Intrinsic value of Sohu.com - SOHU

Previous Close

$67.62

  Intrinsic Value

$101.97

stock screener

  Rating & Target

str. buy

+51%

Previous close

$67.62

 
Intrinsic value

$101.97

 
Up/down potential

+51%

 
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

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 2.6

 

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
  9.80
  9.32
  8.89
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
Revenue, $m
  1,650
  1,812
  1,981
  2,157
  2,340
  2,531
  2,729
  2,935
  3,149
  3,371
  3,603
  3,843
  4,093
  4,353
  4,624
  4,906
  5,200
  5,506
  5,826
  6,159
  6,507
  6,870
  7,250
  7,646
  8,061
  8,495
  8,949
  9,424
  9,922
  10,443
  10,989
Variable operating expenses, $m
 
  548
  599
  651
  706
  763
  822
  884
  948
  1,014
  1,084
  1,149
  1,223
  1,301
  1,382
  1,466
  1,554
  1,646
  1,741
  1,841
  1,945
  2,053
  2,167
  2,285
  2,409
  2,539
  2,675
  2,817
  2,965
  3,121
  3,284
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
  1,881
  1,965
  2,051
  2,141
  2,234
  2,330
  2,429
  2,532
  2,638
  2,748
  2,855
  2,971
  3,093
  3,219
  3,349
  3,484
  3,624
  3,769
  3,919
  4,075
  4,236
  4,405
  4,579
  4,760
  4,949
  5,145
  5,349
  5,560
  5,781
  6,011
Operating income, $m
  -117
  -69
  16
  105
  199
  297
  399
  506
  617
  734
  855
  989
  1,122
  1,260
  1,405
  1,557
  1,716
  1,882
  2,057
  2,240
  2,432
  2,633
  2,845
  3,067
  3,301
  3,546
  3,804
  4,076
  4,361
  4,661
  4,978
EBITDA, $m
  87
  58
  155
  256
  361
  472
  587
  708
  834
  965
  1,102
  1,245
  1,394
  1,550
  1,713
  1,884
  2,062
  2,249
  2,445
  2,650
  2,865
  3,091
  3,328
  3,576
  3,837
  4,112
  4,400
  4,703
  5,022
  5,357
  5,709
Interest expense (income), $m
  1
  0
  -11
  -7
  -3
  2
  6
  11
  16
  21
  26
  32
  38
  44
  50
  57
  64
  71
  78
  86
  94
  102
  111
  120
  130
  140
  150
  161
  173
  185
  197
Earnings before tax, $m
  -94
  -69
  27
  112
  202
  295
  393
  495
  601
  712
  829
  957
  1,084
  1,216
  1,355
  1,500
  1,652
  1,812
  1,979
  2,154
  2,338
  2,531
  2,734
  2,947
  3,171
  3,406
  3,654
  3,914
  4,188
  4,477
  4,780
Tax expense, $m
  21
  0
  7
  30
  54
  80
  106
  134
  162
  192
  224
  258
  293
  328
  366
  405
  446
  489
  534
  582
  631
  683
  738
  796
  856
  920
  987
  1,057
  1,131
  1,209
  1,291
Net income, $m
  -224
  -69
  20
  82
  147
  215
  287
  361
  439
  520
  605
  698
  791
  888
  989
  1,095
  1,206
  1,323
  1,445
  1,572
  1,707
  1,848
  1,996
  2,151
  2,315
  2,487
  2,667
  2,857
  3,057
  3,268
  3,490

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
  1,389
  1,519
  1,654
  1,794
  1,941
  2,093
  2,251
  2,415
  2,586
  2,763
  2,947
  3,139
  3,339
  3,546
  3,762
  3,988
  4,223
  4,467
  4,723
  4,990
  5,268
  5,560
  5,864
  6,182
  6,515
  6,863
  7,227
  7,609
  8,008
  8,427
Adjusted assets (=assets-cash), $m
  1,265
  1,389
  1,519
  1,654
  1,794
  1,941
  2,093
  2,251
  2,415
  2,586
  2,763
  2,947
  3,139
  3,339
  3,546
  3,762
  3,988
  4,223
  4,467
  4,723
  4,990
  5,268
  5,560
  5,864
  6,182
  6,515
  6,863
  7,227
  7,609
  8,008
  8,427
Revenue / Adjusted assets
  1.304
  1.305
  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
  603
  660
  718
  779
  843
  909
  977
  1,049
  1,123
  1,200
  1,280
  1,363
  1,450
  1,540
  1,634
  1,732
  1,834
  1,940
  2,051
  2,167
  2,288
  2,414
  2,546
  2,684
  2,829
  2,980
  3,138
  3,304
  3,478
  3,659
Working capital, $m
  918
  -419
  -458
  -498
  -541
  -585
  -630
  -678
  -727
  -779
  -832
  -888
  -946
  -1,006
  -1,068
  -1,133
  -1,201
  -1,272
  -1,346
  -1,423
  -1,503
  -1,587
  -1,675
  -1,766
  -1,862
  -1,962
  -2,067
  -2,177
  -2,292
  -2,412
  -2,538
Total debt, $m
  0
  -320
  -203
  -82
  45
  177
  313
  456
  603
  757
  917
  1,083
  1,255
  1,435
  1,622
  1,816
  2,019
  2,230
  2,451
  2,681
  2,921
  3,172
  3,434
  3,707
  3,994
  4,293
  4,607
  4,935
  5,278
  5,638
  6,014
Total liabilities, $m
  1,570
  1,250
  1,367
  1,488
  1,615
  1,747
  1,883
  2,026
  2,173
  2,327
  2,487
  2,653
  2,825
  3,005
  3,192
  3,386
  3,589
  3,800
  4,021
  4,251
  4,491
  4,742
  5,004
  5,277
  5,564
  5,863
  6,177
  6,505
  6,848
  7,208
  7,584
Total equity, $m
  994
  139
  152
  165
  179
  194
  209
  225
  241
  259
  276
  295
  314
  334
  355
  376
  399
  422
  447
  472
  499
  527
  556
  586
  618
  651
  686
  723
  761
  801
  843
Total liabilities and equity, $m
  2,564
  1,389
  1,519
  1,653
  1,794
  1,941
  2,092
  2,251
  2,414
  2,586
  2,763
  2,948
  3,139
  3,339
  3,547
  3,762
  3,988
  4,222
  4,468
  4,723
  4,990
  5,269
  5,560
  5,863
  6,182
  6,514
  6,863
  7,228
  7,609
  8,009
  8,427
Debt-to-equity ratio
  0.000
  -2.300
  -1.340
  -0.490
  0.250
  0.910
  1.500
  2.020
  2.500
  2.930
  3.320
  3.670
  4.000
  4.300
  4.570
  4.830
  5.060
  5.280
  5.490
  5.680
  5.850
  6.020
  6.180
  6.320
  6.460
  6.590
  6.710
  6.830
  6.940
  7.040
  7.140
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
  -69
  20
  82
  147
  215
  287
  361
  439
  520
  605
  698
  791
  888
  989
  1,095
  1,206
  1,323
  1,445
  1,572
  1,707
  1,848
  1,996
  2,151
  2,315
  2,487
  2,667
  2,857
  3,057
  3,268
  3,490
Depreciation, amort., depletion, $m
  204
  127
  139
  150
  163
  175
  189
  202
  217
  231
  247
  256
  273
  290
  308
  327
  346
  367
  388
  410
  433
  458
  483
  509
  537
  566
  596
  628
  661
  696
  732
Funds from operations, $m
  324
  58
  159
  232
  310
  391
  475
  563
  655
  751
  852
  954
  1,064
  1,178
  1,297
  1,422
  1,553
  1,689
  1,833
  1,983
  2,140
  2,305
  2,479
  2,660
  2,852
  3,052
  3,263
  3,485
  3,718
  3,964
  4,221
Change in working capital, $m
  96
  -37
  -39
  -41
  -42
  -44
  -46
  -48
  -49
  -51
  -53
  -56
  -58
  -60
  -63
  -65
  -68
  -71
  -74
  -77
  -80
  -84
  -88
  -92
  -96
  -100
  -105
  -110
  -115
  -120
  -126
Cash from operations, $m
  228
  96
  198
  273
  352
  435
  521
  611
  705
  803
  905
  1,010
  1,121
  1,238
  1,360
  1,487
  1,620
  1,760
  1,906
  2,060
  2,220
  2,389
  2,566
  2,752
  2,947
  3,153
  3,368
  3,595
  3,833
  4,084
  4,348
Maintenance CAPEX, $m
  0
  -110
  -121
  -132
  -144
  -156
  -169
  -182
  -195
  -210
  -225
  -240
  -256
  -273
  -290
  -308
  -327
  -346
  -367
  -388
  -410
  -433
  -458
  -483
  -509
  -537
  -566
  -596
  -628
  -661
  -696
New CAPEX, $m
  -289
  -54
  -56
  -59
  -61
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -98
  -102
  -106
  -111
  -116
  -121
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
  -182
Cash from investing activities, $m
  -51
  -164
  -177
  -191
  -205
  -219
  -235
  -251
  -266
  -284
  -302
  -320
  -339
  -360
  -380
  -402
  -425
  -448
  -473
  -499
  -526
  -554
  -584
  -615
  -647
  -681
  -717
  -754
  -794
  -835
  -878
Free cash flow, $m
  177
  -68
  21
  83
  148
  215
  286
  361
  438
  519
  603
  690
  782
  879
  980
  1,085
  1,196
  1,312
  1,433
  1,561
  1,694
  1,835
  1,982
  2,137
  2,300
  2,471
  2,651
  2,841
  3,040
  3,250
  3,470
Issuance/(repayment) of debt, $m
  -327
  -320
  117
  121
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  187
  195
  203
  211
  220
  230
  240
  251
  262
  274
  286
  299
  313
  328
  343
  360
  377
Issuance/(repurchase) of shares, $m
  0
  513
  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
  193
  117
  121
  127
  132
  137
  142
  148
  154
  160
  166
  173
  180
  187
  195
  203
  211
  220
  230
  240
  251
  262
  274
  286
  299
  313
  328
  343
  360
  377
Total cash flow (excl. dividends), $m
  -194
  125
  137
  204
  274
  347
  423
  503
  586
  673
  763
  856
  955
  1,058
  1,166
  1,280
  1,399
  1,523
  1,654
  1,791
  1,935
  2,086
  2,244
  2,411
  2,586
  2,771
  2,965
  3,169
  3,383
  3,609
  3,847
Retained Cash Flow (-), $m
  247
  -513
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -23
  -23
  -24
  -26
  -27
  -28
  -29
  -30
  -32
  -33
  -35
  -36
  -38
  -40
  -42
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
 
  911
  124
  191
  260
  332
  408
  487
  569
  655
  745
  837
  936
  1,038
  1,146
  1,258
  1,376
  1,500
  1,629
  1,765
  1,908
  2,058
  2,215
  2,381
  2,555
  2,737
  2,930
  3,132
  3,345
  3,569
  3,805
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
 
  874
  114
  166
  214
  258
  296
  329
  356
  377
  391
  398
  399
  395
  385
  369
  350
  326
  300
  272
  242
  213
  184
  156
  130
  106
  85
  67
  52
  39
  29
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 -11.7
Price to Sales 1.6
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 11.5
Price to Free Cash Flow -42.9
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. -7.2%
Return On Total Capital -17.4%
Ret/ On T. Cap. - 3 Yr. Avg. -12.9%
Return On Equity -20%
Return On Equity - 3 Yr. Avg. -17.8%
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 9.8% 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 38.894 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 $2.6 billion.

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COMPANY NEWS

▶ 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]
▶ 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]
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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