Intrinsic value of Sina - SINA

Previous Close

$120.06

  Intrinsic Value

$551.56

stock screener

  Rating & Target

str. buy

+359%

Previous close

$120.06

 
Intrinsic value

$551.56

 
Up/down potential

+359%

 
Rating

str. buy

We calculate the intrinsic value of SINA 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, %
  17.03
  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
  1,031
  1,650
  2,549
  3,811
  5,530
  7,802
  10,727
  14,398
  18,906
  24,327
  30,727
  38,156
  46,649
  56,228
  66,900
  78,663
  91,504
  105,405
  120,343
  136,295
  153,236
  171,144
  190,001
  209,791
  230,508
  252,146
  274,709
  298,206
  322,654
  348,074
  374,495
Variable operating expenses, $m
 
  1,374
  2,122
  3,172
  4,602
  6,493
  8,926
  11,981
  15,731
  20,242
  25,567
  31,747
  38,814
  46,783
  55,663
  65,450
  76,134
  87,700
  100,129
  113,401
  127,497
  142,397
  158,086
  174,553
  191,789
  209,793
  228,566
  248,117
  268,458
  289,608
  311,591
Fixed operating expenses, $m
 
  151
  154
  158
  162
  166
  170
  175
  179
  184
  188
  193
  198
  203
  208
  213
  218
  224
  229
  235
  241
  247
  253
  259
  266
  273
  279
  286
  293
  301
  308
Total operating expenses, $m
  1,002
  1,525
  2,276
  3,330
  4,764
  6,659
  9,096
  12,156
  15,910
  20,426
  25,755
  31,940
  39,012
  46,986
  55,871
  65,663
  76,352
  87,924
  100,358
  113,636
  127,738
  142,644
  158,339
  174,812
  192,055
  210,066
  228,845
  248,403
  268,751
  289,909
  311,899
Operating income, $m
  29
  125
  273
  481
  766
  1,143
  1,630
  2,243
  2,995
  3,902
  4,972
  6,216
  7,638
  9,242
  11,030
  13,000
  15,152
  17,481
  19,985
  22,658
  25,498
  28,500
  31,661
  34,979
  38,452
  42,080
  45,863
  49,803
  53,903
  58,165
  62,595
EBITDA, $m
  58
  164
  332
  570
  894
  1,324
  1,878
  2,575
  3,432
  4,463
  5,680
  7,094
  8,712
  10,536
  12,569
  14,811
  17,258
  19,907
  22,755
  25,795
  29,025
  32,439
  36,034
  39,808
  43,758
  47,884
  52,186
  56,667
  61,329
  66,176
  71,215
Interest expense (income), $m
  8
  5
  38
  87
  154
  246
  367
  523
  720
  960
  1,250
  1,592
  1,989
  2,443
  2,955
  3,525
  4,153
  4,839
  5,582
  6,380
  7,233
  8,138
  9,095
  10,102
  11,159
  12,266
  13,422
  14,628
  15,883
  17,190
  18,548
Earnings before tax, $m
  305
  120
  234
  394
  612
  897
  1,263
  1,719
  2,276
  2,941
  3,722
  4,624
  5,649
  6,799
  8,075
  9,475
  10,998
  12,642
  14,403
  16,278
  18,266
  20,362
  22,567
  24,877
  27,293
  29,814
  32,441
  35,175
  38,019
  40,975
  44,048
Tax expense, $m
  28
  32
  63
  106
  165
  242
  341
  464
  614
  794
  1,005
  1,249
  1,525
  1,836
  2,180
  2,558
  2,970
  3,413
  3,889
  4,395
  4,932
  5,498
  6,093
  6,717
  7,369
  8,050
  8,759
  9,497
  10,265
  11,063
  11,893
Net income, $m
  225
  88
  171
  288
  447
  655
  922
  1,255
  1,661
  2,147
  2,717
  3,376
  4,124
  4,963
  5,895
  6,917
  8,029
  9,228
  10,514
  11,883
  13,334
  14,865
  16,474
  18,160
  19,924
  21,764
  23,682
  25,678
  27,754
  29,912
  32,155

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,797
  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
  4,285
  3,985
  6,156
  9,206
  13,358
  18,846
  25,909
  34,778
  45,666
  58,761
  74,220
  92,164
  112,679
  135,816
  161,595
  190,007
  221,023
  254,600
  290,683
  329,214
  370,134
  413,391
  458,938
  506,743
  556,781
  609,047
  663,548
  720,305
  779,357
  840,758
  904,576
Adjusted assets (=assets-cash), $m
  2,488
  3,985
  6,156
  9,206
  13,358
  18,846
  25,909
  34,778
  45,666
  58,761
  74,220
  92,164
  112,679
  135,816
  161,595
  190,007
  221,023
  254,600
  290,683
  329,214
  370,134
  413,391
  458,938
  506,743
  556,781
  609,047
  663,548
  720,305
  779,357
  840,758
  904,576
Revenue / Adjusted assets
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
  0.414
Average production assets, $m
  150
  239
  370
  553
  802
  1,131
  1,555
  2,088
  2,741
  3,527
  4,455
  5,533
  6,764
  8,153
  9,701
  11,406
  13,268
  15,284
  17,450
  19,763
  22,219
  24,816
  27,550
  30,420
  33,424
  36,561
  39,833
  43,240
  46,785
  50,471
  54,302
Working capital, $m
  1,685
  -127
  -196
  -293
  -426
  -601
  -826
  -1,109
  -1,456
  -1,873
  -2,366
  -2,938
  -3,592
  -4,330
  -5,151
  -6,057
  -7,046
  -8,116
  -9,266
  -10,495
  -11,799
  -13,178
  -14,630
  -16,154
  -17,749
  -19,415
  -21,153
  -22,962
  -24,844
  -26,802
  -28,836
Total debt, $m
  186
  1,099
  2,472
  4,399
  7,023
  10,492
  14,956
  20,561
  27,442
  35,718
  45,488
  56,829
  69,794
  84,417
  100,709
  118,665
  138,268
  159,488
  182,293
  206,644
  232,506
  259,844
  288,630
  318,842
  350,467
  383,499
  417,943
  453,814
  491,135
  529,940
  570,273
Total liabilities, $m
  1,605
  2,518
  3,891
  5,818
  8,442
  11,911
  16,375
  21,980
  28,861
  37,137
  46,907
  58,248
  71,213
  85,836
  102,128
  120,084
  139,687
  160,907
  183,712
  208,063
  233,925
  261,263
  290,049
  320,261
  351,886
  384,918
  419,362
  455,233
  492,554
  531,359
  571,692
Total equity, $m
  2,680
  1,466
  2,265
  3,388
  4,916
  6,935
  9,535
  12,798
  16,805
  21,624
  27,313
  33,916
  41,466
  49,980
  59,467
  69,922
  81,337
  93,693
  106,971
  121,151
  136,209
  152,128
  168,889
  186,481
  204,896
  224,129
  244,186
  265,072
  286,803
  309,399
  332,884
Total liabilities and equity, $m
  4,285
  3,984
  6,156
  9,206
  13,358
  18,846
  25,910
  34,778
  45,666
  58,761
  74,220
  92,164
  112,679
  135,816
  161,595
  190,006
  221,024
  254,600
  290,683
  329,214
  370,134
  413,391
  458,938
  506,742
  556,782
  609,047
  663,548
  720,305
  779,357
  840,758
  904,576
Debt-to-equity ratio
  0.069
  0.750
  1.090
  1.300
  1.430
  1.510
  1.570
  1.610
  1.630
  1.650
  1.670
  1.680
  1.680
  1.690
  1.690
  1.700
  1.700
  1.700
  1.700
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
  1.710
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  225
  88
  171
  288
  447
  655
  922
  1,255
  1,661
  2,147
  2,717
  3,376
  4,124
  4,963
  5,895
  6,917
  8,029
  9,228
  10,514
  11,883
  13,334
  14,865
  16,474
  18,160
  19,924
  21,764
  23,682
  25,678
  27,754
  29,912
  32,155
Depreciation, amort., depletion, $m
  29
  39
  60
  89
  128
  181
  248
  332
  436
  561
  708
  878
  1,074
  1,294
  1,540
  1,810
  2,106
  2,426
  2,770
  3,137
  3,527
  3,939
  4,373
  4,829
  5,305
  5,803
  6,323
  6,863
  7,426
  8,011
  8,619
Funds from operations, $m
  659
  127
  231
  377
  575
  836
  1,170
  1,587
  2,097
  2,708
  3,425
  4,254
  5,197
  6,258
  7,434
  8,727
  10,135
  11,654
  13,284
  15,020
  16,861
  18,804
  20,847
  22,989
  25,229
  27,568
  30,005
  32,541
  35,180
  37,923
  40,774
Change in working capital, $m
  215
  -48
  -69
  -97
  -132
  -175
  -225
  -283
  -347
  -417
  -493
  -572
  -654
  -738
  -822
  -906
  -989
  -1,070
  -1,150
  -1,228
  -1,304
  -1,379
  -1,452
  -1,524
  -1,595
  -1,666
  -1,737
  -1,809
  -1,882
  -1,957
  -2,034
Cash from operations, $m
  444
  174
  300
  474
  707
  1,011
  1,395
  1,870
  2,445
  3,125
  3,918
  4,826
  5,851
  6,995
  8,256
  9,633
  11,124
  12,725
  14,434
  16,248
  18,165
  20,183
  22,299
  24,513
  26,824
  29,234
  31,742
  34,351
  37,063
  39,881
  42,808
Maintenance CAPEX, $m
  0
  -24
  -38
  -59
  -88
  -127
  -180
  -247
  -331
  -435
  -560
  -707
  -878
  -1,074
  -1,294
  -1,540
  -1,810
  -2,106
  -2,426
  -2,770
  -3,137
  -3,527
  -3,939
  -4,373
  -4,829
  -5,305
  -5,803
  -6,323
  -6,863
  -7,426
  -8,011
New CAPEX, $m
  -38
  -89
  -130
  -183
  -249
  -329
  -424
  -532
  -654
  -786
  -928
  -1,077
  -1,232
  -1,389
  -1,547
  -1,706
  -1,862
  -2,016
  -2,166
  -2,313
  -2,456
  -2,597
  -2,734
  -2,870
  -3,004
  -3,138
  -3,272
  -3,407
  -3,545
  -3,686
  -3,831
Cash from investing activities, $m
  845
  -113
  -168
  -242
  -337
  -456
  -604
  -779
  -985
  -1,221
  -1,488
  -1,784
  -2,110
  -2,463
  -2,841
  -3,246
  -3,672
  -4,122
  -4,592
  -5,083
  -5,593
  -6,124
  -6,673
  -7,243
  -7,833
  -8,443
  -9,075
  -9,730
  -10,408
  -11,112
  -11,842
Free cash flow, $m
  1,289
  61
  132
  232
  370
  554
  791
  1,091
  1,460
  1,904
  2,430
  3,041
  3,742
  4,532
  5,415
  6,388
  7,451
  8,603
  9,842
  11,165
  12,572
  14,059
  15,625
  17,270
  18,992
  20,791
  22,667
  24,621
  26,654
  28,769
  30,966
Issuance/(repayment) of debt, $m
  -610
  946
  1,372
  1,928
  2,624
  3,469
  4,464
  5,605
  6,881
  8,276
  9,770
  11,341
  12,966
  14,623
  16,292
  17,956
  19,603
  21,221
  22,805
  24,351
  25,862
  27,338
  28,786
  30,212
  31,625
  33,032
  34,444
  35,871
  37,321
  38,805
  40,333
Issuance/(repurchase) of shares, $m
  10
  463
  628
  835
  1,081
  1,365
  1,677
  2,009
  2,345
  2,672
  2,972
  3,228
  3,426
  3,551
  3,592
  3,539
  3,385
  3,128
  2,765
  2,296
  1,725
  1,054
  288
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -603
  1,409
  2,000
  2,763
  3,705
  4,834
  6,141
  7,614
  9,226
  10,948
  12,742
  14,569
  16,392
  18,174
  19,884
  21,495
  22,988
  24,349
  25,570
  26,647
  27,587
  28,392
  29,074
  30,212
  31,625
  33,032
  34,444
  35,871
  37,321
  38,805
  40,333
Total cash flow (excl. dividends), $m
  644
  1,470
  2,132
  2,995
  4,075
  5,387
  6,933
  8,704
  10,686
  12,852
  15,172
  17,610
  20,133
  22,706
  25,298
  27,883
  30,439
  32,952
  35,411
  37,813
  40,158
  42,451
  44,699
  47,482
  50,617
  53,823
  57,111
  60,492
  63,975
  67,574
  71,299
Retained Cash Flow (-), $m
  -115
  -550
  -799
  -1,123
  -1,528
  -2,020
  -2,599
  -3,264
  -4,007
  -4,819
  -5,689
  -6,604
  -7,550
  -8,514
  -9,486
  -10,456
  -11,414
  -12,356
  -13,279
  -14,179
  -15,059
  -15,918
  -16,762
  -17,592
  -18,414
  -19,234
  -20,056
  -20,887
  -21,731
  -22,596
  -23,485
Prev. year cash balance distribution, $m
 
  1,764
  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
 
  2,684
  1,333
  1,872
  2,548
  3,367
  4,333
  5,441
  6,679
  8,033
  9,483
  11,007
  12,584
  14,192
  15,812
  17,427
  19,025
  20,595
  22,133
  23,634
  25,100
  26,533
  27,938
  29,890
  32,202
  34,589
  37,055
  39,605
  42,244
  44,978
  47,814
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
 
  2,573
  1,220
  1,629
  2,098
  2,610
  3,145
  3,676
  4,175
  4,615
  4,972
  5,227
  5,370
  5,396
  5,308
  5,116
  4,835
  4,481
  4,076
  3,639
  3,189
  2,744
  2,318
  1,959
  1,640
  1,346
  1,081
  850
  654
  491
  360
Current shareholders' claim on cash, %
  100
  86.6
  76.6
  68.9
  62.8
  57.9
  53.9
  50.6
  48.0
  45.7
  43.9
  42.4
  41.1
  40.1
  39.2
  38.5
  37.9
  37.5
  37.2
  36.9
  36.8
  36.7
  36.7
  36.7
  36.7
  36.7
  36.7
  36.7
  36.7
  36.7
  36.7

Sina Corporation is an online media company serving China and the global Chinese communities. The Company's digital media network of SINA.com (portal), SINA mobile (mobile portal and mobile applications) and Weibo (social media) enables Internet users to access professional media and user generated content (UGCs) in multi-media formats from personal computers and mobile devices, and share their interests with friends and acquaintances. The Company's segments include Portal advertising, Weibo Corporation (Weibo) and Others. SINA.com is an online media property, which provides professional digital contents to users and offers online brand advertising and marketing solutions to customers. Weibo is a social media platform for people to create, distribute and discover Chinese-language content. It offers eReading, a shop for book reviews, as well as complimentary and fee-based online book reading. It offers SINA Blog, a Website in China for bloggers to publish and read original writings.

FINANCIAL RATIOS  of  Sina (SINA)

Valuation Ratios
P/E Ratio 37.9
Price to Sales 8.3
Price to Book 3.2
Price to Tangible Book
Price to Cash Flow 19.2
Price to Free Cash Flow 21
Growth Rates
Sales Growth Rate 17%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.6%
Cap. Spend. - 3 Yr. Gr. Rate -17.3%
Financial Strength
Quick Ratio 54
Current Ratio 0.3
LT Debt to Equity 5.7%
Total Debt to Equity 6.9%
Interest Coverage 39
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 6.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 65.6%
Gross Margin - 3 Yr. Avg. 63.2%
EBITDA Margin 33.2%
EBITDA Margin - 3 Yr. Avg. 24.1%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. -1.6%
Pre-Tax Margin 29.6%
Pre-Tax Margin - 3 Yr. Avg. 18.9%
Net Profit Margin 21.8%
Net Profit Margin - 3 Yr. Avg. 15.9%
Effective Tax Rate 9.2%
Eff/ Tax Rate - 3 Yr. Avg. 11.7%
Payout Ratio 0%

SINA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SINA stock intrinsic value calculation we used $1031 million for the last fiscal year's total revenue generated by Sina. The default revenue input number comes from 2016 income statement of Sina. 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 SINA 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 4.3%, whose default value for SINA is calculated based on our internal credit rating of Sina, 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 Sina.
    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 SINA stock the variable cost ratio is equal to 83.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $147 million in the base year in the intrinsic value calculation for SINA 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 Sina.

Corporate tax rate of 27% is the nominal tax rate for Sina. 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 SINA 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 SINA are equal to 14.5%.

Life of production assets of 6.3 years is the average useful life of capital assets used in Sina 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 SINA is equal to -7.7%. 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 - $2680 million for Sina - 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 73.173 million for Sina 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 Sina at the current share price and the inputted number of shares is $8.8 billion.

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COMPANY NEWS

▶ Why SINA Corp. Stock Soared 65% in 2017   [Jan-17-18 09:00AM  Motley Fool]
▶ Alibaba Leads 5 Top Chinese Internet Stocks Setting Up In Bases   [Jan-08-18 04:01PM  Investor's Business Daily]
▶ Don't Get Greedy with Weibo Corporation Stock (Yet)   [Jan-06-18 11:31AM  Motley Fool]
▶ SINA Corporation Announces New Independent Director   [Dec-18-17 08:30AM  PR Newswire]
▶ Should You Buy SINA Corporation (NASDAQ:SINA) Now?   [Dec-15-17 06:55AM  Simply Wall St.]
▶ Could Weibo Corporation Be a Millionaire Maker Stock?   [Dec-04-17 09:31AM  Motley Fool]
▶ Baidu Inc Stock Is Poised to Take on Google If It Must   [Nov-28-17 06:56AM  InvestorPlace]
▶ Why You Should Hold Off Buying Weibo Corp (ADR) Stock   [Nov-22-17 11:50AM  InvestorPlace]
▶ Weibo Corp Stock Is a Good Buy, But Sina Corp Is Better   [Nov-17-17 10:38AM  InvestorPlace]
▶ [$$] Sina Shows Its Disregard for Shareholders   [01:07AM  The Wall Street Journal]
▶ SINA Delivers Another Stellar Quarter With Broad Growth   [Nov-07-17 07:46PM  Motley Fool]
▶ China Web Firms Sina, Weibo, Autohome Top Third-Quarter Views   [04:57PM  Investor's Business Daily]
▶ Why SINA Corporation Stock Dropped Today   [01:55PM  Motley Fool]
▶ A Quick Look At Weibo's Q3 Beat   [10:42AM  Benzinga]
▶ [$$] Activist investors must pick Asian targets shrewdly   [Nov-06-17 11:02PM  Financial Times]
▶ Trouble for Weibo as China Tightens Censorship Rules   [Oct-28-17 01:00PM  Motley Fool]
▶ September Global Moat Winners: Asia Holds the Trophy   [Oct-27-17 12:00PM  Market Realist]
▶ Sina in Dispute With Activist Investors   [Oct-23-17 07:58PM  Bloomberg Video]
▶ Joined At The Hip With Weibo, Future Of Aging Sina Is At Stake   [Oct-20-17 04:47PM  Investor's Business Daily]
▶ China's Best Social Media And Internet Stocks   [Oct-17-17 06:58PM  Forbes]
▶ Alibaba, Checkpoint, Sina Hike Aug. Fund Inflows   [Oct-04-17 05:09PM  Investopedia]
▶ Want Weibo Corp. (WB) Stock at Half-Off? Buy SINA   [Oct-02-17 07:06AM  InvestorPlace]
▶ WB Stock Is Hot, but It Is Time to Take a Knee   [Sep-26-17 07:03AM  InvestorPlace]
▶ Stocks With Rising Relative Price Strength: Grubhub   [03:00AM  Investor's Business Daily]
▶ SINA Files Proxy Materials   [Sep-25-17 04:30PM  PR Newswire]
▶ Weibo Corp (WB): Can the Explosive Rally Last?   [Sep-24-17 04:12PM  InvestorPlace]
▶ Weibo Alienates its Users with a Baffling Decision   [Sep-23-17 09:08PM  Motley Fool]
▶ Weibo Corp (ADR) Stock is Red Hot, But Is It a Buy?   [Sep-22-17 06:56AM  InvestorPlace]
▶ There's a 'tremendous' amount of value in Sina: Analyst   [Sep-19-17 09:01PM  CNBC Videos]
▶ [$$] Sina/Aristeia: sherpa tension   [09:07AM  Financial Times]
▶ [$$] Hedge Fund Launches Proxy Against China's Sina   [12:25AM  The Wall Street Journal]
▶ [$$] Hedge Fund Launches Proxy Fight Against Chinas Sina   [12:17AM  The Wall Street Journal]
▶ Will Weibo's User Privacy Dilemma Sink the Stock?   [Sep-12-17 04:49PM  Motley Fool]
▶ Is There Now An Opportunity In SINA Corporation (SINA)?   [Sep-11-17 09:51AM  Simply Wall St.]
▶ Could SINA Corp. Be a Millionaire Maker Stock?   [Sep-07-17 09:30AM  Motley Fool]
▶ 3 Simple Reasons Why I Won't Buy Weibo Corporation Stock   [Sep-06-17 11:24AM  Motley Fool]
▶ Better Buy: SINA vs. Weibo   [Aug-24-17 05:13PM  Motley Fool]
▶ SINA Investors: Pay Attention to These Red Flags   [Aug-19-17 03:38PM  Motley Fool]
Financial statements of SINA
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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