Intrinsic value of Daqo New Energy ADR - DQ

Previous Close

$24.74

  Intrinsic Value

$439.00

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+26%

Previous close

$24.74

 
Intrinsic value

$439.00

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+26%

*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 0.2

 

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, %
  25.82
  44.80
  40.82
  37.24
  34.01
  31.11
  28.50
  26.15
  24.04
  22.13
  20.42
  18.88
  17.49
  16.24
  15.12
  14.10
  13.19
  12.38
  11.64
  10.97
  10.38
  9.84
  9.35
  8.92
  8.53
  8.17
  7.86
  7.57
  7.31
  7.08
  6.87
Revenue, $m
  229
  332
  467
  641
  859
  1,126
  1,447
  1,825
  2,264
  2,765
  3,330
  3,958
  4,651
  5,406
  6,223
  7,101
  8,038
  9,033
  10,084
  11,190
  12,351
  13,567
  14,836
  16,159
  17,537
  18,971
  20,461
  22,010
  23,620
  25,293
  27,032
Variable operating expenses, $m
 
  56
  79
  109
  146
  191
  246
  310
  385
  470
  566
  673
  791
  919
  1,058
  1,207
  1,366
  1,536
  1,714
  1,902
  2,100
  2,306
  2,522
  2,747
  2,981
  3,225
  3,478
  3,742
  4,015
  4,300
  4,595
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
  187
  213
  247
  287
  336
  394
  462
  541
  630
  730
  841
  963
  1,095
  1,239
  1,392
  1,556
  1,731
  1,914
  2,107
  2,310
  2,521
  2,742
  2,973
  3,213
  3,462
  3,721
  3,991
  4,271
  4,562
  4,863
Operating income, $m
  65
  144
  253
  394
  572
  790
  1,053
  1,363
  1,723
  2,135
  2,600
  3,117
  3,688
  4,310
  4,984
  5,708
  6,481
  7,302
  8,170
  9,083
  10,042
  11,045
  12,093
  13,186
  14,324
  15,508
  16,740
  18,019
  19,349
  20,731
  22,168
EBITDA, $m
  99
  193
  322
  489
  699
  957
  1,267
  1,634
  2,059
  2,546
  3,094
  3,705
  4,378
  5,113
  5,908
  6,762
  7,674
  8,643
  9,666
  10,744
  11,875
  13,059
  14,295
  15,584
  16,927
  18,323
  19,776
  21,286
  22,854
  24,485
  26,180
Interest expense (income), $m
  14
  13
  22
  34
  49
  69
  93
  121
  155
  194
  239
  289
  345
  407
  474
  547
  626
  709
  798
  892
  990
  1,094
  1,202
  1,316
  1,434
  1,556
  1,684
  1,817
  1,955
  2,099
  2,248
Earnings before tax, $m
  51
  131
  231
  360
  522
  721
  960
  1,242
  1,568
  1,941
  2,361
  2,828
  3,343
  3,904
  4,510
  5,161
  5,856
  6,593
  7,372
  8,192
  9,052
  9,951
  10,891
  11,871
  12,891
  13,952
  15,055
  16,202
  17,394
  18,632
  19,920
Tax expense, $m
  7
  35
  62
  97
  141
  195
  259
  335
  423
  524
  637
  764
  903
  1,054
  1,218
  1,394
  1,581
  1,780
  1,990
  2,212
  2,444
  2,687
  2,941
  3,205
  3,480
  3,767
  4,065
  4,375
  4,696
  5,031
  5,378
Net income, $m
  43
  96
  169
  263
  381
  526
  701
  906
  1,145
  1,417
  1,724
  2,065
  2,440
  2,850
  3,292
  3,768
  4,275
  4,813
  5,382
  5,980
  6,608
  7,265
  7,950
  8,666
  9,410
  10,185
  10,990
  11,827
  12,697
  13,602
  14,541

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
  929
  1,308
  1,795
  2,406
  3,154
  4,053
  5,113
  6,342
  7,746
  9,327
  11,088
  13,027
  15,143
  17,432
  19,891
  22,515
  25,301
  28,246
  31,345
  34,598
  38,002
  41,557
  45,263
  49,123
  53,139
  57,314
  61,654
  66,163
  70,850
  75,720
Adjusted assets (=assets-cash), $m
  641
  929
  1,308
  1,795
  2,406
  3,154
  4,053
  5,113
  6,342
  7,746
  9,327
  11,088
  13,027
  15,143
  17,432
  19,891
  22,515
  25,301
  28,246
  31,345
  34,598
  38,002
  41,557
  45,263
  49,123
  53,139
  57,314
  61,654
  66,163
  70,850
  75,720
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
  797
  1,123
  1,541
  2,065
  2,707
  3,478
  4,388
  5,443
  6,647
  8,005
  9,516
  11,180
  12,996
  14,960
  17,071
  19,323
  21,714
  24,241
  26,901
  29,693
  32,614
  35,665
  38,846
  42,159
  45,605
  49,189
  52,913
  56,783
  60,805
  64,985
Working capital, $m
  -177
  -33
  -47
  -64
  -86
  -113
  -145
  -183
  -226
  -277
  -333
  -396
  -465
  -541
  -622
  -710
  -804
  -903
  -1,008
  -1,119
  -1,235
  -1,357
  -1,484
  -1,616
  -1,754
  -1,897
  -2,046
  -2,201
  -2,362
  -2,529
  -2,703
Total debt, $m
  244
  395
  614
  896
  1,250
  1,683
  2,204
  2,817
  3,529
  4,342
  5,257
  6,277
  7,400
  8,625
  9,950
  11,374
  12,893
  14,506
  16,211
  18,006
  19,889
  21,860
  23,918
  26,065
  28,299
  30,624
  33,042
  35,554
  38,166
  40,879
  43,699
Total liabilities, $m
  387
  538
  757
  1,039
  1,393
  1,826
  2,347
  2,960
  3,672
  4,485
  5,400
  6,420
  7,543
  8,768
  10,093
  11,517
  13,036
  14,649
  16,354
  18,149
  20,032
  22,003
  24,061
  26,208
  28,442
  30,767
  33,185
  35,697
  38,309
  41,022
  43,842
Total equity, $m
  270
  391
  551
  756
  1,013
  1,328
  1,706
  2,153
  2,670
  3,261
  3,927
  4,668
  5,484
  6,375
  7,339
  8,374
  9,479
  10,652
  11,891
  13,196
  14,566
  15,999
  17,495
  19,056
  20,681
  22,371
  24,129
  25,956
  27,855
  29,828
  31,878
Total liabilities and equity, $m
  657
  929
  1,308
  1,795
  2,406
  3,154
  4,053
  5,113
  6,342
  7,746
  9,327
  11,088
  13,027
  15,143
  17,432
  19,891
  22,515
  25,301
  28,245
  31,345
  34,598
  38,002
  41,556
  45,264
  49,123
  53,138
  57,314
  61,653
  66,164
  70,850
  75,720
Debt-to-equity ratio
  0.904
  1.010
  1.120
  1.190
  1.230
  1.270
  1.290
  1.310
  1.320
  1.330
  1.340
  1.340
  1.350
  1.350
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
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
  96
  169
  263
  381
  526
  701
  906
  1,145
  1,417
  1,724
  2,065
  2,440
  2,850
  3,292
  3,768
  4,275
  4,813
  5,382
  5,980
  6,608
  7,265
  7,950
  8,666
  9,410
  10,185
  10,990
  11,827
  12,697
  13,602
  14,541
Depreciation, amort., depletion, $m
  34
  49
  69
  95
  127
  167
  215
  271
  336
  410
  494
  587
  690
  802
  923
  1,054
  1,193
  1,340
  1,496
  1,661
  1,833
  2,013
  2,202
  2,398
  2,602
  2,815
  3,036
  3,266
  3,505
  3,753
  4,011
Funds from operations, $m
  118
  145
  238
  358
  509
  693
  915
  1,177
  1,481
  1,827
  2,218
  2,652
  3,130
  3,652
  4,216
  4,821
  5,468
  6,153
  6,878
  7,641
  8,441
  9,278
  10,152
  11,063
  12,013
  13,000
  14,027
  15,094
  16,203
  17,355
  18,553
Change in working capital, $m
  19
  -10
  -14
  -17
  -22
  -27
  -32
  -38
  -44
  -50
  -56
  -63
  -69
  -76
  -82
  -88
  -94
  -99
  -105
  -111
  -116
  -122
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
Cash from operations, $m
  99
  155
  252
  375
  530
  720
  948
  1,215
  1,525
  1,877
  2,274
  2,715
  3,200
  3,727
  4,298
  4,909
  5,561
  6,253
  6,983
  7,751
  8,557
  9,399
  10,279
  11,196
  12,150
  13,143
  14,176
  15,249
  16,364
  17,522
  18,727
Maintenance CAPEX, $m
  0
  -34
  -49
  -69
  -95
  -127
  -167
  -215
  -271
  -336
  -410
  -494
  -587
  -690
  -802
  -923
  -1,054
  -1,193
  -1,340
  -1,496
  -1,661
  -1,833
  -2,013
  -2,202
  -2,398
  -2,602
  -2,815
  -3,036
  -3,266
  -3,505
  -3,753
New CAPEX, $m
  -67
  -247
  -325
  -418
  -524
  -642
  -772
  -910
  -1,055
  -1,205
  -1,357
  -1,511
  -1,664
  -1,816
  -1,965
  -2,110
  -2,252
  -2,391
  -2,527
  -2,660
  -2,791
  -2,921
  -3,051
  -3,181
  -3,313
  -3,446
  -3,583
  -3,724
  -3,870
  -4,022
  -4,180
Cash from investing activities, $m
  -66
  -281
  -374
  -487
  -619
  -769
  -939
  -1,125
  -1,326
  -1,541
  -1,767
  -2,005
  -2,251
  -2,506
  -2,767
  -3,033
  -3,306
  -3,584
  -3,867
  -4,156
  -4,452
  -4,754
  -5,064
  -5,383
  -5,711
  -6,048
  -6,398
  -6,760
  -7,136
  -7,527
  -7,933
Free cash flow, $m
  33
  -125
  -123
  -112
  -89
  -50
  9
  91
  199
  337
  506
  710
  948
  1,221
  1,531
  1,875
  2,255
  2,669
  3,116
  3,595
  4,105
  4,645
  5,215
  5,813
  6,440
  7,095
  7,777
  8,488
  9,227
  9,995
  10,793
Issuance/(repayment) of debt, $m
  -9
  167
  220
  282
  354
  433
  520
  614
  712
  813
  916
  1,019
  1,123
  1,225
  1,325
  1,424
  1,520
  1,613
  1,705
  1,795
  1,883
  1,971
  2,058
  2,146
  2,235
  2,325
  2,417
  2,513
  2,611
  2,713
  2,820
Issuance/(repurchase) of shares, $m
  1
  25
  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
  192
  220
  282
  354
  433
  520
  614
  712
  813
  916
  1,019
  1,123
  1,225
  1,325
  1,424
  1,520
  1,613
  1,705
  1,795
  1,883
  1,971
  2,058
  2,146
  2,235
  2,325
  2,417
  2,513
  2,611
  2,713
  2,820
Total cash flow (excl. dividends), $m
  2
  67
  97
  170
  265
  384
  529
  704
  911
  1,150
  1,422
  1,729
  2,071
  2,446
  2,856
  3,299
  3,775
  4,282
  4,820
  5,389
  5,988
  6,616
  7,273
  7,959
  8,675
  9,420
  10,195
  11,001
  11,838
  12,709
  13,613
Retained Cash Flow (-), $m
  -30
  -121
  -160
  -205
  -257
  -315
  -378
  -446
  -517
  -591
  -666
  -741
  -816
  -891
  -964
  -1,035
  -1,105
  -1,173
  -1,240
  -1,305
  -1,369
  -1,433
  -1,497
  -1,560
  -1,625
  -1,691
  -1,758
  -1,827
  -1,899
  -1,973
  -2,051
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
 
  -54
  -63
  -35
  8
  69
  151
  258
  393
  559
  756
  988
  1,254
  1,556
  1,892
  2,264
  2,670
  3,109
  3,581
  4,084
  4,619
  5,183
  5,776
  6,399
  7,050
  7,729
  8,437
  9,174
  9,940
  10,736
  11,563
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
 
  -51
  -55
  -28
  6
  47
  94
  144
  195
  245
  289
  327
  354
  370
  375
  368
  351
  326
  294
  258
  221
  183
  148
  117
  89
  66
  48
  33
  23
  15
  9
Current shareholders' claim on cash, %
  100
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9
  90.9

Daqo New Energy Corp. manufactures and sells polysilicon and wafers in the People’s Republic of China. It operates through two segments, Polysilicon and Wafers. The company offers polysilicon to photovoltaic product manufactures, who further process it into ingots, wafers, cells, and modules for solar power solutions. It also provides standard and high efficiency multi-crystalline wafers, as well as wafer original equipment manufacturer services to customers through tolling agreements. The company was formerly known as Mega Stand International Limited and changed its name to Daqo New Energy Corp. in August 2009. Daqo New Energy Corp. was founded in 2006 and is headquartered in Wanzhou, the People’s Republic of China.

FINANCIAL RATIOS  of  Daqo New Energy ADR (DQ)

Valuation Ratios
P/E Ratio 151.3
Price to Sales 28.4
Price to Book 24.1
Price to Tangible Book
Price to Cash Flow 65.7
Price to Free Cash Flow 203.3
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 44.8% 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 -10%. 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 10.092 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 $0.2 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]
▶ Daqo posts 4Q profit   [06:23AM  AP]
Stock chart of DQ 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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