Intrinsic value of Daqo New Energy ADR - DQ

Previous Close

$31.75

  Intrinsic Value

$179.70

stock screener

  Rating & Target

str. buy

+466%

  Value-price divergence*

+3080%

Previous close

$31.75

 
Intrinsic value

$179.70

 
Up/down potential

+466%

 
Rating

str. buy

 
Value-price divergence*

+3080%

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

We calculate the intrinsic value of DQ 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 0.3

 

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, %
  25.82
  25.80
  23.72
  21.85
  20.16
  18.65
  17.28
  16.05
  14.95
  13.95
  13.06
  12.25
  11.53
  10.87
  10.29
  9.76
  9.28
  8.85
  8.47
  8.12
  7.81
  7.53
  7.28
  7.05
  6.84
  6.66
  6.49
  6.34
  6.21
  6.09
  5.98
Revenue, $m
  229
  288
  356
  434
  522
  619
  726
  843
  969
  1,104
  1,248
  1,401
  1,562
  1,732
  1,911
  2,097
  2,292
  2,495
  2,706
  2,926
  3,154
  3,392
  3,638
  3,895
  4,161
  4,438
  4,727
  5,026
  5,339
  5,664
  6,002
Variable operating expenses, $m
 
  49
  61
  74
  89
  105
  123
  143
  165
  188
  212
  238
  266
  295
  325
  356
  390
  424
  460
  497
  536
  577
  619
  662
  707
  755
  804
  854
  908
  963
  1,020
Fixed operating expenses, $m
 
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  268
Total operating expenses, $m
  164
  180
  195
  212
  230
  250
  271
  295
  321
  348
  376
  406
  438
  471
  506
  541
  580
  619
  660
  702
  746
  792
  839
  888
  939
  992
  1,047
  1,103
  1,164
  1,225
  1,288
Operating income, $m
  65
  108
  161
  223
  292
  369
  454
  547
  648
  756
  872
  995
  1,125
  1,261
  1,405
  1,555
  1,712
  1,876
  2,046
  2,224
  2,408
  2,600
  2,799
  3,007
  3,222
  3,447
  3,680
  3,923
  4,175
  4,439
  4,713
EBITDA, $m
  99
  151
  214
  287
  369
  461
  562
  672
  792
  920
  1,057
  1,203
  1,357
  1,518
  1,688
  1,866
  2,052
  2,246
  2,448
  2,658
  2,876
  3,103
  3,339
  3,585
  3,840
  4,105
  4,381
  4,669
  4,968
  5,279
  5,604
Interest expense (income), $m
  14
  13
  18
  24
  31
  39
  47
  57
  67
  79
  91
  103
  117
  132
  147
  163
  179
  197
  215
  234
  253
  273
  295
  317
  340
  363
  388
  414
  441
  468
  497
Earnings before tax, $m
  51
  95
  144
  199
  261
  330
  407
  490
  581
  678
  781
  891
  1,008
  1,130
  1,258
  1,393
  1,533
  1,679
  1,832
  1,990
  2,155
  2,327
  2,505
  2,690
  2,883
  3,083
  3,292
  3,509
  3,735
  3,971
  4,216
Tax expense, $m
  7
  26
  39
  54
  70
  89
  110
  132
  157
  183
  211
  241
  272
  305
  340
  376
  414
  453
  495
  537
  582
  628
  676
  726
  778
  832
  889
  947
  1,008
  1,072
  1,138
Net income, $m
  43
  70
  105
  145
  191
  241
  297
  358
  424
  495
  570
  651
  736
  825
  919
  1,017
  1,119
  1,226
  1,337
  1,453
  1,573
  1,698
  1,828
  1,964
  2,104
  2,251
  2,403
  2,561
  2,727
  2,898
  3,078

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  657
  807
  998
  1,216
  1,462
  1,734
  2,034
  2,361
  2,713
  3,092
  3,496
  3,924
  4,377
  4,853
  5,352
  5,874
  6,419
  6,988
  7,579
  8,195
  8,835
  9,500
  10,191
  10,910
  11,656
  12,433
  13,240
  14,080
  14,954
  15,864
  16,813
Adjusted assets (=assets-cash), $m
  641
  807
  998
  1,216
  1,462
  1,734
  2,034
  2,361
  2,713
  3,092
  3,496
  3,924
  4,377
  4,853
  5,352
  5,874
  6,419
  6,988
  7,579
  8,195
  8,835
  9,500
  10,191
  10,910
  11,656
  12,433
  13,240
  14,080
  14,954
  15,864
  16,813
Revenue / Adjusted assets
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
Average production assets, $m
  551
  693
  857
  1,044
  1,255
  1,488
  1,746
  2,026
  2,329
  2,654
  3,000
  3,368
  3,756
  4,165
  4,593
  5,041
  5,509
  5,997
  6,505
  7,033
  7,582
  8,153
  8,747
  9,363
  10,004
  10,670
  11,363
  12,084
  12,834
  13,615
  14,429
Working capital, $m
  -177
  -78
  -97
  -118
  -141
  -168
  -197
  -228
  -263
  -299
  -338
  -380
  -423
  -469
  -518
  -568
  -621
  -676
  -733
  -793
  -855
  -919
  -986
  -1,055
  -1,128
  -1,203
  -1,281
  -1,362
  -1,447
  -1,535
  -1,627
Total debt, $m
  244
  324
  435
  561
  703
  861
  1,035
  1,224
  1,428
  1,647
  1,881
  2,129
  2,391
  2,667
  2,956
  3,258
  3,574
  3,903
  4,245
  4,602
  4,972
  5,358
  5,758
  6,174
  6,606
  7,055
  7,523
  8,009
  8,515
  9,043
  9,592
Total liabilities, $m
  387
  467
  578
  704
  846
  1,004
  1,178
  1,367
  1,571
  1,790
  2,024
  2,272
  2,534
  2,810
  3,099
  3,401
  3,717
  4,046
  4,388
  4,745
  5,115
  5,501
  5,901
  6,317
  6,749
  7,198
  7,666
  8,152
  8,658
  9,186
  9,735
Total equity, $m
  270
  340
  420
  512
  615
  730
  856
  994
  1,142
  1,302
  1,472
  1,652
  1,843
  2,043
  2,253
  2,473
  2,702
  2,942
  3,191
  3,450
  3,720
  4,000
  4,291
  4,593
  4,907
  5,234
  5,574
  5,928
  6,296
  6,679
  7,078
Total liabilities and equity, $m
  657
  807
  998
  1,216
  1,461
  1,734
  2,034
  2,361
  2,713
  3,092
  3,496
  3,924
  4,377
  4,853
  5,352
  5,874
  6,419
  6,988
  7,579
  8,195
  8,835
  9,501
  10,192
  10,910
  11,656
  12,432
  13,240
  14,080
  14,954
  15,865
  16,813
Debt-to-equity ratio
  0.904
  0.950
  1.040
  1.100
  1.140
  1.180
  1.210
  1.230
  1.250
  1.270
  1.280
  1.290
  1.300
  1.310
  1.310
  1.320
  1.320
  1.330
  1.330
  1.330
  1.340
  1.340
  1.340
  1.340
  1.350
  1.350
  1.350
  1.350
  1.350
  1.350
  1.360
Adjusted equity ratio
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  43
  70
  105
  145
  191
  241
  297
  358
  424
  495
  570
  651
  736
  825
  919
  1,017
  1,119
  1,226
  1,337
  1,453
  1,573
  1,698
  1,828
  1,964
  2,104
  2,251
  2,403
  2,561
  2,727
  2,898
  3,078
Depreciation, amort., depletion, $m
  34
  43
  53
  64
  77
  92
  108
  125
  144
  164
  185
  208
  232
  257
  284
  311
  340
  370
  402
  434
  468
  503
  540
  578
  618
  659
  701
  746
  792
  840
  891
Funds from operations, $m
  118
  112
  158
  209
  268
  333
  405
  483
  568
  659
  756
  859
  967
  1,082
  1,202
  1,328
  1,459
  1,596
  1,739
  1,887
  2,041
  2,202
  2,368
  2,542
  2,722
  2,909
  3,104
  3,307
  3,519
  3,739
  3,968
Change in working capital, $m
  19
  -16
  -19
  -21
  -24
  -26
  -29
  -32
  -34
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -55
  -57
  -60
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
Cash from operations, $m
  99
  128
  176
  231
  292
  359
  434
  515
  602
  695
  795
  900
  1,011
  1,128
  1,250
  1,378
  1,512
  1,651
  1,796
  1,946
  2,103
  2,266
  2,435
  2,611
  2,794
  2,984
  3,183
  3,389
  3,603
  3,827
  4,060
Maintenance CAPEX, $m
  0
  -34
  -43
  -53
  -64
  -77
  -92
  -108
  -125
  -144
  -164
  -185
  -208
  -232
  -257
  -284
  -311
  -340
  -370
  -402
  -434
  -468
  -503
  -540
  -578
  -618
  -659
  -701
  -746
  -792
  -840
New CAPEX, $m
  -67
  -142
  -164
  -187
  -211
  -234
  -257
  -280
  -303
  -325
  -347
  -368
  -388
  -408
  -428
  -448
  -468
  -488
  -508
  -528
  -549
  -571
  -593
  -616
  -641
  -666
  -693
  -721
  -750
  -781
  -814
Cash from investing activities, $m
  -66
  -176
  -207
  -240
  -275
  -311
  -349
  -388
  -428
  -469
  -511
  -553
  -596
  -640
  -685
  -732
  -779
  -828
  -878
  -930
  -983
  -1,039
  -1,096
  -1,156
  -1,219
  -1,284
  -1,352
  -1,422
  -1,496
  -1,573
  -1,654
Free cash flow, $m
  33
  -48
  -31
  -9
  17
  48
  85
  127
  174
  227
  284
  347
  415
  488
  565
  647
  733
  823
  918
  1,017
  1,120
  1,227
  1,339
  1,455
  1,575
  1,701
  1,831
  1,966
  2,107
  2,253
  2,406
Issuance/(repayment) of debt, $m
  -9
  96
  111
  126
  142
  158
  174
  189
  204
  219
  234
  248
  262
  276
  289
  302
  316
  329
  343
  356
  371
  385
  400
  416
  432
  449
  467
  486
  506
  527
  549
Issuance/(repurchase) of shares, $m
  1
  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  
  -30
  96
  111
  126
  142
  158
  174
  189
  204
  219
  234
  248
  262
  276
  289
  302
  316
  329
  343
  356
  371
  385
  400
  416
  432
  449
  467
  486
  506
  527
  549
Total cash flow (excl. dividends), $m
  2
  49
  80
  117
  159
  206
  258
  316
  378
  446
  518
  595
  677
  763
  854
  949
  1,048
  1,152
  1,260
  1,373
  1,490
  1,612
  1,739
  1,871
  2,008
  2,150
  2,298
  2,453
  2,613
  2,781
  2,955
Retained Cash Flow (-), $m
  -30
  -70
  -81
  -92
  -103
  -115
  -126
  -137
  -149
  -159
  -170
  -180
  -190
  -200
  -210
  -220
  -230
  -239
  -249
  -259
  -269
  -280
  -291
  -302
  -314
  -327
  -340
  -354
  -368
  -383
  -399
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
 
  -21
  -1
  25
  55
  91
  132
  178
  230
  286
  348
  415
  487
  563
  644
  729
  819
  913
  1,011
  1,114
  1,221
  1,332
  1,448
  1,568
  1,693
  1,823
  1,959
  2,099
  2,245
  2,397
  2,555
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  -20
  -1
  20
  42
  62
  82
  99
  114
  125
  133
  137
  137
  134
  128
  119
  108
  96
  83
  70
  58
  47
  37
  29
  21
  16
  11
  8
  5
  3
  2
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

Daqo New Energy Corp. is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Company's segments include Polysilicon and Wafer. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, whereby the polysilicon is processed into ingots, wafers, cells and modules for solar power solutions. The Company offers ready-to-use polysilicon, packaged to meet crucible stacking, pulling and solidification needs. The Company offers wafers through its downstream photovoltaic product manufacturing business. The Company also provides wafer original equipment manufacturer (OEM) service to external customers through tolling agreements by processing polysilicon to produce ingot and wafer. Its annual capacity for polysilicon is approximately 12,150 metric tons (MT) in Xinjiang. The Company's wafer manufacturing annual capacity is approximately 90 million pieces.

FINANCIAL RATIOS  of  Daqo New Energy ADR (DQ)

Valuation Ratios
P/E Ratio 194.2
Price to Sales 36.5
Price to Book 30.9
Price to Tangible Book
Price to Cash Flow 84.3
Price to Free Cash Flow 260.9
Growth Rates
Sales Growth Rate 25.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.3%
Cap. Spend. - 3 Yr. Gr. Rate 15.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 41.9%
Total Debt to Equity 90.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 16.9%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 34.9%
Gross Margin - 3 Yr. Avg. 26.4%
EBITDA Margin 43.2%
EBITDA Margin - 3 Yr. Avg. 36.5%
Operating Margin 28.4%
Oper. Margin - 3 Yr. Avg. 20.1%
Pre-Tax Margin 22.3%
Pre-Tax Margin - 3 Yr. Avg. 13.1%
Net Profit Margin 18.8%
Net Profit Margin - 3 Yr. Avg. 11.7%
Effective Tax Rate 13.7%
Eff/ Tax Rate - 3 Yr. Avg. 7%
Payout Ratio 0%

DQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DQ stock intrinsic value calculation we used $229 million for the last fiscal year's total revenue generated by Daqo New Energy ADR. The default revenue input number comes from 2016 income statement of Daqo New Energy 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 DQ stock valuation model: a) initial revenue growth rate of 25.8% 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 6.5%, whose default value for DQ is calculated based on our internal credit rating of Daqo New Energy 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 Daqo New Energy 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 DQ stock the variable cost ratio is equal to 17%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $128 million in the base year in the intrinsic value calculation for DQ 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 5.5% for Daqo New Energy ADR.

Corporate tax rate of 27% is the nominal tax rate for Daqo New Energy 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 DQ 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 DQ are equal to 240.4%.

Life of production assets of 16.2 years is the average useful life of capital assets used in Daqo New Energy 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 DQ is equal to -27.1%. 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 - $270 million for Daqo New Energy 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 10.624 million for Daqo New Energy 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 Daqo New Energy ADR at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Daqo posts 2Q profit   [Aug-08-17 11:56PM  Associated Press]
▶ 5 Stocks to Buy on New Analyst Coverage   [May-15-17 09:41AM  Zacks]
▶ Daqo posts 1Q profit   [May-09-17 05:02AM  Associated Press]
▶ Daqo posts 4Q profit   [05:19AM  Associated Press]
▶ Is Daqo New Energy Corp (DQ) A Good Stock To Buy?   [Dec-16-16 12:29AM  at Insider Monkey]
▶ 2 Scorching Hot Cheap Stocks -- Are They Buys?   [Nov-19-16 03:05PM  at Motley Fool]
▶ Daqo posts 2Q profit   [06:27AM  AP]
▶ Top Stock Picks for the Week of April 25th   [Apr-25-16 03:21PM  Zacks]
Financial statements of DQ
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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