Intrinsic value of Jupai Holdings ADR - JP

Previous Close

$11.28

  Intrinsic Value

$569.39

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

0%

Previous close

$11.28

 
Intrinsic value

$569.39

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

0%

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

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

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 0.3

 

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
  58.10
  52.79
  48.01
  43.71
  39.84
  36.36
  33.22
  30.40
  27.86
  25.57
  23.51
  21.66
  20.00
  18.50
  17.15
  15.93
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
Revenue, $m
  164
  259
  396
  586
  843
  1,178
  1,607
  2,141
  2,791
  3,569
  4,481
  5,535
  6,734
  8,081
  9,576
  11,218
  13,005
  14,935
  17,004
  19,209
  21,548
  24,016
  26,612
  29,335
  32,182
  35,154
  38,252
  41,477
  44,831
  48,319
  51,943
Variable operating expenses, $m
 
  170
  258
  380
  544
  759
  1,033
  1,375
  1,792
  2,290
  2,875
  3,546
  4,314
  5,177
  6,134
  7,186
  8,331
  9,567
  10,893
  12,306
  13,804
  15,385
  17,048
  18,792
  20,616
  22,520
  24,505
  26,571
  28,719
  30,954
  33,275
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
  170
  258
  380
  544
  759
  1,033
  1,375
  1,792
  2,290
  2,875
  3,546
  4,314
  5,177
  6,134
  7,186
  8,331
  9,567
  10,893
  12,306
  13,804
  15,385
  17,048
  18,792
  20,616
  22,520
  24,505
  26,571
  28,719
  30,954
  33,275
Operating income, $m
  43
  89
  138
  207
  299
  419
  573
  765
  999
  1,279
  1,607
  1,989
  2,420
  2,904
  3,441
  4,031
  4,674
  5,367
  6,111
  6,904
  7,744
  8,631
  9,564
  10,543
  11,566
  12,634
  13,747
  14,906
  16,112
  17,365
  18,668
EBITDA, $m
  47
  94
  144
  214
  307
  429
  585
  780
  1,017
  1,300
  1,633
  2,017
  2,454
  2,944
  3,489
  4,087
  4,738
  5,441
  6,195
  6,999
  7,851
  8,750
  9,696
  10,688
  11,725
  12,808
  13,937
  15,112
  16,334
  17,605
  18,926
Interest expense (income), $m
  0
  0
  2
  5
  8
  13
  20
  28
  38
  51
  66
  84
  104
  128
  154
  183
  215
  249
  287
  327
  370
  415
  463
  514
  567
  622
  680
  740
  802
  868
  935
Earnings before tax, $m
  45
  89
  137
  202
  291
  406
  554
  737
  961
  1,228
  1,540
  1,905
  2,316
  2,777
  3,288
  3,849
  4,459
  5,118
  5,824
  6,577
  7,374
  8,216
  9,101
  10,029
  10,999
  12,012
  13,068
  14,167
  15,310
  16,498
  17,733
Tax expense, $m
  12
  24
  37
  55
  78
  110
  150
  199
  259
  331
  416
  514
  625
  750
  888
  1,039
  1,204
  1,382
  1,573
  1,776
  1,991
  2,218
  2,457
  2,708
  2,970
  3,243
  3,528
  3,825
  4,134
  4,454
  4,788
Net income, $m
  30
  65
  100
  148
  212
  297
  404
  538
  701
  896
  1,125
  1,391
  1,691
  2,027
  2,400
  2,810
  3,255
  3,736
  4,252
  4,801
  5,383
  5,998
  6,644
  7,321
  8,029
  8,769
  9,539
  10,342
  11,176
  12,043
  12,945

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
  224
  343
  508
  730
  1,020
  1,391
  1,853
  2,417
  3,090
  3,880
  4,792
  5,830
  6,996
  8,291
  9,712
  11,260
  12,930
  14,722
  16,632
  18,656
  20,793
  23,041
  25,398
  27,863
  30,436
  33,119
  35,911
  38,815
  41,835
  44,973
Adjusted assets (=assets-cash), $m
  142
  224
  343
  508
  730
  1,020
  1,391
  1,853
  2,417
  3,090
  3,880
  4,792
  5,830
  6,996
  8,291
  9,712
  11,260
  12,930
  14,722
  16,632
  18,656
  20,793
  23,041
  25,398
  27,863
  30,436
  33,119
  35,911
  38,815
  41,835
  44,973
Revenue / Adjusted assets
  1.155
  1.156
  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
  1.155
  1.155
Average production assets, $m
  10
  16
  24
  36
  51
  72
  98
  131
  170
  218
  273
  338
  411
  493
  584
  684
  793
  911
  1,037
  1,172
  1,314
  1,465
  1,623
  1,789
  1,963
  2,144
  2,333
  2,530
  2,735
  2,947
  3,169
Working capital, $m
  144
  -26
  -40
  -59
  -84
  -118
  -161
  -214
  -279
  -357
  -448
  -554
  -673
  -808
  -958
  -1,122
  -1,300
  -1,493
  -1,700
  -1,921
  -2,155
  -2,402
  -2,661
  -2,933
  -3,218
  -3,515
  -3,825
  -4,148
  -4,483
  -4,832
  -5,194
Total debt, $m
  0
  53
  129
  234
  377
  563
  801
  1,097
  1,458
  1,890
  2,396
  2,981
  3,646
  4,394
  5,223
  6,135
  7,126
  8,197
  9,346
  10,570
  11,868
  13,237
  14,678
  16,189
  17,769
  19,419
  21,138
  22,928
  24,789
  26,725
  28,736
Total liabilities, $m
  91
  144
  220
  325
  468
  654
  892
  1,188
  1,549
  1,981
  2,487
  3,072
  3,737
  4,485
  5,314
  6,226
  7,217
  8,288
  9,437
  10,661
  11,959
  13,328
  14,769
  16,280
  17,860
  19,510
  21,229
  23,019
  24,880
  26,816
  28,827
Total equity, $m
  217
  81
  123
  182
  262
  366
  499
  665
  868
  1,109
  1,393
  1,720
  2,093
  2,512
  2,976
  3,487
  4,042
  4,642
  5,285
  5,971
  6,698
  7,465
  8,272
  9,118
  10,003
  10,927
  11,890
  12,892
  13,935
  15,019
  16,145
Total liabilities and equity, $m
  308
  225
  343
  507
  730
  1,020
  1,391
  1,853
  2,417
  3,090
  3,880
  4,792
  5,830
  6,997
  8,290
  9,713
  11,259
  12,930
  14,722
  16,632
  18,657
  20,793
  23,041
  25,398
  27,863
  30,437
  33,119
  35,911
  38,815
  41,835
  44,972
Debt-to-equity ratio
  0.000
  0.660
  1.050
  1.290
  1.440
  1.540
  1.600
  1.650
  1.680
  1.700
  1.720
  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
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
  65
  100
  148
  212
  297
  404
  538
  701
  896
  1,125
  1,391
  1,691
  2,027
  2,400
  2,810
  3,255
  3,736
  4,252
  4,801
  5,383
  5,998
  6,644
  7,321
  8,029
  8,769
  9,539
  10,342
  11,176
  12,043
  12,945
Depreciation, amort., depletion, $m
  4
  5
  6
  7
  8
  10
  12
  15
  18
  22
  26
  27
  33
  40
  47
  56
  64
  74
  84
  95
  107
  119
  132
  145
  160
  174
  190
  206
  222
  240
  258
Funds from operations, $m
  16
  70
  106
  155
  220
  306
  416
  553
  719
  918
  1,151
  1,418
  1,724
  2,067
  2,447
  2,865
  3,320
  3,810
  4,336
  4,896
  5,490
  6,117
  6,776
  7,467
  8,189
  8,943
  9,729
  10,547
  11,398
  12,283
  13,202
Change in working capital, $m
  -11
  -10
  -14
  -19
  -26
  -34
  -43
  -53
  -65
  -78
  -91
  -105
  -120
  -135
  -149
  -164
  -179
  -193
  -207
  -221
  -234
  -247
  -260
  -272
  -285
  -297
  -310
  -322
  -335
  -349
  -362
Cash from operations, $m
  27
  80
  119
  174
  246
  340
  459
  606
  784
  996
  1,242
  1,524
  1,844
  2,202
  2,597
  3,029
  3,498
  4,003
  4,543
  5,117
  5,724
  6,364
  7,035
  7,739
  8,474
  9,240
  10,039
  10,870
  11,734
  12,632
  13,565
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -3
  -4
  -6
  -8
  -11
  -14
  -18
  -22
  -27
  -33
  -40
  -47
  -56
  -64
  -74
  -84
  -95
  -107
  -119
  -132
  -145
  -160
  -174
  -190
  -206
  -222
  -240
New CAPEX, $m
  -8
  -6
  -8
  -12
  -16
  -20
  -26
  -33
  -40
  -47
  -56
  -64
  -73
  -82
  -91
  -100
  -109
  -118
  -126
  -135
  -143
  -151
  -158
  -166
  -174
  -181
  -189
  -197
  -205
  -213
  -221
Cash from investing activities, $m
  0
  -7
  -9
  -14
  -19
  -24
  -32
  -41
  -51
  -61
  -74
  -86
  -100
  -115
  -131
  -147
  -165
  -182
  -200
  -219
  -238
  -258
  -277
  -298
  -319
  -341
  -363
  -387
  -411
  -435
  -461
Free cash flow, $m
  27
  73
  110
  160
  227
  315
  427
  566
  734
  934
  1,169
  1,437
  1,743
  2,086
  2,466
  2,882
  3,334
  3,821
  4,343
  4,898
  5,486
  6,106
  6,758
  7,441
  8,155
  8,900
  9,676
  10,483
  11,323
  12,197
  13,104
Issuance/(repayment) of debt, $m
  0
  53
  76
  106
  142
  186
  238
  296
  361
  432
  506
  585
  665
  747
  830
  911
  992
  1,071
  1,148
  1,224
  1,298
  1,370
  1,441
  1,511
  1,580
  1,650
  1,719
  1,790
  1,862
  1,935
  2,011
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
  53
  76
  106
  142
  186
  238
  296
  361
  432
  506
  585
  665
  747
  830
  911
  992
  1,071
  1,148
  1,224
  1,298
  1,370
  1,441
  1,511
  1,580
  1,650
  1,719
  1,790
  1,862
  1,935
  2,011
Total cash flow (excl. dividends), $m
  47
  126
  186
  266
  370
  502
  665
  862
  1,095
  1,366
  1,675
  2,022
  2,409
  2,833
  3,295
  3,793
  4,326
  4,892
  5,491
  6,122
  6,784
  7,476
  8,199
  8,952
  9,735
  10,549
  11,395
  12,273
  13,185
  14,132
  15,116
Retained Cash Flow (-), $m
  -60
  -30
  -43
  -59
  -80
  -104
  -133
  -166
  -202
  -242
  -284
  -328
  -373
  -419
  -465
  -510
  -556
  -600
  -643
  -685
  -727
  -767
  -807
  -846
  -885
  -924
  -963
  -1,002
  -1,043
  -1,084
  -1,127
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
 
  263
  143
  206
  290
  397
  532
  696
  893
  1,124
  1,391
  1,695
  2,036
  2,415
  2,831
  3,283
  3,770
  4,292
  4,848
  5,436
  6,057
  6,709
  7,392
  8,105
  8,850
  9,625
  10,432
  11,271
  12,142
  13,048
  13,989
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
 
  252
  131
  180
  239
  308
  386
  470
  558
  646
  729
  805
  869
  918
  950
  964
  958
  934
  893
  837
  770
  694
  613
  531
  451
  374
  304
  242
  188
  142
  105
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 provides wealth management services in China. The company is based in China.

FINANCIAL RATIOS  of  Jupai Holdings ADR (JP)

Valuation Ratios
P/E Ratio 67.5
Price to Sales 12.4
Price to Book 9.3
Price to Tangible Book
Price to Cash Flow 75
Price to Free Cash Flow 106.6
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. 18.2%
Return On Total Capital 16%
Ret/ On T. Cap. - 3 Yr. Avg. 26.1%
Return On Equity 16%
Return On Equity - 3 Yr. Avg. 26.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 57.3%
Gross Margin - 3 Yr. Avg. 63%
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. 26.5%
Effective Tax Rate 26.7%
Eff/ Tax Rate - 3 Yr. Avg. 26.3%
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 58.1% 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 -10%. 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 29.275 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 $0.3 billion.

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COMPANY NEWS

▶ 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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