Intrinsic value of Kingold Jewelry - KGJI

Previous Close

$2.29

  Intrinsic Value

$76.37

stock screener

  Rating & Target

str. buy

+999%

Previous close

$2.29

 
Intrinsic value

$76.37

 
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

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 0.2

 

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
  22.10
  20.39
  18.85
  17.47
  16.22
  15.10
  14.09
  13.18
  12.36
  11.62
  10.96
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.68
  6.52
  6.36
  6.23
  6.10
  5.99
  5.89
  5.81
Revenue, $m
  1,421
  1,735
  2,089
  2,483
  2,916
  3,389
  3,901
  4,450
  5,037
  5,660
  6,317
  7,010
  7,737
  8,497
  9,291
  10,119
  10,982
  11,879
  12,811
  13,781
  14,788
  15,835
  16,923
  18,054
  19,230
  20,454
  21,728
  23,054
  24,436
  25,877
  27,379
Variable operating expenses, $m
 
  1,043
  1,255
  1,492
  1,753
  2,037
  2,344
  2,675
  3,027
  3,401
  3,797
  4,213
  4,650
  5,107
  5,584
  6,082
  6,600
  7,139
  7,700
  8,282
  8,888
  9,517
  10,171
  10,850
  11,557
  12,293
  13,058
  13,856
  14,686
  15,552
  16,455
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
  1,430
  1,652
  1,899
  2,170
  2,465
  2,782
  3,124
  3,488
  3,873
  4,281
  4,709
  5,158
  5,628
  6,118
  6,629
  7,161
  7,714
  8,290
  8,886
  9,507
  10,152
  10,822
  11,517
  12,241
  12,994
  13,776
  14,592
  15,441
  16,326
  17,248
Operating income, $m
  197
  305
  436
  583
  746
  925
  1,118
  1,326
  1,549
  1,786
  2,037
  2,301
  2,579
  2,869
  3,173
  3,490
  3,820
  4,164
  4,522
  4,894
  5,281
  5,683
  6,101
  6,537
  6,989
  7,460
  7,951
  8,462
  8,995
  9,551
  10,131
EBITDA, $m
  198
  306
  438
  585
  749
  927
  1,121
  1,330
  1,553
  1,790
  2,042
  2,306
  2,584
  2,876
  3,180
  3,498
  3,829
  4,173
  4,532
  4,905
  5,292
  5,695
  6,114
  6,550
  7,004
  7,476
  7,967
  8,480
  9,014
  9,571
  10,152
Interest expense (income), $m
  60
  96
  118
  142
  169
  199
  232
  267
  305
  345
  388
  433
  481
  531
  583
  638
  695
  755
  816
  881
  947
  1,017
  1,089
  1,164
  1,242
  1,323
  1,407
  1,495
  1,586
  1,681
  1,780
Earnings before tax, $m
  126
  209
  319
  441
  577
  726
  886
  1,059
  1,244
  1,441
  1,649
  1,868
  2,098
  2,338
  2,590
  2,852
  3,125
  3,410
  3,706
  4,014
  4,334
  4,667
  5,013
  5,373
  5,748
  6,138
  6,544
  6,968
  7,409
  7,870
  8,351
Tax expense, $m
  33
  56
  86
  119
  156
  196
  239
  286
  336
  389
  445
  504
  566
  631
  699
  770
  844
  921
  1,001
  1,084
  1,170
  1,260
  1,353
  1,451
  1,552
  1,657
  1,767
  1,881
  2,001
  2,125
  2,255
Net income, $m
  93
  152
  233
  322
  421
  530
  647
  773
  908
  1,052
  1,204
  1,363
  1,531
  1,707
  1,890
  2,082
  2,281
  2,489
  2,705
  2,930
  3,164
  3,407
  3,659
  3,922
  4,196
  4,481
  4,777
  5,086
  5,409
  5,745
  6,096

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
  2,393
  2,881
  3,424
  4,022
  4,675
  5,380
  6,138
  6,947
  7,806
  8,714
  9,669
  10,671
  11,720
  12,816
  13,958
  15,147
  16,384
  17,671
  19,008
  20,397
  21,841
  23,342
  24,902
  26,525
  28,213
  29,970
  31,799
  33,705
  35,692
  37,764
Adjusted assets (=assets-cash), $m
  1,959
  2,393
  2,881
  3,424
  4,022
  4,675
  5,380
  6,138
  6,947
  7,806
  8,714
  9,669
  10,671
  11,720
  12,816
  13,958
  15,147
  16,384
  17,671
  19,008
  20,397
  21,841
  23,342
  24,902
  26,525
  28,213
  29,970
  31,799
  33,705
  35,692
  37,764
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
  10
  13
  15
  17
  20
  23
  27
  30
  34
  38
  42
  46
  51
  56
  61
  66
  71
  77
  83
  89
  95
  102
  108
  115
  123
  130
  138
  147
  155
  164
Working capital, $m
  460
  514
  618
  735
  863
  1,003
  1,155
  1,317
  1,491
  1,675
  1,870
  2,075
  2,290
  2,515
  2,750
  2,995
  3,251
  3,516
  3,792
  4,079
  4,377
  4,687
  5,009
  5,344
  5,692
  6,054
  6,431
  6,824
  7,233
  7,660
  8,104
Total debt, $m
  1,949
  2,065
  2,493
  2,969
  3,493
  4,064
  4,682
  5,346
  6,055
  6,807
  7,602
  8,439
  9,317
  10,236
  11,195
  12,196
  13,238
  14,322
  15,449
  16,620
  17,837
  19,102
  20,417
  21,783
  23,205
  24,683
  26,222
  27,825
  29,495
  31,235
  33,051
Total liabilities, $m
  1,980
  2,096
  2,524
  3,000
  3,524
  4,095
  4,713
  5,377
  6,086
  6,838
  7,633
  8,470
  9,348
  10,267
  11,226
  12,227
  13,269
  14,353
  15,480
  16,651
  17,868
  19,133
  20,448
  21,814
  23,236
  24,714
  26,253
  27,856
  29,526
  31,266
  33,082
Total equity, $m
  282
  297
  357
  425
  499
  580
  667
  761
  861
  968
  1,080
  1,199
  1,323
  1,453
  1,589
  1,731
  1,878
  2,032
  2,191
  2,357
  2,529
  2,708
  2,894
  3,088
  3,289
  3,498
  3,716
  3,943
  4,179
  4,426
  4,683
Total liabilities and equity, $m
  2,262
  2,393
  2,881
  3,425
  4,023
  4,675
  5,380
  6,138
  6,947
  7,806
  8,713
  9,669
  10,671
  11,720
  12,815
  13,958
  15,147
  16,385
  17,671
  19,008
  20,397
  21,841
  23,342
  24,902
  26,525
  28,212
  29,969
  31,799
  33,705
  35,692
  37,765
Debt-to-equity ratio
  6.911
  6.960
  6.980
  6.990
  7.000
  7.010
  7.020
  7.020
  7.030
  7.030
  7.040
  7.040
  7.040
  7.040
  7.050
  7.050
  7.050
  7.050
  7.050
  7.050
  7.050
  7.050
  7.050
  7.050
  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
  152
  233
  322
  421
  530
  647
  773
  908
  1,052
  1,204
  1,363
  1,531
  1,707
  1,890
  2,082
  2,281
  2,489
  2,705
  2,930
  3,164
  3,407
  3,659
  3,922
  4,196
  4,481
  4,777
  5,086
  5,409
  5,745
  6,096
Depreciation, amort., depletion, $m
  1
  1
  2
  2
  2
  3
  3
  3
  4
  4
  5
  5
  6
  6
  7
  8
  8
  9
  10
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  21
Funds from operations, $m
  -186
  154
  234
  324
  423
  532
  650
  777
  912
  1,056
  1,208
  1,369
  1,537
  1,713
  1,897
  2,090
  2,290
  2,498
  2,715
  2,940
  3,175
  3,418
  3,672
  3,936
  4,210
  4,496
  4,794
  5,104
  5,427
  5,765
  6,117
Change in working capital, $m
  -112
  93
  105
  117
  128
  140
  151
  163
  174
  184
  195
  205
  215
  225
  235
  245
  255
  266
  276
  287
  298
  310
  322
  335
  348
  362
  377
  393
  409
  426
  445
Cash from operations, $m
  -74
  61
  129
  208
  295
  392
  499
  614
  739
  872
  1,014
  1,164
  1,322
  1,488
  1,662
  1,844
  2,035
  2,233
  2,439
  2,653
  2,877
  3,109
  3,350
  3,601
  3,862
  4,134
  4,417
  4,711
  5,018
  5,338
  5,672
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -2
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
New CAPEX, $m
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
Cash from investing activities, $m
  -1,763
  -3
  -3
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -9
  -11
  -11
  -12
  -13
  -13
  -15
  -16
  -16
  -17
  -19
  -20
  -21
  -21
  -23
  -24
  -25
  -27
  -28
Free cash flow, $m
  -1,837
  57
  126
  204
  291
  387
  493
  608
  732
  864
  1,005
  1,155
  1,312
  1,478
  1,651
  1,833
  2,022
  2,219
  2,424
  2,638
  2,860
  3,091
  3,331
  3,581
  3,841
  4,112
  4,394
  4,687
  4,993
  5,311
  5,644
Issuance/(repayment) of debt, $m
  1,909
  379
  427
  476
  524
  571
  618
  664
  709
  752
  795
  837
  878
  919
  960
  1,000
  1,042
  1,084
  1,127
  1,171
  1,217
  1,265
  1,315
  1,367
  1,421
  1,479
  1,539
  1,603
  1,670
  1,741
  1,815
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
  379
  427
  476
  524
  571
  618
  664
  709
  752
  795
  837
  878
  919
  960
  1,000
  1,042
  1,084
  1,127
  1,171
  1,217
  1,265
  1,315
  1,367
  1,421
  1,479
  1,539
  1,603
  1,670
  1,741
  1,815
Total cash flow (excl. dividends), $m
  18
  437
  553
  679
  815
  959
  1,111
  1,272
  1,440
  1,617
  1,800
  1,992
  2,190
  2,397
  2,611
  2,833
  3,064
  3,303
  3,551
  3,809
  4,077
  4,356
  4,646
  4,948
  5,263
  5,591
  5,933
  6,290
  6,662
  7,052
  7,459
Retained Cash Flow (-), $m
  -16
  -55
  -61
  -67
  -74
  -81
  -88
  -94
  -100
  -106
  -113
  -118
  -124
  -130
  -136
  -142
  -147
  -153
  -160
  -166
  -172
  -179
  -186
  -193
  -201
  -209
  -218
  -227
  -236
  -246
  -257
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
 
  422
  493
  612
  740
  878
  1,024
  1,178
  1,340
  1,510
  1,688
  1,873
  2,066
  2,267
  2,475
  2,691
  2,916
  3,149
  3,392
  3,643
  3,905
  4,177
  4,460
  4,755
  5,061
  5,381
  5,715
  6,063
  6,426
  6,805
  7,202
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
 
  376
  387
  419
  436
  440
  430
  408
  377
  340
  298
  255
  213
  173
  136
  105
  78
  57
  40
  27
  18
  12
  7
  4
  2
  1
  1
  0
  0
  0
  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 1.6
Price to Sales 0.1
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow -2
Price to Free Cash Flow -2
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 22.1% 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 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 66.019 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 $0.2 billion.

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COMPANY NEWS

▶ 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]
▶ 10-K for Kingold Jewelry, Inc.   [Apr-25  08:09PM  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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