Intrinsic value of Kingold Jewelry - KGJI

Previous Close

$1.96

  Intrinsic Value

$362.70

stock screener

  Rating & Target

str. buy

+999%

Previous close

$1.96

 
Intrinsic value

$362.70

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of KGJI 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, %
  42.10
  49.60
  45.14
  41.13
  37.51
  34.26
  31.34
  28.70
  26.33
  24.20
  22.28
  20.55
  19.00
  17.60
  16.34
  15.20
  14.18
  13.26
  12.44
  11.69
  11.02
  10.42
  9.88
  9.39
  8.95
  8.56
  8.20
  7.88
  7.59
  7.33
  7.10
Revenue, $m
  1,421
  2,126
  3,085
  4,354
  5,988
  8,039
  10,558
  13,589
  17,167
  21,322
  26,072
  31,430
  37,400
  43,981
  51,166
  58,945
  67,305
  76,233
  85,715
  95,738
  106,293
  117,372
  128,968
  141,081
  153,712
  166,866
  180,552
  194,782
  209,573
  224,943
  240,916
Variable operating expenses, $m
 
  1,278
  1,854
  2,617
  3,599
  4,832
  6,346
  8,167
  10,318
  12,814
  15,669
  18,889
  22,478
  26,433
  30,751
  35,426
  40,450
  45,816
  51,515
  57,539
  63,882
  70,540
  77,510
  84,790
  92,381
  100,286
  108,512
  117,064
  125,953
  135,191
  144,790
Fixed operating expenses, $m
 
  387
  397
  407
  417
  428
  438
  449
  461
  472
  484
  496
  508
  521
  534
  547
  561
  575
  590
  604
  619
  635
  651
  667
  684
  701
  718
  736
  755
  774
  793
Total operating expenses, $m
  1,223
  1,665
  2,251
  3,024
  4,016
  5,260
  6,784
  8,616
  10,779
  13,286
  16,153
  19,385
  22,986
  26,954
  31,285
  35,973
  41,011
  46,391
  52,105
  58,143
  64,501
  71,175
  78,161
  85,457
  93,065
  100,987
  109,230
  117,800
  126,708
  135,965
  145,583
Operating income, $m
  197
  461
  834
  1,330
  1,972
  2,780
  3,774
  4,973
  6,389
  8,035
  9,919
  12,045
  14,414
  17,027
  19,881
  22,972
  26,294
  29,842
  33,611
  37,595
  41,792
  46,196
  50,808
  55,624
  60,647
  65,879
  71,322
  76,982
  82,865
  88,979
  95,333
EBITDA, $m
  198
  462
  836
  1,334
  1,976
  2,786
  3,782
  4,983
  6,402
  8,051
  9,938
  12,068
  14,442
  17,060
  19,920
  23,016
  26,344
  29,899
  33,675
  37,667
  41,871
  46,284
  50,904
  55,730
  60,763
  66,004
  71,457
  77,128
  83,022
  89,148
  95,513
Interest expense (income), $m
  60
  96
  145
  211
  298
  411
  552
  725
  934
  1,181
  1,467
  1,794
  2,163
  2,574
  3,027
  3,522
  4,058
  4,634
  5,249
  5,902
  6,592
  7,319
  8,082
  8,880
  9,715
  10,585
  11,491
  12,433
  13,413
  14,432
  15,490
Earnings before tax, $m
  126
  365
  689
  1,120
  1,674
  2,369
  3,223
  4,247
  5,455
  6,855
  8,452
  10,251
  12,251
  14,453
  16,854
  19,450
  22,236
  25,208
  28,362
  31,694
  35,200
  38,878
  42,726
  46,744
  50,933
  55,294
  59,831
  64,549
  69,452
  74,547
  79,842
Tax expense, $m
  33
  98
  186
  302
  452
  640
  870
  1,147
  1,473
  1,851
  2,282
  2,768
  3,308
  3,902
  4,551
  5,251
  6,004
  6,806
  7,658
  8,557
  9,504
  10,497
  11,536
  12,621
  13,752
  14,929
  16,154
  17,428
  18,752
  20,128
  21,557
Net income, $m
  93
  266
  503
  817
  1,222
  1,730
  2,352
  3,101
  3,982
  5,004
  6,170
  7,483
  8,944
  10,551
  12,303
  14,198
  16,232
  18,402
  20,704
  23,136
  25,696
  28,381
  31,190
  34,123
  37,181
  40,365
  43,677
  47,121
  50,700
  54,419
  58,285

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  303
  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
  2,262
  2,932
  4,256
  6,006
  8,259
  11,089
  14,563
  18,743
  23,679
  29,409
  35,961
  43,351
  51,586
  60,664
  70,574
  81,304
  92,835
  105,149
  118,227
  132,053
  146,612
  161,892
  177,887
  194,594
  212,016
  230,160
  249,037
  268,665
  289,066
  310,266
  332,298
Adjusted assets (=assets-cash), $m
  1,959
  2,932
  4,256
  6,006
  8,259
  11,089
  14,563
  18,743
  23,679
  29,409
  35,961
  43,351
  51,586
  60,664
  70,574
  81,304
  92,835
  105,149
  118,227
  132,053
  146,612
  161,892
  177,887
  194,594
  212,016
  230,160
  249,037
  268,665
  289,066
  310,266
  332,298
Revenue / Adjusted assets
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
  0.725
Average production assets, $m
  8
  13
  19
  26
  36
  48
  63
  82
  103
  128
  156
  189
  224
  264
  307
  354
  404
  457
  514
  574
  638
  704
  774
  846
  922
  1,001
  1,083
  1,169
  1,257
  1,350
  1,445
Working capital, $m
  460
  629
  913
  1,289
  1,772
  2,380
  3,125
  4,022
  5,082
  6,311
  7,717
  9,303
  11,070
  13,018
  15,145
  17,448
  19,922
  22,565
  25,372
  28,339
  31,463
  34,742
  38,175
  41,760
  45,499
  49,392
  53,443
  57,656
  62,034
  66,583
  71,311
Total debt, $m
  1,949
  2,538
  3,697
  5,230
  7,204
  9,683
  12,727
  16,388
  20,712
  25,731
  31,471
  37,945
  45,159
  53,110
  61,792
  71,191
  81,292
  92,079
  103,536
  115,647
  128,401
  141,786
  155,798
  170,434
  185,695
  201,589
  218,125
  235,320
  253,191
  271,762
  291,062
Total liabilities, $m
  1,980
  2,569
  3,728
  5,261
  7,235
  9,714
  12,758
  16,419
  20,743
  25,762
  31,502
  37,976
  45,190
  53,141
  61,823
  71,222
  81,323
  92,110
  103,567
  115,678
  128,432
  141,817
  155,829
  170,465
  185,726
  201,620
  218,156
  235,351
  253,222
  271,793
  291,093
Total equity, $m
  282
  364
  528
  745
  1,024
  1,375
  1,806
  2,324
  2,936
  3,647
  4,459
  5,376
  6,397
  7,522
  8,751
  10,082
  11,512
  13,038
  14,660
  16,375
  18,180
  20,075
  22,058
  24,130
  26,290
  28,540
  30,881
  33,314
  35,844
  38,473
  41,205
Total liabilities and equity, $m
  2,262
  2,933
  4,256
  6,006
  8,259
  11,089
  14,564
  18,743
  23,679
  29,409
  35,961
  43,352
  51,587
  60,663
  70,574
  81,304
  92,835
  105,148
  118,227
  132,053
  146,612
  161,892
  177,887
  194,595
  212,016
  230,160
  249,037
  268,665
  289,066
  310,266
  332,298
Debt-to-equity ratio
  6.911
  6.980
  7.010
  7.020
  7.030
  7.040
  7.050
  7.050
  7.050
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
  7.060
Adjusted equity ratio
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124
  0.124

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  93
  266
  503
  817
  1,222
  1,730
  2,352
  3,101
  3,982
  5,004
  6,170
  7,483
  8,944
  10,551
  12,303
  14,198
  16,232
  18,402
  20,704
  23,136
  25,696
  28,381
  31,190
  34,123
  37,181
  40,365
  43,677
  47,121
  50,700
  54,419
  58,285
Depreciation, amort., depletion, $m
  1
  2
  2
  3
  4
  6
  8
  10
  13
  16
  20
  24
  28
  33
  38
  44
  50
  57
  64
  72
  80
  88
  97
  106
  115
  125
  135
  146
  157
  169
  181
Funds from operations, $m
  -186
  268
  506
  821
  1,226
  1,736
  2,360
  3,111
  3,995
  5,020
  6,190
  7,507
  8,972
  10,584
  12,342
  14,242
  16,283
  18,459
  20,769
  23,208
  25,776
  28,469
  31,286
  34,229
  37,296
  40,490
  43,812
  47,267
  50,857
  54,588
  58,465
Change in working capital, $m
  -112
  209
  284
  376
  484
  607
  746
  897
  1,059
  1,230
  1,406
  1,586
  1,767
  1,948
  2,127
  2,303
  2,475
  2,643
  2,807
  2,967
  3,124
  3,279
  3,433
  3,585
  3,739
  3,894
  4,051
  4,212
  4,378
  4,550
  4,728
Cash from operations, $m
  -74
  59
  221
  445
  743
  1,128
  1,615
  2,214
  2,936
  3,790
  4,784
  5,921
  7,204
  8,636
  10,215
  11,940
  13,808
  15,816
  17,962
  20,241
  22,651
  25,189
  27,854
  30,643
  33,557
  36,596
  39,761
  43,054
  46,479
  50,038
  53,738
Maintenance CAPEX, $m
  0
  -1
  -2
  -2
  -3
  -4
  -6
  -8
  -10
  -13
  -16
  -20
  -24
  -28
  -33
  -38
  -44
  -50
  -57
  -64
  -72
  -80
  -88
  -97
  -106
  -115
  -125
  -135
  -146
  -157
  -169
New CAPEX, $m
  -2
  -5
  -6
  -8
  -10
  -12
  -15
  -18
  -21
  -25
  -29
  -32
  -36
  -39
  -43
  -47
  -50
  -54
  -57
  -60
  -63
  -66
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
Cash from investing activities, $m
  -1,763
  -6
  -8
  -10
  -13
  -16
  -21
  -26
  -31
  -38
  -45
  -52
  -60
  -67
  -76
  -85
  -94
  -104
  -114
  -124
  -135
  -146
  -158
  -170
  -182
  -194
  -207
  -220
  -235
  -249
  -265
Free cash flow, $m
  -1,837
  53
  214
  435
  730
  1,112
  1,594
  2,188
  2,904
  3,752
  4,739
  5,869
  7,145
  8,568
  10,139
  11,855
  13,714
  15,712
  17,848
  20,117
  22,516
  25,043
  27,696
  30,474
  33,376
  36,402
  39,554
  42,834
  46,244
  49,789
  53,473
Issuance/(repayment) of debt, $m
  1,909
  852
  1,159
  1,533
  1,974
  2,479
  3,044
  3,662
  4,324
  5,020
  5,740
  6,474
  7,214
  7,952
  8,682
  9,399
  10,101
  10,787
  11,457
  12,111
  12,753
  13,386
  14,012
  14,636
  15,261
  15,894
  16,536
  17,194
  17,871
  18,572
  19,299
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  
  1,857
  852
  1,159
  1,533
  1,974
  2,479
  3,044
  3,662
  4,324
  5,020
  5,740
  6,474
  7,214
  7,952
  8,682
  9,399
  10,101
  10,787
  11,457
  12,111
  12,753
  13,386
  14,012
  14,636
  15,261
  15,894
  16,536
  17,194
  17,871
  18,572
  19,299
Total cash flow (excl. dividends), $m
  18
  905
  1,374
  1,968
  2,703
  3,590
  4,637
  5,849
  7,228
  8,772
  10,479
  12,343
  14,359
  16,520
  18,820
  21,254
  23,815
  26,500
  29,305
  32,228
  35,269
  38,429
  41,708
  45,110
  48,637
  52,296
  56,090
  60,028
  64,115
  68,361
  72,772
Retained Cash Flow (-), $m
  -16
  -122
  -164
  -217
  -279
  -351
  -431
  -518
  -612
  -711
  -812
  -916
  -1,021
  -1,126
  -1,229
  -1,330
  -1,430
  -1,527
  -1,622
  -1,714
  -1,805
  -1,895
  -1,983
  -2,072
  -2,160
  -2,250
  -2,341
  -2,434
  -2,530
  -2,629
  -2,732
Prev. year cash balance distribution, $m
 
  40
  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
 
  823
  1,209
  1,751
  2,424
  3,240
  4,207
  5,331
  6,616
  8,061
  9,666
  11,426
  13,338
  15,395
  17,592
  19,923
  22,385
  24,973
  27,683
  30,514
  33,464
  36,534
  39,725
  43,038
  46,477
  50,046
  53,750
  57,594
  61,586
  65,732
  70,040
Discount rate, %
 
  12.20
  12.81
  13.45
  14.12
  14.83
  15.57
  16.35
  17.17
  18.02
  18.93
  19.87
  20.87
  21.91
  23.00
  24.16
  25.36
  26.63
  27.96
  29.36
  30.83
  32.37
  33.99
  35.69
  37.47
  39.35
  41.31
  43.38
  45.55
  47.83
  50.22
PV of cash for distribution, $m
 
  734
  950
  1,199
  1,429
  1,623
  1,765
  1,847
  1,863
  1,814
  1,708
  1,556
  1,372
  1,172
  969
  776
  602
  451
  327
  229
  155
  101
  64
  38
  22
  13
  7
  3
  2
  1
  0
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

Kingold Jewelry, Inc. designs and manufactures 24-karat gold jewelry and Chinese ornaments, through a variable interest entity relationship with Wuhan Kingold Jewelry Company Limited (Wuhan Kingold). The Company develops, promotes and sells a range of products to the jewelry market across the People's Republic of China (PRC). The Company offers a range of in-house designed products, including, but not limited to, gold necklaces, rings, earrings, bracelets and pendants. The Company also sells gold bars and coins and other products through agreements with various banks in China. The Company sells its products directly to distributors, retailers and other wholesalers, who then sell its products to consumers through retail counters located in both department stores and other traditional stand-alone jewelry stores. The Company's subsidiary, Wuhan Kingold Internet Co., Ltd., is engaged in online sales of jewelry products.

FINANCIAL RATIOS  of  Kingold Jewelry (KGJI)

Valuation Ratios
P/E Ratio 1.4
Price to Sales 0.1
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow -1.7
Price to Free Cash Flow -1.7
Growth Rates
Sales Growth Rate 42.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 597.9%
Total Debt to Equity 691.1%
Interest Coverage 3
Management Effectiveness
Return On Assets 10.1%
Ret/ On Assets - 3 Yr. Avg. 11.6%
Return On Total Capital 7%
Ret/ On T. Cap. - 3 Yr. Avg. 9.6%
Return On Equity 33.9%
Return On Equity - 3 Yr. Avg. 20.7%
Asset Turnover 1
Profitability Ratios
Gross Margin 10.3%
Gross Margin - 3 Yr. Avg. 7%
EBITDA Margin 13.2%
EBITDA Margin - 3 Yr. Avg. 7.8%
Operating Margin 13.9%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. 5.8%
Net Profit Margin 6.5%
Net Profit Margin - 3 Yr. Avg. 4.3%
Effective Tax Rate 26.2%
Eff/ Tax Rate - 3 Yr. Avg. 24.7%
Payout Ratio 0%

KGJI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KGJI stock intrinsic value calculation we used $1421 million for the last fiscal year's total revenue generated by Kingold Jewelry. The default revenue input number comes from 2016 income statement of Kingold Jewelry. 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 KGJI stock valuation model: a) initial revenue growth rate of 49.6% 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 12.2%, whose default value for KGJI is calculated based on our internal credit rating of Kingold Jewelry, 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 Kingold Jewelry.
    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 KGJI stock the variable cost ratio is equal to 60.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $378 million in the base year in the intrinsic value calculation for KGJI 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 5.7% for Kingold Jewelry.

Corporate tax rate of 27% is the nominal tax rate for Kingold Jewelry. 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 KGJI 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 KGJI are equal to 0.6%.

Life of production assets of 8 years is the average useful life of capital assets used in Kingold Jewelry 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 KGJI is equal to 29.6%. 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 - $282 million for Kingold Jewelry - 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 62.842 million for Kingold Jewelry 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 Kingold Jewelry at the current share price and the inputted number of shares is $0.1 billion.

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COMPANY NEWS

▶ How Financially Strong Is Kingold Jewelry Inc (NASDAQ:KGJI)?   [Dec-25-17 01:15PM  Simply Wall St.]
▶ Penny Stocks to Watch for December 2017   [Nov-30-17 11:02AM  Investopedia]
▶ KINGOLD JEWELRY, INC. to Host Earnings Call   [Nov-10-17 06:30AM  ACCESSWIRE]
▶ Kingold Jewelry posts 3Q profit   [Nov-09-17 05:33PM  Associated Press]
▶ Should You Buy Kingold Jewelry Inc (KGJI) At This PE Ratio?   [Sep-11-17 06:09PM  Simply Wall St.]
▶ Kingold Jewelry reports 1Q loss   [May-10-17 06:16PM  Associated Press]
▶ Kingold Jewelry posts 4Q profit   [05:21PM  Associated Press]
▶ Kingold Jewelry (KGJI) Stock Soars After Q2 Results   [Aug-15-16 11:26AM  TheStreet.com]
▶ Why These Five Stocks Are in Spotlight on Monday   [10:58AM  at Insider Monkey]
▶ /C O R R E C T I O N -- Kingold Jewelry, Inc./   [Mar-28-16 06:03PM  PR Newswire]
▶ 10-Q for Kingold Jewelry, Inc.   [Aug-21  08:10PM  at Company Spotlight]
▶ 10-Q for Kingold Jewelry, Inc.   [May-17  08:11PM  at Company Spotlight]
Financial statements of KGJI
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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