Intrinsic value of 51job ADR - JOBS

Previous Close

$67.85

  Intrinsic Value

$74.69

stock screener

  Rating & Target

hold

+10%

Previous close

$67.85

 
Intrinsic value

$74.69

 
Up/down potential

+10%

 
Rating

hold

We calculate the intrinsic value of JOBS 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, %
  13.80
  22.40
  20.66
  19.09
  17.68
  16.42
  15.27
  14.25
  13.32
  12.49
  11.74
  11.07
  10.46
  9.91
  9.42
  8.98
  8.58
  8.22
  7.90
  7.61
  7.35
  7.12
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
Revenue, $m
  338
  414
  499
  594
  700
  814
  939
  1,073
  1,216
  1,367
  1,528
  1,697
  1,875
  2,060
  2,255
  2,457
  2,668
  2,887
  3,115
  3,353
  3,599
  3,855
  4,121
  4,398
  4,686
  4,985
  5,296
  5,621
  5,959
  6,311
  6,678
Variable operating expenses, $m
 
  299
  360
  429
  504
  586
  675
  771
  873
  982
  1,097
  1,215
  1,342
  1,475
  1,614
  1,759
  1,910
  2,067
  2,230
  2,400
  2,576
  2,760
  2,950
  3,148
  3,354
  3,568
  3,791
  4,024
  4,265
  4,518
  4,780
Fixed operating expenses, $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
Total operating expenses, $m
  250
  299
  360
  429
  504
  586
  675
  771
  873
  982
  1,097
  1,215
  1,342
  1,475
  1,614
  1,759
  1,910
  2,067
  2,230
  2,400
  2,576
  2,760
  2,950
  3,148
  3,354
  3,568
  3,791
  4,024
  4,265
  4,518
  4,780
Operating income, $m
  89
  114
  139
  166
  196
  228
  264
  302
  342
  385
  431
  482
  533
  586
  641
  698
  758
  820
  885
  953
  1,023
  1,096
  1,171
  1,250
  1,332
  1,417
  1,505
  1,597
  1,693
  1,793
  1,898
EBITDA, $m
  98
  126
  152
  181
  213
  247
  285
  326
  369
  416
  464
  516
  570
  626
  685
  747
  811
  877
  947
  1,019
  1,094
  1,171
  1,252
  1,336
  1,424
  1,515
  1,609
  1,708
  1,811
  1,918
  2,029
Interest expense (income), $m
  5
  0
  2
  3
  6
  8
  11
  13
  16
  19
  23
  26
  30
  34
  38
  43
  47
  52
  57
  62
  67
  73
  78
  84
  90
  97
  103
  110
  118
  125
  133
Earnings before tax, $m
  101
  114
  137
  162
  190
  220
  253
  288
  326
  366
  408
  456
  503
  551
  602
  656
  711
  769
  829
  891
  956
  1,023
  1,093
  1,166
  1,241
  1,320
  1,402
  1,487
  1,576
  1,668
  1,765
Tax expense, $m
  19
  31
  37
  44
  51
  60
  68
  78
  88
  99
  110
  123
  136
  149
  163
  177
  192
  208
  224
  241
  258
  276
  295
  315
  335
  356
  378
  401
  425
  450
  476
Net income, $m
  82
  84
  100
  119
  139
  161
  185
  211
  238
  267
  298
  333
  367
  403
  440
  479
  519
  561
  605
  650
  698
  747
  798
  851
  906
  963
  1,023
  1,085
  1,150
  1,218
  1,288

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  880
  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
  1,119
  293
  353
  420
  495
  576
  664
  759
  860
  967
  1,081
  1,200
  1,326
  1,457
  1,594
  1,738
  1,887
  2,042
  2,203
  2,371
  2,545
  2,726
  2,915
  3,110
  3,314
  3,525
  3,746
  3,975
  4,214
  4,463
  4,723
Adjusted assets (=assets-cash), $m
  239
  293
  353
  420
  495
  576
  664
  759
  860
  967
  1,081
  1,200
  1,326
  1,457
  1,594
  1,738
  1,887
  2,042
  2,203
  2,371
  2,545
  2,726
  2,915
  3,110
  3,314
  3,525
  3,746
  3,975
  4,214
  4,463
  4,723
Revenue / Adjusted assets
  1.414
  1.413
  1.414
  1.414
  1.414
  1.413
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.415
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
Average production assets, $m
  88
  108
  130
  155
  182
  212
  244
  279
  316
  356
  397
  441
  487
  536
  586
  639
  694
  751
  810
  872
  936
  1,002
  1,072
  1,143
  1,218
  1,296
  1,377
  1,461
  1,549
  1,641
  1,736
Working capital, $m
  581
  -143
  -173
  -206
  -242
  -282
  -325
  -371
  -421
  -473
  -529
  -587
  -649
  -713
  -780
  -850
  -923
  -999
  -1,078
  -1,160
  -1,245
  -1,334
  -1,426
  -1,522
  -1,621
  -1,725
  -1,833
  -1,945
  -2,062
  -2,184
  -2,311
Total debt, $m
  182
  45
  100
  160
  227
  300
  380
  465
  556
  652
  755
  862
  975
  1,093
  1,217
  1,346
  1,480
  1,620
  1,765
  1,916
  2,073
  2,236
  2,405
  2,581
  2,764
  2,955
  3,153
  3,360
  3,575
  3,799
  4,033
Total liabilities, $m
  401
  263
  318
  378
  445
  518
  598
  683
  774
  870
  973
  1,080
  1,193
  1,311
  1,435
  1,564
  1,698
  1,838
  1,983
  2,134
  2,291
  2,454
  2,623
  2,799
  2,982
  3,173
  3,371
  3,578
  3,793
  4,017
  4,251
Total equity, $m
  719
  29
  35
  42
  49
  58
  66
  76
  86
  97
  108
  120
  133
  146
  159
  174
  189
  204
  220
  237
  255
  273
  291
  311
  331
  353
  375
  398
  421
  446
  472
Total liabilities and equity, $m
  1,120
  292
  353
  420
  494
  576
  664
  759
  860
  967
  1,081
  1,200
  1,326
  1,457
  1,594
  1,738
  1,887
  2,042
  2,203
  2,371
  2,546
  2,727
  2,914
  3,110
  3,313
  3,526
  3,746
  3,976
  4,214
  4,463
  4,723
Debt-to-equity ratio
  0.253
  1.550
  2.820
  3.810
  4.590
  5.220
  5.720
  6.130
  6.460
  6.750
  6.980
  7.180
  7.360
  7.500
  7.630
  7.750
  7.840
  7.930
  8.010
  8.080
  8.140
  8.200
  8.250
  8.300
  8.340
  8.380
  8.420
  8.450
  8.480
  8.510
  8.540
Adjusted equity ratio
  -0.674
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  84
  100
  119
  139
  161
  185
  211
  238
  267
  298
  333
  367
  403
  440
  479
  519
  561
  605
  650
  698
  747
  798
  851
  906
  963
  1,023
  1,085
  1,150
  1,218
  1,288
Depreciation, amort., depletion, $m
  9
  11
  13
  15
  17
  19
  22
  24
  27
  30
  33
  33
  37
  41
  44
  48
  53
  57
  61
  66
  71
  76
  81
  87
  92
  98
  104
  111
  117
  124
  132
Funds from operations, $m
  196
  95
  113
  133
  156
  180
  206
  235
  265
  297
  331
  366
  404
  443
  484
  527
  572
  618
  666
  716
  769
  823
  879
  938
  998
  1,062
  1,128
  1,196
  1,268
  1,342
  1,420
Change in working capital, $m
  39
  -26
  -30
  -33
  -36
  -40
  -43
  -46
  -49
  -53
  -56
  -59
  -61
  -64
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -112
  -117
  -122
  -127
Cash from operations, $m
  157
  121
  143
  166
  192
  220
  249
  281
  315
  350
  387
  425
  465
  507
  551
  597
  645
  694
  745
  798
  854
  911
  971
  1,033
  1,098
  1,165
  1,235
  1,308
  1,385
  1,464
  1,547
Maintenance CAPEX, $m
  0
  -7
  -8
  -10
  -12
  -14
  -16
  -18
  -21
  -24
  -27
  -30
  -33
  -37
  -41
  -44
  -48
  -53
  -57
  -61
  -66
  -71
  -76
  -81
  -87
  -92
  -98
  -104
  -111
  -117
  -124
New CAPEX, $m
  -7
  -20
  -22
  -25
  -27
  -30
  -32
  -35
  -37
  -39
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -92
  -95
Cash from investing activities, $m
  -71
  -27
  -30
  -35
  -39
  -44
  -48
  -53
  -58
  -63
  -69
  -74
  -79
  -85
  -91
  -97
  -103
  -110
  -116
  -123
  -130
  -138
  -145
  -153
  -162
  -170
  -179
  -188
  -199
  -209
  -219
Free cash flow, $m
  86
  95
  112
  132
  153
  176
  201
  228
  256
  286
  318
  351
  386
  422
  460
  500
  541
  584
  629
  675
  724
  774
  826
  880
  936
  995
  1,056
  1,120
  1,186
  1,255
  1,327
Issuance/(repayment) of debt, $m
  0
  45
  54
  61
  67
  73
  79
  85
  91
  97
  102
  108
  113
  118
  124
  129
  134
  140
  145
  151
  157
  163
  169
  176
  183
  191
  198
  206
  215
  224
  234
Issuance/(repurchase) of shares, $m
  23
  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  
  23
  45
  54
  61
  67
  73
  79
  85
  91
  97
  102
  108
  113
  118
  124
  129
  134
  140
  145
  151
  157
  163
  169
  176
  183
  191
  198
  206
  215
  224
  234
Total cash flow (excl. dividends), $m
  115
  140
  167
  192
  220
  249
  280
  313
  347
  383
  420
  458
  499
  540
  584
  629
  676
  724
  774
  826
  881
  937
  995
  1,056
  1,120
  1,186
  1,254
  1,326
  1,401
  1,479
  1,561
Retained Cash Flow (-), $m
  -122
  -8
  -6
  -7
  -7
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
Prev. year cash balance distribution, $m
 
  698
  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
 
  830
  161
  186
  212
  241
  271
  303
  337
  372
  409
  446
  486
  527
  570
  615
  661
  708
  758
  810
  863
  919
  977
  1,037
  1,099
  1,164
  1,232
  1,303
  1,377
  1,454
  1,535
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
 
  796
  147
  162
  175
  187
  197
  205
  211
  214
  214
  212
  207
  200
  191
  180
  168
  154
  140
  125
  110
  95
  81
  68
  56
  45
  36
  28
  21
  16
  12
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

51job, Inc. is a holding company. The Company is a provider of integrated human resource services in China. The Company focuses on online recruitment advertising. The Company operates over three Websites, including www.51job.com, www.yingjiesheng.com and www.51jingying.com, which are utilized by a base of corporate employers, reach an audience of job seekers and aggregate job information from over 100 cities across China. The Company provides a range of human resource services in the categories, such as recruitment advertising services, including online recruitment services provided by its Websites, and other human resource related services, including business process outsourcing, training, campus recruitment, professional assessment tools, salary and other human resource related surveys, human resource conferences and executive search services.

FINANCIAL RATIOS  of  51job ADR (JOBS)

Valuation Ratios
P/E Ratio 49.7
Price to Sales 12.1
Price to Book 5.7
Price to Tangible Book
Price to Cash Flow 26
Price to Free Cash Flow 27.2
Growth Rates
Sales Growth Rate 13.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.2%
Cap. Spend. - 3 Yr. Gr. Rate -26.2%
Financial Strength
Quick Ratio 5
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 25.3%
Interest Coverage 21
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11.1%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 71.6%
Gross Margin - 3 Yr. Avg. 72.3%
EBITDA Margin 34%
EBITDA Margin - 3 Yr. Avg. 35.9%
Operating Margin 26%
Oper. Margin - 3 Yr. Avg. 27.4%
Pre-Tax Margin 29.9%
Pre-Tax Margin - 3 Yr. Avg. 32.1%
Net Profit Margin 24.3%
Net Profit Margin - 3 Yr. Avg. 26%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. 19.2%
Payout Ratio 0%

JOBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JOBS stock intrinsic value calculation we used $338 million for the last fiscal year's total revenue generated by 51job ADR. The default revenue input number comes from 2016 income statement of 51job 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 JOBS stock valuation model: a) initial revenue growth rate of 22.4% 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 4.3%, whose default value for JOBS is calculated based on our internal credit rating of 51job 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 51job 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 JOBS stock the variable cost ratio is equal to 72.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for JOBS 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 51job ADR.

Corporate tax rate of 27% is the nominal tax rate for 51job 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 JOBS 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 JOBS are equal to 26%.

Life of production assets of 13.2 years is the average useful life of capital assets used in 51job 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 JOBS is equal to -34.6%. 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 - $719 million for 51job 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 62.613 million for 51job 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 51job ADR at the current share price and the inputted number of shares is $4.2 billion.

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NTES Netease ADR 307.44 1,129.09  str.buy
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COMPANY NEWS

▶ ETFs with exposure to 51job, Inc. : December 28, 2017   [Dec-28-17 12:17PM  Capital Cube]
▶ Wasatch International Growth Fund Buys 4 Stocks   [Dec-07-17 06:19PM  GuruFocus.com]
▶ ETFs with exposure to 51job, Inc. : November 10, 2017   [Nov-10-17 12:38PM  Capital Cube]
▶ 51job Accelerates to Get the Job Done   [10:05AM  Motley Fool]
▶ 51job, Inc. Reports Third Quarter 2017 Financial Results   [Nov-09-17 04:30PM  PR Newswire]
▶ ETFs with exposure to 51job, Inc. : October 25, 2017   [Oct-25-17 10:02AM  Capital Cube]
▶ ETFs with exposure to 51job, Inc. : October 6, 2017   [Oct-06-17 10:55AM  Capital Cube]
▶ 51job, Inc. Announces Strategic Investment in Lagou   [Sep-21-17 06:00PM  PR Newswire]
▶ Why 51job, Inc. (ADR) Stock Jumped Today   [Aug-04-17 01:25PM  Motley Fool]
▶ Trumps big Foxconn announcement will bring jobs and robots   [Jul-26-17 06:31PM  Yahoo Finance]
▶ ETFs with exposure to 51job, Inc. : July 11, 2017   [Jul-11-17 02:44PM  Capital Cube]
▶ ETFs with exposure to 51job, Inc. : June 29, 2017   [Jun-29-17 03:05PM  Capital Cube]
▶ ETFs with exposure to 51job, Inc. : June 9, 2017   [Jun-09-17 01:41PM  Capital Cube]
▶ 51job Keeps Moving to Hire Ground   [May-05-17 08:17AM  Motley Fool]
▶ 51job, Inc. Reports First Quarter 2017 Financial Results   [May-04-17 04:18PM  PR Newswire]
▶ 51job, Inc. Announces Board Change   [04:15PM  PR Newswire]
▶ 51job, Inc. Files Annual Report on Form 20-F   [Mar-31-17 10:00PM  PR Newswire]
▶ 51job Inc. Earnings: Making It Work   [Feb-22-17 07:03PM  Motley Fool]
▶ 51job Inc. Earnings: Making It Work   [07:03PM  at Motley Fool]
▶ Is 51job, Inc. (ADR) (JOBS) A Good Stock To Buy?   [Dec-16-16 01:59PM  Insider Monkey]
▶ Is 51job, Inc. (ADR) (JOBS) A Good Stock To Buy?   [01:59PM  at Insider Monkey]
▶ Is Baytex Energy Corp (USA) (BTE) Worthy of Your Portfolio?   [Dec-14-16 03:05AM  Insider Monkey]
▶ 51job Inc. Earnings: It's a Hire Sale   [Nov-11-16 02:31PM  at Motley Fool]
▶ 51job, Inc. Reports Third Quarter 2016 Financial Results   [Nov-10-16 04:15PM  PR Newswire]
▶ [$$] VC Profile: DCM Finds Exits With East Asia-U.S. Strategy   [Sep-06-16 09:05AM  at The Wall Street Journal]
▶ 51job Inc. Earnings: They're Still Hiring in China   [May-09-16 01:46PM  at Motley Fool]
▶ 51job, Inc. Reports First Quarter 2016 Financial Results   [May-05-16 04:15PM  PR Newswire]
▶ 51job, Inc. Files Annual Report on Form 20-F   [Mar-31-16 06:37AM  PR Newswire]
▶ Quinn: Yahoo's long line of possible suitors   [Dec-09  06:57PM  at San Jose Mercury News]
▶ More and More Top Investors Are Selling Yelp Inc (YELP)   [Nov-28  07:40PM  at Insider Monkey]
▶ What do Hedge Funds Think of Haemonetics Corporation (HAE)?   [Nov-26  05:14AM  at Insider Monkey]
Financial statements of JOBS
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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