Intrinsic value of Sohu.com - SOHU

Previous Close

$53.58

  Intrinsic Value

$6.32

stock screener

  Rating & Target

str. sell

-88%

  Value-price divergence*

-109%

Previous close

$53.58

 
Intrinsic value

$6.32

 
Up/down potential

-88%

 
Rating

str. sell

 
Value-price divergence*

-109%

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

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

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 2.0

 

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
  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
  1,650
  1,683
  1,722
  1,766
  1,816
  1,871
  1,931
  1,997
  2,068
  2,145
  2,227
  2,315
  2,409
  2,509
  2,615
  2,728
  2,848
  2,974
  3,108
  3,250
  3,399
  3,556
  3,723
  3,898
  4,082
  4,277
  4,481
  4,697
  4,923
  5,162
  5,412
Variable operating expenses, $m
 
  510
  521
  535
  549
  566
  584
  604
  625
  648
  672
  692
  720
  750
  782
  815
  851
  889
  929
  971
  1,016
  1,063
  1,113
  1,165
  1,220
  1,278
  1,339
  1,404
  1,471
  1,543
  1,618
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
  1,843
  1,887
  1,935
  1,984
  2,037
  2,092
  2,149
  2,209
  2,272
  2,336
  2,398
  2,468
  2,542
  2,619
  2,698
  2,781
  2,867
  2,957
  3,049
  3,146
  3,246
  3,351
  3,459
  3,571
  3,688
  3,809
  3,936
  4,066
  4,203
  4,345
Operating income, $m
  -117
  -159
  -165
  -169
  -169
  -166
  -160
  -152
  -141
  -127
  -109
  -83
  -59
  -33
  -3
  30
  67
  107
  152
  200
  253
  310
  372
  439
  511
  588
  672
  761
  856
  959
  1,068
EBITDA, $m
  87
  -96
  -101
  -103
  -102
  -97
  -89
  -79
  -65
  -48
  -29
  -5
  21
  51
  84
  121
  162
  206
  255
  308
  366
  428
  496
  569
  647
  731
  821
  917
  1,020
  1,131
  1,248
Interest expense (income), $m
  1
  0
  -5
  -3
  -2
  -1
  1
  3
  5
  7
  9
  12
  14
  17
  20
  23
  27
  30
  34
  38
  42
  47
  52
  57
  62
  67
  73
  79
  86
  93
  100
Earnings before tax, $m
  -94
  -159
  -161
  -165
  -167
  -166
  -162
  -155
  -146
  -134
  -119
  -94
  -74
  -50
  -23
  7
  40
  77
  117
  162
  210
  263
  320
  382
  449
  521
  598
  681
  771
  866
  968
Tax expense, $m
  21
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  2
  11
  21
  32
  44
  57
  71
  86
  103
  121
  141
  162
  184
  208
  234
  261
Net income, $m
  -224
  -159
  -161
  -165
  -167
  -166
  -162
  -155
  -146
  -134
  -119
  -94
  -74
  -50
  -23
  5
  29
  56
  86
  118
  154
  192
  234
  279
  328
  380
  437
  497
  562
  632
  707

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
  1,601
  1,638
  1,680
  1,728
  1,780
  1,837
  1,900
  1,968
  2,041
  2,119
  2,203
  2,292
  2,387
  2,488
  2,596
  2,710
  2,830
  2,957
  3,092
  3,234
  3,384
  3,542
  3,709
  3,884
  4,069
  4,264
  4,469
  4,684
  4,911
  5,150
Adjusted assets (=assets-cash), $m
  1,265
  1,601
  1,638
  1,680
  1,728
  1,780
  1,837
  1,900
  1,968
  2,041
  2,119
  2,203
  2,292
  2,387
  2,488
  2,596
  2,710
  2,830
  2,957
  3,092
  3,234
  3,384
  3,542
  3,709
  3,884
  4,069
  4,264
  4,469
  4,684
  4,911
  5,150
Revenue / Adjusted assets
  1.304
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
  1.051
Average production assets, $m
  550
  560
  573
  588
  605
  623
  643
  665
  689
  714
  742
  771
  802
  836
  871
  909
  948
  990
  1,035
  1,082
  1,132
  1,184
  1,240
  1,298
  1,359
  1,424
  1,492
  1,564
  1,639
  1,719
  1,802
Working capital, $m
  918
  -168
  -172
  -177
  -182
  -187
  -193
  -200
  -207
  -214
  -223
  -232
  -241
  -251
  -262
  -273
  -285
  -297
  -311
  -325
  -340
  -356
  -372
  -390
  -408
  -428
  -448
  -470
  -492
  -516
  -541
Total debt, $m
  0
  -129
  -96
  -58
  -15
  32
  84
  140
  201
  267
  337
  412
  493
  579
  670
  766
  869
  977
  1,092
  1,213
  1,341
  1,475
  1,618
  1,768
  1,926
  2,092
  2,267
  2,452
  2,646
  2,850
  3,065
Total liabilities, $m
  1,570
  1,441
  1,474
  1,512
  1,555
  1,602
  1,654
  1,710
  1,771
  1,837
  1,907
  1,982
  2,063
  2,149
  2,240
  2,336
  2,439
  2,547
  2,662
  2,783
  2,911
  3,045
  3,188
  3,338
  3,496
  3,662
  3,837
  4,022
  4,216
  4,420
  4,635
Total equity, $m
  994
  160
  164
  168
  173
  178
  184
  190
  197
  204
  212
  220
  229
  239
  249
  260
  271
  283
  296
  309
  323
  338
  354
  371
  388
  407
  426
  447
  468
  491
  515
Total liabilities and equity, $m
  2,564
  1,601
  1,638
  1,680
  1,728
  1,780
  1,838
  1,900
  1,968
  2,041
  2,119
  2,202
  2,292
  2,388
  2,489
  2,596
  2,710
  2,830
  2,958
  3,092
  3,234
  3,383
  3,542
  3,709
  3,884
  4,069
  4,263
  4,469
  4,684
  4,911
  5,150
Debt-to-equity ratio
  0.000
  -0.800
  -0.580
  -0.340
  -0.090
  0.180
  0.460
  0.740
  1.020
  1.310
  1.590
  1.870
  2.150
  2.420
  2.690
  2.950
  3.210
  3.450
  3.690
  3.920
  4.150
  4.360
  4.570
  4.770
  4.960
  5.140
  5.320
  5.490
  5.650
  5.800
  5.950
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
  -159
  -161
  -165
  -167
  -166
  -162
  -155
  -146
  -134
  -119
  -94
  -74
  -50
  -23
  5
  29
  56
  86
  118
  154
  192
  234
  279
  328
  380
  437
  497
  562
  632
  707
Depreciation, amort., depletion, $m
  204
  63
  64
  66
  67
  69
  71
  73
  76
  78
  81
  77
  80
  84
  87
  91
  95
  99
  104
  108
  113
  118
  124
  130
  136
  142
  149
  156
  164
  172
  180
Funds from operations, $m
  324
  -96
  -97
  -100
  -99
  -96
  -90
  -82
  -70
  -55
  -38
  -17
  6
  33
  64
  96
  124
  155
  189
  226
  267
  311
  358
  409
  464
  523
  586
  654
  726
  804
  887
Change in working capital, $m
  96
  -3
  -4
  -4
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -22
  -23
  -24
  -25
Cash from operations, $m
  228
  -93
  -93
  -95
  -95
  -91
  -84
  -75
  -63
  -48
  -30
  -8
  16
  43
  74
  107
  136
  168
  203
  241
  282
  326
  374
  426
  482
  542
  606
  675
  749
  828
  912
Maintenance CAPEX, $m
  0
  -55
  -56
  -57
  -59
  -60
  -62
  -64
  -66
  -69
  -71
  -74
  -77
  -80
  -84
  -87
  -91
  -95
  -99
  -104
  -108
  -113
  -118
  -124
  -130
  -136
  -142
  -149
  -156
  -164
  -172
New CAPEX, $m
  -289
  -11
  -13
  -15
  -17
  -18
  -20
  -22
  -24
  -26
  -27
  -29
  -31
  -33
  -35
  -38
  -40
  -42
  -45
  -47
  -50
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -75
  -79
  -84
Cash from investing activities, $m
  -51
  -66
  -69
  -72
  -76
  -78
  -82
  -86
  -90
  -95
  -98
  -103
  -108
  -113
  -119
  -125
  -131
  -137
  -144
  -151
  -158
  -165
  -173
  -182
  -191
  -201
  -210
  -221
  -231
  -243
  -256
Free cash flow, $m
  177
  -159
  -162
  -167
  -170
  -170
  -167
  -161
  -153
  -142
  -128
  -112
  -93
  -70
  -45
  -18
  5
  31
  59
  90
  124
  161
  201
  244
  291
  341
  396
  454
  517
  585
  657
Issuance/(repayment) of debt, $m
  -327
  -129
  33
  38
  43
  47
  52
  56
  61
  66
  70
  75
  80
  86
  91
  97
  102
  108
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  215
Issuance/(repurchase) of shares, $m
  0
  319
  165
  169
  171
  171
  167
  161
  152
  141
  127
  103
  83
  60
  34
  6
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -328
  190
  198
  207
  214
  218
  219
  217
  213
  207
  197
  178
  163
  146
  125
  103
  102
  108
  115
  121
  128
  135
  142
  150
  158
  166
  175
  184
  194
  204
  215
Total cash flow (excl. dividends), $m
  -194
  32
  36
  40
  44
  48
  52
  56
  60
  64
  69
  66
  71
  75
  80
  85
  108
  139
  174
  211
  252
  296
  343
  394
  449
  508
  571
  639
  711
  789
  871
Retained Cash Flow (-), $m
  247
  -319
  -165
  -169
  -171
  -171
  -167
  -161
  -152
  -141
  -127
  -103
  -83
  -60
  -34
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -22
  -23
  -24
Prev. year cash balance distribution, $m
 
  994
  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
 
  706
  -129
  -129
  -127
  -123
  -115
  -105
  -92
  -76
  -58
  -37
  -12
  16
  46
  74
  96
  127
  161
  198
  237
  281
  327
  377
  431
  489
  552
  618
  690
  766
  848
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
 
  677
  -118
  -113
  -105
  -95
  -84
  -71
  -58
  -44
  -30
  -17
  -5
  6
  16
  22
  24
  28
  30
  30
  30
  29
  27
  25
  22
  19
  16
  13
  11
  8
  6
Current shareholders' claim on cash, %
  100
  50.0
  33.3
  22.1
  14.8
  10.0
  6.8
  4.8
  3.4
  2.5
  2.0
  1.6
  1.3
  1.2
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1
  1.1

Sohu.com Inc. provides online media, search, and game services on personal computers (PCs), mobile devices, and tablets in the People’s Republic of China. It operates brand advertising business that offers advertisements on its Websites to companies; sohu.com, which provides online news and information; m.sohu.com mobile portal and Sohu News APP, a mobile phone application; tv.sohu.com, which offers online video service; and focus.cn that provides online real estate information. The company’s search and search-related business provides Sogou Input Method software to input Chinese characters on PCs and mobile devices; Sogou browser; Sogou Web Directory, a Web directory navigation site for PCs; Sogou Search, a proprietary search engine; and Sogou Browser for PCs and mobile devices, as well as offers pay-for-click services and online marketing services for advertisers. In addition, its online game business offers interactive online games, mobile games, and Web games for game players. Further, the company’s platform channel business owns and operates various Web properties and software applications, including 17173.com, an information portal for game players; RaidCall, which provides online music and entertainment services; and the Dolphin Browser, a gateway to a host of user activities on mobile devices. Additionally, it provides mobile-related services and mobile products; Internet value-added services; and cinema advertising services. The company was formerly known as Internet Technologies China Incorporated and changed its name to Sohu.com Inc. in September 1999. Sohu.com Inc. was founded in 1996 and is headquartered in Beijing, the People’s Republic of China.

FINANCIAL RATIOS  of  Sohu.com (SOHU)

Valuation Ratios
P/E Ratio -9.3
Price to Sales 1.3
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 9.1
Price to Free Cash Flow -34
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 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 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 10 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 -10%. 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 38.024 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 $2.0 billion.

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COMPANY NEWS

▶ 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]
▶ Insiders Are Loading Up on GE, Twilio & More   [May-17-17 01:43PM  TheStreet.com]
▶ Alibaba, Tencent to Ride Online Video Boom   [May-16-17 09:07PM  Barrons.com]
▶ What Baidus Backing of AMP Means for Google   [09:05AM  Market Realist]
▶ Sohu.com Stock Tries to Earn Its Way Back   [11:25AM  Motley Fool]
▶ Sohu.com reports 1Q loss   [05:01AM  Associated Press]
▶ The 5 Biggest Risks to Weibo Corp. (ADR) Stock   [Feb-26-17 10:00AM  Motley Fool]
▶ Sohu.com Stock Earns Some Redemption   [01:02PM  Motley Fool]
▶ Sohu.com Stock Earns Some Redemption   [01:02PM  at Motley Fool]
▶ Sohu.com reports 4Q loss   [08:52AM  Associated Press]
▶ /C O R R E C T I O N -- Sohu.com/   [12:25AM  PR Newswire]
▶ Can Sohu.com Keep Going After Last Week's 15% Pop?   [Jan-09-17 10:13AM  at Motley Fool]
▶ Is Sohu.com Inc (SOHU) a Good Stock to Buy?   [Dec-14-16 05:28AM  at Insider Monkey]
▶ Have Hedge Funds Found A Winner In New Relic Inc (NEWR)?   [Nov-28-16 10:44PM  at Insider Monkey]
▶ Baidu Stock Can Still Get the Last Laugh   [Oct-28-16 08:16AM  at Motley Fool]
▶ 3 Things That Can Go Wrong for Baidu Tomorrow   [Oct-26-16 09:19AM  at Motley Fool]
Stock chart of SOHU 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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