Intrinsic value of The9 ADR - NCTY

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$1.13

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of NCTY 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 0.0

 

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, %
  14.29
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  8
  47
  48
  49
  51
  52
  54
  56
  58
  60
  62
  65
  67
  70
  73
  76
  79
  83
  87
  91
  95
  99
  104
  109
  114
  119
  125
  131
  137
  144
  151
Variable operating expenses, $m
 
  165
  169
  173
  178
  184
  189
  196
  203
  210
  218
  226
  235
  245
  255
  266
  278
  290
  303
  317
  332
  347
  363
  380
  398
  417
  437
  458
  480
  504
  528
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
  51
  165
  169
  173
  178
  184
  189
  196
  203
  210
  218
  226
  235
  245
  255
  266
  278
  290
  303
  317
  332
  347
  363
  380
  398
  417
  437
  458
  480
  504
  528
Operating income, $m
  -43
  -118
  -121
  -124
  -128
  -131
  -136
  -140
  -145
  -150
  -156
  -161
  -168
  -175
  -182
  -190
  -199
  -207
  -217
  -227
  -237
  -248
  -259
  -272
  -285
  -298
  -312
  -327
  -343
  -360
  -377
EBITDA, $m
  -40
  -85
  -87
  -89
  -92
  -95
  -98
  -101
  -105
  -108
  -113
  -117
  -122
  -127
  -132
  -138
  -144
  -150
  -157
  -164
  -172
  -180
  -188
  -197
  -206
  -216
  -227
  -238
  -249
  -261
  -274
Interest expense (income), $m
  0
  6
  -4
  -4
  -3
  -3
  -2
  -2
  -1
  -1
  0
  1
  2
  3
  4
  5
  6
  7
  8
  9
  10
  12
  13
  15
  17
  18
  20
  22
  24
  26
  28
Earnings before tax, $m
  -81
  -124
  -117
  -120
  -124
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -170
  -178
  -186
  -195
  -204
  -214
  -225
  -236
  -247
  -260
  -273
  -287
  -301
  -316
  -332
  -349
  -367
  -386
  -406
Tax expense, $m
  -1
  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
Net income, $m
  -98
  -124
  -117
  -120
  -124
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -170
  -178
  -186
  -195
  -204
  -214
  -225
  -236
  -247
  -260
  -273
  -287
  -301
  -316
  -332
  -349
  -367
  -386
  -406

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  6
  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
  51
  499
  511
  524
  538
  555
  573
  592
  613
  636
  660
  687
  714
  744
  776
  809
  845
  882
  922
  964
  1,008
  1,055
  1,104
  1,156
  1,211
  1,268
  1,329
  1,393
  1,460
  1,531
  1,605
Adjusted assets (=assets-cash), $m
  45
  499
  511
  524
  538
  555
  573
  592
  613
  636
  660
  687
  714
  744
  776
  809
  845
  882
  922
  964
  1,008
  1,055
  1,104
  1,156
  1,211
  1,268
  1,329
  1,393
  1,460
  1,531
  1,605
Revenue / Adjusted assets
  0.178
  0.094
  0.094
  0.094
  0.095
  0.094
  0.094
  0.095
  0.095
  0.094
  0.094
  0.095
  0.094
  0.094
  0.094
  0.094
  0.093
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
  0.094
Average production assets, $m
  20
  196
  201
  206
  212
  218
  225
  233
  241
  250
  260
  270
  281
  293
  305
  318
  332
  347
  363
  379
  397
  415
  434
  455
  476
  499
  523
  548
  574
  602
  631
Working capital, $m
  -70
  -408
  -417
  -428
  -440
  -454
  -468
  -484
  -501
  -520
  -540
  -561
  -584
  -608
  -634
  -661
  -690
  -721
  -754
  -788
  -824
  -862
  -902
  -945
  -990
  -1,037
  -1,086
  -1,139
  -1,194
  -1,251
  -1,312
Total debt, $m
  49
  -119
  -108
  -97
  -83
  -69
  -53
  -35
  -16
  4
  26
  50
  75
  102
  130
  160
  192
  226
  262
  299
  339
  381
  426
  472
  522
  574
  628
  686
  746
  810
  877
Total liabilities, $m
  100
  449
  460
  471
  485
  499
  515
  533
  552
  572
  594
  618
  643
  670
  698
  728
  760
  794
  830
  867
  907
  949
  994
  1,040
  1,090
  1,142
  1,196
  1,254
  1,314
  1,378
  1,445
Total equity, $m
  -49
  50
  51
  52
  54
  55
  57
  59
  61
  64
  66
  69
  71
  74
  78
  81
  84
  88
  92
  96
  101
  105
  110
  116
  121
  127
  133
  139
  146
  153
  161
Total liabilities and equity, $m
  51
  499
  511
  523
  539
  554
  572
  592
  613
  636
  660
  687
  714
  744
  776
  809
  844
  882
  922
  963
  1,008
  1,054
  1,104
  1,156
  1,211
  1,269
  1,329
  1,393
  1,460
  1,531
  1,606
Debt-to-equity ratio
  -1.000
  -2.380
  -2.120
  -1.840
  -1.550
  -1.240
  -0.920
  -0.590
  -0.260
  0.070
  0.400
  0.730
  1.050
  1.370
  1.680
  1.980
  2.270
  2.560
  2.840
  3.110
  3.370
  3.620
  3.860
  4.090
  4.310
  4.520
  4.730
  4.920
  5.110
  5.290
  5.460
Adjusted equity ratio
  -1.089
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -98
  -124
  -117
  -120
  -124
  -128
  -133
  -138
  -144
  -150
  -156
  -162
  -170
  -178
  -186
  -195
  -204
  -214
  -225
  -236
  -247
  -260
  -273
  -287
  -301
  -316
  -332
  -349
  -367
  -386
  -406
Depreciation, amort., depletion, $m
  3
  33
  34
  35
  36
  37
  38
  39
  41
  42
  44
  44
  46
  48
  50
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
  94
  99
  104
Funds from operations, $m
  -27
  -91
  -83
  -86
  -88
  -92
  -95
  -99
  -103
  -108
  -113
  -118
  -124
  -130
  -136
  -143
  -150
  -157
  -165
  -174
  -182
  -192
  -202
  -212
  -223
  -235
  -247
  -260
  -273
  -287
  -302
Change in working capital, $m
  -1
  -8
  -9
  -11
  -12
  -13
  -15
  -16
  -17
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -31
  -32
  -34
  -36
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
Cash from operations, $m
  -26
  -94
  -74
  -75
  -76
  -78
  -81
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -110
  -115
  -121
  -126
  -133
  -139
  -146
  -154
  -161
  -170
  -178
  -187
  -197
  -207
  -218
  -229
  -241
Maintenance CAPEX, $m
  0
  -32
  -32
  -33
  -34
  -35
  -36
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -57
  -59
  -62
  -65
  -68
  -71
  -75
  -78
  -82
  -86
  -90
  -94
  -99
New CAPEX, $m
  -1
  -4
  -5
  -5
  -6
  -6
  -7
  -8
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -20
  -22
  -23
  -24
  -25
  -26
  -28
  -29
Cash from investing activities, $m
  -2
  -36
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -49
  -51
  -53
  -55
  -58
  -60
  -63
  -66
  -69
  -73
  -75
  -79
  -83
  -87
  -91
  -97
  -101
  -106
  -111
  -116
  -122
  -128
Free cash flow, $m
  -28
  -130
  -110
  -113
  -116
  -120
  -123
  -128
  -133
  -138
  -143
  -150
  -156
  -163
  -170
  -178
  -187
  -196
  -205
  -215
  -226
  -237
  -249
  -261
  -274
  -288
  -303
  -318
  -334
  -351
  -369
Issuance/(repayment) of debt, $m
  19
  -286
  10
  12
  13
  15
  16
  18
  19
  20
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  57
  60
  64
  67
Issuance/(repurchase) of shares, $m
  0
  663
  101
  102
  104
  106
  109
  112
  116
  120
  124
  129
  134
  139
  145
  152
  158
  166
  173
  182
  190
  200
  209
  220
  231
  242
  254
  267
  281
  295
  310
Cash from financing (excl. dividends), $m  
  28
  377
  111
  114
  117
  121
  125
  130
  135
  140
  146
  153
  159
  166
  173
  182
  190
  200
  209
  220
  230
  242
  253
  267
  280
  294
  309
  324
  341
  359
  377
Total cash flow (excl. dividends), $m
  -1
  -416
  -100
  -101
  -103
  -105
  -107
  -110
  -114
  -117
  -121
  -126
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -177
  -186
  -195
  -204
  -214
  -225
  -236
  -248
  -261
  -274
  -288
  -302
Retained Cash Flow (-), $m
  20
  -296
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -7
Prev. year cash balance distribution, $m
 
  49
  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
 
  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
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for 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
Current shareholders' claim on cash, %
  100
  50.0
  16.5
  5.5
  1.8
  0.6
  0.2
  0.1
  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
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

The9 Limited, together with its subsidiaries, operates as an online game developer and operator in the People’s Republic of China. The company offers online games, including massively multiplayer online games, mobile games, and TV games. It also provides training services, as well as operates mobile advertising platform. In addition, the company engages in the home entertainment set top box business. The company was formerly known as GameNow.net Limited and changed its name to The9 Limited in February 2004. The9 Limited was founded in 1999 and is headquartered in Shanghai, the People’s Republic of China.

FINANCIAL RATIOS  of  The9 ADR (NCTY)

Valuation Ratios
P/E Ratio -0.3
Price to Sales 3.4
Price to Book -0.6
Price to Tangible Book
Price to Cash Flow -1
Price to Free Cash Flow -1
Growth Rates
Sales Growth Rate 14.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -50%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity -67.3%
Total Debt to Equity -100%
Interest Coverage 0
Management Effectiveness
Return On Assets -151.9%
Ret/ On Assets - 3 Yr. Avg. -82%
Return On Total Capital 3920%
Ret/ On T. Cap. - 3 Yr. Avg. 871.3%
Return On Equity 251.3%
Return On Equity - 3 Yr. Avg. 312.1%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 12.5%
Gross Margin - 3 Yr. Avg. -21.2%
EBITDA Margin -975%
EBITDA Margin - 3 Yr. Avg. -597.5%
Operating Margin -537.5%
Oper. Margin - 3 Yr. Avg. -491.9%
Pre-Tax Margin -1012.5%
Pre-Tax Margin - 3 Yr. Avg. -656%
Net Profit Margin -1225%
Net Profit Margin - 3 Yr. Avg. -734.3%
Effective Tax Rate 1.2%
Eff/ Tax Rate - 3 Yr. Avg. 0.4%
Payout Ratio 0%

NCTY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NCTY stock intrinsic value calculation we used $46 million for the last fiscal year's total revenue generated by The9 ADR. The default revenue input number comes from 2016 income statement of The9 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 NCTY stock valuation model: a) initial revenue growth rate of 2% 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 5.9%, whose default value for NCTY is calculated based on our internal credit rating of The9 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 The9 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 NCTY stock the variable cost ratio is equal to 352.2%.

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 NCTY 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 The9 ADR.

Corporate tax rate of 27% is the nominal tax rate for The9 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 NCTY 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 NCTY are equal to 418.5%.

Life of production assets of 6.1 years is the average useful life of capital assets used in The9 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 NCTY is equal to -869.6%. 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 - $-197 million for The9 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 37.28 million for The9 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 The9 ADR at the current share price and the inputted number of shares is $0.0 billion.


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COMPANY NEWS

▶ The9 Limited Announces Potential Private Placements   [Apr-10-17 08:00AM  PR Newswire]
▶ 3 Microcaps With Recent 13-D Activist Investors   [Jan-09-17 03:03PM  GuruFocus.com]
▶ The9 Limited: The Stock That Ignores News?   [Dec-29  03:37PM  Benzinga]
▶ /C O R R E C T I O N -- The9 Limited/   [Mar-30  12:21AM  PR Newswire]
▶ Why The9 (NCTY) Stock Is Gaining Today   [Aug-29  10:12AM  at TheStreet]
▶ Why The9 Limited (NCTY) Is Soaring Today   [Feb-28  04:52PM  Optionetics]
▶ The9 signs term sheet with Oriental Pearl Culture Development   [Oct-21  05:12PM  theflyonthewall.com]
▶ The9's Privatization Outlook - Profits Eyed In Q4   [Jul-17  09:47AM  at Seeking Alpha]
▶ The9 CEO Aims to Buy $5 Million More in Company's Shares   [Apr-29  03:09PM  at Motley Fool]
▶ The9 Updates Status of Buyback Program   [Mar-13  08:20PM  at Motley Fool]
▶ 5 Stocks Trading Below Net Cash - Part III   [Aug-26-12 05:16AM  at Seeking Alpha]
▶ China Stocks Trading Below Net Cash - Part III   [Jul-10-12 08:54AM  at Seeking Alpha]
▶ China Stocks Trading Below Net Cash - Part II   [Jul-06-12 07:04AM  at Seeking Alpha]
▶ Nexon, Electronic Arts Said to Discuss Game, Not Buyout   [May-02-12 08:41PM  at Bloomberg]
▶ DDR Corp. Among 5 Candidates To Reflect On   [Apr-16-12 11:58AM  at Seeking Alpha]
▶ The9 To Enter Licensing Agreement With Russia's Innova Systems   [Apr-10-12 05:54PM  at Seeking Alpha]
▶ The9 To Launch 24/7 Server Operations For Firefall   [Mar-30-12 11:25AM  at Seeking Alpha]
▶ The9 CEO Hints At Upcoming Firefall Licensing Deals   [Mar-29-12 04:34PM  at Seeking Alpha]
▶ 5 Reasons to Worry About Next Week   [Mar-16-12 09:24AM  at Motley Fool]
▶ NetEase: A Rare Bright Spot in Chinese Online Gaming   [Mar-14-12 12:01PM  at Forbes]
Stock chart of NCTY Financial statements of NCTY Annual reports of NCTY
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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