Intrinsic value of SINOPEC Shanghai Petrochemical ADR - SHI

Previous Close

$61.54

  Intrinsic Value

$31.16

stock screener

  Rating & Target

sell

-49%

Previous close

$61.54

 
Intrinsic value

$31.16

 
Up/down potential

-49%

 
Rating

sell

We calculate the intrinsic value of SHI 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 8.9

 

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, %
  -1.64
  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
  9,539
  9,730
  9,954
  10,209
  10,497
  10,815
  11,164
  11,544
  11,956
  12,399
  12,875
  13,384
  13,927
  14,506
  15,120
  15,772
  16,464
  17,195
  17,969
  18,787
  19,650
  20,561
  21,521
  22,534
  23,600
  24,724
  25,907
  27,152
  28,462
  29,841
  31,291
Variable operating expenses, $m
 
  9,165
  9,376
  9,617
  9,888
  10,188
  10,516
  10,875
  11,262
  11,680
  12,128
  12,608
  13,119
  13,664
  14,243
  14,858
  15,509
  16,198
  16,927
  17,697
  18,510
  19,368
  20,273
  21,227
  22,232
  23,290
  24,404
  25,577
  26,811
  28,110
  29,476
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
  8,559
  9,165
  9,376
  9,617
  9,888
  10,188
  10,516
  10,875
  11,262
  11,680
  12,128
  12,608
  13,119
  13,664
  14,243
  14,858
  15,509
  16,198
  16,927
  17,697
  18,510
  19,368
  20,273
  21,227
  22,232
  23,290
  24,404
  25,577
  26,811
  28,110
  29,476
Operating income, $m
  981
  564
  577
  592
  609
  627
  648
  670
  693
  719
  747
  776
  808
  841
  877
  915
  955
  997
  1,042
  1,090
  1,140
  1,193
  1,248
  1,307
  1,369
  1,434
  1,503
  1,575
  1,651
  1,731
  1,815
EBITDA, $m
  981
  792
  810
  831
  854
  880
  909
  940
  973
  1,009
  1,048
  1,089
  1,134
  1,181
  1,231
  1,284
  1,340
  1,400
  1,463
  1,529
  1,599
  1,674
  1,752
  1,834
  1,921
  2,013
  2,109
  2,210
  2,317
  2,429
  2,547
Interest expense (income), $m
  -4
  0
  1
  2
  3
  4
  6
  7
  9
  11
  13
  15
  18
  20
  23
  26
  29
  32
  35
  39
  43
  47
  51
  55
  60
  65
  70
  75
  81
  87
  93
Earnings before tax, $m
  1,125
  564
  576
  590
  606
  623
  642
  662
  684
  708
  734
  761
  790
  821
  854
  889
  926
  965
  1,007
  1,051
  1,097
  1,146
  1,198
  1,252
  1,309
  1,369
  1,433
  1,500
  1,570
  1,644
  1,721
Tax expense, $m
  260
  152
  156
  159
  164
  168
  173
  179
  185
  191
  198
  205
  213
  222
  231
  240
  250
  261
  272
  284
  296
  309
  323
  338
  353
  370
  387
  405
  424
  444
  465
Net income, $m
  863
  412
  421
  431
  442
  455
  468
  483
  499
  517
  536
  555
  577
  599
  624
  649
  676
  705
  735
  767
  801
  837
  874
  914
  956
  1,000
  1,046
  1,095
  1,146
  1,200
  1,257

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  787
  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
  4,911
  4,207
  4,303
  4,414
  4,538
  4,676
  4,827
  4,991
  5,169
  5,361
  5,566
  5,786
  6,021
  6,271
  6,537
  6,819
  7,118
  7,434
  7,769
  8,122
  8,495
  8,889
  9,304
  9,742
  10,203
  10,689
  11,201
  11,739
  12,305
  12,901
  13,528
Adjusted assets (=assets-cash), $m
  4,124
  4,207
  4,303
  4,414
  4,538
  4,676
  4,827
  4,991
  5,169
  5,361
  5,566
  5,786
  6,021
  6,271
  6,537
  6,819
  7,118
  7,434
  7,769
  8,122
  8,495
  8,889
  9,304
  9,742
  10,203
  10,689
  11,201
  11,739
  12,305
  12,901
  13,528
Revenue / Adjusted assets
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
  2.313
Average production assets, $m
  2,228
  2,277
  2,329
  2,389
  2,456
  2,531
  2,612
  2,701
  2,798
  2,901
  3,013
  3,132
  3,259
  3,394
  3,538
  3,691
  3,853
  4,024
  4,205
  4,396
  4,598
  4,811
  5,036
  5,273
  5,523
  5,785
  6,062
  6,354
  6,660
  6,983
  7,322
Working capital, $m
  858
  156
  159
  163
  168
  173
  179
  185
  191
  198
  206
  214
  223
  232
  242
  252
  263
  275
  288
  301
  314
  329
  344
  361
  378
  396
  415
  434
  455
  477
  501
Total debt, $m
  80
  25
  54
  88
  126
  167
  213
  263
  317
  376
  438
  505
  576
  652
  733
  819
  910
  1,006
  1,108
  1,215
  1,329
  1,448
  1,575
  1,708
  1,848
  1,995
  2,151
  2,315
  2,487
  2,668
  2,859
Total liabilities, $m
  1,334
  1,279
  1,308
  1,342
  1,380
  1,421
  1,467
  1,517
  1,571
  1,630
  1,692
  1,759
  1,830
  1,906
  1,987
  2,073
  2,164
  2,260
  2,362
  2,469
  2,583
  2,702
  2,829
  2,962
  3,102
  3,249
  3,405
  3,569
  3,741
  3,922
  4,113
Total equity, $m
  3,577
  2,928
  2,995
  3,072
  3,158
  3,254
  3,359
  3,474
  3,598
  3,731
  3,874
  4,027
  4,191
  4,365
  4,550
  4,746
  4,954
  5,174
  5,407
  5,653
  5,913
  6,187
  6,476
  6,781
  7,102
  7,440
  7,796
  8,170
  8,565
  8,979
  9,416
Total liabilities and equity, $m
  4,911
  4,207
  4,303
  4,414
  4,538
  4,675
  4,826
  4,991
  5,169
  5,361
  5,566
  5,786
  6,021
  6,271
  6,537
  6,819
  7,118
  7,434
  7,769
  8,122
  8,496
  8,889
  9,305
  9,743
  10,204
  10,689
  11,201
  11,739
  12,306
  12,901
  13,529
Debt-to-equity ratio
  0.022
  0.010
  0.020
  0.030
  0.040
  0.050
  0.060
  0.080
  0.090
  0.100
  0.110
  0.130
  0.140
  0.150
  0.160
  0.170
  0.180
  0.190
  0.200
  0.210
  0.220
  0.230
  0.240
  0.250
  0.260
  0.270
  0.280
  0.280
  0.290
  0.300
  0.300
Adjusted equity ratio
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696
  0.696

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  863
  412
  421
  431
  442
  455
  468
  483
  499
  517
  536
  555
  577
  599
  624
  649
  676
  705
  735
  767
  801
  837
  874
  914
  956
  1,000
  1,046
  1,095
  1,146
  1,200
  1,257
Depreciation, amort., depletion, $m
  0
  228
  233
  239
  246
  253
  261
  270
  280
  290
  301
  313
  326
  339
  354
  369
  385
  402
  420
  440
  460
  481
  504
  527
  552
  579
  606
  635
  666
  698
  732
Funds from operations, $m
  2,266
  640
  654
  670
  688
  708
  730
  753
  779
  807
  837
  869
  903
  939
  977
  1,018
  1,061
  1,107
  1,156
  1,207
  1,261
  1,318
  1,378
  1,441
  1,508
  1,578
  1,652
  1,730
  1,812
  1,898
  1,989
Change in working capital, $m
  1,227
  3
  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
  23
Cash from operations, $m
  1,039
  637
  650
  666
  683
  703
  724
  747
  773
  800
  829
  861
  894
  930
  967
  1,008
  1,050
  1,095
  1,143
  1,194
  1,247
  1,303
  1,362
  1,425
  1,491
  1,560
  1,633
  1,710
  1,791
  1,876
  1,966
Maintenance CAPEX, $m
  0
  -223
  -228
  -233
  -239
  -246
  -253
  -261
  -270
  -280
  -290
  -301
  -313
  -326
  -339
  -354
  -369
  -385
  -402
  -420
  -440
  -460
  -481
  -504
  -527
  -552
  -579
  -606
  -635
  -666
  -698
New CAPEX, $m
  -130
  -49
  -52
  -60
  -67
  -74
  -82
  -89
  -96
  -104
  -111
  -119
  -127
  -135
  -144
  -153
  -162
  -171
  -181
  -191
  -202
  -213
  -225
  -237
  -250
  -263
  -277
  -291
  -307
  -323
  -339
Cash from investing activities, $m
  -27
  -272
  -280
  -293
  -306
  -320
  -335
  -350
  -366
  -384
  -401
  -420
  -440
  -461
  -483
  -507
  -531
  -556
  -583
  -611
  -642
  -673
  -706
  -741
  -777
  -815
  -856
  -897
  -942
  -989
  -1,037
Free cash flow, $m
  1,012
  365
  370
  373
  377
  383
  389
  397
  406
  416
  428
  440
  454
  468
  484
  501
  520
  539
  560
  582
  605
  630
  657
  684
  714
  745
  778
  813
  849
  888
  928
Issuance/(repayment) of debt, $m
  -220
  25
  29
  34
  38
  42
  46
  50
  54
  58
  63
  67
  71
  76
  81
  86
  91
  96
  102
  107
  113
  120
  126
  133
  140
  148
  155
  164
  172
  181
  191
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  
  -225
  25
  29
  34
  38
  42
  46
  50
  54
  58
  63
  67
  71
  76
  81
  86
  91
  96
  102
  107
  113
  120
  126
  133
  140
  148
  155
  164
  172
  181
  191
Total cash flow (excl. dividends), $m
  788
  389
  400
  407
  415
  424
  435
  447
  460
  475
  490
  507
  525
  544
  565
  587
  610
  635
  661
  689
  719
  750
  783
  817
  854
  893
  933
  976
  1,021
  1,069
  1,119
Retained Cash Flow (-), $m
  -713
  -58
  -67
  -77
  -86
  -96
  -105
  -114
  -124
  -133
  -143
  -153
  -163
  -174
  -185
  -196
  -208
  -220
  -233
  -246
  -260
  -274
  -289
  -305
  -321
  -338
  -356
  -375
  -394
  -415
  -436
Prev. year cash balance distribution, $m
 
  707
  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
 
  1,039
  332
  330
  328
  329
  330
  333
  336
  341
  347
  354
  362
  370
  380
  391
  402
  415
  429
  443
  459
  476
  494
  513
  533
  555
  577
  601
  627
  654
  682
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
 
  996
  304
  287
  270
  255
  240
  225
  210
  196
  182
  168
  154
  141
  128
  115
  102
  90
  79
  68
  58
  49
  41
  34
  27
  22
  17
  13
  10
  7
  5
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

Sinopec Shanghai Petrochemical Company Limited (Shanghai Petrochemical) is a petrochemical company. The Company and its subsidiaries are principally engaged in processing crude oil into synthetic fibers, resins and plastics, intermediate petrochemicals and petroleum products. The Company operates in five operating segments. The synthetic fibres segment produces polyester and acrylic fibers, which are used in the textile and apparel industries. The resins and plastics segment produces polyester chips, polyethylene resins and films, polypropylene resins and polyvinyl alcohol (PVA) granules. The intermediate petrochemicals segment produces p-xylene, benzene and ethylene oxide. The petroleum products segment is equipped with crude oil distillation facilities used to produce vacuum and atmospheric gas oils used as feedstock of the Company's downstream processing facilities. The trading of petrochemical products segment is engaged in importing and exporting of petrochemical products.

FINANCIAL RATIOS  of  SINOPEC Shanghai Petrochemical ADR (SHI)

Valuation Ratios
P/E Ratio 770.1
Price to Sales 69.7
Price to Book 185.8
Price to Tangible Book
Price to Cash Flow 639.7
Price to Free Cash Flow 731.2
Growth Rates
Sales Growth Rate -1.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.7%
Cap. Spend. - 3 Yr. Gr. Rate -7.4%
Financial Strength
Quick Ratio 10
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 2.2%
Interest Coverage -280
Management Effectiveness
Return On Assets 19.2%
Ret/ On Assets - 3 Yr. Avg. 9%
Return On Total Capital 25.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.4%
Return On Equity 26.8%
Return On Equity - 3 Yr. Avg. 13.6%
Asset Turnover 2.1
Profitability Ratios
Gross Margin 10.9%
Gross Margin - 3 Yr. Avg. 5.7%
EBITDA Margin 11.8%
EBITDA Margin - 3 Yr. Avg. 5.5%
Operating Margin 10.3%
Oper. Margin - 3 Yr. Avg. 5.2%
Pre-Tax Margin 11.8%
Pre-Tax Margin - 3 Yr. Avg. 5.7%
Net Profit Margin 9%
Net Profit Margin - 3 Yr. Avg. 4.4%
Effective Tax Rate 23.1%
Eff/ Tax Rate - 3 Yr. Avg. 23%
Payout Ratio 18.2%

SHI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SHI stock intrinsic value calculation we used $9539 million for the last fiscal year's total revenue generated by SINOPEC Shanghai Petrochemical ADR. The default revenue input number comes from 2016 income statement of SINOPEC Shanghai Petrochemical 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 SHI 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 4.3%, whose default value for SHI is calculated based on our internal credit rating of SINOPEC Shanghai Petrochemical 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 SINOPEC Shanghai Petrochemical 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 SHI stock the variable cost ratio is equal to 94.2%.

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 SHI 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 SINOPEC Shanghai Petrochemical ADR.

Corporate tax rate of 27% is the nominal tax rate for SINOPEC Shanghai Petrochemical 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 SHI 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 SHI are equal to 23.4%.

Life of production assets of 10 years is the average useful life of capital assets used in SINOPEC Shanghai Petrochemical 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 SHI is equal to 1.6%. 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 - $3577 million for SINOPEC Shanghai Petrochemical 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 144.524 million for SINOPEC Shanghai Petrochemical 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 SINOPEC Shanghai Petrochemical ADR at the current share price and the inputted number of shares is $8.9 billion.

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COMPANY NEWS

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▶ China Aims For Market Share In African Refining Sector   [Jun-22-17 04:00PM  Oilprice.com]
▶ Sinopec Considers Oil Output Drop To Fight Domestic Glut   [Jun-12-17 08:00PM  Oilprice.com]
▶ Sinopec Shanghai Petrochemical Files Form 20-F   [May-04-17 09:11AM  PR Newswire]
▶ PetroChina Mulls $85 Billion Spinoff   [Mar-23-17 12:09PM  Oilprice.com]
▶ Deciphering Todays Oil Markets   [Mar-14-17 03:33PM  Oilprice.com]
▶ 10 China Stocks With Earnings Growth   [Aug-30-16 05:48PM  at Barrons.com]
▶ Size Isn't Everything for PetroChina   [Aug-24-16 11:03PM  at Bloomberg]
▶ Shanghai Petrochemical Announces 2016 Interim Results   [Aug-23-16 12:09PM  PR Newswire]
▶ SINOPEC SHANGHAI PETROCHEMICAL CO LTD Financials   [01:04PM  EDGAR Online Financials]
▶ Sinopec Shanghai Petrochemical Files Form 20-F   [Apr-28-16 10:49PM  PR Newswire]
▶ Shanghai Petrochemical Announces 2015 Annual Results   [Mar-16-16 11:22AM  PR Newswire]
Financial statements of SHI
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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