Intrinsic value of Jupai Holdings ADR - JP

Previous Close

$21.89

  Intrinsic Value

$150.21

stock screener

  Rating & Target

str. buy

+586%

Previous close

$21.89

 
Intrinsic value

$150.21

 
Up/down potential

+586%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as JP.

We calculate the intrinsic value of JP 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, %
  88.51
  36.20
  33.08
  30.27
  27.74
  25.47
  23.42
  21.58
  19.92
  18.43
  17.09
  15.88
  14.79
  13.81
  12.93
  12.14
  11.42
  10.78
  10.20
  9.68
  9.21
  8.79
  8.41
  8.07
  7.77
  7.49
  7.24
  7.02
  6.81
  6.63
  6.47
Revenue, $m
  164
  223
  297
  387
  495
  621
  766
  931
  1,117
  1,323
  1,549
  1,795
  2,060
  2,345
  2,648
  2,969
  3,309
  3,665
  4,039
  4,430
  4,839
  5,264
  5,707
  6,168
  6,647
  7,145
  7,662
  8,199
  8,758
  9,339
  9,943
Variable operating expenses, $m
 
  147
  194
  252
  321
  402
  495
  601
  720
  851
  996
  1,150
  1,320
  1,502
  1,696
  1,902
  2,120
  2,348
  2,588
  2,838
  3,100
  3,372
  3,656
  3,951
  4,258
  4,577
  4,908
  5,253
  5,610
  5,983
  6,370
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
  121
  147
  194
  252
  321
  402
  495
  601
  720
  851
  996
  1,150
  1,320
  1,502
  1,696
  1,902
  2,120
  2,348
  2,588
  2,838
  3,100
  3,372
  3,656
  3,951
  4,258
  4,577
  4,908
  5,253
  5,610
  5,983
  6,370
Operating income, $m
  43
  76
  103
  135
  174
  219
  271
  331
  397
  471
  553
  645
  740
  843
  952
  1,067
  1,189
  1,317
  1,452
  1,592
  1,739
  1,892
  2,051
  2,217
  2,389
  2,568
  2,754
  2,947
  3,148
  3,356
  3,573
EBITDA, $m
  47
  81
  108
  141
  180
  226
  279
  339
  407
  482
  564
  654
  751
  854
  965
  1,082
  1,205
  1,335
  1,472
  1,614
  1,763
  1,918
  2,079
  2,247
  2,422
  2,603
  2,792
  2,987
  3,191
  3,403
  3,623
Interest expense (income), $m
  0
  0
  1
  3
  4
  6
  9
  12
  15
  19
  23
  27
  32
  37
  42
  48
  54
  61
  68
  75
  83
  91
  99
  108
  117
  126
  136
  146
  156
  167
  178
Earnings before tax, $m
  45
  76
  102
  133
  169
  213
  262
  319
  383
  453
  530
  618
  709
  806
  909
  1,019
  1,135
  1,256
  1,384
  1,517
  1,656
  1,801
  1,952
  2,109
  2,272
  2,442
  2,618
  2,801
  2,991
  3,189
  3,395
Tax expense, $m
  12
  21
  27
  36
  46
  57
  71
  86
  103
  122
  143
  167
  191
  218
  246
  275
  306
  339
  374
  410
  447
  486
  527
  569
  613
  659
  707
  756
  808
  861
  917
Net income, $m
  30
  56
  74
  97
  124
  155
  192
  233
  279
  331
  387
  451
  517
  588
  664
  744
  828
  917
  1,010
  1,107
  1,209
  1,315
  1,425
  1,540
  1,659
  1,782
  1,911
  2,045
  2,184
  2,328
  2,479

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  166
  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
  308
  193
  257
  335
  428
  537
  663
  806
  967
  1,145
  1,341
  1,554
  1,784
  2,030
  2,293
  2,571
  2,865
  3,173
  3,497
  3,836
  4,189
  4,558
  4,941
  5,340
  5,755
  6,186
  6,634
  7,099
  7,583
  8,086
  8,609
Adjusted assets (=assets-cash), $m
  142
  193
  257
  335
  428
  537
  663
  806
  967
  1,145
  1,341
  1,554
  1,784
  2,030
  2,293
  2,571
  2,865
  3,173
  3,497
  3,836
  4,189
  4,558
  4,941
  5,340
  5,755
  6,186
  6,634
  7,099
  7,583
  8,086
  8,609
Revenue / Adjusted assets
  1.155
  1.155
  1.156
  1.155
  1.157
  1.156
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
  1.155
Average production assets, $m
  10
  14
  18
  24
  30
  38
  47
  57
  68
  81
  94
  109
  126
  143
  162
  181
  202
  224
  246
  270
  295
  321
  348
  376
  405
  436
  467
  500
  534
  570
  607
Working capital, $m
  144
  -30
  -40
  -52
  -66
  -83
  -103
  -125
  -150
  -177
  -208
  -241
  -276
  -314
  -355
  -398
  -443
  -491
  -541
  -594
  -648
  -705
  -765
  -826
  -891
  -957
  -1,027
  -1,099
  -1,174
  -1,251
  -1,332
Total debt, $m
  0
  33
  74
  124
  184
  253
  334
  426
  529
  643
  769
  905
  1,052
  1,210
  1,379
  1,557
  1,745
  1,943
  2,151
  2,368
  2,594
  2,831
  3,076
  3,332
  3,598
  3,874
  4,161
  4,459
  4,770
  5,092
  5,427
Total liabilities, $m
  91
  124
  165
  215
  275
  344
  425
  517
  620
  734
  860
  996
  1,143
  1,301
  1,470
  1,648
  1,836
  2,034
  2,242
  2,459
  2,685
  2,922
  3,167
  3,423
  3,689
  3,965
  4,252
  4,550
  4,861
  5,183
  5,518
Total equity, $m
  217
  69
  92
  120
  154
  193
  238
  289
  347
  411
  481
  558
  640
  729
  823
  923
  1,028
  1,139
  1,256
  1,377
  1,504
  1,636
  1,774
  1,917
  2,066
  2,221
  2,381
  2,549
  2,722
  2,903
  3,091
Total liabilities and equity, $m
  308
  193
  257
  335
  429
  537
  663
  806
  967
  1,145
  1,341
  1,554
  1,783
  2,030
  2,293
  2,571
  2,864
  3,173
  3,498
  3,836
  4,189
  4,558
  4,941
  5,340
  5,755
  6,186
  6,633
  7,099
  7,583
  8,086
  8,609
Debt-to-equity ratio
  0.000
  0.470
  0.800
  1.030
  1.190
  1.310
  1.400
  1.470
  1.520
  1.560
  1.600
  1.620
  1.640
  1.660
  1.670
  1.690
  1.700
  1.710
  1.710
  1.720
  1.730
  1.730
  1.730
  1.740
  1.740
  1.740
  1.750
  1.750
  1.750
  1.750
  1.760
Adjusted equity ratio
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359
  0.359

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  30
  56
  74
  97
  124
  155
  192
  233
  279
  331
  387
  451
  517
  588
  664
  744
  828
  917
  1,010
  1,107
  1,209
  1,315
  1,425
  1,540
  1,659
  1,782
  1,911
  2,045
  2,184
  2,328
  2,479
Depreciation, amort., depletion, $m
  4
  5
  5
  6
  6
  7
  8
  9
  10
  11
  12
  9
  10
  12
  13
  15
  16
  18
  20
  22
  24
  26
  28
  31
  33
  35
  38
  41
  43
  46
  49
Funds from operations, $m
  16
  61
  80
  103
  130
  162
  199
  242
  289
  341
  399
  460
  528
  600
  677
  759
  845
  935
  1,030
  1,129
  1,233
  1,341
  1,453
  1,570
  1,692
  1,818
  1,949
  2,085
  2,227
  2,375
  2,528
Change in working capital, $m
  -11
  -8
  -10
  -12
  -14
  -17
  -19
  -22
  -25
  -28
  -30
  -33
  -36
  -38
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
Cash from operations, $m
  27
  69
  90
  115
  145
  179
  219
  264
  314
  369
  429
  493
  563
  638
  718
  802
  890
  983
  1,080
  1,182
  1,288
  1,398
  1,513
  1,632
  1,756
  1,885
  2,018
  2,158
  2,302
  2,452
  2,609
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -2
  -2
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -15
  -16
  -18
  -20
  -22
  -24
  -26
  -28
  -31
  -33
  -35
  -38
  -41
  -43
  -46
New CAPEX, $m
  -8
  -4
  -5
  -5
  -7
  -8
  -9
  -10
  -11
  -13
  -14
  -15
  -16
  -17
  -18
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -34
  -35
  -37
Cash from investing activities, $m
  0
  -5
  -6
  -6
  -9
  -10
  -12
  -14
  -16
  -19
  -21
  -23
  -25
  -27
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -78
  -83
Free cash flow, $m
  27
  64
  84
  108
  136
  169
  207
  250
  298
  351
  409
  470
  538
  610
  687
  769
  855
  945
  1,039
  1,138
  1,241
  1,348
  1,459
  1,575
  1,696
  1,821
  1,951
  2,087
  2,227
  2,374
  2,526
Issuance/(repayment) of debt, $m
  0
  33
  41
  50
  60
  70
  81
  92
  103
  114
  125
  136
  147
  158
  168
  178
  188
  198
  208
  217
  227
  236
  246
  256
  266
  276
  287
  298
  310
  322
  335
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  
  17
  33
  41
  50
  60
  70
  81
  92
  103
  114
  125
  136
  147
  158
  168
  178
  188
  198
  208
  217
  227
  236
  246
  256
  266
  276
  287
  298
  310
  322
  335
Total cash flow (excl. dividends), $m
  47
  97
  125
  158
  196
  239
  288
  342
  401
  465
  534
  607
  685
  768
  856
  947
  1,043
  1,143
  1,247
  1,355
  1,467
  1,584
  1,705
  1,831
  1,962
  2,098
  2,239
  2,385
  2,537
  2,696
  2,861
Retained Cash Flow (-), $m
  -60
  -18
  -23
  -28
  -33
  -39
  -45
  -51
  -58
  -64
  -70
  -76
  -83
  -88
  -94
  -100
  -105
  -111
  -116
  -122
  -127
  -132
  -138
  -143
  -149
  -155
  -161
  -167
  -174
  -181
  -188
Prev. year cash balance distribution, $m
 
  166
  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
 
  245
  102
  130
  162
  200
  242
  290
  343
  401
  464
  530
  603
  680
  761
  847
  938
  1,032
  1,131
  1,233
  1,340
  1,452
  1,568
  1,688
  1,813
  1,943
  2,078
  2,218
  2,364
  2,515
  2,673
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
 
  235
  93
  113
  134
  155
  176
  196
  214
  230
  243
  252
  257
  259
  256
  249
  238
  225
  208
  190
  170
  150
  130
  111
  92
  76
  61
  48
  37
  27
  20
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

Jupai Holdings Limited (Jupai), formerly Jupai Investment Group, is a Cayman Islands-based third-party wealth management service provider. The Company focuses on distributing wealth management products and providing advisory services to individuals in People's Republic of China (PRC) who have investable assets in excess of three million Renminbi (RMB). It also sources products from third parties. Its product choices include fixed income products, private equity and venture capital funds, public market products and other products, such as insurance products and tailored alternative investments. It also provides asset management services in the management and advisory of real estate or related funds, other fund products and funds of funds. Its client base consists of entrepreneurs, corporate executives, professionals and other investors. It has a network of client centers in approximately 18 cities in the regions of the Bohai Rim, the Yangtze River Delta and the Pearl River Delta.

FINANCIAL RATIOS  of  Jupai Holdings ADR (JP)

Valuation Ratios
P/E Ratio 131
Price to Sales 24
Price to Book 18.1
Price to Tangible Book
Price to Cash Flow 145.6
Price to Free Cash Flow 206.9
Growth Rates
Sales Growth Rate 88.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 300%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
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 11.2%
Ret/ On Assets - 3 Yr. Avg. 18.5%
Return On Total Capital 16%
Ret/ On T. Cap. - 3 Yr. Avg. 26.8%
Return On Equity 16%
Return On Equity - 3 Yr. Avg. 26.8%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 57.3%
Gross Margin - 3 Yr. Avg. 63.4%
EBITDA Margin 29.9%
EBITDA Margin - 3 Yr. Avg. 40.5%
Operating Margin 26.2%
Oper. Margin - 3 Yr. Avg. 35.2%
Pre-Tax Margin 27.4%
Pre-Tax Margin - 3 Yr. Avg. 38.9%
Net Profit Margin 18.3%
Net Profit Margin - 3 Yr. Avg. 27.1%
Effective Tax Rate 26.7%
Eff/ Tax Rate - 3 Yr. Avg. 26.8%
Payout Ratio 0%

JP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JP stock intrinsic value calculation we used $164 million for the last fiscal year's total revenue generated by Jupai Holdings ADR. The default revenue input number comes from 2016 income statement of Jupai Holdings 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 JP stock valuation model: a) initial revenue growth rate of 36.2% 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 JP is calculated based on our internal credit rating of Jupai Holdings 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 Jupai Holdings 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 JP stock the variable cost ratio is equal to 66.5%.

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 JP 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 Jupai Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Jupai Holdings 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 JP 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 JP are equal to 6.1%.

Life of production assets of 12.3 years is the average useful life of capital assets used in Jupai Holdings 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 JP is equal to -13.4%. 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 - $217 million for Jupai Holdings 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 32.531 million for Jupai Holdings 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 Jupai Holdings ADR at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Jupai Announces Private Share Purchase by CEO   [Dec-22-17 05:00AM  PR Newswire]
▶ Jupai - Robust 9M17 Earnings Growth   [Dec-06-17 11:20PM  ACCESSWIRE]
▶ Stock Market News For Nov 29, 2017   [Nov-29-17 10:22AM  Zacks]
▶ Jupai Reports Third Quarter 2017 Results   [Nov-13-17 04:00AM  PR Newswire]
▶ Jupai - A Value Play in a High Growing Industry   [Nov-09-17 08:00PM  ACCESSWIRE]
▶ A Tale of Two Markets   [Nov-08-17 04:30PM  TheStreet.com]
▶ Seeing Red and Considering Hedges   [11:06AM  TheStreet.com]
▶ China-Based Wealth Manager In Sweet Spot Of Growth   [Oct-13-17 01:11PM  Investor's Business Daily]
▶ 3 Ways To Play China's Rate Decision   [Oct-09-17 01:35PM  Benzinga]
▶ U.S. Stocks Quiet; China Issues Pop As Holidays End   [11:56AM  Investor's Business Daily]
▶ Jupai Holdings Q2 2017 Note   [Oct-02-17 11:42AM  ACCESSWIRE]
▶ Blackrock Sees Relative Strength Rating Climb To 75   [03:00AM  Investor's Business Daily]
▶ Blackrock Getting Closer To New Breakout And Key Technical Measure   [Sep-26-17 11:19AM  Investor's Business Daily]
▶ Stocks With Rising Relative Price Strength: Brookfield Infrastructure   [Sep-19-17 03:00AM  Investor's Business Daily]
▶ KKR Getting Closer To Key Technical Measure   [Sep-18-17 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Price Strength: The Carlyle Group   [03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: Affiliated Managers   [03:00AM  Investor's Business Daily]
▶ IBD Rating Upgrades: KKR Flashes Improved Relative Price Strength   [Aug-29-17 03:00AM  Investor's Business Daily]
▶ Blackstone Earns Relative Strength Rating Upgrade   [03:00AM  Investor's Business Daily]
▶ Jupai Reports Second Quarter 2017 Results   [Aug-16-17 04:10AM  PR Newswire]
▶ Jupai Reports Third Quarter 2016 Results   [03:30AM  PR Newswire]
▶ Jupai Reports Second Quarter 2016 Results   [12:30AM  PR Newswire]
▶ Jupai Reports First Quarter 2016 Results   [04:00AM  PR Newswire]
▶ Asian markets take ECB stimulus moves in stride   [Mar-10-16 11:18PM  at MarketWatch]
▶ Asian markets rise on renewed faith in U.S. economy   [Dec-17  01:42AM  at MarketWatch]
▶ Jupai Reports Third Quarter 2015 Results   [Nov-18  08:00PM  PR Newswire]
▶ Story Stocks from Briefing.com   [Aug-28  12:45PM  Briefing.com]
▶ Jupai Reports Second Quarter 2015 Results   [Aug-26  10:00PM  PR Newswire]
▶ Jupai Announces Pricing of Initial Public Offering   [Jul-15  09:50PM  PR Newswire]
▶ Story Stocks from Briefing.com   [Jul-14  02:38PM  Briefing.com]
Financial statements of JP
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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