -1,033
  -1,095
  -1,160
  -1,228
  -1,299
  -1,373
  -1,450
  -1,531
  -1,615
  -1,703
  -1,795
  -1,892
  -1,992
  -2,098
  -2,209
  -2,324
  -2,446
Total debt, $m
  72
  198
  393
  596
  807
  1,027
  1,255
  1,492
  1,739
  1,995
  2,261
  2,538
  2,826
  3,126
  3,438
  3,763
  4,102
  4,455
  4,823
  5,208
  5,609
  6,028
  6,466
  6,924
  7,403
  7,904
  8,429
  8,977
  9,552
  10,154
  10,784
Total liabilities, $m
  366
  2,130
  2,325
  2,528
  2,739
  2,959
  3,187
  3,424
  3,671
  3,927
  4,193
  4,470
  4,758
  5,058
  5,370
  5,695
  6,034
  6,387
  6,755
  7,140
  7,541
  7,960
  8,398
  8,856
  9,335
  9,836
  10,361
  10,909
  11,484
  12,086
  12,716
Total equity, $m
  436
  1,219
  1,331
  1,447
  1,568
  1,693
  1,824
  1,960
  2,101
  2,248
  2,400
  2,558
  2,723
  2,895
  3,073
  3,259
  3,453
  3,655
  3,866
  4,086
  4,316
  4,556
  4,807
  5,069
  5,343
  5,630
  5,930
  6,244
  6,573
  6,917
  7,278
Total liabilities and equity, $m
  802
  3,349
  3,656
  3,975
  4,307
  4,652
  5,011
  5,384
  5,772
  6,175
  6,593
  7,028
  7,481
  7,953
  8,443
  8,954
  9,487
  10,042
  10,621
  11,226
  11,857
  12,516
  13,205
  13,925
  14,678
  15,466
  16,291
  17,153
  18,057
  19,003
  19,994
Debt-to-equity ratio
  0.165
  0.160
  0.300
  0.410
  0.510
  0.610
  0.690
  0.760
  0.830
  0.890
  0.940
  0.990
  1.040
  1.080
  1.120
  1.150
  1.190
  1.220
  1.250
  1.270
  1.300
  1.320
  1.350
  1.370
  1.390
  1.400
  1.420
  1.440
  1.450
  1.470
  1.480
Adjusted equity ratio
  0.430
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -12
  128
  140
  151
  163
  176
  189
  202
  216
  231
  246
  307
  323
  340
  358
  377
  396
  416
  437
  459
  482
  506
  531
  557
  585
  613
  643
  675
  708
  742
  778
Depreciation, amort., depletion, $m
  24
  115
  119
  124
  130
  135
  141
  147
  153
  159
  166
  111
  118
  125
  133
  141
  149
  158
  167
  177
  187
  197
  208
  219
  231
  243
  256
  270
  284
  299
  315
Funds from operations, $m
  45
  243
  259
  275
  293
  311
  329
  349
  369
  390
  412
  418
  441
  466
  491
  518
  546
  574
  605
  636
  669
  703
  739
  777
  816
  857
  900
  945
  992
  1,041
  1,093
Change in working capital, $m
  -13
  -36
  -37
  -39
  -41
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -88
  -92
  -96
  -101
  -106
  -111
  -116
  -121
Cash from operations, $m
  58
  272
  296
  314
  333
  353
  373
  394
  416
  439
  463
  471
  497
  523
  551
  580
  611
  642
  675
  710
  746
  784
  823
  865
  908
  953
  1,001
  1,050
  1,102
  1,157
  1,214
Maintenance CAPEX, $m
  0
  -48
  -53
  -58
  -63
  -68
  -73
  -79
  -85
  -91
  -97
  -104
  -111
  -118
  -125
  -133
  -141
  -149
  -158
  -167
  -177
  -187
  -197
  -208
  -219
  -231
  -243
  -256
  -270
  -284
  -299
New CAPEX, $m
  -17
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -74
  -78
Cash from investing activities, $m
  -142
  -72
  -77
  -83
  -89
  -95
  -101
  -108
  -116
  -123
  -130
  -138
  -147
  -155
  -164
  -173
  -183
  -193
  -204
  -215
  -227
  -239
  -251
  -265
  -278
  -293
  -308
  -324
  -341
  -358
  -377
Free cash flow, $m
  -84
  200
  219
  232
  245
  258
  272
  286
  301
  317
  333
  333
  350
  368
  387
  407
  428
  449
  472
  495
  520
  545
  572
  600
  629
  660
  692
  726
  761
  798
  837
Issuance/(repayment) of debt, $m
  47
  187
  195
  203
  211
  220
  228
  237
  247
  256
  266
  277
  288
  300
  312
  325
  339
  353
  368
  384
  401
  419
  438
  458
  479
  501
  524
  549
  575
  602
  630
Issuance/(repurchase) of shares, $m
  5
  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 financing (excl. dividends), $m  
  15
  187
  195
  203
  211
  220
  228
  237
  247
  256
  266
  277
  288
  300
  312
  325
  339
  353
  368
  384
  401
  419
  438
  458
  479
  501
  524
  549
  575
  602
  630
Total cash flow (excl. dividends), $m
  -63
  388
  414
  435
  456
  478
  500
  523
  548
  573
  599
  610
  638
  668
  699
  732
  766
  802
  840
  880
  921
  965
  1,010
  1,058
  1,108
  1,161
  1,217
  1,275
  1,336
  1,400
  1,467
Retained Cash Flow (-), $m
  -23
  -107
  -111
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -152
  -158
  -165
  -172
  -179
  -186
  -194
  -202
  -211
  -220
  -230
  -240
  -251
  -262
  -274
  -287
  -300
  -314
  -329
  -344
  -361
Prev. year cash balance distribution, $m
 
  1,742
  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
 
  2,022
  303
  319
  335
  352
  369
  388
  407
  426
  447
  451
  473
  497
  521
  546
  573
  600
  629
  660
  691
  725
  759
  796
  834
  874
  917
  961
  1,007
  1,056
  1,107
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
 
  1,939
  277
  277
  276
  273
  268
  262
  254
  245
  234
  214
  202
  189
  175
  160
  146
  131
  116
  102
  88
  75
  63
  52
  42
  34
  27
  21
  16
  12
  8
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 -1281.6
Price to Sales 23.3
Price to Book 35.3
Price to Tangible Book
Price to Cash Flow 265.2
Price to Free Cash Flow 375.1
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 $3701 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 9.6% 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 95.8%.

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 6.5%.

Life of production assets of 4.6 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 -10.1%. 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 - $2854 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 $1.6 billion.


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COMPANY NEWS

▶ Tech Stocks from Briefing.com   [Jun-27-17 02:00PM  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.]
▶ [$$] Cheetah Mobile ADRs Fall on Weak Guidance   [10:11AM  at The Wall Street Journal]
Stock chart of CMCM Financial statements of CMCM Annual reports 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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