Intrinsic value of Kandi Technologies Group - KNDI

Previous Close

$6.75

  Intrinsic Value

$13.57

stock screener

  Rating & Target

str. buy

+101%

Previous close

$6.75

 
Intrinsic value

$13.57

 
Up/down potential

+101%

 
Rating

str. buy

We calculate the intrinsic value of KNDI 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, %
  -35.82
  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
  129
  206
  319
  477
  692
  976
  1,342
  1,802
  2,365
  3,044
  3,845
  4,774
  5,837
  7,035
  8,371
  9,842
  11,449
  13,188
  15,057
  17,053
  19,173
  21,414
  23,773
  26,249
  28,841
  31,549
  34,372
  37,312
  40,371
  43,551
  46,857
Variable operating expenses, $m
 
  126
  195
  292
  423
  597
  821
  1,103
  1,448
  1,863
  2,353
  2,922
  3,572
  4,306
  5,123
  6,024
  7,007
  8,071
  9,215
  10,437
  11,734
  13,105
  14,549
  16,065
  17,651
  19,308
  21,036
  22,835
  24,707
  26,653
  28,677
Fixed operating expenses, $m
 
  86
  88
  90
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
Total operating expenses, $m
  161
  212
  283
  382
  516
  692
  918
  1,203
  1,550
  1,968
  2,461
  3,032
  3,685
  4,422
  5,242
  6,146
  7,132
  8,199
  9,346
  10,571
  11,872
  13,246
  14,694
  16,213
  17,803
  19,464
  21,196
  22,999
  24,875
  26,825
  28,853
Operating income, $m
  -31
  -6
  35
  95
  176
  284
  423
  599
  815
  1,076
  1,384
  1,742
  2,152
  2,614
  3,129
  3,697
  4,318
  4,989
  5,711
  6,482
  7,301
  8,167
  9,079
  10,037
  11,039
  12,085
  13,177
  14,313
  15,496
  16,726
  18,004
EBITDA, $m
  -26
  2
  48
  113
  203
  322
  475
  669
  907
  1,194
  1,533
  1,927
  2,378
  2,886
  3,453
  4,078
  4,761
  5,500
  6,294
  7,143
  8,044
  8,997
  10,000
  11,053
  12,156
  13,307
  14,508
  15,759
  17,060
  18,413
  19,819
Interest expense (income), $m
  2
  2
  6
  12
  20
  31
  46
  65
  89
  118
  153
  195
  243
  298
  360
  430
  506
  589
  680
  776
  880
  990
  1,106
  1,229
  1,357
  1,491
  1,632
  1,778
  1,931
  2,089
  2,254
Earnings before tax, $m
  -6
  -8
  29
  83
  156
  252
  377
  534
  727
  958
  1,231
  1,547
  1,909
  2,316
  2,769
  3,268
  3,812
  4,400
  5,032
  5,706
  6,422
  7,178
  7,973
  8,808
  9,682
  10,594
  11,545
  12,535
  13,565
  14,637
  15,750
Tax expense, $m
  1
  0
  8
  22
  42
  68
  102
  144
  196
  259
  332
  418
  515
  625
  748
  882
  1,029
  1,188
  1,359
  1,541
  1,734
  1,938
  2,153
  2,378
  2,614
  2,860
  3,117
  3,384
  3,663
  3,952
  4,252
Net income, $m
  -7
  -8
  21
  60
  114
  184
  275
  390
  530
  699
  899
  1,130
  1,393
  1,690
  2,021
  2,385
  2,782
  3,212
  3,673
  4,165
  4,688
  5,240
  5,820
  6,430
  7,068
  7,733
  8,428
  9,151
  9,903
  10,685
  11,497

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  17
  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
  440
  677
  1,046
  1,564
  2,269
  3,201
  4,400
  5,907
  7,756
  9,980
  12,605
  15,653
  19,137
  23,067
  27,445
  32,270
  37,538
  43,240
  49,369
  55,913
  62,862
  70,209
  77,945
  86,063
  94,562
  103,439
  112,695
  122,334
  132,363
  142,792
  153,630
Adjusted assets (=assets-cash), $m
  423
  677
  1,046
  1,564
  2,269
  3,201
  4,400
  5,907
  7,756
  9,980
  12,605
  15,653
  19,137
  23,067
  27,445
  32,270
  37,538
  43,240
  49,369
  55,913
  62,862
  70,209
  77,945
  86,063
  94,562
  103,439
  112,695
  122,334
  132,363
  142,792
  153,630
Revenue / Adjusted assets
  0.305
  0.304
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
  0.305
Average production assets, $m
  67
  107
  166
  248
  359
  507
  697
  935
  1,228
  1,580
  1,995
  2,478
  3,029
  3,651
  4,344
  5,108
  5,942
  6,845
  7,815
  8,851
  9,951
  11,114
  12,338
  13,623
  14,969
  16,374
  17,839
  19,365
  20,952
  22,603
  24,319
Working capital, $m
  86
  103
  159
  238
  346
  488
  671
  901
  1,183
  1,522
  1,922
  2,387
  2,918
  3,518
  4,185
  4,921
  5,725
  6,594
  7,529
  8,527
  9,587
  10,707
  11,887
  13,125
  14,421
  15,774
  17,186
  18,656
  20,185
  21,776
  23,429
Total debt, $m
  78
  176
  343
  577
  895
  1,317
  1,859
  2,540
  3,376
  4,381
  5,568
  6,945
  8,520
  10,296
  12,275
  14,456
  16,837
  19,415
  22,185
  25,143
  28,284
  31,604
  35,101
  38,771
  42,612
  46,624
  50,808
  55,165
  59,698
  64,412
  69,311
Total liabilities, $m
  207
  306
  473
  707
  1,025
  1,447
  1,989
  2,670
  3,506
  4,511
  5,698
  7,075
  8,650
  10,426
  12,405
  14,586
  16,967
  19,545
  22,315
  25,273
  28,414
  31,734
  35,231
  38,901
  42,742
  46,754
  50,938
  55,295
  59,828
  64,542
  69,441
Total equity, $m
  232
  371
  573
  857
  1,243
  1,754
  2,411
  3,237
  4,250
  5,469
  6,908
  8,578
  10,487
  12,640
  15,040
  17,684
  20,571
  23,696
  27,054
  30,640
  34,449
  38,474
  42,714
  47,163
  51,820
  56,684
  61,757
  67,039
  72,535
  78,250
  84,189
Total liabilities and equity, $m
  439
  677
  1,046
  1,564
  2,268
  3,201
  4,400
  5,907
  7,756
  9,980
  12,606
  15,653
  19,137
  23,066
  27,445
  32,270
  37,538
  43,241
  49,369
  55,913
  62,863
  70,208
  77,945
  86,064
  94,562
  103,438
  112,695
  122,334
  132,363
  142,792
  153,630
Debt-to-equity ratio
  0.336
  0.470
  0.600
  0.670
  0.720
  0.750
  0.770
  0.780
  0.790
  0.800
  0.810
  0.810
  0.810
  0.810
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
  0.820
Adjusted equity ratio
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548
  0.548

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -7
  -8
  21
  60
  114
  184
  275
  390
  530
  699
  899
  1,130
  1,393
  1,690
  2,021
  2,385
  2,782
  3,212
  3,673
  4,165
  4,688
  5,240
  5,820
  6,430
  7,068
  7,733
  8,428
  9,151
  9,903
  10,685
  11,497
Depreciation, amort., depletion, $m
  5
  8
  12
  18
  27
  38
  52
  70
  92
  118
  149
  185
  226
  272
  324
  381
  443
  511
  583
  660
  743
  829
  921
  1,017
  1,117
  1,222
  1,331
  1,445
  1,564
  1,687
  1,815
Funds from operations, $m
  -120
  0
  34
  79
  140
  222
  327
  460
  622
  817
  1,047
  1,314
  1,619
  1,963
  2,345
  2,767
  3,226
  3,723
  4,256
  4,826
  5,430
  6,069
  6,741
  7,447
  8,185
  8,955
  9,759
  10,596
  11,466
  12,372
  13,312
Change in working capital, $m
  -70
  39
  56
  79
  108
  142
  183
  230
  282
  339
  400
  465
  531
  599
  668
  736
  803
  870
  935
  998
  1,060
  1,120
  1,180
  1,238
  1,296
  1,354
  1,412
  1,470
  1,529
  1,590
  1,653
Cash from operations, $m
  -50
  -39
  -22
  0
  33
  80
  144
  230
  340
  478
  647
  850
  1,088
  1,364
  1,678
  2,031
  2,423
  2,853
  3,322
  3,828
  4,370
  4,949
  5,562
  6,208
  6,889
  7,602
  8,347
  9,126
  9,937
  10,781
  11,659
Maintenance CAPEX, $m
  0
  -5
  -8
  -12
  -18
  -27
  -38
  -52
  -70
  -92
  -118
  -149
  -185
  -226
  -272
  -324
  -381
  -443
  -511
  -583
  -660
  -743
  -829
  -921
  -1,017
  -1,117
  -1,222
  -1,331
  -1,445
  -1,564
  -1,687
New CAPEX, $m
  -6
  -40
  -58
  -82
  -112
  -148
  -190
  -238
  -293
  -352
  -416
  -482
  -552
  -622
  -693
  -764
  -834
  -903
  -970
  -1,036
  -1,100
  -1,163
  -1,225
  -1,285
  -1,345
  -1,405
  -1,465
  -1,526
  -1,588
  -1,651
  -1,716
Cash from investing activities, $m
  1
  -45
  -66
  -94
  -130
  -175
  -228
  -290
  -363
  -444
  -534
  -631
  -737
  -848
  -965
  -1,088
  -1,215
  -1,346
  -1,481
  -1,619
  -1,760
  -1,906
  -2,054
  -2,206
  -2,362
  -2,522
  -2,687
  -2,857
  -3,033
  -3,215
  -3,403
Free cash flow, $m
  -49
  -84
  -89
  -95
  -97
  -94
  -83
  -60
  -22
  34
  114
  218
  352
  516
  712
  943
  1,207
  1,507
  1,841
  2,209
  2,610
  3,043
  3,508
  4,002
  4,527
  5,079
  5,660
  6,269
  6,904
  7,567
  8,257
Issuance/(repayment) of debt, $m
  42
  115
  167
  234
  319
  421
  542
  681
  836
  1,005
  1,187
  1,378
  1,575
  1,776
  1,979
  2,181
  2,381
  2,578
  2,770
  2,958
  3,141
  3,321
  3,497
  3,670
  3,841
  4,012
  4,184
  4,357
  4,533
  4,714
  4,899
Issuance/(repurchase) of shares, $m
  0
  147
  181
  224
  273
  327
  382
  436
  483
  519
  540
  541
  516
  463
  378
  259
  104
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  45
  262
  348
  458
  592
  748
  924
  1,117
  1,319
  1,524
  1,727
  1,919
  2,091
  2,239
  2,357
  2,440
  2,485
  2,578
  2,770
  2,958
  3,141
  3,321
  3,497
  3,670
  3,841
  4,012
  4,184
  4,357
  4,533
  4,714
  4,899
Total cash flow (excl. dividends), $m
  -5
  178
  259
  363
  494
  653
  841
  1,056
  1,296
  1,559
  1,841
  2,136
  2,443
  2,755
  3,069
  3,383
  3,693
  4,085
  4,611
  5,167
  5,751
  6,364
  7,004
  7,672
  8,368
  9,092
  9,844
  10,626
  11,437
  12,280
  13,156
Retained Cash Flow (-), $m
  7
  -147
  -202
  -284
  -386
  -511
  -657
  -825
  -1,013
  -1,219
  -1,439
  -1,670
  -1,909
  -2,153
  -2,399
  -2,644
  -2,887
  -3,125
  -3,358
  -3,586
  -3,808
  -4,026
  -4,239
  -4,449
  -4,657
  -4,864
  -5,072
  -5,282
  -5,496
  -5,715
  -5,940
Prev. year cash balance distribution, $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 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
 
  31
  56
  79
  108
  143
  184
  230
  283
  340
  402
  466
  533
  601
  670
  738
  806
  960
  1,253
  1,581
  1,943
  2,338
  2,765
  3,223
  3,711
  4,227
  4,772
  5,343
  5,941
  6,566
  7,216
Discount rate, %
 
  5.20
  5.46
  5.73
  6.02
  6.32
  6.64
  6.97
  7.32
  7.68
  8.07
  8.47
  8.89
  9.34
  9.81
  10.30
  10.81
  11.35
  11.92
  12.51
  13.14
  13.80
  14.49
  15.21
  15.97
  16.77
  17.61
  18.49
  19.41
  20.38
  21.40
PV of cash for distribution, $m
 
  29
  51
  67
  85
  105
  125
  144
  161
  175
  185
  191
  192
  188
  181
  170
  156
  154
  165
  168
  164
  155
  141
  124
  106
  88
  70
  55
  41
  30
  21
Current shareholders' claim on cash, %
  100
  69.3
  51.7
  40.6
  33.2
  28.0
  24.3
  21.6
  19.5
  18.0
  16.8
  16.0
  15.3
  14.9
  14.6
  14.4
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3
  14.3

Kandi Technologies Group, Inc. (Kandi) is focused on the development of pure electric vehicle (EV) products and manufacturing electric vehicle's parts. The Company's business operations are the design, development, manufacturing and commercialization of electric vehicles, electric vehicle parts and off-road vehicles, which are distributed in China and global markets. Its products include EV parts, EV products and off-road vehicles, including all-terrain vehicles, utility vehicles, go-karts and others. The Company conducts its business operations through its subsidiary, Zhejiang Kandi Vehicles Co., Ltd. (Kandi Vehicles), and the partial subsidiaries of Kandi Vehicles. The Company focuses on fuel efficient, pure EV parts manufacturing. Its subsidiary, Jinhua Kandi New Energy Vehicles Co., Ltd., holds battery packing production rights, and supplies the battery pack to the joint venture company.

FINANCIAL RATIOS  of  Kandi Technologies Group (KNDI)

Valuation Ratios
P/E Ratio -46
Price to Sales 2.5
Price to Book 1.4
Price to Tangible Book
Price to Cash Flow -6.4
Price to Free Cash Flow -5.7
Growth Rates
Sales Growth Rate -35.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 500%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 12.5%
Total Debt to Equity 33.6%
Interest Coverage -2
Management Effectiveness
Return On Assets -1.2%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital -2.4%
Ret/ On T. Cap. - 3 Yr. Avg. 3.1%
Return On Equity -3%
Return On Equity - 3 Yr. Avg. 3.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 14%
Gross Margin - 3 Yr. Avg. 13.8%
EBITDA Margin 0.8%
EBITDA Margin - 3 Yr. Avg. 9.8%
Operating Margin -24.8%
Oper. Margin - 3 Yr. Avg. -8%
Pre-Tax Margin -4.7%
Pre-Tax Margin - 3 Yr. Avg. 4.9%
Net Profit Margin -5.4%
Net Profit Margin - 3 Yr. Avg. 3%
Effective Tax Rate -16.7%
Eff/ Tax Rate - 3 Yr. Avg. 10.6%
Payout Ratio 0%

KNDI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the KNDI stock intrinsic value calculation we used $129 million for the last fiscal year's total revenue generated by Kandi Technologies Group. The default revenue input number comes from 2016 income statement of Kandi Technologies Group. 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 KNDI 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 5.2%, whose default value for KNDI is calculated based on our internal credit rating of Kandi Technologies Group, 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 Kandi Technologies Group.
    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 KNDI stock the variable cost ratio is equal to 61.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $84 million in the base year in the intrinsic value calculation for KNDI 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 Kandi Technologies Group.

Corporate tax rate of 27% is the nominal tax rate for Kandi Technologies Group. 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 KNDI 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 KNDI are equal to 51.9%.

Life of production assets of 13.4 years is the average useful life of capital assets used in Kandi Technologies Group 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 KNDI is equal to 50%. 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 - $232 million for Kandi Technologies Group - 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 49.096 million for Kandi Technologies Group 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 Kandi Technologies Group at the current share price and the inputted number of shares is $0.3 billion.

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COMPANY NEWS

▶ Who Owns Most Of Kandi Technologies Group Inc (NASDAQ:KNDI)?   [Jan-01-18 01:25PM  Simply Wall St.]
▶ Kandi Tech posts 3Q profit   [07:37AM  Associated Press]
▶ Can Kandi Stock Keep Going After Last Week's 60% Pop?   [Oct-08-17 10:07AM  Motley Fool]
▶ Kandis JV Company Achieved 3,213 EV Units Sales in August   [Sep-05-17 08:37AM  GlobeNewswire]
▶ Kandi Tech reports 2Q loss   [Aug-09-17 10:39PM  Associated Press]
▶ Kandi Tech reports 1Q loss   [08:01AM  Associated Press]
Financial statements of KNDI
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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