Intrinsic value of China Lodging Group ADR - HTHT

Previous Close

$121.00

  Intrinsic Value

$109.00

stock screener

  Rating & Target

hold

-10%

Previous close

$121.00

 
Intrinsic value

$109.00

 
Up/down potential

-10%

 
Rating

hold

We calculate the intrinsic value of HTHT 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 8.4

 

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, %
  13.29
  20.00
  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
Revenue, $m
  946
  1,135
  1,345
  1,576
  1,827
  2,098
  2,389
  2,699
  3,027
  3,374
  3,739
  4,122
  4,522
  4,939
  5,375
  5,828
  6,299
  6,789
  7,298
  7,828
  8,378
  8,949
  9,544
  10,162
  10,805
  11,475
  12,172
  12,898
  13,656
  14,446
  15,270
Variable operating expenses, $m
 
  736
  872
  1,021
  1,183
  1,359
  1,547
  1,747
  1,959
  2,183
  2,419
  2,664
  2,923
  3,193
  3,474
  3,767
  4,071
  4,388
  4,717
  5,059
  5,415
  5,784
  6,169
  6,568
  6,984
  7,417
  7,867
  8,337
  8,827
  9,337
  9,870
Fixed operating expenses, $m
 
  216
  222
  227
  233
  239
  245
  251
  257
  264
  270
  277
  284
  291
  298
  306
  313
  321
  329
  337
  346
  354
  363
  372
  382
  391
  401
  411
  421
  432
  443
Total operating expenses, $m
  820
  952
  1,094
  1,248
  1,416
  1,598
  1,792
  1,998
  2,216
  2,447
  2,689
  2,941
  3,207
  3,484
  3,772
  4,073
  4,384
  4,709
  5,046
  5,396
  5,761
  6,138
  6,532
  6,940
  7,366
  7,808
  8,268
  8,748
  9,248
  9,769
  10,313
Operating income, $m
  126
  183
  252
  328
  411
  501
  598
  701
  811
  927
  1,050
  1,181
  1,315
  1,456
  1,603
  1,755
  1,914
  2,080
  2,252
  2,431
  2,617
  2,810
  3,012
  3,221
  3,439
  3,667
  3,904
  4,150
  4,408
  4,677
  4,958
EBITDA, $m
  227
  303
  394
  494
  603
  721
  848
  984
  1,128
  1,280
  1,440
  1,609
  1,785
  1,969
  2,161
  2,360
  2,568
  2,785
  3,010
  3,244
  3,487
  3,740
  4,003
  4,276
  4,561
  4,858
  5,167
  5,490
  5,826
  6,177
  6,543
Interest expense (income), $m
  1
  0
  4
  9
  15
  20
  27
  33
  40
  48
  56
  64
  73
  82
  92
  102
  112
  123
  135
  146
  158
  171
  184
  198
  212
  227
  242
  258
  275
  293
  311
Earnings before tax, $m
  156
  183
  247
  318
  396
  480
  571
  668
  771
  879
  994
  1,116
  1,242
  1,374
  1,511
  1,653
  1,802
  1,957
  2,117
  2,285
  2,459
  2,639
  2,828
  3,023
  3,227
  3,440
  3,661
  3,892
  4,133
  4,384
  4,647
Tax expense, $m
  42
  49
  67
  86
  107
  130
  154
  180
  208
  237
  268
  301
  335
  371
  408
  446
  487
  528
  572
  617
  664
  713
  763
  816
  871
  929
  989
  1,051
  1,116
  1,184
  1,255
Net income, $m
  116
  133
  180
  232
  289
  351
  417
  488
  563
  642
  725
  815
  907
  1,003
  1,103
  1,207
  1,315
  1,428
  1,546
  1,668
  1,795
  1,927
  2,064
  2,207
  2,356
  2,511
  2,673
  2,841
  3,017
  3,201
  3,392

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  468
  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
  1,446
  1,174
  1,391
  1,630
  1,889
  2,170
  2,470
  2,791
  3,131
  3,489
  3,867
  4,262
  4,676
  5,108
  5,558
  6,027
  6,514
  7,021
  7,548
  8,095
  8,664
  9,255
  9,869
  10,509
  11,174
  11,866
  12,587
  13,339
  14,122
  14,939
  15,791
Adjusted assets (=assets-cash), $m
  978
  1,174
  1,391
  1,630
  1,889
  2,170
  2,470
  2,791
  3,131
  3,489
  3,867
  4,262
  4,676
  5,108
  5,558
  6,027
  6,514
  7,021
  7,548
  8,095
  8,664
  9,255
  9,869
  10,509
  11,174
  11,866
  12,587
  13,339
  14,122
  14,939
  15,791
Revenue / Adjusted assets
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
  0.967
Average production assets, $m
  590
  707
  838
  982
  1,138
  1,307
  1,488
  1,681
  1,886
  2,102
  2,329
  2,568
  2,817
  3,077
  3,348
  3,631
  3,924
  4,230
  4,547
  4,877
  5,219
  5,575
  5,946
  6,331
  6,732
  7,149
  7,583
  8,036
  8,508
  9,000
  9,513
Working capital, $m
  175
  -300
  -355
  -416
  -482
  -554
  -631
  -712
  -799
  -891
  -987
  -1,088
  -1,194
  -1,304
  -1,419
  -1,539
  -1,663
  -1,792
  -1,927
  -2,067
  -2,212
  -2,363
  -2,520
  -2,683
  -2,853
  -3,029
  -3,213
  -3,405
  -3,605
  -3,814
  -4,031
Total debt, $m
  43
  125
  263
  414
  580
  758
  949
  1,153
  1,369
  1,597
  1,837
  2,089
  2,352
  2,627
  2,913
  3,211
  3,521
  3,843
  4,178
  4,526
  4,888
  5,264
  5,655
  6,062
  6,485
  6,925
  7,384
  7,861
  8,360
  8,879
  9,421
Total liabilities, $m
  665
  747
  885
  1,036
  1,202
  1,380
  1,571
  1,775
  1,991
  2,219
  2,459
  2,711
  2,974
  3,249
  3,535
  3,833
  4,143
  4,465
  4,800
  5,148
  5,510
  5,886
  6,277
  6,684
  7,107
  7,547
  8,006
  8,483
  8,982
  9,501
  10,043
Total equity, $m
  781
  427
  506
  593
  688
  790
  899
  1,016
  1,140
  1,270
  1,407
  1,551
  1,702
  1,859
  2,023
  2,194
  2,371
  2,556
  2,747
  2,947
  3,154
  3,369
  3,592
  3,825
  4,067
  4,319
  4,582
  4,855
  5,140
  5,438
  5,748
Total liabilities and equity, $m
  1,446
  1,174
  1,391
  1,629
  1,890
  2,170
  2,470
  2,791
  3,131
  3,489
  3,866
  4,262
  4,676
  5,108
  5,558
  6,027
  6,514
  7,021
  7,547
  8,095
  8,664
  9,255
  9,869
  10,509
  11,174
  11,866
  12,588
  13,338
  14,122
  14,939
  15,791
Debt-to-equity ratio
  0.055
  0.290
  0.520
  0.700
  0.840
  0.960
  1.060
  1.130
  1.200
  1.260
  1.310
  1.350
  1.380
  1.410
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.610
  1.620
  1.630
  1.630
  1.640
Adjusted equity ratio
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  116
  133
  180
  232
  289
  351
  417
  488
  563
  642
  725
  815
  907
  1,003
  1,103
  1,207
  1,315
  1,428
  1,546
  1,668
  1,795
  1,927
  2,064
  2,207
  2,356
  2,511
  2,673
  2,841
  3,017
  3,201
  3,392
Depreciation, amort., depletion, $m
  101
  120
  142
  166
  192
  220
  251
  283
  317
  353
  391
  428
  469
  513
  558
  605
  654
  705
  758
  813
  870
  929
  991
  1,055
  1,122
  1,191
  1,264
  1,339
  1,418
  1,500
  1,586
Funds from operations, $m
  345
  254
  323
  399
  481
  571
  667
  770
  879
  995
  1,116
  1,243
  1,376
  1,516
  1,661
  1,812
  1,970
  2,133
  2,304
  2,481
  2,665
  2,856
  3,055
  3,262
  3,478
  3,702
  3,936
  4,180
  4,435
  4,701
  4,978
Change in working capital, $m
  49
  -50
  -55
  -61
  -66
  -72
  -77
  -82
  -87
  -92
  -96
  -101
  -106
  -110
  -115
  -120
  -124
  -129
  -134
  -140
  -145
  -151
  -157
  -163
  -170
  -177
  -184
  -192
  -200
  -209
  -218
Cash from operations, $m
  296
  304
  378
  459
  548
  643
  744
  852
  966
  1,086
  1,213
  1,344
  1,482
  1,626
  1,776
  1,932
  2,094
  2,263
  2,438
  2,620
  2,810
  3,007
  3,212
  3,425
  3,648
  3,879
  4,121
  4,372
  4,635
  4,909
  5,195
Maintenance CAPEX, $m
  0
  -98
  -118
  -140
  -164
  -190
  -218
  -248
  -280
  -314
  -350
  -388
  -428
  -469
  -513
  -558
  -605
  -654
  -705
  -758
  -813
  -870
  -929
  -991
  -1,055
  -1,122
  -1,191
  -1,264
  -1,339
  -1,418
  -1,500
New CAPEX, $m
  -75
  -118
  -131
  -144
  -156
  -169
  -181
  -193
  -205
  -216
  -227
  -238
  -249
  -260
  -271
  -282
  -294
  -305
  -317
  -330
  -343
  -356
  -370
  -385
  -401
  -417
  -434
  -453
  -472
  -492
  -514
Cash from investing activities, $m
  27
  -216
  -249
  -284
  -320
  -359
  -399
  -441
  -485
  -530
  -577
  -626
  -677
  -729
  -784
  -840
  -899
  -959
  -1,022
  -1,088
  -1,156
  -1,226
  -1,299
  -1,376
  -1,456
  -1,539
  -1,625
  -1,717
  -1,811
  -1,910
  -2,014
Free cash flow, $m
  323
  88
  129
  176
  228
  284
  345
  411
  481
  556
  635
  717
  805
  896
  992
  1,091
  1,195
  1,303
  1,416
  1,533
  1,654
  1,781
  1,912
  2,049
  2,192
  2,340
  2,495
  2,656
  2,824
  2,999
  3,182
Issuance/(repayment) of debt, $m
  -7
  125
  138
  152
  165
  178
  191
  204
  216
  228
  240
  252
  263
  275
  286
  298
  310
  322
  335
  348
  362
  376
  391
  407
  423
  440
  459
  478
  498
  520
  542
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  
  4
  125
  138
  152
  165
  178
  191
  204
  216
  228
  240
  252
  263
  275
  286
  298
  310
  322
  335
  348
  362
  376
  391
  407
  423
  440
  459
  478
  498
  520
  542
Total cash flow (excl. dividends), $m
  329
  212
  267
  328
  393
  462
  536
  615
  697
  784
  875
  969
  1,068
  1,171
  1,278
  1,389
  1,505
  1,626
  1,751
  1,881
  2,016
  2,157
  2,303
  2,456
  2,615
  2,781
  2,953
  3,134
  3,322
  3,519
  3,724
Retained Cash Flow (-), $m
  -285
  -71
  -79
  -87
  -95
  -102
  -109
  -117
  -124
  -131
  -137
  -144
  -151
  -157
  -164
  -171
  -177
  -184
  -192
  -199
  -207
  -215
  -224
  -233
  -242
  -252
  -262
  -273
  -285
  -297
  -310
Prev. year cash balance distribution, $m
 
  425
  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
 
  566
  188
  241
  298
  360
  427
  498
  574
  653
  737
  825
  917
  1,014
  1,114
  1,219
  1,328
  1,441
  1,559
  1,682
  1,809
  1,942
  2,080
  2,223
  2,373
  2,529
  2,691
  2,860
  3,037
  3,221
  3,414
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
 
  543
  172
  210
  246
  279
  310
  337
  359
  375
  387
  392
  391
  385
  374
  358
  337
  314
  287
  259
  230
  201
  173
  146
  121
  98
  79
  61
  47
  35
  26
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

China Lodging Group, Limited is a holding company. The Company is a multi-brand hotel group in China with leased, manachised and franchised models. Under the lease model, the Company directly operates hotels located on leased properties. Under the manachise model, the Company manages manachised hotels through the on-site hotel managers the Company appoints and collects fees from franchisees. Under the franchise model, the Company provides training, reservation and support services to the franchised hotels and collects fees from franchisees. The Company has approximately 620 leased hotels; over 2,070 manachised hotels and approximately 80 franchised hotels in operation and over 20 leased hotels and approximately 660 manachised and franchised hotels under development. The Company offers approximately seven hotel brands that focus on various segments of customers: Joya Hotel, Manxin Hotels & Resorts, JI Hotel, Starway Hotel, Elan Hotel, HanTing Hotel and Hi Inn.

FINANCIAL RATIOS  of  China Lodging Group ADR (HTHT)

Valuation Ratios
P/E Ratio 290.3
Price to Sales 35.6
Price to Book 43.1
Price to Tangible Book
Price to Cash Flow 113.8
Price to Free Cash Flow 152.4
Growth Rates
Sales Growth Rate 13.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20.2%
Cap. Spend. - 3 Yr. Gr. Rate -13.6%
Financial Strength
Quick Ratio 11
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 5.5%
Interest Coverage 157
Management Effectiveness
Return On Assets 9.1%
Ret/ On Assets - 3 Yr. Avg. 7%
Return On Total Capital 17%
Ret/ On T. Cap. - 3 Yr. Avg. 13.2%
Return On Equity 18.2%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 24.5%
Gross Margin - 3 Yr. Avg. 22.8%
EBITDA Margin 27.3%
EBITDA Margin - 3 Yr. Avg. 23.4%
Operating Margin 13.3%
Oper. Margin - 3 Yr. Avg. 10.5%
Pre-Tax Margin 16.5%
Pre-Tax Margin - 3 Yr. Avg. 12%
Net Profit Margin 12.3%
Net Profit Margin - 3 Yr. Avg. 8.6%
Effective Tax Rate 26.9%
Eff/ Tax Rate - 3 Yr. Avg. 28.6%
Payout Ratio 34.5%

HTHT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HTHT stock intrinsic value calculation we used $946 million for the last fiscal year's total revenue generated by China Lodging Group ADR. The default revenue input number comes from 2016 income statement of China Lodging Group 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 HTHT stock valuation model: a) initial revenue growth rate of 20% 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 HTHT is calculated based on our internal credit rating of China Lodging Group 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 China Lodging Group 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 HTHT stock the variable cost ratio is equal to 64.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $211 million in the base year in the intrinsic value calculation for HTHT 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 China Lodging Group ADR.

Corporate tax rate of 27% is the nominal tax rate for China Lodging Group 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 HTHT 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 HTHT are equal to 62.3%.

Life of production assets of 6 years is the average useful life of capital assets used in China Lodging Group 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 HTHT is equal to -26.4%. 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 - $781 million for China Lodging Group 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 69.581 million for China Lodging Group 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 China Lodging Group ADR at the current share price and the inputted number of shares is $8.4 billion.

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COMPANY NEWS

▶ IBD 50's China Lodging Earnings Top, But Revenue, Guidance Light   [Nov-28-17 04:51PM  Investor's Business Daily]
▶ China Lodging posts 3Q profit   [04:39PM  Associated Press]
▶ What To Expect From These Four IBD 50 Earnings Reports   [Nov-27-17 09:50AM  Investor's Business Daily]
▶ Stock Indexes Fall As Apple, Alphabet Weigh On Nasdaq   [Nov-14-17 12:13PM  Investor's Business Daily]
▶ China Lodging Group, Limited Announces Cash Dividend   [Oct-23-17 05:00AM  GlobeNewswire]
▶ 5 Strong Buy Stocks a Better Bet Than Bitcoin   [Aug-22-17 01:33PM  Zacks]
▶ China Lodging posts 2Q profit   [Aug-17-17 08:56PM  Associated Press]
▶ China Lodging seals US$500m acquisition loan   [Jun-01-17 12:19AM  Reuters]
▶ China Lodging posts 1Q profit   [May-10-17 05:52PM  Associated Press]
▶ China Lodging posts 4Q profit   [Mar-14-17 05:20PM  Associated Press]
▶ Tesla Is A Top Pick, China Lodging Upgraded, Gamestop A Buy   [Dec-30-16 04:10PM  Investor's Business Daily]
▶ Hedge Funds Are Torn On Callidus Software Inc. (CALD)   [Dec-01-16 02:43PM  at Insider Monkey]
▶ Is MaxLinear, Inc. (MXL) A Good Stock To Buy?   [Nov-27-16 01:21PM  at Insider Monkey]
Financial statements of HTHT
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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