Intrinsic value of Huaneng Power International ADR - HNP

Previous Close

$30.40

  Intrinsic Value

$0.57

stock screener

  Rating & Target

str. sell

-98%

Previous close

$30.40

 
Intrinsic value

$0.57

 
Up/down potential

-98%

 
Rating

str. sell

We calculate the intrinsic value of HNP 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  -11.83
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  16,148
  16,542
  16,923
  17,358
  17,846
  18,387
  18,981
  19,627
  20,327
  21,081
  21,890
  22,755
  23,679
  24,662
  25,707
  26,816
  27,991
  29,235
  30,551
  31,941
  33,408
  34,957
  36,590
  38,311
  40,125
  42,035
  44,046
  46,163
  48,391
  50,735
  53,200
Variable operating expenses, $m
 
  7,734
  7,904
  8,097
  8,314
  8,555
  8,819
  9,107
  9,418
  9,753
  10,113
  10,122
  10,533
  10,971
  11,436
  11,929
  12,452
  13,005
  13,590
  14,208
  14,861
  15,550
  16,277
  17,042
  17,849
  18,699
  19,594
  20,535
  21,526
  22,569
  23,665
Fixed operating expenses, $m
 
  6,255
  6,392
  6,533
  6,677
  6,823
  6,974
  7,127
  7,284
  7,444
  7,608
  7,775
  7,946
  8,121
  8,300
  8,482
  8,669
  8,860
  9,055
  9,254
  9,457
  9,665
  9,878
  10,095
  10,317
  10,544
  10,776
  11,014
  11,256
  11,503
  11,757
Total operating expenses, $m
  13,637
  13,989
  14,296
  14,630
  14,991
  15,378
  15,793
  16,234
  16,702
  17,197
  17,721
  17,897
  18,479
  19,092
  19,736
  20,411
  21,121
  21,865
  22,645
  23,462
  24,318
  25,215
  26,155
  27,137
  28,166
  29,243
  30,370
  31,549
  32,782
  34,072
  35,422
Operating income, $m
  2,659
  2,553
  2,627
  2,728
  2,855
  3,009
  3,188
  3,394
  3,625
  3,883
  4,169
  4,858
  5,199
  5,570
  5,972
  6,405
  6,871
  7,371
  7,906
  8,478
  9,090
  9,741
  10,435
  11,173
  11,958
  12,792
  13,676
  14,615
  15,609
  16,662
  17,778
EBITDA, $m
  4,820
  6,684
  6,844
  7,044
  7,282
  7,558
  7,872
  8,225
  8,615
  9,044
  9,513
  10,023
  10,574
  11,169
  11,807
  12,492
  13,225
  14,007
  14,841
  15,729
  16,673
  17,676
  18,741
  19,870
  21,067
  22,334
  23,675
  25,094
  26,594
  28,179
  29,854
Interest expense (income), $m
  1,063
  1,361
  1,395
  1,437
  1,485
  1,538
  1,598
  1,663
  1,734
  1,810
  1,893
  1,982
  2,077
  2,178
  2,286
  2,400
  2,522
  2,651
  2,787
  2,932
  3,084
  3,245
  3,415
  3,594
  3,783
  3,982
  4,191
  4,412
  4,644
  4,888
  5,145
Earnings before tax, $m
  1,998
  1,193
  1,232
  1,291
  1,370
  1,470
  1,590
  1,731
  1,891
  2,073
  2,276
  2,876
  3,122
  3,392
  3,686
  4,004
  4,349
  4,720
  5,119
  5,547
  6,006
  6,496
  7,020
  7,580
  8,176
  8,810
  9,485
  10,203
  10,965
  11,774
  12,633
Tax expense, $m
  501
  322
  333
  348
  370
  397
  429
  467
  511
  560
  614
  776
  843
  916
  995
  1,081
  1,174
  1,274
  1,382
  1,498
  1,621
  1,754
  1,896
  2,046
  2,207
  2,379
  2,561
  2,755
  2,961
  3,179
  3,411
Net income, $m
  1,233
  871
  899
  942
  1,000
  1,073
  1,161
  1,263
  1,381
  1,513
  1,661
  2,099
  2,279
  2,476
  2,691
  2,923
  3,174
  3,445
  3,737
  4,049
  4,384
  4,742
  5,125
  5,533
  5,968
  6,431
  6,924
  7,448
  8,005
  8,595
  9,222

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,130
  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
  45,549
  46,208
  47,270
  48,485
  49,849
  51,361
  53,019
  54,824
  56,779
  58,885
  61,144
  63,562
  66,142
  68,888
  71,808
  74,905
  78,188
  81,662
  85,337
  89,220
  93,319
  97,645
  102,206
  107,015
  112,081
  117,417
  123,035
  128,948
  135,170
  141,717
  148,602
Adjusted assets (=assets-cash), $m
  44,419
  46,208
  47,270
  48,485
  49,849
  51,361
  53,019
  54,824
  56,779
  58,885
  61,144
  63,562
  66,142
  68,888
  71,808
  74,905
  78,188
  81,662
  85,337
  89,220
  93,319
  97,645
  102,206
  107,015
  112,081
  117,417
  123,035
  128,948
  135,170
  141,717
  148,602
Revenue / Adjusted assets
  0.364
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
  0.358
Average production assets, $m
  7,703
  37,551
  38,415
  39,402
  40,510
  41,739
  43,086
  44,554
  46,142
  47,853
  49,690
  51,654
  53,751
  55,983
  58,355
  60,872
  63,540
  66,364
  69,350
  72,505
  75,837
  79,352
  83,059
  86,967
  91,084
  95,420
  99,985
  104,791
  109,848
  115,167
  120,763
Working capital, $m
  -13,488
  -3,143
  -3,215
  -3,298
  -3,391
  -3,494
  -3,606
  -3,729
  -3,862
  -4,005
  -4,159
  -4,323
  -4,499
  -4,686
  -4,884
  -5,095
  -5,318
  -5,555
  -5,805
  -6,069
  -6,348
  -6,642
  -6,952
  -7,279
  -7,624
  -7,987
  -8,369
  -8,771
  -9,194
  -9,640
  -10,108
Total debt, $m
  25,394
  25,842
  26,615
  27,498
  28,489
  29,588
  30,794
  32,106
  33,527
  35,058
  36,701
  38,459
  40,334
  42,331
  44,453
  46,705
  49,091
  51,618
  54,289
  57,112
  60,092
  63,237
  66,553
  70,049
  73,732
  77,611
  81,695
  85,994
  90,518
  95,277
  100,283
Total liabilities, $m
  33,106
  33,593
  34,366
  35,249
  36,240
  37,339
  38,545
  39,857
  41,278
  42,809
  44,452
  46,210
  48,085
  50,082
  52,204
  54,456
  56,842
  59,369
  62,040
  64,863
  67,843
  70,988
  74,304
  77,800
  81,483
  85,362
  89,446
  93,745
  98,269
  103,028
  108,034
Total equity, $m
  12,442
  12,615
  12,905
  13,236
  13,609
  14,021
  14,474
  14,967
  15,501
  16,075
  16,692
  17,352
  18,057
  18,807
  19,603
  20,449
  21,345
  22,294
  23,297
  24,357
  25,476
  26,657
  27,902
  29,215
  30,598
  32,055
  33,588
  35,203
  36,901
  38,689
  40,568
Total liabilities and equity, $m
  45,548
  46,208
  47,271
  48,485
  49,849
  51,360
  53,019
  54,824
  56,779
  58,884
  61,144
  63,562
  66,142
  68,889
  71,807
  74,905
  78,187
  81,663
  85,337
  89,220
  93,319
  97,645
  102,206
  107,015
  112,081
  117,417
  123,034
  128,948
  135,170
  141,717
  148,602
Debt-to-equity ratio
  2.041
  2.050
  2.060
  2.080
  2.090
  2.110
  2.130
  2.150
  2.160
  2.180
  2.200
  2.220
  2.230
  2.250
  2.270
  2.280
  2.300
  2.320
  2.330
  2.340
  2.360
  2.370
  2.390
  2.400
  2.410
  2.420
  2.430
  2.440
  2.450
  2.460
  2.470
Adjusted equity ratio
  0.280
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273
  0.273

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,233
  871
  899
  942
  1,000
  1,073
  1,161
  1,263
  1,381
  1,513
  1,661
  2,099
  2,279
  2,476
  2,691
  2,923
  3,174
  3,445
  3,737
  4,049
  4,384
  4,742
  5,125
  5,533
  5,968
  6,431
  6,924
  7,448
  8,005
  8,595
  9,222
Depreciation, amort., depletion, $m
  2,161
  4,131
  4,217
  4,316
  4,427
  4,549
  4,684
  4,831
  4,990
  5,161
  5,345
  5,165
  5,375
  5,598
  5,836
  6,087
  6,354
  6,636
  6,935
  7,251
  7,584
  7,935
  8,306
  8,697
  9,108
  9,542
  9,999
  10,479
  10,985
  11,517
  12,076
Funds from operations, $m
  4,014
  5,001
  5,116
  5,258
  5,427
  5,623
  5,845
  6,094
  6,371
  6,674
  7,006
  7,265
  7,654
  8,075
  8,526
  9,010
  9,528
  10,082
  10,672
  11,300
  11,968
  12,677
  13,431
  14,230
  15,077
  15,973
  16,923
  17,927
  18,989
  20,112
  21,298
Change in working capital, $m
  -545
  -62
  -72
  -83
  -93
  -103
  -113
  -123
  -133
  -143
  -154
  -164
  -175
  -187
  -199
  -211
  -223
  -236
  -250
  -264
  -279
  -294
  -310
  -327
  -345
  -363
  -382
  -402
  -423
  -445
  -468
Cash from operations, $m
  4,559
  5,063
  5,188
  5,341
  5,520
  5,726
  5,958
  6,217
  6,504
  6,817
  7,160
  7,429
  7,830
  8,261
  8,725
  9,221
  9,752
  10,318
  10,921
  11,564
  12,247
  12,972
  13,741
  14,557
  15,421
  16,336
  17,305
  18,329
  19,413
  20,557
  21,767
Maintenance CAPEX, $m
  0
  -3,681
  -3,755
  -3,841
  -3,940
  -4,051
  -4,174
  -4,309
  -4,455
  -4,614
  -4,785
  -4,969
  -5,165
  -5,375
  -5,598
  -5,836
  -6,087
  -6,354
  -6,636
  -6,935
  -7,251
  -7,584
  -7,935
  -8,306
  -8,697
  -9,108
  -9,542
  -9,999
  -10,479
  -10,985
  -11,517
New CAPEX, $m
  -2,927
  -742
  -864
  -987
  -1,108
  -1,228
  -1,348
  -1,467
  -1,588
  -1,711
  -1,836
  -1,965
  -2,096
  -2,232
  -2,372
  -2,517
  -2,668
  -2,824
  -2,986
  -3,155
  -3,331
  -3,515
  -3,707
  -3,908
  -4,117
  -4,336
  -4,565
  -4,805
  -5,057
  -5,320
  -5,596
Cash from investing activities, $m
  -2,553
  -4,423
  -4,619
  -4,828
  -5,048
  -5,279
  -5,522
  -5,776
  -6,043
  -6,325
  -6,621
  -6,934
  -7,261
  -7,607
  -7,970
  -8,353
  -8,755
  -9,178
  -9,622
  -10,090
  -10,582
  -11,099
  -11,642
  -12,214
  -12,814
  -13,444
  -14,107
  -14,804
  -15,536
  -16,305
  -17,113
Free cash flow, $m
  2,006
  640
  570
  512
  471
  446
  437
  441
  460
  492
  538
  495
  568
  654
  754
  868
  997
  1,140
  1,299
  1,474
  1,665
  1,873
  2,099
  2,343
  2,607
  2,892
  3,198
  3,525
  3,877
  4,253
  4,654
Issuance/(repayment) of debt, $m
  542
  643
  773
  883
  992
  1,099
  1,206
  1,313
  1,421
  1,531
  1,643
  1,758
  1,875
  1,997
  2,122
  2,252
  2,386
  2,526
  2,671
  2,823
  2,980
  3,145
  3,316
  3,496
  3,683
  3,879
  4,084
  4,299
  4,524
  4,759
  5,006
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  -925
  643
  773
  883
  992
  1,099
  1,206
  1,313
  1,421
  1,531
  1,643
  1,758
  1,875
  1,997
  2,122
  2,252
  2,386
  2,526
  2,671
  2,823
  2,980
  3,145
  3,316
  3,496
  3,683
  3,879
  4,084
  4,299
  4,524
  4,759
  5,006
Total cash flow (excl. dividends), $m
  1,091
  1,282
  1,342
  1,395
  1,463
  1,545
  1,642
  1,754
  1,881
  2,023
  2,181
  2,253
  2,444
  2,651
  2,876
  3,120
  3,383
  3,666
  3,970
  4,296
  4,645
  5,017
  5,415
  5,839
  6,291
  6,771
  7,282
  7,824
  8,401
  9,012
  9,660
Retained Cash Flow (-), $m
  -269
  -232
  -290
  -332
  -372
  -413
  -453
  -493
  -534
  -575
  -617
  -660
  -704
  -750
  -797
  -846
  -896
  -949
  -1,003
  -1,060
  -1,119
  -1,181
  -1,245
  -1,313
  -1,383
  -1,457
  -1,534
  -1,614
  -1,699
  -1,787
  -1,880
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
 
  1,051
  1,052
  1,063
  1,090
  1,132
  1,189
  1,261
  1,347
  1,448
  1,564
  1,593
  1,739
  1,901
  2,080
  2,275
  2,487
  2,718
  2,967
  3,236
  3,526
  3,837
  4,170
  4,526
  4,907
  5,314
  5,748
  6,210
  6,702
  7,225
  7,780
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  963
  877
  798
  730
  670
  615
  563
  514
  465
  417
  348
  307
  266
  227
  190
  155
  125
  98
  75
  56
  41
  29
  20
  13
  9
  5
  3
  2
  1
  1
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

HUANENG POWER INTERNATIONAL,INC. is a China-based company principally engaged in the development, construction, operation and management of power plants. The Company mainly operates through the generation and sale of electric power. The Company also provides supply of heat. The Company operates its business both in domestic market and to overseas market.

FINANCIAL RATIOS  of  Huaneng Power International ADR (HNP)

Valuation Ratios
P/E Ratio 374.8
Price to Sales 28.4
Price to Book 37.1
Price to Tangible Book
Price to Cash Flow 101.4
Price to Free Cash Flow 283.1
Growth Rates
Sales Growth Rate -11.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -16.8%
Cap. Spend. - 3 Yr. Gr. Rate 2.7%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 90.3%
Total Debt to Equity 204.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 4.5%
Ret/ On Assets - 3 Yr. Avg. 5.1%
Return On Total Capital 3.3%
Ret/ On T. Cap. - 3 Yr. Avg. 4.6%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 14.6%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32%
EBITDA Margin - 3 Yr. Avg. 31%
Operating Margin 16.3%
Oper. Margin - 3 Yr. Avg. 19.8%
Pre-Tax Margin 12.3%
Pre-Tax Margin - 3 Yr. Avg. 15.2%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 9%
Effective Tax Rate 25.1%
Eff/ Tax Rate - 3 Yr. Avg. 26.2%
Payout Ratio 84.6%

HNP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HNP stock intrinsic value calculation we used $16218 million for the last fiscal year's total revenue generated by Huaneng Power International ADR. The default revenue input number comes from 2016 income statement of Huaneng Power International 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 HNP stock valuation model: a) initial revenue growth rate of 2% 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 9.1%, whose default value for HNP is calculated based on our internal credit rating of Huaneng Power International 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 Huaneng Power International 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 HNP stock the variable cost ratio is equal to 46.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $6120 million in the base year in the intrinsic value calculation for HNP 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 5.4% for Huaneng Power International ADR.

Corporate tax rate of 27% is the nominal tax rate for Huaneng Power International 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 HNP 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 HNP are equal to 227%.

Life of production assets of 10 years is the average useful life of capital assets used in Huaneng Power International 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 HNP is equal to -19%. 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 - $12383 million for Huaneng Power International 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 15200 million for Huaneng Power International 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 Huaneng Power International ADR at the current share price and the inputted number of shares is $462.1 billion.

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Financial statements of HNP
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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