Intrinsic value of Jupai Holdings ADR - JP

Previous Close

$28.40

  Intrinsic Value

$584.74

stock screener

  Rating & Target

str. buy

+999%

Previous close

$28.40

 
Intrinsic value

$584.74

 
Up/down potential

+999%

 
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

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 0.9

 

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
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  164
  262
  405
  606
  880
  1,241
  1,706
  2,290
  3,007
  3,870
  4,888
  6,069
  7,420
  8,944
  10,642
  12,513
  14,555
  16,767
  19,143
  21,680
  24,375
  27,224
  30,223
  33,371
  36,667
  40,109
  43,698
  47,435
  51,324
  55,368
  59,570
Variable operating expenses, $m
 
  172
  264
  392
  568
  799
  1,097
  1,471
  1,931
  2,483
  3,135
  3,888
  4,754
  5,730
  6,817
  8,016
  9,324
  10,741
  12,263
  13,889
  15,615
  17,440
  19,361
  21,378
  23,489
  25,694
  27,993
  30,388
  32,879
  35,469
  38,161
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
  172
  264
  392
  568
  799
  1,097
  1,471
  1,931
  2,483
  3,135
  3,888
  4,754
  5,730
  6,817
  8,016
  9,324
  10,741
  12,263
  13,889
  15,615
  17,440
  19,361
  21,378
  23,489
  25,694
  27,993
  30,388
  32,879
  35,469
  38,161
Operating income, $m
  43
  90
  142
  214
  312
  442
  609
  819
  1,077
  1,387
  1,753
  2,181
  2,667
  3,214
  3,825
  4,497
  5,231
  6,026
  6,880
  7,792
  8,760
  9,784
  10,862
  11,993
  13,178
  14,415
  15,704
  17,048
  18,445
  19,899
  21,409
EBITDA, $m
  47
  96
  148
  221
  321
  452
  622
  834
  1,096
  1,410
  1,781
  2,211
  2,704
  3,259
  3,877
  4,559
  5,303
  6,109
  6,975
  7,899
  8,881
  9,919
  11,012
  12,159
  13,359
  14,614
  15,921
  17,283
  18,700
  20,173
  21,704
Interest expense (income), $m
  0
  0
  2
  5
  9
  14
  21
  30
  41
  55
  72
  92
  115
  141
  171
  204
  240
  280
  322
  369
  418
  470
  526
  584
  645
  709
  776
  846
  918
  994
  1,072
Earnings before tax, $m
  45
  90
  140
  209
  304
  428
  588
  789
  1,035
  1,331
  1,681
  2,090
  2,552
  3,073
  3,654
  4,293
  4,991
  5,746
  6,557
  7,423
  8,342
  9,314
  10,336
  11,409
  12,533
  13,706
  14,929
  16,202
  17,527
  18,905
  20,337
Tax expense, $m
  12
  24
  38
  56
  82
  116
  159
  213
  280
  360
  454
  564
  689
  830
  987
  1,159
  1,348
  1,551
  1,770
  2,004
  2,252
  2,515
  2,791
  3,081
  3,384
  3,701
  4,031
  4,375
  4,732
  5,104
  5,491
Net income, $m
  30
  66
  102
  153
  222
  313
  429
  576
  756
  972
  1,227
  1,525
  1,863
  2,244
  2,667
  3,134
  3,644
  4,195
  4,787
  5,419
  6,090
  6,799
  7,545
  8,329
  9,149
  10,005
  10,898
  11,828
  12,795
  13,801
  14,846

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
  227
  351
  525
  762
  1,075
  1,477
  1,983
  2,604
  3,350
  4,232
  5,255
  6,425
  7,744
  9,214
  10,834
  12,602
  14,517
  16,574
  18,771
  21,104
  23,570
  26,167
  28,893
  31,746
  34,726
  37,833
  41,070
  44,437
  47,937
  51,576
Adjusted assets (=assets-cash), $m
  142
  227
  351
  525
  762
  1,075
  1,477
  1,983
  2,604
  3,350
  4,232
  5,255
  6,425
  7,744
  9,214
  10,834
  12,602
  14,517
  16,574
  18,771
  21,104
  23,570
  26,167
  28,893
  31,746
  34,726
  37,833
  41,070
  44,437
  47,937
  51,576
Revenue / Adjusted assets
  1.155
  1.154
  1.154
  1.154
  1.155
  1.154
  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
  16
  25
  37
  54
  76
  104
  140
  183
  236
  298
  370
  453
  546
  649
  763
  888
  1,023
  1,168
  1,322
  1,487
  1,661
  1,844
  2,036
  2,237
  2,447
  2,666
  2,894
  3,131
  3,377
  3,634
Working capital, $m
  144
  -35
  -54
  -81
  -118
  -166
  -229
  -307
  -403
  -519
  -655
  -813
  -994
  -1,199
  -1,426
  -1,677
  -1,950
  -2,247
  -2,565
  -2,905
  -3,266
  -3,648
  -4,050
  -4,472
  -4,913
  -5,375
  -5,855
  -6,356
  -6,877
  -7,419
  -7,982
Total debt, $m
  0
  55
  134
  245
  397
  598
  856
  1,180
  1,578
  2,057
  2,622
  3,277
  4,027
  4,873
  5,815
  6,853
  7,987
  9,214
  10,533
  11,941
  13,437
  15,018
  16,682
  18,429
  20,258
  22,168
  24,160
  26,235
  28,393
  30,637
  32,969
Total liabilities, $m
  91
  146
  225
  336
  488
  689
  947
  1,271
  1,669
  2,148
  2,713
  3,368
  4,118
  4,964
  5,906
  6,944
  8,078
  9,305
  10,624
  12,032
  13,528
  15,109
  16,773
  18,520
  20,349
  22,259
  24,251
  26,326
  28,484
  30,728
  33,060
Total equity, $m
  217
  82
  126
  188
  273
  386
  530
  712
  935
  1,203
  1,519
  1,887
  2,306
  2,780
  3,308
  3,889
  4,524
  5,211
  5,950
  6,739
  7,576
  8,462
  9,394
  10,373
  11,397
  12,467
  13,582
  14,744
  15,953
  17,210
  18,516
Total liabilities and equity, $m
  308
  228
  351
  524
  761
  1,075
  1,477
  1,983
  2,604
  3,351
  4,232
  5,255
  6,424
  7,744
  9,214
  10,833
  12,602
  14,516
  16,574
  18,771
  21,104
  23,571
  26,167
  28,893
  31,746
  34,726
  37,833
  41,070
  44,437
  47,938
  51,576
Debt-to-equity ratio
  0.000
  0.670
  1.060
  1.300
  1.450
  1.550
  1.610
  1.660
  1.690
  1.710
  1.730
  1.740
  1.750
  1.750
  1.760
  1.760
  1.770
  1.770
  1.770
  1.770
  1.770
  1.770
  1.780
  1.780
  1.780
  1.780
  1.780
  1.780
  1.780
  1.780
  1.780
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
  66
  102
  153
  222
  313
  429
  576
  756
  972
  1,227
  1,525
  1,863
  2,244
  2,667
  3,134
  3,644
  4,195
  4,787
  5,419
  6,090
  6,799
  7,545
  8,329
  9,149
  10,005
  10,898
  11,828
  12,795
  13,801
  14,846
Depreciation, amort., depletion, $m
  4
  5
  6
  7
  8
  10
  12
  15
  19
  23
  28
  30
  37
  44
  53
  62
  72
  83
  95
  108
  121
  135
  150
  165
  182
  199
  217
  235
  255
  275
  295
Funds from operations, $m
  16
  71
  108
  160
  230
  323
  442
  591
  775
  995
  1,255
  1,555
  1,900
  2,288
  2,720
  3,196
  3,716
  4,278
  4,882
  5,526
  6,211
  6,934
  7,695
  8,494
  9,331
  10,204
  11,115
  12,063
  13,049
  14,075
  15,141
Change in working capital, $m
  -11
  -13
  -19
  -27
  -37
  -48
  -62
  -78
  -96
  -116
  -136
  -158
  -181
  -204
  -227
  -251
  -274
  -296
  -318
  -340
  -361
  -382
  -402
  -422
  -442
  -461
  -481
  -501
  -521
  -542
  -563
Cash from operations, $m
  27
  84
  127
  187
  267
  371
  504
  670
  871
  1,111
  1,392
  1,714
  2,081
  2,492
  2,948
  3,447
  3,989
  4,574
  5,200
  5,866
  6,572
  7,316
  8,097
  8,916
  9,772
  10,665
  11,596
  12,564
  13,570
  14,617
  15,704
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -6
  -8
  -11
  -15
  -19
  -24
  -30
  -37
  -44
  -53
  -62
  -72
  -83
  -95
  -108
  -121
  -135
  -150
  -165
  -182
  -199
  -217
  -235
  -255
  -275
New CAPEX, $m
  -8
  -6
  -9
  -12
  -17
  -22
  -28
  -36
  -44
  -53
  -62
  -72
  -82
  -93
  -104
  -114
  -125
  -135
  -145
  -155
  -164
  -174
  -183
  -192
  -201
  -210
  -219
  -228
  -237
  -247
  -256
Cash from investing activities, $m
  0
  -7
  -10
  -14
  -20
  -26
  -34
  -44
  -55
  -68
  -81
  -96
  -112
  -130
  -148
  -167
  -187
  -207
  -228
  -250
  -272
  -295
  -318
  -342
  -366
  -392
  -418
  -445
  -472
  -502
  -531
Free cash flow, $m
  27
  78
  117
  172
  247
  345
  470
  626
  816
  1,043
  1,310
  1,617
  1,968
  2,362
  2,800
  3,280
  3,803
  4,367
  4,972
  5,617
  6,300
  7,021
  7,779
  8,574
  9,406
  10,273
  11,178
  12,119
  13,098
  14,116
  15,173
Issuance/(repayment) of debt, $m
  0
  55
  79
  111
  152
  201
  258
  324
  398
  479
  565
  656
  750
  846
  942
  1,038
  1,134
  1,227
  1,319
  1,408
  1,496
  1,581
  1,665
  1,747
  1,829
  1,910
  1,992
  2,074
  2,158
  2,244
  2,332
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
  55
  79
  111
  152
  201
  258
  324
  398
  479
  565
  656
  750
  846
  942
  1,038
  1,134
  1,227
  1,319
  1,408
  1,496
  1,581
  1,665
  1,747
  1,829
  1,910
  1,992
  2,074
  2,158
  2,244
  2,332
Total cash flow (excl. dividends), $m
  47
  132
  197
  284
  399
  545
  728
  950
  1,214
  1,522
  1,875
  2,273
  2,718
  3,208
  3,742
  4,318
  4,936
  5,594
  6,291
  7,025
  7,795
  8,602
  9,444
  10,321
  11,234
  12,184
  13,170
  14,193
  15,256
  16,360
  17,506
Retained Cash Flow (-), $m
  -60
  -31
  -44
  -62
  -85
  -112
  -145
  -182
  -223
  -268
  -316
  -367
  -420
  -474
  -528
  -582
  -635
  -687
  -739
  -789
  -838
  -885
  -932
  -979
  -1,024
  -1,070
  -1,116
  -1,162
  -1,209
  -1,257
  -1,306
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
 
  268
  152
  221
  314
  433
  583
  768
  991
  1,254
  1,559
  1,906
  2,298
  2,734
  3,214
  3,737
  4,302
  4,907
  5,552
  6,236
  6,958
  7,717
  8,512
  9,343
  10,210
  11,114
  12,054
  13,032
  14,048
  15,103
  16,200
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
 
  257
  139
  193
  258
  336
  423
  519
  619
  720
  817
  905
  981
  1,040
  1,079
  1,097
  1,093
  1,068
  1,022
  960
  884
  798
  706
  612
  520
  432
  352
  280
  217
  165
  122
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 170
Price to Sales 31.1
Price to Book 23.5
Price to Tangible Book
Price to Cash Flow 188.9
Price to Free Cash Flow 268.4
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. 18.6%
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 60% 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 32.287 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 $0.9 billion.

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COMPANY NEWS

▶ 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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