Intrinsic value of Noah Holdings ADR - NOAH

Previous Close

$30.78

  Intrinsic Value

$42.51

stock screener

  Rating & Target

buy

+38%

  Value-price divergence*

-66%

Previous close

$30.78

 
Intrinsic value

$42.51

 
Up/down potential

+38%

 
Rating

buy

 
Value-price divergence*

-66%

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

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

We calculate the intrinsic value of NOAH 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 1.8

 

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, %
  10.70
  10.60
  10.04
  9.54
  9.08
  8.67
  8.31
  7.98
  7.68
  7.41
  7.17
  6.95
  6.76
  6.58
  6.42
  6.28
  6.15
  6.04
  5.93
  5.84
  5.76
  5.68
  5.61
  5.55
  5.50
  5.45
  5.40
  5.36
  5.33
  5.29
  5.26
Revenue, $m
  362
  400
  441
  483
  526
  572
  620
  669
  720
  774
  829
  887
  947
  1,009
  1,074
  1,141
  1,212
  1,285
  1,361
  1,441
  1,523
  1,610
  1,700
  1,795
  1,893
  1,997
  2,104
  2,217
  2,335
  2,459
  2,588
Variable operating expenses, $m
 
  286
  315
  345
  376
  409
  443
  478
  515
  553
  593
  634
  677
  722
  768
  816
  866
  919
  973
  1,030
  1,089
  1,151
  1,216
  1,283
  1,354
  1,428
  1,505
  1,585
  1,670
  1,758
  1,851
Fixed operating expenses, $m
 
  7
  7
  8
  8
  8
  8
  8
  9
  9
  9
  9
  9
  10
  10
  10
  10
  11
  11
  11
  11
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
Total operating expenses, $m
  266
  293
  322
  353
  384
  417
  451
  486
  524
  562
  602
  643
  686
  732
  778
  826
  876
  930
  984
  1,041
  1,100
  1,163
  1,228
  1,295
  1,367
  1,441
  1,518
  1,599
  1,684
  1,772
  1,866
Operating income, $m
  96
  107
  118
  130
  142
  155
  168
  182
  197
  212
  227
  244
  260
  278
  296
  315
  335
  356
  377
  399
  423
  447
  473
  499
  527
  556
  586
  618
  652
  686
  723
EBITDA, $m
  105
  111
  122
  134
  147
  160
  174
  188
  203
  219
  235
  252
  269
  287
  306
  326
  346
  367
  389
  412
  437
  462
  488
  515
  544
  574
  606
  638
  673
  709
  747
Interest expense (income), $m
  3
  3
  4
  5
  7
  8
  10
  12
  14
  16
  18
  20
  22
  24
  27
  29
  32
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
Earnings before tax, $m
  106
  104
  114
  125
  135
  147
  158
  170
  183
  196
  210
  224
  238
  254
  270
  286
  303
  321
  340
  360
  380
  401
  423
  447
  471
  496
  523
  551
  580
  610
  642
Tax expense, $m
  23
  28
  31
  34
  37
  40
  43
  46
  49
  53
  57
  60
  64
  68
  73
  77
  82
  87
  92
  97
  103
  108
  114
  121
  127
  134
  141
  149
  156
  165
  173
Net income, $m
  93
  76
  84
  91
  99
  107
  116
  124
  134
  143
  153
  163
  174
  185
  197
  209
  221
  235
  248
  262
  277
  293
  309
  326
  344
  362
  382
  402
  423
  445
  469

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  473
  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
  858
  440
  484
  530
  578
  629
  681
  735
  792
  850
  911
  975
  1,040
  1,109
  1,180
  1,254
  1,331
  1,412
  1,496
  1,583
  1,674
  1,769
  1,869
  1,972
  2,081
  2,194
  2,313
  2,437
  2,566
  2,702
  2,844
Adjusted assets (=assets-cash), $m
  385
  440
  484
  530
  578
  629
  681
  735
  792
  850
  911
  975
  1,040
  1,109
  1,180
  1,254
  1,331
  1,412
  1,496
  1,583
  1,674
  1,769
  1,869
  1,972
  2,081
  2,194
  2,313
  2,437
  2,566
  2,702
  2,844
Revenue / Adjusted assets
  0.940
  0.909
  0.911
  0.911
  0.910
  0.909
  0.910
  0.910
  0.909
  0.911
  0.910
  0.910
  0.911
  0.910
  0.910
  0.910
  0.911
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
Average production assets, $m
  33
  36
  40
  44
  48
  52
  56
  61
  66
  70
  75
  81
  86
  92
  98
  104
  110
  117
  124
  131
  139
  147
  155
  163
  172
  182
  192
  202
  213
  224
  236
Working capital, $m
  455
  -20
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -39
  -41
  -44
  -47
  -50
  -54
  -57
  -61
  -64
  -68
  -72
  -76
  -81
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -129
Total debt, $m
  80
  98
  138
  179
  223
  268
  315
  364
  414
  467
  522
  579
  638
  700
  764
  831
  900
  973
  1,048
  1,127
  1,209
  1,294
  1,384
  1,477
  1,575
  1,677
  1,783
  1,895
  2,012
  2,134
  2,262
Total liabilities, $m
  378
  396
  436
  477
  521
  566
  613
  662
  712
  765
  820
  877
  936
  998
  1,062
  1,129
  1,198
  1,271
  1,346
  1,425
  1,507
  1,592
  1,682
  1,775
  1,873
  1,975
  2,081
  2,193
  2,310
  2,432
  2,560
Total equity, $m
  480
  44
  48
  53
  58
  63
  68
  74
  79
  85
  91
  97
  104
  111
  118
  125
  133
  141
  150
  158
  167
  177
  187
  197
  208
  219
  231
  244
  257
  270
  284
Total liabilities and equity, $m
  858
  440
  484
  530
  579
  629
  681
  736
  791
  850
  911
  974
  1,040
  1,109
  1,180
  1,254
  1,331
  1,412
  1,496
  1,583
  1,674
  1,769
  1,869
  1,972
  2,081
  2,194
  2,312
  2,437
  2,567
  2,702
  2,844
Debt-to-equity ratio
  0.167
  2.230
  2.840
  3.380
  3.850
  4.260
  4.620
  4.950
  5.240
  5.500
  5.730
  5.940
  6.140
  6.310
  6.470
  6.620
  6.760
  6.890
  7.010
  7.120
  7.220
  7.320
  7.410
  7.490
  7.570
  7.640
  7.710
  7.780
  7.840
  7.900
  7.950
Adjusted equity ratio
  0.018
  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
  93
  76
  84
  91
  99
  107
  116
  124
  134
  143
  153
  163
  174
  185
  197
  209
  221
  235
  248
  262
  277
  293
  309
  326
  344
  362
  382
  402
  423
  445
  469
Depreciation, amort., depletion, $m
  9
  4
  4
  4
  5
  5
  6
  6
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  15
  16
  17
  18
  19
  20
  21
  22
  24
Funds from operations, $m
  78
  79
  88
  95
  104
  112
  121
  130
  140
  150
  161
  171
  183
  194
  207
  219
  232
  246
  261
  276
  291
  308
  325
  342
  361
  380
  401
  422
  444
  468
  492
Change in working capital, $m
  -21
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
Cash from operations, $m
  99
  81
  90
  98
  106
  115
  124
  133
  143
  153
  163
  174
  186
  197
  210
  223
  236
  250
  264
  280
  295
  312
  329
  347
  366
  386
  406
  428
  450
  474
  499
Maintenance CAPEX, $m
  0
  -3
  -4
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -15
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
New CAPEX, $m
  -15
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -12
Cash from investing activities, $m
  -127
  -6
  -8
  -8
  -8
  -9
  -9
  -10
  -11
  -12
  -12
  -13
  -13
  -15
  -15
  -16
  -16
  -18
  -19
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -31
  -32
  -34
Free cash flow, $m
  -28
  75
  82
  90
  98
  106
  114
  123
  132
  141
  151
  161
  172
  183
  195
  207
  219
  232
  246
  260
  275
  290
  306
  323
  341
  359
  378
  398
  419
  441
  464
Issuance/(repayment) of debt, $m
  0
  18
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  79
  82
  86
  89
  93
  98
  102
  107
  112
  117
  122
  128
Issuance/(repurchase) of shares, $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
Cash from financing (excl. dividends), $m  
  143
  18
  40
  42
  43
  45
  47
  49
  51
  53
  55
  57
  59
  62
  64
  67
  69
  72
  75
  79
  82
  86
  89
  93
  98
  102
  107
  112
  117
  122
  128
Total cash flow (excl. dividends), $m
  122
  93
  122
  131
  141
  151
  161
  172
  183
  194
  206
  219
  231
  245
  259
  273
  289
  305
  321
  339
  357
  376
  396
  416
  438
  461
  485
  510
  536
  564
  592
Retained Cash Flow (-), $m
  -102
  -24
  -4
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
Prev. year cash balance distribution, $m
 
  460
  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
 
  529
  118
  127
  136
  146
  156
  166
  177
  188
  200
  212
  225
  238
  252
  266
  281
  297
  313
  330
  348
  366
  386
  406
  427
  450
  473
  497
  523
  550
  578
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
 
  507
  108
  110
  112
  113
  113
  112
  111
  108
  105
  101
  96
  90
  85
  78
  71
  65
  58
  51
  44
  38
  32
  27
  22
  17
  14
  11
  8
  6
  4
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

Noah Holdings Limited, through its subsidiaries, operates as a wealth management service provider with focus on wealth investment and asset allocation services for high net worth individuals and enterprises in the People's Republic of China. The company’s products include fixed income products, including asset management plans sponsored by mutual fund management or securities companies, real estate funds managed by it, and collateralized fixed income products sponsored by trust companies that provide investors with fixed rates of return. It also offers private equity funds products comprising investments in various private equity funds sponsored by domestic and international fund management firms, real estate funds and fund of funds managed by the company, and the underlying assets that are portfolios of equity investments in unlisted private companies. In addition, the company provides secondary market equity fund products, private securities investment fund products, mutual fund products, insurance products, short-term financing products, online platform services to white-collar professionals clients, peer-to-peer lending for high net worth individuals through the Internet, and online payment and product information systems. It serves high net worth individuals; enterprises affiliated with high net worth individuals; and wholesale clients, primarily local commercial banks and branches of national commercial banks that distribute wealth management products to their own clients. Noah Holdings Limited was founded in 2005 and is headquartered in Shanghai, the People’s Republic of China.

FINANCIAL RATIOS  of  Noah Holdings ADR (NOAH)

Valuation Ratios
P/E Ratio 9.3
Price to Sales 2.4
Price to Book 1.8
Price to Tangible Book
Price to Cash Flow 8.8
Price to Free Cash Flow 10.3
Growth Rates
Sales Growth Rate 10.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -28.6%
Cap. Spend. - 3 Yr. Gr. Rate 16.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 16.7%
Total Debt to Equity 16.7%
Interest Coverage 36
Management Effectiveness
Return On Assets 12.8%
Ret/ On Assets - 3 Yr. Avg. 16%
Return On Total Capital 18.3%
Ret/ On T. Cap. - 3 Yr. Avg. 22%
Return On Equity 21.7%
Return On Equity - 3 Yr. Avg. 24.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 32.6%
EBITDA Margin - 3 Yr. Avg. 35.1%
Operating Margin 26.5%
Oper. Margin - 3 Yr. Avg. 29.7%
Pre-Tax Margin 29.3%
Pre-Tax Margin - 3 Yr. Avg. 32.9%
Net Profit Margin 25.7%
Net Profit Margin - 3 Yr. Avg. 26.7%
Effective Tax Rate 21.7%
Eff/ Tax Rate - 3 Yr. Avg. 22.5%
Payout Ratio 0%

NOAH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NOAH stock intrinsic value calculation we used $362 million for the last fiscal year's total revenue generated by Noah Holdings ADR. The default revenue input number comes from 2016 income statement of Noah 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 NOAH stock valuation model: a) initial revenue growth rate of 10.6% 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 4.3%, whose default value for NOAH is calculated based on our internal credit rating of Noah 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 Noah 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 NOAH stock the variable cost ratio is equal to 71.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $7 million in the base year in the intrinsic value calculation for NOAH 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 3.8% for Noah Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Noah 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 NOAH 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 NOAH are equal to 9.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Noah 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 NOAH is equal to -5%. 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 - $480 million for Noah 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 57.037 million for Noah 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 Noah Holdings ADR at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ Stock With 1,631% EPS Growth And 5.9% Dividend Tests Buy Zone   [Jul-28-17 04:16PM  Investor's Business Daily]
▶ Noah Holdings Rated Investment Grade By S&P   [Jul-24-17 06:00AM  PR Newswire]
▶ ETFs with exposure to Noah Holdings Ltd. : July 3, 2017   [Jul-03-17 03:32PM  Capital Cube]
▶ ETFs with exposure to Noah Holdings Ltd. : June 1, 2017   [Jun-01-17 02:00PM  Capital Cube]
▶ Noah posts 1Q profit   [May-15-17 07:17PM  Associated Press]
▶ Trumps Role in the Markets Current Guessing Game   [Apr-19-17 07:37AM  Market Realist]
▶ ETFs with exposure to Noah Holdings Ltd. : April 7, 2017   [Apr-07-17 05:09PM  Capital Cube]
▶ Noah posts 4Q profit   [Feb-27-17 05:32PM  Associated Press]
▶ Noah Holdings (NOAH) Enters Oversold Territory   [Dec-13-16 09:28AM  Zacks]
▶ Is Forward Air Corporation (FWRD) a Good Stock to Invest in?   [Dec-05-16 03:37PM  at Insider Monkey]
▶ Tiger Pacific Capitals Bets on China Lead to Big Q3   [Nov-07-16 02:34PM  at Insider Monkey]
▶ NOAH HOLDINGS LTD Financials   [01:04PM  EDGAR Online Financials]
▶ Best Asian Stocks to Buy Now According to Tiger Pacific Capital   [Feb-13-16 09:26AM  at Insider Monkey]
▶ The Three Important Reasons Why Stocks Sold Off In China   [Jan-04-16 06:33PM  at Investor's Business Daily]
▶ Stock Futures Take a Deep Dive; China's Alibaba, Noah Hit Hard   [09:11AM  at Investor's Business Daily]
▶ [$$] Chinese Investors Get Door to U.S.   [12:16AM  at The Wall Street Journal]
▶ [$$] Chinese Investors Get Door to U.S.   [Jan-03-16 08:42PM  at The Wall Street Journal]
▶ [$$] Apps Open Door to U.S. for Chinese Investors   [01:58PM  at The Wall Street Journal]
▶ Smart Money Beginning to Take Note of Renasant Corp. (RNST)   [Dec-11  04:08PM  at Insider Monkey]
▶ Stock Indexes Pad Recent Gains; Daily Volume, Though, Declines   [Dec-01  04:59PM  at Investor's Business Daily]
▶ Hedge Funds Are Selling Noah Holdings Limited (ADR) (NOAH)   [Nov-26  01:22PM  at Insider Monkey]
▶ China-Based Leaders Make Strong Return To The IBD 50   [Nov-25  06:35PM  at Investor's Business Daily]
▶ Wal-Mart Boosts Dow With 4% Jump   [Nov-17  02:58PM  at Investor's Business Daily]
Stock chart of NOAH Financial statements of NOAH
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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