Intrinsic value of Jumei International Holding ADR - JMEI

Previous Close

$3.05

  Intrinsic Value

$3.21

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  Rating & Target

hold

+5%

  Value-price divergence*

-61%

Previous close

$3.05

 
Intrinsic value

$3.21

 
Up/down potential

+5%

 
Rating

hold

 
Value-price divergence*

-61%

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

We calculate the intrinsic value of JMEI 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 0.4

 

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, %
  -14.50
  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
  908
  926
  947
  972
  999
  1,029
  1,063
  1,099
  1,138
  1,180
  1,226
  1,274
  1,326
  1,381
  1,439
  1,501
  1,567
  1,637
  1,710
  1,788
  1,870
  1,957
  2,049
  2,145
  2,246
  2,353
  2,466
  2,585
  2,709
  2,840
  2,978
Variable operating expenses, $m
 
  806
  824
  845
  869
  896
  924
  956
  990
  1,027
  1,066
  1,108
  1,153
  1,201
  1,252
  1,306
  1,363
  1,424
  1,488
  1,555
  1,627
  1,702
  1,782
  1,866
  1,954
  2,047
  2,145
  2,248
  2,356
  2,471
  2,591
Fixed operating expenses, $m
 
  122
  125
  128
  131
  135
  138
  141
  145
  149
  152
  156
  160
  164
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  244
  250
Total operating expenses, $m
  906
  928
  949
  973
  1,000
  1,031
  1,062
  1,097
  1,135
  1,176
  1,218
  1,264
  1,313
  1,365
  1,420
  1,478
  1,540
  1,605
  1,674
  1,745
  1,822
  1,902
  1,987
  2,076
  2,169
  2,268
  2,371
  2,480
  2,594
  2,715
  2,841
Operating income, $m
  3
  -2
  -2
  -2
  -1
  -1
  0
  1
  3
  5
  7
  10
  13
  16
  19
  23
  27
  32
  37
  43
  49
  55
  62
  69
  77
  86
  95
  105
  115
  126
  138
EBITDA, $m
  7
  2
  1
  2
  2
  3
  4
  5
  7
  9
  11
  14
  17
  20
  24
  28
  32
  37
  43
  48
  55
  61
  68
  76
  84
  93
  103
  113
  124
  135
  148
Interest expense (income), $m
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  2
  2
  2
  2
  3
  3
  3
  4
  4
  4
  5
  5
  5
  6
  6
  7
  8
  8
  9
  9
Earnings before tax, $m
  26
  -2
  -2
  -2
  -2
  -1
  0
  1
  2
  4
  6
  8
  11
  14
  17
  21
  25
  29
  34
  39
  44
  50
  57
  64
  71
  79
  88
  97
  107
  118
  129
Tax expense, $m
  4
  0
  0
  0
  0
  0
  0
  0
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  10
  12
  14
  15
  17
  19
  21
  24
  26
  29
  32
  35
Net income, $m
  21
  -2
  -2
  -2
  -2
  -1
  0
  1
  2
  3
  4
  6
  8
  10
  12
  15
  18
  21
  25
  28
  32
  37
  41
  47
  52
  58
  64
  71
  78
  86
  94

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  434
  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
  687
  258
  264
  271
  278
  287
  296
  306
  317
  329
  341
  355
  369
  385
  401
  418
  437
  456
  477
  498
  521
  545
  571
  598
  626
  656
  687
  720
  755
  791
  830
Adjusted assets (=assets-cash), $m
  253
  258
  264
  271
  278
  287
  296
  306
  317
  329
  341
  355
  369
  385
  401
  418
  437
  456
  477
  498
  521
  545
  571
  598
  626
  656
  687
  720
  755
  791
  830
Revenue / Adjusted assets
  3.589
  3.589
  3.587
  3.587
  3.594
  3.585
  3.591
  3.592
  3.590
  3.587
  3.595
  3.589
  3.593
  3.587
  3.589
  3.591
  3.586
  3.590
  3.585
  3.590
  3.589
  3.591
  3.588
  3.587
  3.588
  3.587
  3.590
  3.590
  3.588
  3.590
  3.588
Average production assets, $m
  15
  15
  15
  16
  16
  16
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  29
  30
  31
  33
  34
  36
  38
  39
  41
  43
  45
  48
Working capital, $m
  440
  6
  7
  7
  7
  7
  7
  8
  8
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  20
  21
Total debt, $m
  0
  2
  5
  9
  13
  17
  21
  26
  32
  37
  44
  50
  57
  65
  73
  82
  91
  100
  110
  121
  132
  144
  157
  170
  184
  199
  214
  231
  248
  266
  285
Total liabilities, $m
  124
  127
  130
  134
  138
  142
  146
  151
  157
  162
  169
  175
  182
  190
  198
  207
  216
  225
  235
  246
  257
  269
  282
  295
  309
  324
  339
  356
  373
  391
  410
Total equity, $m
  562
  131
  134
  137
  141
  145
  150
  155
  160
  166
  173
  180
  187
  195
  203
  212
  221
  231
  241
  252
  264
  276
  289
  302
  317
  332
  348
  364
  382
  400
  420
Total liabilities and equity, $m
  686
  258
  264
  271
  279
  287
  296
  306
  317
  328
  342
  355
  369
  385
  401
  419
  437
  456
  476
  498
  521
  545
  571
  597
  626
  656
  687
  720
  755
  791
  830
Debt-to-equity ratio
  0.000
  0.020
  0.040
  0.060
  0.090
  0.120
  0.140
  0.170
  0.200
  0.230
  0.250
  0.280
  0.310
  0.330
  0.360
  0.390
  0.410
  0.430
  0.460
  0.480
  0.500
  0.520
  0.540
  0.560
  0.580
  0.600
  0.620
  0.630
  0.650
  0.660
  0.680
Adjusted equity ratio
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506
  0.506

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  21
  -2
  -2
  -2
  -2
  -1
  0
  1
  2
  3
  4
  6
  8
  10
  12
  15
  18
  21
  25
  28
  32
  37
  41
  47
  52
  58
  64
  71
  78
  86
  94
Depreciation, amort., depletion, $m
  4
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  5
  5
  5
  5
  5
  6
  6
  6
  7
  7
  7
  8
  8
  8
  9
  9
  10
Funds from operations, $m
  -20
  2
  1
  1
  2
  2
  3
  4
  5
  7
  8
  10
  12
  14
  17
  20
  23
  26
  30
  34
  38
  43
  48
  53
  59
  65
  72
  79
  87
  95
  104
Change in working capital, $m
  -32
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
Cash from operations, $m
  12
  1
  1
  1
  1
  2
  3
  4
  5
  6
  8
  10
  12
  14
  17
  19
  22
  26
  30
  33
  38
  42
  47
  53
  59
  65
  71
  78
  86
  94
  103
Maintenance CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
New CAPEX, $m
  -16
  0
  0
  0
  0
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
Cash from investing activities, $m
  -64
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -9
  -9
  -9
  -10
  -10
  -10
  -11
  -11
Free cash flow, $m
  -52
  -2
  -2
  -2
  -2
  -2
  -1
  0
  1
  2
  4
  5
  7
  9
  11
  14
  17
  20
  23
  27
  31
  35
  40
  45
  50
  56
  62
  69
  76
  83
  91
Issuance/(repayment) of debt, $m
  2
  2
  3
  3
  4
  4
  5
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
Issuance/(repurchase) of shares, $m
  0
  4
  5
  5
  6
  5
  5
  5
  4
  3
  2
  1
  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  
  2
  6
  8
  8
  10
  9
  10
  10
  9
  9
  8
  8
  7
  8
  8
  9
  9
  10
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  19
Total cash flow (excl. dividends), $m
  -38
  5
  6
  7
  7
  8
  9
  10
  10
  11
  12
  13
  14
  17
  19
  22
  26
  29
  33
  37
  42
  47
  52
  58
  64
  71
  78
  85
  93
  101
  110
Retained Cash Flow (-), $m
  -37
  -4
  -5
  -5
  -6
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -18
  -19
Prev. year cash balance distribution, $m
 
  434
  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
 
  435
  1
  1
  2
  3
  4
  4
  5
  5
  6
  6
  7
  9
  11
  14
  16
  19
  23
  26
  30
  35
  39
  44
  50
  55
  62
  68
  75
  83
  91
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
 
  417
  1
  1
  1
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  4
  4
  3
  3
  3
  2
  2
  1
  1
  1
  1
Current shareholders' claim on cash, %
  100
  95.9
  91.4
  86.8
  82.4
  78.5
  75.0
  72.1
  69.8
  68.0
  66.9
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5
  66.5

Jumei International Holding Limited is an online retailer of beauty products. The Company's sales formats consist of curated sales, online shopping mall and flash sales. The Company's Jumei Global sales channel is part of its curated sales format. The Company's curated sales format includes branded beauty products, baby, children and maternity products, light luxury products and health supplements. Its online shopping mall format includes branded beauty products. Its flash sales format includes branded apparel and other lifestyle products. Its Jumei Global offers Chinese consumers convenient access to products sourced directly from overseas and allows its consumers to make payments in Renminbi. Jumei Global offers branded beauty products, baby, children and maternity products, light luxury products and health supplements from South Korea, Japan, Taiwan, the United States and European countries. It also offers exclusive products, including products under its private label brands.

FINANCIAL RATIOS  of  Jumei International Holding ADR (JMEI)

Valuation Ratios
P/E Ratio 21.3
Price to Sales 0.5
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 37.3
Price to Free Cash Flow -111.8
Growth Rates
Sales Growth Rate -14.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 220%
Cap. Spend. - 3 Yr. Gr. Rate 32%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3%
Ret/ On Assets - 3 Yr. Avg. 6.5%
Return On Total Capital 3.9%
Ret/ On T. Cap. - 3 Yr. Avg. 9.5%
Return On Equity 3.9%
Return On Equity - 3 Yr. Avg. 9.5%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 28%
Gross Margin - 3 Yr. Avg. 32.1%
EBITDA Margin 3.3%
EBITDA Margin - 3 Yr. Avg. 6.7%
Operating Margin 0.2%
Oper. Margin - 3 Yr. Avg. 3.8%
Pre-Tax Margin 2.9%
Pre-Tax Margin - 3 Yr. Avg. 6.2%
Net Profit Margin 2.3%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 15.4%
Eff/ Tax Rate - 3 Yr. Avg. 22.6%
Payout Ratio 0%

JMEI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JMEI stock intrinsic value calculation we used $908 million for the last fiscal year's total revenue generated by Jumei International Holding ADR. The default revenue input number comes from 2016 income statement of Jumei International Holding 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 JMEI 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 4.3%, whose default value for JMEI is calculated based on our internal credit rating of Jumei International Holding 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 Jumei International Holding 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 JMEI stock the variable cost ratio is equal to 87%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $119 million in the base year in the intrinsic value calculation for JMEI 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 Jumei International Holding ADR.

Corporate tax rate of 27% is the nominal tax rate for Jumei International Holding 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 JMEI 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 JMEI are equal to 1.6%.

Life of production assets of 4.1 years is the average useful life of capital assets used in Jumei International Holding 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 JMEI is equal to 0.7%. 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 - $562 million for Jumei International Holding 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 141.353 million for Jumei International Holding 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 Jumei International Holding ADR at the current share price and the inputted number of shares is $0.4 billion.

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COMPANY NEWS

▶ Jumei Completes Acquisition of Jiedian   [Aug-30-17 05:00PM  GlobeNewswire]
▶ Jumei Announces Resignation of Director   [03:49AM  GlobeNewswire]
▶ Jumei Announces Investment in Television Drama Production   [Jun-21-17 07:13AM  GlobeNewswire]
▶ Jumei Announces Strategic Investment in Jiedian   [May-04-17 09:18AM  GlobeNewswire]
▶ Jumei Files 2016 Annual Report on Form 20-F   [May-01-17 07:00AM  GlobeNewswire]
▶ Jumei Reports Unaudited First Half 2016 Financial Results   [Dec-23-16 05:00PM  GlobeNewswire]
▶ Do Hedge Funds Love Cincinnati Bell Inc. (CBB)?   [Dec-11-16 04:54PM  Insider Monkey]
▶ Do Hedge Funds Love Cincinnati Bell Inc. (CBB)?   [04:54PM  at Insider Monkey]
▶ Jumei to Hold Annual General Meeting on December 16, 2016   [Nov-04-16 07:00AM  GlobeNewswire]
▶ Is Jumei International Overbought? (JMEI)   [Oct-07-16 03:10PM  at Investopedia]
▶ These 5 Stocks Just Hit 52-Week Lows (DHT,FRO)   [Jul-08-16 04:55PM  Investopedia]
▶ Valeant Once More Makes Mondays 52-Week Low Club   [Jun-20-16 04:04PM  at 24/7 Wall St.]
▶ Are There Opportunities amid Chinas Manufacturing Slump?   [Jun-07-16 09:07AM  Market Realist]
▶ JUMEI INTERNATIONAL HOLDING LTD Financials   [01:04PM  EDGAR Online Financials]
▶ Jumei Files 2015 Annual Report on Form 20-F   [Apr-29-16 04:30PM  GlobeNewswire]
▶ Jumei Announces Resignation of Co-CFOs   [Apr-01-16 04:30PM  PR Newswire]
▶ Call buyers look for makeover in Jumei   [Feb-19-16 08:47AM  optionMONSTER]
▶ Jumei (JMEI) Stock Soars on Possible Privatization   [Feb-17-16 02:48PM  at TheStreet]
▶ [$$] Jumei Receives Management-Led Go-Private Proposal   [10:47AM  at The Wall Street Journal]
▶ One Reason Jumei Intl (JMEI) Stock is Soaring Today   [Feb-16-16 02:41PM  at TheStreet]
▶ Why Jumei Intl (JMEI) Stock is Tumbling Today   [Jan-04-16 12:18PM  at TheStreet]
▶ Why Jumei (JMEI) Stock is Down Today   [Dec-28  03:13PM  at TheStreet]
▶ Hedge Funds Are Betting On Houlihan Lokey Inc (HLI)   [Dec-14  01:13PM  at Insider Monkey]
▶ 4 Stocks Under $10 Making Breakout Moves   [Dec-09  06:30AM  at TheStreet]
▶ Hedge Funds Are Dumping Pattern Energy Group Inc (PEGI)   [Nov-25  05:15PM  at Insider Monkey]
▶ 5 Hated Stocks You Should Love   [12:42PM  at TheStreet]
▶ China Ends One-Child Policy: Which Stocks Will Benefit?   [Oct-29  11:10PM  at Barrons.com]
▶ Alibaba Gears Up For Biggest Shopping Day Of Year   [Oct-13  02:40PM  at Investor's Business Daily]
▶ Why Jumei Intl (JMEI) Stock is Spiking Wednesday   [Oct-07  03:19PM  at TheStreet]
▶ 3 Stocks Under $10 to Trade for Big Breakouts   [Sep-29  02:36PM  at TheStreet]
▶ Jumei Intl (JMEI) Stock Plunging as China Markets Fall   [Aug-21  10:51AM  at TheStreet]
▶ 5 Hated Earnings Stocks You Should Love   [Aug-18  09:08AM  at TheStreet]
▶ JD.com: Competition Is Coming, Morgan Stanley Downgrades   [Aug-10  03:19AM  at Barrons.com]
▶ Stocks Slide At Open, But Trim Losses   [10:31AM  at Investor's Business Daily]
▶ Jumei Announces Strategic Investment in BabyTree   [Jul-22  06:22AM  PR Newswire]
▶ Stocks Hit New Session Lows; Taser Triggers Sell Signal   [Jun-29  11:56AM  at Investor's Business Daily]
Financial statements of JMEI
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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