Intrinsic value of New Oriental Education&Technology Group - EDU

Previous Close

$92.75

  Intrinsic Value

$66.66

stock screener

  Rating & Target

sell

-28%

  Value-price divergence*

-102%

Previous close

$92.75

 
Intrinsic value

$66.66

 
Up/down potential

-28%

 
Rating

sell

 
Value-price divergence*

-102%

*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 2017), $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 13.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  21.79
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
  5.85
Revenue, $m
  1,800
  2,214
  2,683
  3,209
  3,790
  4,427
  5,119
  5,865
  6,663
  7,513
  8,412
  9,361
  10,358
  11,402
  12,494
  13,633
  14,820
  16,055
  17,340
  18,675
  20,063
  21,505
  23,004
  24,562
  26,182
  27,867
  29,621
  31,446
  33,348
  35,329
  37,395
Variable operating expenses, $m
 
  1,766
  2,141
  2,560
  3,023
  3,531
  4,083
  4,677
  5,313
  5,991
  6,708
  7,463
  8,257
  9,090
  9,960
  10,869
  11,815
  12,800
  13,824
  14,888
  15,995
  17,145
  18,340
  19,582
  20,873
  22,216
  23,614
  25,070
  26,586
  28,165
  29,812
Fixed operating expenses, $m
 
  106
  108
  111
  114
  117
  119
  122
  125
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  177
  182
  186
  191
  196
  201
  206
  211
  216
Total operating expenses, $m
  1,537
  1,872
  2,249
  2,671
  3,137
  3,648
  4,202
  4,799
  5,438
  6,120
  6,840
  7,598
  8,396
  9,232
  10,106
  11,018
  11,968
  12,957
  13,985
  15,053
  16,164
  17,318
  18,517
  19,764
  21,059
  22,407
  23,810
  25,271
  26,792
  28,376
  30,028
Operating income, $m
  262
  342
  435
  538
  653
  780
  917
  1,065
  1,224
  1,393
  1,573
  1,763
  1,962
  2,170
  2,388
  2,615
  2,852
  3,099
  3,355
  3,622
  3,900
  4,188
  4,487
  4,799
  5,123
  5,460
  5,811
  6,176
  6,557
  6,953
  7,367
EBITDA, $m
  310
  373
  472
  583
  706
  841
  988
  1,147
  1,316
  1,497
  1,688
  1,890
  2,103
  2,325
  2,558
  2,801
  3,054
  3,317
  3,591
  3,876
  4,172
  4,480
  4,800
  5,133
  5,479
  5,839
  6,214
  6,604
  7,010
  7,434
  7,875
Interest expense (income), $m
  0
  0
  -13
  -7
  0
  8
  17
  26
  36
  47
  58
  71
  84
  97
  111
  126
  142
  158
  174
  192
  210
  229
  248
  269
  290
  312
  335
  359
  383
  409
  436
Earnings before tax, $m
  331
  342
  448
  545
  653
  772
  901
  1,039
  1,188
  1,346
  1,514
  1,692
  1,878
  2,073
  2,277
  2,489
  2,711
  2,941
  3,181
  3,430
  3,690
  3,959
  4,239
  4,530
  4,833
  5,148
  5,476
  5,817
  6,173
  6,544
  6,931
Tax expense, $m
  51
  92
  121
  147
  176
  208
  243
  281
  321
  364
  409
  457
  507
  560
  615
  672
  732
  794
  859
  926
  996
  1,069
  1,145
  1,223
  1,305
  1,390
  1,478
  1,571
  1,667
  1,767
  1,871
Net income, $m
  274
  250
  327
  398
  477
  564
  657
  759
  867
  983
  1,105
  1,235
  1,371
  1,513
  1,662
  1,817
  1,979
  2,147
  2,322
  2,504
  2,693
  2,890
  3,094
  3,307
  3,528
  3,758
  3,997
  4,247
  4,506
  4,777
  5,059

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  2,149
  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
  2,925
  954
  1,157
  1,383
  1,634
  1,908
  2,207
  2,528
  2,872
  3,238
  3,626
  4,035
  4,464
  4,915
  5,385
  5,876
  6,388
  6,920
  7,474
  8,050
  8,648
  9,270
  9,916
  10,587
  11,285
  12,012
  12,768
  13,554
  14,374
  15,228
  16,119
Adjusted assets (=assets-cash), $m
  776
  954
  1,157
  1,383
  1,634
  1,908
  2,207
  2,528
  2,872
  3,238
  3,626
  4,035
  4,464
  4,915
  5,385
  5,876
  6,388
  6,920
  7,474
  8,050
  8,648
  9,270
  9,916
  10,587
  11,285
  12,012
  12,768
  13,554
  14,374
  15,228
  16,119
Revenue / Adjusted assets
  2.320
  2.321
  2.319
  2.320
  2.319
  2.320
  2.319
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
  2.320
Average production assets, $m
  122
  151
  182
  218
  258
  301
  348
  399
  453
  511
  572
  637
  704
  775
  850
  927
  1,008
  1,092
  1,179
  1,270
  1,364
  1,462
  1,564
  1,670
  1,780
  1,895
  2,014
  2,138
  2,268
  2,402
  2,543
Working capital, $m
  1,123
  -1,262
  -1,530
  -1,829
  -2,160
  -2,524
  -2,918
  -3,343
  -3,798
  -4,282
  -4,795
  -5,336
  -5,904
  -6,499
  -7,121
  -7,771
  -8,447
  -9,151
  -9,884
  -10,645
  -11,436
  -12,258
  -13,112
  -14,000
  -14,924
  -15,884
  -16,884
  -17,924
  -19,008
  -20,138
  -21,315
Total debt, $m
  0
  -385
  -203
  1
  226
  474
  742
  1,031
  1,341
  1,670
  2,019
  2,387
  2,774
  3,179
  3,603
  4,045
  4,505
  4,984
  5,483
  6,001
  6,539
  7,099
  7,680
  8,284
  8,913
  9,567
  10,247
  10,955
  11,693
  12,461
  13,263
Total liabilities, $m
  1,244
  859
  1,041
  1,245
  1,470
  1,718
  1,986
  2,275
  2,585
  2,914
  3,263
  3,631
  4,018
  4,423
  4,847
  5,289
  5,749
  6,228
  6,727
  7,245
  7,783
  8,343
  8,924
  9,528
  10,157
  10,811
  11,491
  12,199
  12,937
  13,705
  14,507
Total equity, $m
  1,681
  95
  116
  138
  163
  191
  221
  253
  287
  324
  363
  403
  446
  491
  539
  588
  639
  692
  747
  805
  865
  927
  992
  1,059
  1,129
  1,201
  1,277
  1,355
  1,437
  1,523
  1,612
Total liabilities and equity, $m
  2,925
  954
  1,157
  1,383
  1,633
  1,909
  2,207
  2,528
  2,872
  3,238
  3,626
  4,034
  4,464
  4,914
  5,386
  5,877
  6,388
  6,920
  7,474
  8,050
  8,648
  9,270
  9,916
  10,587
  11,286
  12,012
  12,768
  13,554
  14,374
  15,228
  16,119
Debt-to-equity ratio
  0.000
  -4.040
  -1.760
  0.010
  1.390
  2.480
  3.360
  4.080
  4.670
  5.160
  5.570
  5.920
  6.210
  6.470
  6.690
  6.880
  7.050
  7.200
  7.340
  7.450
  7.560
  7.660
  7.750
  7.820
  7.900
  7.960
  8.030
  8.080
  8.130
  8.180
  8.230
Adjusted equity ratio
  -0.603
  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
  274
  250
  327
  398
  477
  564
  657
  759
  867
  983
  1,105
  1,235
  1,371
  1,513
  1,662
  1,817
  1,979
  2,147
  2,322
  2,504
  2,693
  2,890
  3,094
  3,307
  3,528
  3,758
  3,997
  4,247
  4,506
  4,777
  5,059
Depreciation, amort., depletion, $m
  48
  32
  38
  45
  53
  62
  71
  81
  92
  104
  116
  127
  141
  155
  170
  185
  202
  218
  236
  254
  273
  292
  313
  334
  356
  379
  403
  428
  454
  480
  509
Funds from operations, $m
  746
  281
  365
  443
  530
  625
  729
  840
  959
  1,086
  1,221
  1,363
  1,512
  1,668
  1,832
  2,003
  2,180
  2,365
  2,558
  2,758
  2,966
  3,183
  3,407
  3,641
  3,884
  4,137
  4,400
  4,674
  4,960
  5,258
  5,568
Change in working capital, $m
  228
  -236
  -268
  -299
  -331
  -363
  -394
  -425
  -455
  -484
  -513
  -541
  -568
  -595
  -622
  -649
  -677
  -704
  -732
  -761
  -791
  -822
  -854
  -888
  -923
  -960
  -999
  -1,041
  -1,084
  -1,129
  -1,178
Cash from operations, $m
  518
  517
  632
  743
  861
  988
  1,123
  1,265
  1,414
  1,571
  1,734
  1,903
  2,080
  2,264
  2,454
  2,652
  2,857
  3,070
  3,290
  3,519
  3,757
  4,005
  4,262
  4,529
  4,807
  5,097
  5,400
  5,715
  6,044
  6,387
  6,746
Maintenance CAPEX, $m
  0
  -24
  -30
  -36
  -44
  -52
  -60
  -70
  -80
  -91
  -102
  -114
  -127
  -141
  -155
  -170
  -185
  -202
  -218
  -236
  -254
  -273
  -292
  -313
  -334
  -356
  -379
  -403
  -428
  -454
  -480
New CAPEX, $m
  -64
  -29
  -32
  -36
  -40
  -43
  -47
  -51
  -54
  -58
  -61
  -65
  -68
  -71
  -74
  -77
  -81
  -84
  -87
  -91
  -94
  -98
  -102
  -106
  -110
  -115
  -119
  -124
  -129
  -135
  -140
Cash from investing activities, $m
  -310
  -53
  -62
  -72
  -84
  -95
  -107
  -121
  -134
  -149
  -163
  -179
  -195
  -212
  -229
  -247
  -266
  -286
  -305
  -327
  -348
  -371
  -394
  -419
  -444
  -471
  -498
  -527
  -557
  -589
  -620
Free cash flow, $m
  208
  464
  570
  670
  778
  893
  1,016
  1,145
  1,280
  1,422
  1,570
  1,724
  1,885
  2,052
  2,225
  2,404
  2,591
  2,784
  2,985
  3,193
  3,409
  3,634
  3,867
  4,110
  4,363
  4,627
  4,901
  5,188
  5,487
  5,799
  6,125
Issuance/(repayment) of debt, $m
  0
  -385
  182
  204
  226
  247
  268
  289
  310
  330
  349
  368
  387
  405
  424
  442
  460
  479
  498
  518
  538
  559
  581
  604
  628
  654
  680
  708
  738
  769
  801
Issuance/(repurchase) of shares, $m
  -2
  314
  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
  -71
  182
  204
  226
  247
  268
  289
  310
  330
  349
  368
  387
  405
  424
  442
  460
  479
  498
  518
  538
  559
  581
  604
  628
  654
  680
  708
  738
  769
  801
Total cash flow (excl. dividends), $m
  241
  393
  753
  874
  1,004
  1,141
  1,284
  1,434
  1,590
  1,752
  1,919
  2,092
  2,272
  2,457
  2,648
  2,846
  3,051
  3,263
  3,483
  3,711
  3,947
  4,193
  4,449
  4,715
  4,992
  5,280
  5,582
  5,896
  6,224
  6,567
  6,926
Retained Cash Flow (-), $m
  -276
  -563
  -20
  -23
  -25
  -27
  -30
  -32
  -34
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -55
  -58
  -60
  -62
  -65
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
Prev. year cash balance distribution, $m
 
  2,149
  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
 
  1,978
  732
  852
  979
  1,113
  1,254
  1,402
  1,556
  1,715
  1,881
  2,052
  2,229
  2,412
  2,601
  2,797
  3,000
  3,210
  3,428
  3,653
  3,888
  4,131
  4,384
  4,648
  4,922
  5,208
  5,506
  5,817
  6,142
  6,482
  6,837
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
 
  1,897
  670
  741
  806
  863
  910
  947
  972
  985
  986
  974
  951
  917
  873
  821
  762
  698
  631
  562
  494
  427
  364
  305
  251
  203
  161
  125
  95
  71
  51
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

New Oriental Education & Technology Group Inc. is a provider of private educational services in the People's Republic of China (the PRC). The Company provides educational services under its New Oriental brand. The Company operates through seven segments, which include 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. The Company offers a range of educational programs, services and products, consisting of English and other foreign language training, test preparation courses for admissions and assessment tests in the United States, the People's Republic of China and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education.

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

Valuation Ratios
P/E Ratio 53.3
Price to Sales 8.1
Price to Book 8.7
Price to Tangible Book
Price to Cash Flow 28.2
Price to Free Cash Flow 32.2
Growth Rates
Sales Growth Rate 21.8%
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
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. 10.6%
Return On Total Capital 17.8%
Ret/ On T. Cap. - 3 Yr. Avg. 17.4%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 17.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 58.3%
Gross Margin - 3 Yr. Avg. 58.2%
EBITDA Margin 21.1%
EBITDA Margin - 3 Yr. Avg. 21.2%
Operating Margin 14.6%
Oper. Margin - 3 Yr. Avg. 13.5%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 18%
Net Profit Margin 15.2%
Net Profit Margin - 3 Yr. Avg. 15.3%
Effective Tax Rate 15.4%
Eff/ Tax Rate - 3 Yr. Avg. 13.7%
Payout Ratio 23%

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 $1800 million for the last fiscal year's total revenue generated by New Oriental Education&Technology Group . The default revenue input number comes from 2017 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 23% 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 79.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $103 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 6.8%.

Life of production assets of 2.8 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 -57%. 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 - $1681 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 147.191 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 $13.7 billion.

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COMPANY NEWS

▶ New Oriental Education: Buy the Dip   [02:33AM  Barrons.com]
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▶ Analyst Picks: 3 Top Chinese Stocks to Buy   [Aug-25-17 01:09PM  Motley Fool]
▶ 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]
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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