Intrinsic value of New Oriental Education&Technology Group - EDU

Previous Close

$82.03

  Intrinsic Value

$61.47

stock screener

  Rating & Target

sell

-25%

  Value-price divergence*

-10%

Previous close

$82.03

 
Intrinsic value

$61.47

 
Up/down potential

-25%

 
Rating

sell

 
Value-price divergence*

-10%

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

We calculate the intrinsic value of EDU 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 12.8

 

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, %
  18.52
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
  5.64
Revenue, $m
  1,478
  1,751
  2,052
  2,379
  2,732
  3,110
  3,514
  3,942
  4,393
  4,868
  5,366
  5,887
  6,431
  6,998
  7,588
  8,201
  8,839
  9,502
  10,191
  10,908
  11,652
  12,426
  13,230
  14,068
  14,940
  15,847
  16,793
  17,780
  18,808
  19,881
  21,002
Variable operating expenses, $m
 
  1,417
  1,659
  1,924
  2,209
  2,515
  2,841
  3,187
  3,552
  3,936
  4,338
  4,758
  5,198
  5,656
  6,133
  6,629
  7,144
  7,680
  8,237
  8,816
  9,418
  10,043
  10,694
  11,370
  12,075
  12,809
  13,573
  14,370
  15,202
  16,069
  16,975
Fixed operating expenses, $m
 
  88
  90
  93
  95
  97
  100
  102
  105
  107
  110
  113
  116
  119
  122
  125
  128
  131
  134
  137
  141
  144
  148
  152
  156
  159
  163
  168
  172
  176
  180
Total operating expenses, $m
  1,280
  1,505
  1,749
  2,017
  2,304
  2,612
  2,941
  3,289
  3,657
  4,043
  4,448
  4,871
  5,314
  5,775
  6,255
  6,754
  7,272
  7,811
  8,371
  8,953
  9,559
  10,187
  10,842
  11,522
  12,231
  12,968
  13,736
  14,538
  15,374
  16,245
  17,155
Operating income, $m
  199
  247
  302
  362
  428
  498
  573
  652
  736
  825
  918
  1,016
  1,117
  1,223
  1,333
  1,448
  1,567
  1,691
  1,820
  1,954
  2,093
  2,238
  2,389
  2,546
  2,709
  2,879
  3,057
  3,242
  3,435
  3,636
  3,847
EBITDA, $m
  247
  275
  335
  401
  472
  548
  630
  716
  807
  903
  1,004
  1,109
  1,219
  1,334
  1,453
  1,578
  1,707
  1,841
  1,981
  2,126
  2,277
  2,434
  2,598
  2,768
  2,945
  3,130
  3,322
  3,523
  3,732
  3,950
  4,178
Interest expense (income), $m
  0
  0
  2
  8
  15
  22
  30
  38
  47
  56
  65
  75
  86
  97
  108
  120
  133
  146
  159
  173
  188
  203
  218
  235
  252
  269
  288
  307
  327
  348
  369
Earnings before tax, $m
  267
  247
  300
  354
  413
  476
  543
  615
  690
  769
  852
  941
  1,031
  1,126
  1,225
  1,328
  1,434
  1,545
  1,661
  1,781
  1,906
  2,035
  2,171
  2,311
  2,457
  2,610
  2,769
  2,935
  3,108
  3,289
  3,477
Tax expense, $m
  37
  67
  81
  96
  111
  129
  147
  166
  186
  208
  230
  254
  279
  304
  331
  358
  387
  417
  448
  481
  515
  550
  586
  624
  664
  705
  748
  792
  839
  888
  939
Net income, $m
  225
  180
  219
  259
  301
  347
  397
  449
  504
  562
  622
  687
  753
  822
  894
  969
  1,047
  1,128
  1,212
  1,300
  1,391
  1,486
  1,584
  1,687
  1,794
  1,905
  2,021
  2,142
  2,269
  2,401
  2,538

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,615
  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
  2,355
  1,126
  1,319
  1,529
  1,756
  1,999
  2,258
  2,533
  2,823
  3,129
  3,449
  3,783
  4,133
  4,497
  4,876
  5,271
  5,681
  6,107
  6,550
  7,010
  7,488
  7,986
  8,503
  9,041
  9,601
  10,185
  10,793
  11,426
  12,087
  12,777
  13,497
Adjusted assets (=assets-cash), $m
  740
  1,126
  1,319
  1,529
  1,756
  1,999
  2,258
  2,533
  2,823
  3,129
  3,449
  3,783
  4,133
  4,497
  4,876
  5,271
  5,681
  6,107
  6,550
  7,010
  7,488
  7,986
  8,503
  9,041
  9,601
  10,185
  10,793
  11,426
  12,087
  12,777
  13,497
Revenue / Adjusted assets
  1.997
  1.555
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
  1.556
Average production assets, $m
  234
  277
  324
  376
  432
  491
  555
  623
  694
  769
  848
  930
  1,016
  1,106
  1,199
  1,296
  1,397
  1,501
  1,610
  1,723
  1,841
  1,963
  2,090
  2,223
  2,360
  2,504
  2,653
  2,809
  2,972
  3,141
  3,318
Working capital, $m
  951
  -175
  -205
  -238
  -273
  -311
  -351
  -394
  -439
  -487
  -537
  -589
  -643
  -700
  -759
  -820
  -884
  -950
  -1,019
  -1,091
  -1,165
  -1,243
  -1,323
  -1,407
  -1,494
  -1,585
  -1,679
  -1,778
  -1,881
  -1,988
  -2,100
Total debt, $m
  0
  63
  237
  426
  630
  849
  1,082
  1,330
  1,591
  1,866
  2,154
  2,455
  2,770
  3,097
  3,439
  3,794
  4,163
  4,546
  4,945
  5,359
  5,789
  6,237
  6,703
  7,187
  7,691
  8,216
  8,763
  9,334
  9,929
  10,550
  11,198
Total liabilities, $m
  950
  1,013
  1,187
  1,376
  1,580
  1,799
  2,032
  2,280
  2,541
  2,816
  3,104
  3,405
  3,720
  4,047
  4,389
  4,744
  5,113
  5,496
  5,895
  6,309
  6,739
  7,187
  7,653
  8,137
  8,641
  9,166
  9,713
  10,284
  10,879
  11,500
  12,148
Total equity, $m
  1,405
  113
  132
  153
  176
  200
  226
  253
  282
  313
  345
  378
  413
  450
  488
  527
  568
  611
  655
  701
  749
  799
  850
  904
  960
  1,018
  1,079
  1,143
  1,209
  1,278
  1,350
Total liabilities and equity, $m
  2,355
  1,126
  1,319
  1,529
  1,756
  1,999
  2,258
  2,533
  2,823
  3,129
  3,449
  3,783
  4,133
  4,497
  4,877
  5,271
  5,681
  6,107
  6,550
  7,010
  7,488
  7,986
  8,503
  9,041
  9,601
  10,184
  10,792
  11,427
  12,088
  12,778
  13,498
Debt-to-equity ratio
  0.000
  0.560
  1.800
  2.790
  3.590
  4.250
  4.790
  5.250
  5.640
  5.960
  6.250
  6.490
  6.700
  6.890
  7.050
  7.200
  7.330
  7.440
  7.550
  7.640
  7.730
  7.810
  7.880
  7.950
  8.010
  8.070
  8.120
  8.170
  8.210
  8.260
  8.300
Adjusted equity ratio
  -0.284
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  225
  180
  219
  259
  301
  347
  397
  449
  504
  562
  622
  687
  753
  822
  894
  969
  1,047
  1,128
  1,212
  1,300
  1,391
  1,486
  1,584
  1,687
  1,794
  1,905
  2,021
  2,142
  2,269
  2,401
  2,538
Depreciation, amort., depletion, $m
  48
  29
  34
  39
  44
  50
  57
  63
  71
  78
  86
  93
  102
  111
  120
  130
  140
  150
  161
  172
  184
  196
  209
  222
  236
  250
  265
  281
  297
  314
  332
Funds from operations, $m
  746
  209
  252
  297
  346
  398
  453
  512
  574
  640
  708
  780
  855
  933
  1,014
  1,099
  1,187
  1,278
  1,373
  1,472
  1,575
  1,682
  1,794
  1,909
  2,030
  2,156
  2,287
  2,423
  2,566
  2,715
  2,870
Change in working capital, $m
  228
  -27
  -30
  -33
  -35
  -38
  -40
  -43
  -45
  -47
  -50
  -52
  -54
  -57
  -59
  -61
  -64
  -66
  -69
  -72
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -103
  -107
  -112
Cash from operations, $m
  518
  236
  282
  330
  381
  436
  494
  555
  619
  687
  758
  832
  909
  989
  1,073
  1,160
  1,251
  1,345
  1,442
  1,544
  1,650
  1,760
  1,874
  1,993
  2,117
  2,246
  2,381
  2,522
  2,669
  2,822
  2,982
Maintenance CAPEX, $m
  0
  -23
  -28
  -32
  -38
  -43
  -49
  -56
  -62
  -69
  -77
  -85
  -93
  -102
  -111
  -120
  -130
  -140
  -150
  -161
  -172
  -184
  -196
  -209
  -222
  -236
  -250
  -265
  -281
  -297
  -314
New CAPEX, $m
  -64
  -43
  -47
  -52
  -56
  -60
  -64
  -68
  -71
  -75
  -79
  -82
  -86
  -90
  -93
  -97
  -101
  -105
  -109
  -113
  -118
  -122
  -127
  -132
  -138
  -143
  -149
  -156
  -163
  -170
  -177
Cash from investing activities, $m
  -310
  -66
  -75
  -84
  -94
  -103
  -113
  -124
  -133
  -144
  -156
  -167
  -179
  -192
  -204
  -217
  -231
  -245
  -259
  -274
  -290
  -306
  -323
  -341
  -360
  -379
  -399
  -421
  -444
  -467
  -491
Free cash flow, $m
  208
  170
  207
  246
  288
  333
  381
  432
  486
  543
  602
  665
  730
  798
  869
  943
  1,020
  1,100
  1,183
  1,270
  1,360
  1,453
  1,551
  1,652
  1,757
  1,867
  1,981
  2,101
  2,225
  2,355
  2,491
Issuance/(repayment) of debt, $m
  0
  63
  174
  189
  204
  219
  233
  247
  261
  275
  288
  301
  315
  328
  341
  355
  369
  384
  399
  414
  431
  448
  466
  484
  504
  525
  547
  570
  595
  621
  648
Issuance/(repurchase) of shares, $m
  -2
  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  
  69
  63
  174
  189
  204
  219
  233
  247
  261
  275
  288
  301
  315
  328
  341
  355
  369
  384
  399
  414
  431
  448
  466
  484
  504
  525
  547
  570
  595
  621
  648
Total cash flow (excl. dividends), $m
  241
  233
  381
  435
  492
  552
  614
  679
  747
  817
  890
  966
  1,045
  1,126
  1,211
  1,298
  1,389
  1,484
  1,582
  1,684
  1,790
  1,901
  2,016
  2,136
  2,261
  2,392
  2,529
  2,671
  2,820
  2,976
  3,139
Retained Cash Flow (-), $m
  -185
  -113
  -19
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -58
  -61
  -63
  -66
  -69
  -72
Prev. year cash balance distribution, $m
 
  1,405
  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
 
  1,525
  362
  414
  469
  527
  588
  652
  718
  787
  858
  932
  1,010
  1,090
  1,173
  1,259
  1,348
  1,441
  1,538
  1,638
  1,742
  1,851
  1,964
  2,082
  2,205
  2,334
  2,468
  2,608
  2,754
  2,907
  3,067
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
 
  1,462
  331
  360
  386
  409
  427
  440
  449
  452
  450
  443
  431
  414
  394
  370
  343
  314
  283
  252
  221
  191
  163
  136
  112
  91
  72
  56
  43
  32
  23
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

New Oriental Education & Technology Group Inc. provides private educational services under the New Oriental brand in the People’s Republic of China. The company operates through Language Training and Test Preparation, Primary and Secondary School Education, Online Education, Content Development and Distribution, Pre-School Education, Overseas Study Consulting Services, and Study Tour segments. It offers test preparation courses to students taking language and entrance exams used by educational institutions in the United States, the People’s Republic of China, and the Commonwealth countries; and after-school tutoring courses for middle and high school students to achieve better scores on entrance exams for admission into high schools or higher education institutions, as well as for children to teach English. The company also provides language training courses consisting of English, as well as other foreign languages, such as German, Japanese, French, Korean, Italian, and Spanish; operates full-time private primary and secondary boarding school in Yangzhou seeking a full curriculum taught in Chinese and English; develops and edits educational materials for language training and test preparation comprising books, software, CD-ROMs, magazines, and other periodicals; and offers online education programs on its Websites koolearn.com and koo.cn. In addition, it offers overseas studies consulting; pre-school education; and a pilot program that permits third parties in small cities to provide its English and kindergarten programs, as well as overseas study tour services. As of August 31, 2016, the company offered educational programs, services, and products to students through a network of 771 schools and learning centers. New Oriental Education & Technology Group Inc. was founded in 1993 and is headquartered in Beijing, the People’s Republic of China.

FINANCIAL RATIOS  of  New Oriental Education&Technology Group (EDU)

Valuation Ratios
P/E Ratio 57.4
Price to Sales 8.7
Price to Book 9.2
Price to Tangible Book
Price to Cash Flow 24.9
Price to Free Cash Flow 28.4
Growth Rates
Sales Growth Rate 18.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 16.4%
Cap. Spend. - 3 Yr. Gr. Rate 1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 12%
Return On Total Capital 17.1%
Ret/ On T. Cap. - 3 Yr. Avg. 19.1%
Return On Equity 17.1%
Return On Equity - 3 Yr. Avg. 19.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 58.5%
Gross Margin - 3 Yr. Avg. 58.8%
EBITDA Margin 21.3%
EBITDA Margin - 3 Yr. Avg. 22.7%
Operating Margin 13.4%
Oper. Margin - 3 Yr. Avg. 14.4%
Pre-Tax Margin 18.1%
Pre-Tax Margin - 3 Yr. Avg. 19%
Net Profit Margin 15.2%
Net Profit Margin - 3 Yr. Avg. 16.6%
Effective Tax Rate 13.9%
Eff/ Tax Rate - 3 Yr. Avg. 12.1%
Payout Ratio 28%

EDU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EDU stock intrinsic value calculation we used $1478 million for the last fiscal year's total revenue generated by New Oriental Education&Technology Group . The default revenue input number comes from 2016 income statement of New Oriental Education&Technology Group . 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 EDU stock valuation model: a) initial revenue growth rate of 18.5% 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 EDU is calculated based on our internal credit rating of New Oriental Education&Technology Group , 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 New Oriental Education&Technology Group .
    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 EDU stock the variable cost ratio is equal to 80.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $86 million in the base year in the intrinsic value calculation for EDU 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 New Oriental Education&Technology Group .

Corporate tax rate of 27% is the nominal tax rate for New Oriental Education&Technology Group . 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 EDU 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 EDU are equal to 15.8%.

Life of production assets of 10 years is the average useful life of capital assets used in New Oriental Education&Technology Group 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 EDU 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 - $1405 million for New Oriental Education&Technology Group - 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 156.132 million for New Oriental Education&Technology Group 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 New Oriental Education&Technology Group at the current share price and the inputted number of shares is $12.8 billion.

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COMPANY NEWS

▶ This Education Company Reaps Newfound Disposable Income In China   [Aug-04-17 10:30AM  Investor's Business Daily]
▶ Chinese stocks are getting slammed   [Aug-02-17 12:17PM  Yahoo Finance]
▶ TAL Education: Credit Suisse Lifts Price Target by 20%   [Jul-28-17 01:56AM  Barrons.com]
▶ IBD 50's TAL Education Aces Earnings, But Stock Drops Out   [Jul-27-17 04:08PM  Investor's Business Daily]
▶ Blue-Chip Dow Leads Stock Indexes To New Highs   [Jul-26-17 12:06PM  Investor's Business Daily]
▶ New Oriental posts 4Q profit   [Jul-25-17 08:23PM  Associated Press]
▶ IBD 50 Chinese School Stock Recovers After Q4 Beat   [04:06PM  Investor's Business Daily]
▶ Put These 4 IBD 50 Chinese Plays On Your Stocks To Watch   [Jul-02-17 10:30AM  Investor's Business Daily]
▶ 2 China Education Stocks That Make the Grade   [Jun-15-17 09:03PM  Barrons.com]
▶ China ETF Near Fresh High: Eye On Foreign Reserves   [Jun-06-17 01:33PM  Barrons.com]
▶ TAL Education, New Oriental Have More Than 20% Upside   [Jun-01-17 04:04AM  Barrons.com]
▶ Top Chinese Stock Slips On Weak Bottom Line, Guidance   [May-22-17 05:24PM  Investor's Business Daily]
▶ Top Chinese Play Beats Views, But Stock Hits Profit-Taking Zone   [Apr-24-17 04:03PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [10:52AM  Briefing.com]
▶ New Oriental posts 3Q profit   [05:01AM  Associated Press]
▶ China's Education Stocks Brush Off Cram School Crackdown   [Apr-20-17 10:42PM  Barrons.com]
▶ Investing In IPO Stocks: How Should You Handle Snapchat's Market Debut?   [Feb-23-17 07:00PM  Investor's Business Daily]
▶ Tiger 13F: MercadoLibre Added To China Online Stocks   [Feb-14-17 08:09PM  Barrons.com]
Stock chart of EDU Financial statements of EDU
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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