Intrinsic value of Renren Cl A ADR - RENN

Previous Close

$11.13

  Intrinsic Value

$2.64

stock screener

  Rating & Target

str. sell

-76%

Previous close

$11.13

 
Intrinsic value

$2.64

 
Up/down potential

-76%

 
Rating

str. sell

We calculate the intrinsic value of RENN 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, %
  53.66
  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
  63
  101
  156
  233
  338
  477
  655
  880
  1,155
  1,487
  1,878
  2,332
  2,851
  3,436
  4,088
  4,807
  5,591
  6,441
  7,354
  8,328
  9,364
  10,458
  11,610
  12,819
  14,085
  15,408
  16,786
  18,222
  19,716
  21,269
  22,884
Variable operating expenses, $m
 
  371
  574
  858
  1,245
  1,756
  2,414
  3,240
  4,255
  5,475
  6,915
  8,587
  10,499
  12,654
  15,056
  17,703
  20,593
  23,722
  27,083
  30,673
  34,486
  38,516
  42,760
  47,214
  51,876
  56,746
  61,824
  67,112
  72,614
  78,335
  84,281
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
  239
  371
  574
  858
  1,245
  1,756
  2,414
  3,240
  4,255
  5,475
  6,915
  8,587
  10,499
  12,654
  15,056
  17,703
  20,593
  23,722
  27,083
  30,673
  34,486
  38,516
  42,760
  47,214
  51,876
  56,746
  61,824
  67,112
  72,614
  78,335
  84,281
Operating income, $m
  -175
  -270
  -418
  -625
  -907
  -1,279
  -1,759
  -2,361
  -3,100
  -3,988
  -5,038
  -6,256
  -7,648
  -9,218
  -10,968
  -12,896
  -15,002
  -17,281
  -19,730
  -22,345
  -25,122
  -28,058
  -31,150
  -34,395
  -37,791
  -41,338
  -45,038
  -48,890
  -52,898
  -57,066
  -61,397
EBITDA, $m
  -172
  -266
  -410
  -614
  -891
  -1,256
  -1,727
  -2,319
  -3,045
  -3,918
  -4,948
  -6,144
  -7,512
  -9,055
  -10,773
  -12,668
  -14,735
  -16,974
  -19,380
  -21,948
  -24,677
  -27,560
  -30,597
  -33,784
  -37,120
  -40,605
  -44,238
  -48,022
  -51,959
  -56,053
  -60,307
Interest expense (income), $m
  0
  5
  14
  26
  44
  67
  99
  139
  189
  251
  325
  413
  515
  632
  764
  910
  1,072
  1,248
  1,439
  1,644
  1,863
  2,096
  2,342
  2,601
  2,872
  3,157
  3,454
  3,764
  4,087
  4,422
  4,771
Earnings before tax, $m
  -173
  -276
  -432
  -651
  -950
  -1,347
  -1,857
  -2,499
  -3,289
  -4,239
  -5,363
  -6,669
  -8,163
  -9,850
  -11,732
  -13,807
  -16,073
  -18,529
  -21,169
  -23,989
  -26,986
  -30,154
  -33,492
  -36,995
  -40,663
  -44,495
  -48,492
  -52,654
  -56,985
  -61,488
  -66,169
Tax expense, $m
  3
  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
  -185
  -276
  -432
  -651
  -950
  -1,347
  -1,857
  -2,499
  -3,289
  -4,239
  -5,363
  -6,669
  -8,163
  -9,850
  -11,732
  -13,807
  -16,073
  -18,529
  -21,169
  -23,989
  -26,986
  -30,154
  -33,492
  -36,995
  -40,663
  -44,495
  -48,492
  -52,654
  -56,985
  -61,488
  -66,169

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  80
  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
  1,177
  1,768
  2,732
  4,086
  5,929
  8,364
  11,499
  15,435
  20,267
  26,079
  32,940
  40,904
  50,009
  60,278
  71,719
  84,329
  98,095
  112,997
  129,011
  146,112
  164,273
  183,471
  203,686
  224,903
  247,111
  270,308
  294,496
  319,686
  345,895
  373,146
  401,470
Adjusted assets (=assets-cash), $m
  1,097
  1,768
  2,732
  4,086
  5,929
  8,364
  11,499
  15,435
  20,267
  26,079
  32,940
  40,904
  50,009
  60,278
  71,719
  84,329
  98,095
  112,997
  129,011
  146,112
  164,273
  183,471
  203,686
  224,903
  247,111
  270,308
  294,496
  319,686
  345,895
  373,146
  401,470
Revenue / Adjusted assets
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
  0.057
Average production assets, $m
  32
  50
  78
  116
  169
  238
  328
  440
  578
  743
  939
  1,166
  1,425
  1,718
  2,044
  2,403
  2,796
  3,220
  3,677
  4,164
  4,682
  5,229
  5,805
  6,410
  7,043
  7,704
  8,393
  9,111
  9,858
  10,635
  11,442
Working capital, $m
  181
  50
  78
  116
  169
  238
  328
  440
  578
  743
  939
  1,166
  1,425
  1,718
  2,044
  2,403
  2,796
  3,220
  3,677
  4,164
  4,682
  5,229
  5,805
  6,410
  7,043
  7,704
  8,393
  9,111
  9,858
  10,635
  11,442
Total debt, $m
  193
  401
  754
  1,249
  1,924
  2,815
  3,963
  5,403
  7,172
  9,299
  11,810
  14,725
  18,057
  21,816
  26,003
  30,618
  35,657
  41,111
  46,972
  53,231
  59,878
  66,905
  74,303
  82,068
  90,197
  98,687
  107,540
  116,759
  126,351
  136,325
  146,692
Total liabilities, $m
  438
  647
  1,000
  1,495
  2,170
  3,061
  4,209
  5,649
  7,418
  9,545
  12,056
  14,971
  18,303
  22,062
  26,249
  30,864
  35,903
  41,357
  47,218
  53,477
  60,124
  67,151
  74,549
  82,314
  90,443
  98,933
  107,786
  117,005
  126,597
  136,571
  146,938
Total equity, $m
  738
  1,121
  1,732
  2,591
  3,759
  5,303
  7,290
  9,786
  12,850
  16,534
  20,884
  25,933
  31,706
  38,216
  45,470
  53,464
  62,192
  71,640
  81,793
  92,635
  104,149
  116,321
  129,137
  142,588
  156,668
  171,375
  186,710
  202,681
  219,297
  236,574
  254,532
Total liabilities and equity, $m
  1,176
  1,768
  2,732
  4,086
  5,929
  8,364
  11,499
  15,435
  20,268
  26,079
  32,940
  40,904
  50,009
  60,278
  71,719
  84,328
  98,095
  112,997
  129,011
  146,112
  164,273
  183,472
  203,686
  224,902
  247,111
  270,308
  294,496
  319,686
  345,894
  373,145
  401,470
Debt-to-equity ratio
  0.262
  0.360
  0.440
  0.480
  0.510
  0.530
  0.540
  0.550
  0.560
  0.560
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.570
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
  0.580
Adjusted equity ratio
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634
  0.634

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -185
  -276
  -432
  -651
  -950
  -1,347
  -1,857
  -2,499
  -3,289
  -4,239
  -5,363
  -6,669
  -8,163
  -9,850
  -11,732
  -13,807
  -16,073
  -18,529
  -21,169
  -23,989
  -26,986
  -30,154
  -33,492
  -36,995
  -40,663
  -44,495
  -48,492
  -52,654
  -56,985
  -61,488
  -66,169
Depreciation, amort., depletion, $m
  3
  5
  7
  11
  16
  23
  31
  42
  55
  71
  89
  111
  136
  164
  195
  229
  266
  307
  350
  397
  446
  498
  553
  610
  671
  734
  799
  868
  939
  1,013
  1,090
Funds from operations, $m
  10
  -271
  -424
  -640
  -934
  -1,324
  -1,826
  -2,457
  -3,234
  -4,169
  -5,274
  -6,558
  -8,028
  -9,687
  -11,537
  -13,578
  -15,807
  -18,222
  -20,819
  -23,592
  -26,540
  -29,656
  -32,939
  -36,385
  -39,993
  -43,762
  -47,692
  -51,786
  -56,046
  -60,475
  -65,079
Change in working capital, $m
  21
  19
  27
  39
  53
  69
  89
  112
  138
  166
  196
  227
  259
  293
  326
  359
  392
  425
  456
  487
  518
  547
  576
  605
  633
  661
  689
  718
  747
  777
  807
Cash from operations, $m
  -11
  -290
  -452
  -679
  -987
  -1,393
  -1,915
  -2,569
  -3,371
  -4,334
  -5,469
  -6,785
  -8,287
  -9,979
  -11,863
  -13,937
  -16,199
  -18,647
  -21,275
  -24,080
  -27,057
  -30,203
  -33,515
  -36,989
  -40,626
  -44,423
  -48,382
  -52,504
  -56,793
  -61,252
  -65,886
Maintenance CAPEX, $m
  0
  -3
  -5
  -7
  -11
  -16
  -23
  -31
  -42
  -55
  -71
  -89
  -111
  -136
  -164
  -195
  -229
  -266
  -307
  -350
  -397
  -446
  -498
  -553
  -610
  -671
  -734
  -799
  -868
  -939
  -1,013
New CAPEX, $m
  0
  -19
  -27
  -39
  -53
  -69
  -89
  -112
  -138
  -166
  -196
  -227
  -259
  -293
  -326
  -359
  -392
  -425
  -456
  -487
  -518
  -547
  -576
  -605
  -633
  -661
  -689
  -718
  -747
  -777
  -807
Cash from investing activities, $m
  -193
  -22
  -32
  -46
  -64
  -85
  -112
  -143
  -180
  -221
  -267
  -316
  -370
  -429
  -490
  -554
  -621
  -691
  -763
  -837
  -915
  -993
  -1,074
  -1,158
  -1,243
  -1,332
  -1,423
  -1,517
  -1,615
  -1,716
  -1,820
Free cash flow, $m
  -204
  -312
  -484
  -725
  -1,050
  -1,479
  -2,027
  -2,713
  -3,551
  -4,555
  -5,735
  -7,101
  -8,658
  -10,408
  -12,353
  -14,491
  -16,821
  -19,338
  -22,038
  -24,917
  -27,971
  -31,196
  -34,589
  -38,147
  -41,869
  -45,755
  -49,805
  -54,021
  -58,407
  -62,967
  -67,706
Issuance/(repayment) of debt, $m
  -82
  245
  353
  495
  674
  892
  1,147
  1,441
  1,769
  2,127
  2,511
  2,915
  3,332
  3,758
  4,187
  4,615
  5,038
  5,454
  5,861
  6,259
  6,647
  7,027
  7,399
  7,765
  8,128
  8,490
  8,853
  9,220
  9,592
  9,974
  10,367
Issuance/(repurchase) of shares, $m
  1
  702
  1,043
  1,510
  2,119
  2,891
  3,845
  4,995
  6,352
  7,924
  9,713
  11,718
  13,936
  16,361
  18,985
  21,801
  24,801
  27,977
  31,322
  34,831
  38,500
  42,326
  46,308
  50,446
  54,743
  59,202
  63,827
  68,624
  73,601
  78,765
  84,126
Cash from financing (excl. dividends), $m  
  226
  947
  1,396
  2,005
  2,793
  3,783
  4,992
  6,436
  8,121
  10,051
  12,224
  14,633
  17,268
  20,119
  23,172
  26,416
  29,839
  33,431
  37,183
  41,090
  45,147
  49,353
  53,707
  58,211
  62,871
  67,692
  72,680
  77,844
  83,193
  88,739
  94,493
Total cash flow (excl. dividends), $m
  19
  635
  911
  1,280
  1,743
  2,304
  2,965
  3,722
  4,570
  5,496
  6,489
  7,532
  8,611
  9,711
  10,820
  11,925
  13,019
  14,093
  15,145
  16,172
  17,175
  18,156
  19,118
  20,065
  21,003
  21,937
  22,875
  23,823
  24,786
  25,772
  26,786
Retained Cash Flow (-), $m
  193
  -702
  -1,043
  -1,510
  -2,119
  -2,891
  -3,845
  -4,995
  -6,352
  -7,924
  -9,713
  -11,718
  -13,936
  -16,361
  -18,985
  -21,801
  -24,801
  -27,977
  -31,322
  -34,831
  -38,500
  -42,326
  -46,308
  -50,446
  -54,743
  -59,202
  -63,827
  -68,624
  -73,601
  -78,765
  -84,126
Prev. year cash balance distribution, $m
 
  43
  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
 
  -24
  -131
  -229
  -376
  -587
  -880
  -1,272
  -1,782
  -2,428
  -3,224
  -4,186
  -5,325
  -6,649
  -8,165
  -9,876
  -11,782
  -13,883
  -16,177
  -18,659
  -21,324
  -24,170
  -27,190
  -30,382
  -33,741
  -37,265
  -40,952
  -44,802
  -48,815
  -52,993
  -57,340
Discount rate, %
 
  6.60
  6.93
  7.28
  7.64
  8.02
  8.42
  8.84
  9.29
  9.75
  10.24
  10.75
  11.29
  11.85
  12.45
  13.07
  13.72
  14.41
  15.13
  15.88
  16.68
  17.51
  18.39
  19.31
  20.27
  21.29
  22.35
  23.47
  24.64
  25.87
  27.17
PV of cash for distribution, $m
 
  -22
  -115
  -186
  -280
  -399
  -542
  -703
  -876
  -1,051
  -1,216
  -1,362
  -1,476
  -1,550
  -1,581
  -1,565
  -1,506
  -1,409
  -1,281
  -1,134
  -975
  -816
  -663
  -524
  -402
  -299
  -216
  -151
  -102
  -67
  -42
Current shareholders' claim on cash, %
  100
  51.0
  27.1
  14.8
  8.3
  4.8
  2.9
  1.7
  1.1
  0.7
  0.4
  0.3
  0.2
  0.1
  0.1
  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

Renren Inc. operates a real name social networking Internet platform in China. The Company enables users to connect and communicate with each other, share photos, and various features and services. The Company is developing Internet finance business to leverage its social networking services and user base in China, particularly focusing on the audience of college students and young people in China. The Company operates through two segments: Renren and Internet finance. The Company's Renren segment focuses on online advertising and Internet value-added services (IVAS). The Company's Internet finance segment includes Renren Fenqi, an online platform, which provides credit financing to college students in China through the form of payment by installments; its used automobile financing business, which provides credit financing to used automobile dealers, and Renren Licai, a financing and lending platform.

FINANCIAL RATIOS  of  Renren Cl A ADR (RENN)

Valuation Ratios
P/E Ratio -27
Price to Sales 79.4
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow -454.6
Price to Free Cash Flow -454.6
Growth Rates
Sales Growth Rate 53.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 21.1%
Total Debt to Equity 26.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -15.1%
Ret/ On Assets - 3 Yr. Avg. -9.5%
Return On Total Capital -17.7%
Ret/ On T. Cap. - 3 Yr. Avg. -10.7%
Return On Equity -22.2%
Return On Equity - 3 Yr. Avg. -12.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 19%
Gross Margin - 3 Yr. Avg. 18.1%
EBITDA Margin -269.8%
EBITDA Margin - 3 Yr. Avg. -251.4%
Operating Margin -279.4%
Oper. Margin - 3 Yr. Avg. -296.7%
Pre-Tax Margin -274.6%
Pre-Tax Margin - 3 Yr. Avg. -275.6%
Net Profit Margin -293.7%
Net Profit Margin - 3 Yr. Avg. -234.2%
Effective Tax Rate -1.7%
Eff/ Tax Rate - 3 Yr. Avg. -16.4%
Payout Ratio 0%

RENN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RENN stock intrinsic value calculation we used $63 million for the last fiscal year's total revenue generated by Renren Cl A ADR. The default revenue input number comes from 2016 income statement of Renren Cl A 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 RENN 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 6.6%, whose default value for RENN is calculated based on our internal credit rating of Renren Cl A 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 Renren Cl A 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 RENN stock the variable cost ratio is equal to 368.3%.

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 RENN 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 Renren Cl A ADR.

Corporate tax rate of 27% is the nominal tax rate for Renren Cl A 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 RENN 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 RENN are equal to 50%.

Life of production assets of 10.5 years is the average useful life of capital assets used in Renren Cl A 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 RENN 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 - $738 million for Renren Cl A 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 69.786 million for Renren Cl A 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 Renren Cl A ADR at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Blockchain, Truck Drivers and Renren   [Jan-08-18 01:19AM  Bloomberg]
▶ Here's Why Renren Inc. Stock Is Down 19% Today   [Jan-04-18 03:15PM  Motley Fool]
▶ [$$] Chinese Social Networking Company Buys Social App for Truckers   [Dec-29-17 07:37AM  The Wall Street Journal]
▶ Renren reports 3Q loss   [Dec-15-17 05:30AM  Associated Press]
▶ Why Renren Stock Fell 11.7% in November   [Dec-08-17 02:53PM  Motley Fool]
▶ ETFs with exposure to Renren Inc. : October 30, 2017   [Oct-30-17 12:12PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : October 13, 2017   [Oct-13-17 11:10AM  Capital Cube]
▶ Why Renren Stock Gained 18.8% in September   [Oct-10-17 04:15PM  Motley Fool]
▶ Joe Chen's SoFi Share Snatch   [Oct-03-17 10:01AM  Forbes]
▶ ETFs with exposure to Renren Inc. : September 25, 2017   [Sep-25-17 10:44AM  Capital Cube]
▶ Renren Inc (RENN): Risks You Need To Consider Before Buying   [Sep-15-17 08:31PM  Simply Wall St.]
▶ ETFs with exposure to Renren Inc. : September 14, 2017   [Sep-13-17 08:03PM  Capital Cube]
▶ Renren reports 2Q loss   [Aug-31-17 08:04PM  Associated Press]
▶ ETFs with exposure to Renren Inc. : August 4, 2017   [Aug-04-17 07:50PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : July 10, 2017   [Jul-10-17 03:08PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : June 27, 2017   [Jun-27-17 03:37PM  Capital Cube]
▶ Renren reports 1Q loss   [Jun-21-17 08:59PM  Associated Press]
▶ ETFs with exposure to Renren Inc. : June 16, 2017   [Jun-16-17 04:14PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : June 5, 2017   [Jun-05-17 02:42PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : May 25, 2017   [May-25-17 12:47PM  Capital Cube]
▶ Renren reports 4Q loss   [May-15-17 06:24PM  Associated Press]
▶ ETFs with exposure to Renren Inc. : April 5, 2017   [Apr-05-17 05:21PM  Capital Cube]
▶ [$$] Why China Cant Get Enough of Elon Musk   [Mar-31-17 12:11AM  The Wall Street Journal]
▶ [$$] Why China Can't Get Enough of Elon Musk   [Mar-30-17 08:59AM  at The Wall Street Journal]
▶ 2 Chinese Stocks That Were Cut in Half in a Year   [Mar-02-17 06:11PM  Motley Fool]
▶ Snapchat Has Big Competition in China   [Feb-17-17 04:51PM  Investopedia]
▶ Why Shares of Renren Inc. Got Cut in Half in 2016   [Feb-07-17 12:41PM  Motley Fool]
▶ [$$] Global Uncertainty Plays to Startup FiscalNote's Hand   [Jan-23-17 07:30AM  The Wall Street Journal]
▶ ETFs with exposure to Renren Inc. : January 19, 2017   [Jan-19-17 01:47PM  Capital Cube]
▶ Renren Announces Plan to Implement ADS Ratio Change   [Jan-06-17 06:00AM  PR Newswire]
▶ Is Renren Inc (RENN) A Good Stock to Buy?   [Dec-16-16 07:38PM  at Insider Monkey]
▶ Renren reports 3Q loss   [05:03AM  AP]
▶ Why Renren Inc. Stock Jumped 13% in September   [Oct-12-16 09:32AM  at Motley Fool]
▶ Should Baidu Follow Renren This Time?   [Oct-10-16 09:17AM  at Motley Fool]
▶ Why Renren Inc. Stock Soared Today   [Oct-04-16 06:01PM  at Motley Fool]
▶ Why Lexmark, Mentor Graphics, and Renren Jumped Today   [Sep-30-16 05:59PM  at Motley Fool]
▶ [$$] VC Profile: DCM Finds Exits With East Asia-U.S. Strategy   [Sep-06-16 09:05AM  at The Wall Street Journal]
▶ Renren Issues Asset-Backed Securitization   [06:00AM  PR Newswire]
▶ Renren reports 2Q loss   [Aug-16-16 08:02AM  AP]
▶ Major Stocks Making News: Amazon, Tesla, Lululemon, More   [Jun-08-16 08:14AM  at Insider Monkey]
▶ 3 Chinese Internet Stocks That Fell Apart Last Week   [May-22-16 10:00AM  at Motley Fool]
▶ Sorry, Renren, You're No Facebook   [09:16AM  at Motley Fool]
Financial statements of RENN
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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