Intrinsic value of Sohu.com - SOHU

Previous Close

$44.64

  Intrinsic Value

$475.80

stock screener

  Rating & Target

str. buy

+966%

Previous close

$44.64

 
Intrinsic value

$475.80

 
Up/down potential

+966%

 
Rating

str. buy

We calculate the intrinsic value of SOHU 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, %
  -14.82
  25.50
  23.45
  21.61
  19.94
  18.45
  17.11
  15.89
  14.81
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.64
  6.47
  6.32
  6.19
  6.07
  5.97
Revenue, $m
  1,650
  2,071
  2,556
  3,109
  3,729
  4,417
  5,172
  5,994
  6,882
  7,833
  8,847
  9,921
  11,056
  12,248
  13,499
  14,807
  16,173
  17,596
  19,077
  20,618
  22,220
  23,884
  25,614
  27,412
  29,281
  31,224
  33,244
  35,347
  37,535
  39,815
  42,190
Variable operating expenses, $m
 
  626
  771
  936
  1,121
  1,327
  1,553
  1,798
  2,064
  2,348
  2,651
  2,965
  3,304
  3,661
  4,035
  4,426
  4,834
  5,259
  5,702
  6,162
  6,641
  7,139
  7,656
  8,193
  8,751
  9,332
  9,936
  10,564
  11,219
  11,900
  12,610
Fixed operating expenses, $m
 
  1,333
  1,366
  1,400
  1,435
  1,471
  1,508
  1,545
  1,584
  1,624
  1,664
  1,706
  1,748
  1,792
  1,837
  1,883
  1,930
  1,978
  2,028
  2,078
  2,130
  2,183
  2,238
  2,294
  2,351
  2,410
  2,470
  2,532
  2,595
  2,660
  2,727
Total operating expenses, $m
  1,768
  1,959
  2,137
  2,336
  2,556
  2,798
  3,061
  3,343
  3,648
  3,972
  4,315
  4,671
  5,052
  5,453
  5,872
  6,309
  6,764
  7,237
  7,730
  8,240
  8,771
  9,322
  9,894
  10,487
  11,102
  11,742
  12,406
  13,096
  13,814
  14,560
  15,337
Operating income, $m
  -117
  113
  420
  773
  1,172
  1,619
  2,112
  2,651
  3,234
  3,861
  4,532
  5,250
  6,003
  6,796
  7,628
  8,499
  9,409
  10,358
  11,348
  12,377
  13,448
  14,562
  15,721
  16,925
  18,178
  19,481
  20,838
  22,250
  23,721
  25,255
  26,854
EBITDA, $m
  87
  257
  597
  987
  1,428
  1,920
  2,463
  3,057
  3,699
  4,390
  5,128
  5,911
  6,739
  7,611
  8,527
  9,485
  10,486
  11,530
  12,618
  13,750
  14,928
  16,153
  17,427
  18,751
  20,128
  21,561
  23,052
  24,604
  26,221
  27,906
  29,663
Interest expense (income), $m
  1
  0
  -5
  7
  20
  35
  52
  70
  90
  111
  134
  159
  185
  212
  241
  271
  303
  336
  370
  406
  443
  482
  522
  564
  607
  652
  699
  748
  799
  852
  907
Earnings before tax, $m
  -94
  113
  425
  766
  1,152
  1,584
  2,060
  2,581
  3,144
  3,750
  4,397
  5,092
  5,818
  6,584
  7,387
  8,228
  9,106
  10,023
  10,978
  11,971
  13,005
  14,081
  15,199
  16,361
  17,571
  18,829
  20,139
  21,502
  22,923
  24,403
  25,947
Tax expense, $m
  21
  30
  115
  207
  311
  428
  556
  697
  849
  1,013
  1,187
  1,375
  1,571
  1,778
  1,994
  2,221
  2,459
  2,706
  2,964
  3,232
  3,511
  3,802
  4,104
  4,418
  4,744
  5,084
  5,437
  5,806
  6,189
  6,589
  7,006
Net income, $m
  -224
  82
  310
  559
  841
  1,156
  1,504
  1,884
  2,295
  2,738
  3,210
  3,717
  4,247
  4,806
  5,392
  6,006
  6,648
  7,317
  8,014
  8,739
  9,494
  10,279
  11,095
  11,944
  12,827
  13,745
  14,701
  15,697
  16,733
  17,814
  18,941

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,299
  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
  2,564
  1,588
  1,960
  2,384
  2,859
  3,387
  3,966
  4,597
  5,277
  6,007
  6,784
  7,608
  8,478
  9,393
  10,352
  11,355
  12,402
  13,493
  14,629
  15,811
  17,040
  18,316
  19,643
  21,021
  22,455
  23,944
  25,494
  27,106
  28,785
  30,533
  32,354
Adjusted assets (=assets-cash), $m
  1,265
  1,588
  1,960
  2,384
  2,859
  3,387
  3,966
  4,597
  5,277
  6,007
  6,784
  7,608
  8,478
  9,393
  10,352
  11,355
  12,402
  13,493
  14,629
  15,811
  17,040
  18,316
  19,643
  21,021
  22,455
  23,944
  25,494
  27,106
  28,785
  30,533
  32,354
Revenue / Adjusted assets
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
  1.304
Average production assets, $m
  550
  690
  851
  1,035
  1,242
  1,471
  1,722
  1,996
  2,292
  2,608
  2,946
  3,304
  3,682
  4,079
  4,495
  4,931
  5,385
  5,859
  6,353
  6,866
  7,399
  7,953
  8,530
  9,128
  9,750
  10,397
  11,070
  11,770
  12,499
  13,258
  14,049
Working capital, $m
  918
  -478
  -591
  -718
  -861
  -1,020
  -1,195
  -1,385
  -1,590
  -1,809
  -2,044
  -2,292
  -2,554
  -2,829
  -3,118
  -3,420
  -3,736
  -4,065
  -4,407
  -4,763
  -5,133
  -5,517
  -5,917
  -6,332
  -6,764
  -7,213
  -7,679
  -8,165
  -8,671
  -9,197
  -9,746
Total debt, $m
  0
  -141
  194
  576
  1,003
  1,478
  2,000
  2,567
  3,180
  3,836
  4,536
  5,278
  6,060
  6,884
  7,747
  8,650
  9,592
  10,574
  11,597
  12,660
  13,766
  14,915
  16,109
  17,349
  18,639
  19,980
  21,375
  22,826
  24,336
  25,910
  27,549
Total liabilities, $m
  1,570
  1,429
  1,764
  2,146
  2,573
  3,048
  3,570
  4,137
  4,750
  5,406
  6,106
  6,848
  7,630
  8,454
  9,317
  10,220
  11,162
  12,144
  13,167
  14,230
  15,336
  16,485
  17,679
  18,919
  20,209
  21,550
  22,945
  24,396
  25,906
  27,480
  29,119
Total equity, $m
  994
  159
  196
  238
  286
  339
  397
  460
  528
  601
  678
  761
  848
  939
  1,035
  1,136
  1,240
  1,349
  1,463
  1,581
  1,704
  1,832
  1,964
  2,102
  2,245
  2,394
  2,549
  2,711
  2,878
  3,053
  3,235
Total liabilities and equity, $m
  2,564
  1,588
  1,960
  2,384
  2,859
  3,387
  3,967
  4,597
  5,278
  6,007
  6,784
  7,609
  8,478
  9,393
  10,352
  11,356
  12,402
  13,493
  14,630
  15,811
  17,040
  18,317
  19,643
  21,021
  22,454
  23,944
  25,494
  27,107
  28,784
  30,533
  32,354
Debt-to-equity ratio
  0.000
  -0.890
  0.990
  2.410
  3.510
  4.360
  5.040
  5.580
  6.020
  6.390
  6.690
  6.940
  7.150
  7.330
  7.480
  7.620
  7.730
  7.840
  7.930
  8.010
  8.080
  8.140
  8.200
  8.250
  8.300
  8.340
  8.380
  8.420
  8.450
  8.490
  8.510
Adjusted equity ratio
  -0.241
  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
  -224
  82
  310
  559
  841
  1,156
  1,504
  1,884
  2,295
  2,738
  3,210
  3,717
  4,247
  4,806
  5,392
  6,006
  6,648
  7,317
  8,014
  8,739
  9,494
  10,279
  11,095
  11,944
  12,827
  13,745
  14,701
  15,697
  16,733
  17,814
  18,941
Depreciation, amort., depletion, $m
  204
  145
  177
  214
  255
  301
  351
  406
  465
  528
  596
  661
  736
  816
  899
  986
  1,077
  1,172
  1,271
  1,373
  1,480
  1,591
  1,706
  1,826
  1,950
  2,079
  2,214
  2,354
  2,500
  2,652
  2,810
Funds from operations, $m
  324
  227
  487
  773
  1,096
  1,457
  1,855
  2,290
  2,760
  3,266
  3,806
  4,378
  4,984
  5,622
  6,291
  6,992
  7,725
  8,488
  9,284
  10,112
  10,974
  11,869
  12,801
  13,769
  14,777
  15,825
  16,915
  18,051
  19,233
  20,466
  21,751
Change in working capital, $m
  96
  -97
  -112
  -128
  -143
  -159
  -175
  -190
  -205
  -220
  -234
  -248
  -262
  -276
  -289
  -302
  -315
  -329
  -342
  -356
  -370
  -385
  -400
  -415
  -432
  -449
  -467
  -486
  -506
  -527
  -549
Cash from operations, $m
  228
  324
  599
  901
  1,240
  1,616
  2,030
  2,480
  2,965
  3,486
  4,040
  4,626
  5,246
  5,897
  6,580
  7,295
  8,040
  8,817
  9,626
  10,468
  11,344
  12,254
  13,201
  14,185
  15,208
  16,273
  17,382
  18,536
  19,739
  20,992
  22,300
Maintenance CAPEX, $m
  0
  -110
  -138
  -170
  -207
  -248
  -294
  -344
  -399
  -458
  -522
  -589
  -661
  -736
  -816
  -899
  -986
  -1,077
  -1,172
  -1,271
  -1,373
  -1,480
  -1,591
  -1,706
  -1,826
  -1,950
  -2,079
  -2,214
  -2,354
  -2,500
  -2,652
New CAPEX, $m
  -289
  -140
  -162
  -184
  -206
  -229
  -252
  -274
  -296
  -317
  -338
  -358
  -378
  -397
  -416
  -436
  -455
  -474
  -493
  -513
  -533
  -554
  -576
  -599
  -622
  -647
  -673
  -700
  -729
  -759
  -791
Cash from investing activities, $m
  -51
  -250
  -300
  -354
  -413
  -477
  -546
  -618
  -695
  -775
  -860
  -947
  -1,039
  -1,133
  -1,232
  -1,335
  -1,441
  -1,551
  -1,665
  -1,784
  -1,906
  -2,034
  -2,167
  -2,305
  -2,448
  -2,597
  -2,752
  -2,914
  -3,083
  -3,259
  -3,443
Free cash flow, $m
  177
  74
  300
  546
  826
  1,139
  1,484
  1,861
  2,271
  2,711
  3,181
  3,679
  4,207
  4,764
  5,348
  5,960
  6,599
  7,266
  7,961
  8,685
  9,437
  10,220
  11,034
  11,880
  12,760
  13,676
  14,630
  15,622
  16,656
  17,733
  18,857
Issuance/(repayment) of debt, $m
  -327
  -141
  335
  381
  428
  475
  521
  567
  612
  657
  700
  742
  783
  823
  863
  903
  942
  982
  1,022
  1,063
  1,106
  1,149
  1,194
  1,241
  1,290
  1,341
  1,395
  1,451
  1,511
  1,573
  1,639
Issuance/(repurchase) of shares, $m
  0
  382
  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  
  -328
  241
  335
  381
  428
  475
  521
  567
  612
  657
  700
  742
  783
  823
  863
  903
  942
  982
  1,022
  1,063
  1,106
  1,149
  1,194
  1,241
  1,290
  1,341
  1,395
  1,451
  1,511
  1,573
  1,639
Total cash flow (excl. dividends), $m
  -194
  315
  635
  928
  1,254
  1,613
  2,005
  2,429
  2,883
  3,367
  3,881
  4,421
  4,990
  5,587
  6,211
  6,863
  7,542
  8,248
  8,984
  9,748
  10,543
  11,369
  12,228
  13,121
  14,050
  15,017
  16,024
  17,073
  18,167
  19,307
  20,496
Retained Cash Flow (-), $m
  247
  -464
  -37
  -42
  -48
  -53
  -58
  -63
  -68
  -73
  -78
  -82
  -87
  -91
  -96
  -100
  -105
  -109
  -114
  -118
  -123
  -128
  -133
  -138
  -143
  -149
  -155
  -161
  -168
  -175
  -182
Prev. year cash balance distribution, $m
 
  1,299
  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
 
  1,150
  597
  885
  1,206
  1,561
  1,947
  2,366
  2,815
  3,294
  3,803
  4,338
  4,903
  5,496
  6,115
  6,762
  7,437
  8,139
  8,870
  9,630
  10,420
  11,241
  12,095
  12,983
  13,907
  14,868
  15,869
  16,912
  17,999
  19,132
  20,314
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
 
  1,103
  547
  770
  993
  1,210
  1,413
  1,598
  1,760
  1,892
  1,994
  2,060
  2,092
  2,090
  2,053
  1,985
  1,890
  1,771
  1,633
  1,483
  1,324
  1,163
  1,004
  851
  708
  578
  463
  363
  278
  209
  153
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Sohu.com Inc. (Sohu) is an online media, search and game service company, which is engaged in providing online products and services on personal computers (PCs) and mobile devices in the People's Republic of China (the PRC). The Company operates through three segments: the Sohu segment; the Sogou segment, and the Changyou segment. The Sohu segment's business is the brand advertising business, which offers to users, over its matrices of Chinese language online media, various content, products and services across multiple Internet-enabled devices, such as PCs, mobile phones and tablets. The search and search-related business primarily offers advertisers pay-for-click services, as well as online marketing services on Web directories operated by Sogou. Changyou's business lines consist of the online game business; the platform channel business, which consists primarily of online advertising and also includes Internet value-added services (IVAS), and the cinema advertising business.

FINANCIAL RATIOS  of  Sohu.com (SOHU)

Valuation Ratios
P/E Ratio -7.7
Price to Sales 1
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow -28.4
Growth Rates
Sales Growth Rate -14.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.9%
Cap. Spend. - 3 Yr. Gr. Rate 6.4%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage -93
Management Effectiveness
Return On Assets -7.9%
Ret/ On Assets - 3 Yr. Avg. -5%
Return On Total Capital -17.4%
Ret/ On T. Cap. - 3 Yr. Avg. -10.2%
Return On Equity -20%
Return On Equity - 3 Yr. Avg. -12.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 47.9%
Gross Margin - 3 Yr. Avg. 54.2%
EBITDA Margin 6.7%
EBITDA Margin - 3 Yr. Avg. 10.6%
Operating Margin -7.2%
Oper. Margin - 3 Yr. Avg. -5.1%
Pre-Tax Margin -5.7%
Pre-Tax Margin - 3 Yr. Avg. -2%
Net Profit Margin -13.6%
Net Profit Margin - 3 Yr. Avg. -8.7%
Effective Tax Rate -22.3%
Eff/ Tax Rate - 3 Yr. Avg. 5.1%
Payout Ratio 0%

SOHU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SOHU stock intrinsic value calculation we used $1650 million for the last fiscal year's total revenue generated by Sohu.com. The default revenue input number comes from 2016 income statement of Sohu.com. 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 SOHU stock valuation model: a) initial revenue growth rate of 25.5% 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 SOHU is calculated based on our internal credit rating of Sohu.com, 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 Sohu.com.
    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 SOHU stock the variable cost ratio is equal to 30.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1300 million in the base year in the intrinsic value calculation for SOHU 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 Sohu.com.

Corporate tax rate of 27% is the nominal tax rate for Sohu.com. 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 SOHU 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 SOHU are equal to 33.3%.

Life of production assets of 3.2 years is the average useful life of capital assets used in Sohu.com 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 SOHU is equal to -23.1%. 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 - $994 million for Sohu.com - 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 39.677 million for Sohu.com 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 Sohu.com at the current share price and the inputted number of shares is $1.8 billion.

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COMPANY NEWS

▶ 3 Stocks Hitting New 52-Week Lows You Can Buy Right Now   [Dec-11-17 10:48AM  Motley Fool]
▶ ETFs with exposure to Sohu.com, Inc. : November 29, 2017   [Nov-29-17 12:21PM  Capital Cube]
▶ Sogou Rises In Debut After China Search-Engine IPO Prices High   [Nov-09-17 05:30PM  Investor's Business Daily]
▶ Indexes Fall On Tax Jitters; Nvidia Slumps Ahead Of Earnings   [03:03PM  Investor's Business Daily]
▶ Sogou IPO Set To Raise $540 Million As Search Market Heats Up   [01:31PM  Investor's Business Daily]
▶ Sohu.com Shows Market Leadership With Jump To 91 RS Rating   [03:00AM  Investor's Business Daily]
▶ China Search Engine Company Sogou Ready For $540 Million IPO   [Nov-03-17 03:19PM  Investor's Business Daily]
▶ The China Search Engine That Can't?   [Oct-30-17 04:26PM  Barrons.com]
▶ Sohu.com Gets Mixed Up in Q3   [04:07PM  Motley Fool]
▶ Sohu.com reports 3Q loss   [10:53AM  Associated Press]
▶ Sohu.com, Inc. to Host Earnings Call   [06:20AM  ACCESSWIRE]
▶ ETFs with exposure to Sohu.com, Inc. : October 16, 2017   [Oct-16-17 09:59AM  Capital Cube]
▶ Is Sohucom Inc (SOHU) Undervalued?   [Oct-13-17 07:37PM  Simply Wall St.]
▶ Why Sohu.com, Inc. Stock Popped Today   [02:00PM  Motley Fool]
▶ Sohu.com Earns Relative Strength Rating Upgrade   [Oct-09-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Sohu.com, Inc. : September 26, 2017   [Sep-26-17 11:04AM  Capital Cube]
▶ ETFs with exposure to Sohu.com, Inc. : September 14, 2017   [Sep-13-17 08:41PM  Capital Cube]
▶ Sohu: Shares Jump on Potential Sogou IPO   [Jul-31-17 11:08PM  Barrons.com]
▶ Sohu.com reports 2Q loss   [11:02PM  Associated Press]
▶ China's Sohu.com Surges On Second-Quarter Sales Beat, Guidance   [04:13PM  Investor's Business Daily]
▶ Why Shares of Sohu.com Are Surging Today   [11:59AM  Motley Fool]
▶ Stocks Open Strong For July Finish; 2 China Names Soar   [09:44AM  Investor's Business Daily]
▶ ETFs with exposure to Sohu.com, Inc. : July 11, 2017   [Jul-11-17 03:02PM  Capital Cube]
▶ ETFs with exposure to Sohu.com, Inc. : June 27, 2017   [Jun-27-17 03:45PM  Capital Cube]
▶ Cannes Lions: Chinas Sohu.com founder   [Jun-22-17 01:37AM  CNBC Videos]
▶ Alibaba, Weibo, Sina Aren't The Only Breakout China Stocks; Here's Another   [May-26-17 12:08PM  Investor's Business Daily]
▶ Alibaba, Weibo, Sina Rule, But This Chinese Stock Is Rebounding   [May-19-17 11:14AM  Investor's Business Daily]
Financial statements of SOHU
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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