Intrinsic value of eHi Car Services ADR - EHIC

Previous Close

$9.13

  Intrinsic Value

$2.08

stock screener

  Rating & Target

str. sell

-77%

  Value-price divergence*

+2186%

Previous close

$9.13

 
Intrinsic value

$2.08

 
Up/down potential

-77%

 
Rating

str. sell

 
Value-price divergence*

+2186%

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

We calculate the intrinsic value of EHIC 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 0.6

 

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, %
  45.24
  34.40
  31.46
  28.81
  26.43
  24.29
  22.36
  20.62
  19.06
  17.66
  16.39
  15.25
  14.23
  13.30
  12.47
  11.73
  11.05
  10.45
  9.90
  9.41
  8.97
  8.57
  8.22
  7.90
  7.61
  7.35
  7.11
  6.90
  6.71
  6.54
  6.38
Revenue, $m
  305
  410
  539
  694
  878
  1,091
  1,335
  1,610
  1,917
  2,255
  2,625
  3,025
  3,456
  3,915
  4,404
  4,920
  5,464
  6,035
  6,633
  7,257
  7,908
  8,586
  9,291
  10,025
  10,788
  11,580
  12,403
  13,259
  14,149
  15,074
  16,036
Variable operating expenses, $m
 
  298
  392
  505
  639
  794
  972
  1,172
  1,395
  1,642
  1,911
  2,202
  2,516
  2,850
  3,206
  3,582
  3,978
  4,393
  4,828
  5,283
  5,757
  6,251
  6,764
  7,298
  7,853
  8,430
  9,030
  9,653
  10,300
  10,974
  11,674
Fixed operating expenses, $m
 
  48
  49
  51
  52
  53
  55
  56
  57
  59
  60
  62
  63
  65
  66
  68
  70
  72
  73
  75
  77
  79
  81
  83
  85
  87
  89
  92
  94
  96
  99
Total operating expenses, $m
  268
  346
  441
  556
  691
  847
  1,027
  1,228
  1,452
  1,701
  1,971
  2,264
  2,579
  2,915
  3,272
  3,650
  4,048
  4,465
  4,901
  5,358
  5,834
  6,330
  6,845
  7,381
  7,938
  8,517
  9,119
  9,745
  10,394
  11,070
  11,773
Operating income, $m
  37
  63
  97
  138
  187
  244
  309
  382
  464
  555
  654
  761
  877
  1,000
  1,131
  1,270
  1,416
  1,570
  1,731
  1,899
  2,074
  2,256
  2,446
  2,644
  2,849
  3,063
  3,284
  3,515
  3,755
  4,004
  4,263
EBITDA, $m
  134
  160
  224
  302
  394
  501
  623
  761
  916
  1,086
  1,272
  1,474
  1,691
  1,923
  2,169
  2,429
  2,704
  2,992
  3,293
  3,608
  3,937
  4,279
  4,635
  5,006
  5,391
  5,791
  6,207
  6,639
  7,088
  7,555
  8,041
Interest expense (income), $m
  30
  29
  41
  55
  72
  93
  116
  143
  174
  208
  245
  286
  330
  378
  429
  483
  540
  600
  663
  729
  798
  870
  945
  1,023
  1,104
  1,189
  1,276
  1,367
  1,462
  1,560
  1,663
Earnings before tax, $m
  6
  34
  56
  83
  115
  151
  192
  239
  291
  347
  409
  475
  547
  622
  703
  788
  877
  970
  1,068
  1,170
  1,276
  1,386
  1,501
  1,621
  1,745
  1,874
  2,008
  2,147
  2,293
  2,443
  2,600
Tax expense, $m
  1
  9
  15
  22
  31
  41
  52
  65
  78
  94
  110
  128
  148
  168
  190
  213
  237
  262
  288
  316
  344
  374
  405
  438
  471
  506
  542
  580
  619
  660
  702
Net income, $m
  5
  25
  41
  61
  84
  110
  140
  174
  212
  253
  298
  347
  399
  454
  513
  575
  640
  708
  779
  854
  931
  1,012
  1,096
  1,183
  1,274
  1,368
  1,466
  1,568
  1,674
  1,784
  1,898

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  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
  1,181
  1,485
  1,952
  2,515
  3,180
  3,952
  4,836
  5,833
  6,945
  8,171
  9,511
  10,961
  12,521
  14,186
  15,956
  17,827
  19,797
  21,866
  24,031
  26,293
  28,652
  31,109
  33,665
  36,323
  39,085
  41,956
  44,939
  48,040
  51,263
  54,615
  58,102
Adjusted assets (=assets-cash), $m
  1,104
  1,485
  1,952
  2,515
  3,180
  3,952
  4,836
  5,833
  6,945
  8,171
  9,511
  10,961
  12,521
  14,186
  15,956
  17,827
  19,797
  21,866
  24,031
  26,293
  28,652
  31,109
  33,665
  36,323
  39,085
  41,956
  44,939
  48,040
  51,263
  54,615
  58,102
Revenue / Adjusted assets
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
Average production assets, $m
  719
  966
  1,270
  1,635
  2,068
  2,570
  3,145
  3,793
  4,516
  5,314
  6,184
  7,128
  8,142
  9,225
  10,375
  11,592
  12,873
  14,218
  15,626
  17,097
  18,631
  20,229
  21,891
  23,619
  25,415
  27,282
  29,222
  31,238
  33,334
  35,514
  37,781
Working capital, $m
  79
  183
  240
  310
  391
  487
  595
  718
  855
  1,006
  1,171
  1,349
  1,541
  1,746
  1,964
  2,194
  2,437
  2,692
  2,958
  3,237
  3,527
  3,829
  4,144
  4,471
  4,811
  5,165
  5,532
  5,914
  6,310
  6,723
  7,152
Total debt, $m
  534
  638
  861
  1,130
  1,447
  1,815
  2,237
  2,712
  3,243
  3,828
  4,467
  5,159
  5,902
  6,697
  7,541
  8,433
  9,373
  10,360
  11,393
  12,472
  13,597
  14,769
  15,988
  17,256
  18,574
  19,943
  21,366
  22,845
  24,383
  25,981
  27,645
Total liabilities, $m
  603
  708
  931
  1,200
  1,517
  1,885
  2,307
  2,782
  3,313
  3,898
  4,537
  5,229
  5,972
  6,767
  7,611
  8,503
  9,443
  10,430
  11,463
  12,542
  13,667
  14,839
  16,058
  17,326
  18,644
  20,013
  21,436
  22,915
  24,453
  26,051
  27,715
Total equity, $m
  577
  777
  1,021
  1,315
  1,663
  2,067
  2,529
  3,051
  3,632
  4,274
  4,974
  5,733
  6,548
  7,419
  8,345
  9,323
  10,354
  11,436
  12,568
  13,751
  14,985
  16,270
  17,607
  18,997
  20,442
  21,943
  23,503
  25,125
  26,811
  28,564
  30,388
Total liabilities and equity, $m
  1,180
  1,485
  1,952
  2,515
  3,180
  3,952
  4,836
  5,833
  6,945
  8,172
  9,511
  10,962
  12,520
  14,186
  15,956
  17,826
  19,797
  21,866
  24,031
  26,293
  28,652
  31,109
  33,665
  36,323
  39,086
  41,956
  44,939
  48,040
  51,264
  54,615
  58,103
Debt-to-equity ratio
  0.925
  0.820
  0.840
  0.860
  0.870
  0.880
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
Adjusted equity ratio
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  25
  41
  61
  84
  110
  140
  174
  212
  253
  298
  347
  399
  454
  513
  575
  640
  708
  779
  854
  931
  1,012
  1,096
  1,183
  1,274
  1,368
  1,466
  1,568
  1,674
  1,784
  1,898
Depreciation, amort., depletion, $m
  97
  97
  127
  164
  207
  257
  314
  379
  452
  531
  618
  713
  814
  922
  1,038
  1,159
  1,287
  1,422
  1,563
  1,710
  1,863
  2,023
  2,189
  2,362
  2,542
  2,728
  2,922
  3,124
  3,333
  3,551
  3,778
Funds from operations, $m
  14
  121
  168
  224
  290
  367
  455
  554
  664
  785
  917
  1,060
  1,213
  1,377
  1,551
  1,734
  1,927
  2,130
  2,342
  2,564
  2,794
  3,035
  3,285
  3,545
  3,815
  4,096
  4,388
  4,691
  5,007
  5,335
  5,676
Change in working capital, $m
  -47
  47
  58
  69
  82
  95
  109
  123
  137
  151
  165
  179
  192
  205
  218
  230
  243
  255
  267
  278
  290
  302
  315
  327
  340
  353
  367
  382
  397
  413
  429
Cash from operations, $m
  61
  75
  111
  155
  209
  272
  346
  431
  527
  634
  752
  881
  1,021
  1,172
  1,333
  1,504
  1,685
  1,875
  2,076
  2,285
  2,504
  2,732
  2,970
  3,218
  3,475
  3,743
  4,021
  4,310
  4,610
  4,922
  5,247
Maintenance CAPEX, $m
  0
  -72
  -97
  -127
  -164
  -207
  -257
  -314
  -379
  -452
  -531
  -618
  -713
  -814
  -922
  -1,038
  -1,159
  -1,287
  -1,422
  -1,563
  -1,710
  -1,863
  -2,023
  -2,189
  -2,362
  -2,542
  -2,728
  -2,922
  -3,124
  -3,333
  -3,551
New CAPEX, $m
  -535
  -247
  -304
  -366
  -432
  -502
  -575
  -649
  -723
  -797
  -871
  -943
  -1,014
  -1,083
  -1,151
  -1,217
  -1,281
  -1,345
  -1,408
  -1,471
  -1,534
  -1,597
  -1,662
  -1,728
  -1,796
  -1,867
  -1,940
  -2,016
  -2,096
  -2,180
  -2,267
Cash from investing activities, $m
  -489
  -319
  -401
  -493
  -596
  -709
  -832
  -963
  -1,102
  -1,249
  -1,402
  -1,561
  -1,727
  -1,897
  -2,073
  -2,255
  -2,440
  -2,632
  -2,830
  -3,034
  -3,244
  -3,460
  -3,685
  -3,917
  -4,158
  -4,409
  -4,668
  -4,938
  -5,220
  -5,513
  -5,818
Free cash flow, $m
  -428
  -244
  -290
  -338
  -387
  -437
  -486
  -532
  -576
  -615
  -650
  -680
  -706
  -725
  -740
  -750
  -756
  -757
  -754
  -748
  -740
  -728
  -715
  -700
  -683
  -666
  -647
  -629
  -610
  -591
  -572
Issuance/(repayment) of debt, $m
  141
  181
  223
  268
  317
  368
  422
  476
  530
  585
  639
  692
  744
  795
  844
  892
  940
  987
  1,033
  1,079
  1,125
  1,172
  1,219
  1,268
  1,318
  1,369
  1,423
  1,479
  1,538
  1,599
  1,663
Issuance/(repurchase) of shares, $m
  4
  175
  203
  234
  264
  294
  322
  347
  369
  388
  402
  412
  417
  417
  412
  404
  391
  374
  353
  329
  302
  273
  241
  207
  171
  134
  94
  54
  12
  0
  0
Cash from financing (excl. dividends), $m  
  115
  356
  426
  502
  581
  662
  744
  823
  899
  973
  1,041
  1,104
  1,161
  1,212
  1,256
  1,296
  1,331
  1,361
  1,386
  1,408
  1,427
  1,445
  1,460
  1,475
  1,489
  1,503
  1,517
  1,533
  1,550
  1,599
  1,663
Total cash flow (excl. dividends), $m
  -301
  112
  136
  164
  194
  225
  258
  291
  324
  358
  391
  423
  455
  486
  516
  546
  575
  603
  632
  660
  688
  717
  746
  775
  806
  837
  870
  904
  940
  1,008
  1,092
Retained Cash Flow (-), $m
  -6
  -200
  -244
  -294
  -348
  -404
  -462
  -522
  -582
  -641
  -700
  -759
  -816
  -871
  -925
  -979
  -1,031
  -1,082
  -1,132
  -1,183
  -1,234
  -1,285
  -1,337
  -1,390
  -1,445
  -1,501
  -1,560
  -1,622
  -1,686
  -1,753
  -1,824
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
 
  -88
  -108
  -130
  -154
  -179
  -204
  -231
  -257
  -284
  -310
  -336
  -361
  -385
  -409
  -433
  -456
  -478
  -501
  -523
  -546
  -568
  -591
  -615
  -639
  -664
  -690
  -717
  -746
  -745
  -732
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  -82
  -94
  -104
  -113
  -119
  -122
  -123
  -121
  -117
  -111
  -102
  -93
  -83
  -72
  -62
  -52
  -43
  -34
  -27
  -21
  -16
  -12
  -8
  -6
  -4
  -3
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  100
  78.4
  63.3
  52.4
  44.3
  38.1
  33.4
  29.7
  26.7
  24.3
  22.4
  20.9
  19.6
  18.5
  17.6
  16.9
  16.2
  15.7
  15.3
  14.9
  14.6
  14.4
  14.2
  14.1
  13.9
  13.9
  13.8
  13.8
  13.8
  13.8
  13.8

eHi Car Services Limited, through its subsidiaries, provides car rentals and car services to individuals, and corporate and institutional clients in the People's Republic of China. It offers self-drive car rental services; car services, including airport pickup and drop-off, inter-office transfers, and other business transportation services, as well as services for event-driven activities, such as conventions, promotional tours, and special events. As of December 31, 2015, the company had a car rental fleet of 35,647 vehicles; and car services fleet of 2,423 vehicles. eHi Car Services Limited was founded in 2006 and is headquartered in Shanghai, the People's Republic of China.

FINANCIAL RATIOS  of  eHi Car Services ADR (EHIC)

Valuation Ratios
P/E Ratio 253.6
Price to Sales 4.2
Price to Book 2.2
Price to Tangible Book
Price to Cash Flow 20.8
Price to Free Cash Flow -2.7
Growth Rates
Sales Growth Rate 45.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 68.8%
Cap. Spend. - 3 Yr. Gr. Rate 43.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.4
LT Debt to Equity 69.3%
Total Debt to Equity 92.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 0.9%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 28.2%
Gross Margin - 3 Yr. Avg. 21.7%
EBITDA Margin 43.6%
EBITDA Margin - 3 Yr. Avg. 57%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 15.1%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 13.1%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 9.1%
Payout Ratio 0%

EHIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EHIC stock intrinsic value calculation we used $305 million for the last fiscal year's total revenue generated by eHi Car Services ADR. The default revenue input number comes from 2016 income statement of eHi Car Services 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 EHIC stock valuation model: a) initial revenue growth rate of 34.4% 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 7%, whose default value for EHIC is calculated based on our internal credit rating of eHi Car Services 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 eHi Car Services 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 EHIC stock the variable cost ratio is equal to 72.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $47 million in the base year in the intrinsic value calculation for EHIC 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 6.4% for eHi Car Services ADR.

Corporate tax rate of 27% is the nominal tax rate for eHi Car Services 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 EHIC 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 EHIC are equal to 235.6%.

Life of production assets of 10 years is the average useful life of capital assets used in eHi Car Services 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 EHIC is equal to 44.6%. 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 - $577 million for eHi Car Services 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 69.339 million for eHi Car Services 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 eHi Car Services ADR at the current share price and the inputted number of shares is $0.6 billion.

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COMPANY NEWS

▶ eHi Car Services Announces First Quarter 2017 Results   [Jun-05-17 06:00AM  PR Newswire]
▶ Time to Buy Hertz at an 8-Year Low?   [May-26-17 12:29PM  Investopedia]
▶ eHi Car Services Filed 2016 Annual Report on Form 20-F   [Apr-28-17 08:00AM  PR Newswire]
▶ Is Solaredge Technologies Inc (SEDG) a Good Buy?   [Dec-12-16 05:06PM  Insider Monkey]
▶ Is Solaredge Technologies Inc (SEDG) a Good Buy?   [05:06PM  at Insider Monkey]
▶ eHi Car Services Announces Second Quarter 2016 Results   [Aug-23-16 06:00PM  PR Newswire]
▶ Five Rental and Leasing Companies Hedge Funds Are Bullish On   [Jun-16-16 08:00AM  at Insider Monkey]
▶ eHi Car Services Announces First Quarter 2016 Results   [May-23-16 06:00PM  PR Newswire]
▶ EHI CAR SERVICES LTD Financials   [01:04PM  EDGAR Online Financials]
▶ eHi Car Services Filed 2015 Annual Report on Form 20-F   [Apr-27-16 08:00AM  PR Newswire]
▶ eHi Car Services Forms Strategic Cooperation with SAIC   [Apr-11-16 08:00AM  PR Newswire]
▶ Hedge Funds Are Crazy About Ply Gem Holdings Inc (PGEM)   [Nov-21  12:06PM  at Insider Monkey]
▶ China's Top Car Rental Firm Can Double in Value   [Oct-07  12:01AM  at Barrons.com]
▶ 5 Hated Earnings Stocks You Should Love   [Aug-18  09:08AM  at TheStreet]
▶ Time to Get eHi on China Ride-Sharing   [Jun-16  03:15AM  at The Wall Street Journal]
▶ eHi Car Services Announces First Quarter 2015 Results   [May-26  05:00PM  PR Newswire]
▶ Tiger Global, SRS to Invest in eHi   [May-22  07:56AM  at The Wall Street Journal]
▶ Park This CAR in Your Portfolio   [Mar-11  09:22PM  at Barrons.com]
▶ eHi Car Services Announces Third Quarter 2014 Results   [Dec-11  07:04AM  PR Newswire]
▶ IPO Calendar: 10 IPOs Planning To Raise $4.2 Billion   [Nov-18  02:24PM  at Investor's Business Daily]
Stock chart of EHIC Financial statements of EHIC
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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