Intrinsic value of China Lodging Group ADR - HTHT

Previous Close

$41.02

  Intrinsic Value

$9.11

stock screener

  Rating & Target

str. sell

-78%

Previous close

$41.02

 
Intrinsic value

$9.11

 
Up/down potential

-78%

 
Rating

str. sell

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

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, %
  13.29
  5.80
  5.72
  5.65
  5.58
  5.52
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
  5.15
  5.13
  5.12
  5.11
  5.10
  5.09
  5.08
  5.07
  5.06
  5.06
  5.05
  5.05
  5.04
  5.04
Revenue, $m
  946
  996
  1,053
  1,112
  1,174
  1,239
  1,307
  1,378
  1,452
  1,529
  1,611
  1,696
  1,785
  1,878
  1,976
  2,078
  2,185
  2,298
  2,416
  2,539
  2,669
  2,805
  2,948
  3,098
  3,255
  3,420
  3,592
  3,774
  3,964
  4,164
  4,374
Variable operating expenses, $m
 
  366
  386
  407
  430
  453
  477
  503
  529
  557
  586
  607
  639
  672
  707
  744
  782
  822
  865
  909
  955
  1,004
  1,055
  1,109
  1,165
  1,224
  1,286
  1,351
  1,419
  1,490
  1,566
Fixed operating expenses, $m
 
  491
  501
  512
  524
  535
  547
  559
  571
  584
  597
  610
  623
  637
  651
  665
  680
  695
  710
  726
  742
  758
  775
  792
  809
  827
  845
  864
  883
  902
  922
Total operating expenses, $m
  820
  857
  887
  919
  954
  988
  1,024
  1,062
  1,100
  1,141
  1,183
  1,217
  1,262
  1,309
  1,358
  1,409
  1,462
  1,517
  1,575
  1,635
  1,697
  1,762
  1,830
  1,901
  1,974
  2,051
  2,131
  2,215
  2,302
  2,392
  2,488
Operating income, $m
  126
  139
  165
  192
  221
  251
  283
  316
  351
  389
  428
  479
  523
  569
  618
  669
  723
  781
  841
  905
  972
  1,043
  1,118
  1,197
  1,281
  1,369
  1,462
  1,559
  1,663
  1,772
  1,887
EBITDA, $m
  227
  215
  245
  276
  308
  343
  379
  417
  458
  500
  545
  592
  642
  694
  749
  807
  869
  934
  1,002
  1,074
  1,150
  1,230
  1,314
  1,404
  1,497
  1,596
  1,701
  1,811
  1,927
  2,049
  2,178
Interest expense (income), $m
  1
  0
  2
  4
  6
  8
  11
  13
  15
  18
  21
  24
  27
  30
  33
  37
  40
  44
  48
  52
  57
  61
  66
  71
  77
  82
  88
  94
  101
  107
  114
Earnings before tax, $m
  156
  139
  163
  188
  215
  243
  272
  303
  336
  371
  407
  455
  496
  539
  584
  632
  683
  736
  793
  852
  915
  982
  1,052
  1,126
  1,204
  1,287
  1,374
  1,465
  1,562
  1,664
  1,772
Tax expense, $m
  42
  38
  44
  51
  58
  65
  73
  82
  91
  100
  110
  123
  134
  146
  158
  171
  184
  199
  214
  230
  247
  265
  284
  304
  325
  347
  371
  396
  422
  449
  478
Net income, $m
  116
  102
  119
  137
  157
  177
  199
  221
  245
  270
  297
  332
  362
  393
  427
  462
  499
  538
  579
  622
  668
  717
  768
  822
  879
  939
  1,003
  1,070
  1,140
  1,215
  1,294

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
  1,477
  1,562
  1,650
  1,742
  1,838
  1,939
  2,044
  2,154
  2,269
  2,390
  2,516
  2,648
  2,786
  2,931
  3,083
  3,242
  3,409
  3,584
  3,768
  3,960
  4,162
  4,374
  4,596
  4,829
  5,074
  5,330
  5,599
  5,882
  6,179
  6,490
Adjusted assets (=assets-cash), $m
  978
  1,477
  1,562
  1,650
  1,742
  1,838
  1,939
  2,044
  2,154
  2,269
  2,390
  2,516
  2,648
  2,786
  2,931
  3,083
  3,242
  3,409
  3,584
  3,768
  3,960
  4,162
  4,374
  4,596
  4,829
  5,074
  5,330
  5,599
  5,882
  6,179
  6,490
Revenue / Adjusted assets
  0.967
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
  0.674
Average production assets, $m
  590
  663
  701
  741
  782
  825
  870
  917
  967
  1,019
  1,073
  1,129
  1,189
  1,251
  1,316
  1,384
  1,455
  1,530
  1,609
  1,691
  1,778
  1,868
  1,963
  2,063
  2,168
  2,277
  2,393
  2,513
  2,640
  2,773
  2,913
Working capital, $m
  175
  -88
  -93
  -98
  -103
  -109
  -115
  -121
  -128
  -135
  -142
  -149
  -157
  -165
  -174
  -183
  -192
  -202
  -213
  -223
  -235
  -247
  -259
  -273
  -286
  -301
  -316
  -332
  -349
  -366
  -385
Total debt, $m
  43
  35
  73
  112
  153
  195
  240
  286
  335
  386
  440
  495
  554
  615
  680
  747
  817
  891
  969
  1,050
  1,135
  1,225
  1,319
  1,417
  1,520
  1,629
  1,742
  1,862
  1,987
  2,118
  2,256
Total liabilities, $m
  665
  654
  692
  731
  772
  814
  859
  905
  954
  1,005
  1,059
  1,114
  1,173
  1,234
  1,298
  1,366
  1,436
  1,510
  1,588
  1,669
  1,754
  1,844
  1,938
  2,036
  2,139
  2,248
  2,361
  2,481
  2,606
  2,737
  2,875
Total equity, $m
  781
  823
  870
  919
  970
  1,024
  1,080
  1,138
  1,200
  1,264
  1,331
  1,401
  1,475
  1,552
  1,633
  1,717
  1,806
  1,899
  1,996
  2,099
  2,206
  2,318
  2,436
  2,560
  2,690
  2,826
  2,969
  3,119
  3,276
  3,441
  3,615
Total liabilities and equity, $m
  1,446
  1,477
  1,562
  1,650
  1,742
  1,838
  1,939
  2,043
  2,154
  2,269
  2,390
  2,515
  2,648
  2,786
  2,931
  3,083
  3,242
  3,409
  3,584
  3,768
  3,960
  4,162
  4,374
  4,596
  4,829
  5,074
  5,330
  5,600
  5,882
  6,178
  6,490
Debt-to-equity ratio
  0.055
  0.040
  0.080
  0.120
  0.160
  0.190
  0.220
  0.250
  0.280
  0.310
  0.330
  0.350
  0.380
  0.400
  0.420
  0.430
  0.450
  0.470
  0.490
  0.500
  0.510
  0.530
  0.540
  0.550
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
  0.620
Adjusted equity ratio
  0.364
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  116
  102
  119
  137
  157
  177
  199
  221
  245
  270
  297
  332
  362
  393
  427
  462
  499
  538
  579
  622
  668
  717
  768
  822
  879
  939
  1,003
  1,070
  1,140
  1,215
  1,294
Depreciation, amort., depletion, $m
  101
  76
  80
  84
  88
  92
  97
  101
  106
  111
  117
  113
  119
  125
  132
  138
  146
  153
  161
  169
  178
  187
  196
  206
  217
  228
  239
  251
  264
  277
  291
Funds from operations, $m
  345
  177
  199
  221
  244
  269
  295
  323
  351
  382
  414
  445
  481
  518
  558
  600
  644
  691
  740
  791
  846
  904
  964
  1,028
  1,096
  1,167
  1,242
  1,321
  1,404
  1,492
  1,585
Change in working capital, $m
  49
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -18
Cash from operations, $m
  296
  182
  204
  226
  250
  275
  301
  329
  358
  389
  421
  453
  489
  527
  567
  609
  654
  701
  750
  802
  857
  916
  977
  1,041
  1,110
  1,181
  1,257
  1,337
  1,421
  1,510
  1,603
Maintenance CAPEX, $m
  0
  -63
  -66
  -70
  -74
  -78
  -83
  -87
  -92
  -97
  -102
  -107
  -113
  -119
  -125
  -132
  -138
  -146
  -153
  -161
  -169
  -178
  -187
  -196
  -206
  -217
  -228
  -239
  -251
  -264
  -277
New CAPEX, $m
  -75
  -36
  -38
  -40
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -79
  -82
  -86
  -91
  -95
  -100
  -105
  -110
  -115
  -121
  -127
  -133
  -140
Cash from investing activities, $m
  27
  -99
  -104
  -110
  -115
  -121
  -128
  -134
  -141
  -149
  -156
  -164
  -172
  -181
  -190
  -200
  -209
  -221
  -232
  -243
  -255
  -269
  -282
  -296
  -311
  -327
  -343
  -360
  -378
  -397
  -417
Free cash flow, $m
  323
  84
  99
  116
  134
  153
  173
  195
  217
  240
  265
  289
  316
  346
  377
  409
  444
  480
  518
  559
  602
  647
  695
  745
  799
  855
  914
  977
  1,043
  1,113
  1,186
Issuance/(repayment) of debt, $m
  -7
  34
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
  114
  119
  125
  131
  138
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
  34
  37
  39
  41
  43
  45
  47
  49
  51
  53
  56
  59
  61
  64
  67
  71
  74
  78
  81
  85
  89
  94
  98
  103
  108
  114
  119
  125
  131
  138
Total cash flow (excl. dividends), $m
  329
  118
  137
  156
  175
  196
  218
  241
  266
  291
  319
  345
  375
  407
  441
  477
  514
  554
  596
  640
  687
  737
  789
  844
  902
  963
  1,028
  1,096
  1,168
  1,244
  1,324
Retained Cash Flow (-), $m
  -285
  -46
  -47
  -49
  -51
  -54
  -56
  -59
  -61
  -64
  -67
  -70
  -74
  -77
  -81
  -85
  -89
  -93
  -97
  -102
  -107
  -112
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -173
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
 
  6
  6
  6
  7
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  21
  22
  23
  24
  25
Cash available for distribution, $m
 
  72
  90
  106
  124
  142
  162
  183
  204
  227
  251
  274
  301
  330
  360
  392
  426
  461
  499
  538
  580
  624
  671
  720
  772
  827
  885
  946
  1,011
  1,079
  1,151
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
 
  69
  82
  93
  102
  110
  118
  123
  128
  131
  132
  130
  129
  125
  121
  115
  108
  100
  92
  83
  74
  65
  56
  47
  39
  32
  26
  20
  16
  12
  9
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 98.4
Price to Sales 12.1
Price to Book 14.6
Price to Tangible Book
Price to Cash Flow 38.6
Price to Free Cash Flow 51.7
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 65.4%
Gross Margin - 3 Yr. Avg. 64.5%
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 $941 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 5.8% 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 36.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $480 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 5.4% 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 0.6%.

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 66.6%.

Life of production assets of 10 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 -8.8%. 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 - $777 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 275 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 $11.3 billion.

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H Hyatt Hotels 82.30 5.52  str.sell

COMPANY NEWS

▶ Why Huazhu Group Limited (NASDAQ:HTHT) Could Be A Buy   [Jun-25-18 12:45PM  Simply Wall St.]
▶ China Lodging: 1Q Earnings Snapshot   [May-14-18 05:15PM  Associated Press]
▶ IBD 50 Stock China Lodging Jumps Ahead Of Earnings   [04:06PM  Investor's Business Daily]
▶ High Growth Stocks To Profit From   [May-10-18 12:02PM  Simply Wall St.]
▶ China Lodging Group, Limited Announces ADS Ratio Change   [Apr-20-18 09:15AM  GlobeNewswire]
▶ 3 China Buys For Emergent Growth   [Mar-20-18 04:08PM  Forbes]
▶ China Lodging posts 4Q profit   [Mar-13-18 06:14PM  Associated Press]
▶ Big 3 Airlines Speak And Dick's Reports After Shooting: Investing Action Plan   [Mar-12-18 04:22PM  Investor's Business Daily]
▶ [$$] OppenheimerFunds' Big Biotech Stock Buys   [Feb-07-18 08:28AM  Barrons.com]
▶ Why Oppenheimer's Leverenz Is Betting Big on China   [Jan-17-18 07:47PM  Bloomberg Video]
▶ These 5 Top China Stocks Are Basing, But Be Wary: Investing Action Plan   [Dec-26-17 04:10PM  Investor's Business Daily]
▶ 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]
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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