Intrinsic value of Tuniu ADR - TOUR

Previous Close

$6.94

  Intrinsic Value

$1.30

stock screener

  Rating & Target

str. sell

-81%

  Value-price divergence*

+136%

Previous close

$6.94

 
Intrinsic value

$1.30

 
Up/down potential

-81%

 
Rating

str. sell

 
Value-price divergence*

+136%

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

We calculate the intrinsic value of TOUR 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 0.8

 

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, %
  37.97
  11.30
  10.67
  10.10
  9.59
  9.13
  8.72
  8.35
  8.01
  7.71
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  1,526
  1,698
  1,880
  2,070
  2,268
  2,475
  2,691
  2,916
  3,149
  3,392
  3,645
  3,907
  4,180
  4,463
  4,758
  5,064
  5,383
  5,715
  6,061
  6,421
  6,797
  7,189
  7,598
  8,025
  8,471
  8,937
  9,424
  9,933
  10,467
  11,024
  11,608
Variable operating expenses, $m
 
  2,023
  2,238
  2,464
  2,700
  2,947
  3,203
  3,471
  3,749
  4,038
  4,338
  4,648
  4,972
  5,309
  5,660
  6,024
  6,404
  6,799
  7,210
  7,639
  8,085
  8,552
  9,038
  9,546
  10,077
  10,631
  11,211
  11,817
  12,451
  13,115
  13,810
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,891
  2,023
  2,238
  2,464
  2,700
  2,947
  3,203
  3,471
  3,749
  4,038
  4,338
  4,648
  4,972
  5,309
  5,660
  6,024
  6,404
  6,799
  7,210
  7,639
  8,085
  8,552
  9,038
  9,546
  10,077
  10,631
  11,211
  11,817
  12,451
  13,115
  13,810
Operating income, $m
  -364
  -324
  -359
  -395
  -432
  -471
  -512
  -555
  -599
  -645
  -693
  -741
  -793
  -846
  -902
  -960
  -1,021
  -1,084
  -1,149
  -1,218
  -1,289
  -1,363
  -1,441
  -1,522
  -1,606
  -1,695
  -1,787
  -1,884
  -1,985
  -2,090
  -2,201
EBITDA, $m
  -333
  -309
  -342
  -376
  -412
  -450
  -489
  -530
  -573
  -617
  -663
  -710
  -760
  -811
  -865
  -921
  -979
  -1,039
  -1,102
  -1,167
  -1,236
  -1,307
  -1,381
  -1,459
  -1,540
  -1,625
  -1,713
  -1,806
  -1,903
  -2,004
  -2,111
Interest expense (income), $m
  0
  0
  0
  3
  5
  8
  11
  14
  17
  20
  24
  27
  31
  35
  39
  43
  47
  52
  56
  61
  66
  71
  77
  82
  88
  95
  101
  108
  115
  123
  130
Earnings before tax, $m
  -354
  -324
  -359
  -397
  -437
  -479
  -523
  -569
  -616
  -666
  -717
  -768
  -823
  -881
  -941
  -1,003
  -1,068
  -1,135
  -1,205
  -1,279
  -1,355
  -1,434
  -1,517
  -1,604
  -1,695
  -1,789
  -1,888
  -1,992
  -2,100
  -2,213
  -2,332
Tax expense, $m
  -1
  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
Net income, $m
  -351
  -324
  -359
  -397
  -437
  -479
  -523
  -569
  -616
  -666
  -717
  -768
  -823
  -881
  -941
  -1,003
  -1,068
  -1,135
  -1,205
  -1,279
  -1,355
  -1,434
  -1,517
  -1,604
  -1,695
  -1,789
  -1,888
  -1,992
  -2,100
  -2,213
  -2,332

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  678
  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
  1,325
  754
  834
  918
  1,006
  1,098
  1,194
  1,294
  1,397
  1,505
  1,617
  1,733
  1,854
  1,980
  2,111
  2,247
  2,388
  2,535
  2,689
  2,849
  3,015
  3,189
  3,371
  3,560
  3,758
  3,965
  4,181
  4,407
  4,644
  4,891
  5,150
Adjusted assets (=assets-cash), $m
  647
  754
  834
  918
  1,006
  1,098
  1,194
  1,294
  1,397
  1,505
  1,617
  1,733
  1,854
  1,980
  2,111
  2,247
  2,388
  2,535
  2,689
  2,849
  3,015
  3,189
  3,371
  3,560
  3,758
  3,965
  4,181
  4,407
  4,644
  4,891
  5,150
Revenue / Adjusted assets
  2.359
  2.252
  2.254
  2.255
  2.254
  2.254
  2.254
  2.253
  2.254
  2.254
  2.254
  2.254
  2.255
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
  2.254
Average production assets, $m
  119
  132
  147
  161
  177
  193
  210
  227
  246
  265
  284
  305
  326
  348
  371
  395
  420
  446
  473
  501
  530
  561
  593
  626
  661
  697
  735
  775
  816
  860
  905
Working capital, $m
  431
  -170
  -188
  -207
  -227
  -248
  -269
  -292
  -315
  -339
  -364
  -391
  -418
  -446
  -476
  -506
  -538
  -571
  -606
  -642
  -680
  -719
  -760
  -802
  -847
  -894
  -942
  -993
  -1,047
  -1,102
  -1,161
Total debt, $m
  0
  1
  74
  149
  229
  311
  398
  487
  581
  677
  778
  883
  992
  1,105
  1,223
  1,345
  1,472
  1,605
  1,743
  1,887
  2,037
  2,193
  2,357
  2,527
  2,705
  2,891
  3,086
  3,289
  3,502
  3,725
  3,958
Total liabilities, $m
  676
  678
  751
  826
  906
  988
  1,075
  1,164
  1,258
  1,354
  1,455
  1,560
  1,669
  1,782
  1,900
  2,022
  2,149
  2,282
  2,420
  2,564
  2,714
  2,870
  3,034
  3,204
  3,382
  3,568
  3,763
  3,966
  4,179
  4,402
  4,635
Total equity, $m
  648
  75
  83
  92
  101
  110
  119
  129
  140
  150
  162
  173
  185
  198
  211
  225
  239
  254
  269
  285
  302
  319
  337
  356
  376
  396
  418
  441
  464
  489
  515
Total liabilities and equity, $m
  1,324
  753
  834
  918
  1,007
  1,098
  1,194
  1,293
  1,398
  1,504
  1,617
  1,733
  1,854
  1,980
  2,111
  2,247
  2,388
  2,536
  2,689
  2,849
  3,016
  3,189
  3,371
  3,560
  3,758
  3,964
  4,181
  4,407
  4,643
  4,891
  5,150
Debt-to-equity ratio
  0.000
  0.020
  0.880
  1.630
  2.270
  2.840
  3.330
  3.770
  4.150
  4.500
  4.810
  5.090
  5.350
  5.580
  5.790
  5.990
  6.170
  6.330
  6.480
  6.620
  6.750
  6.880
  6.990
  7.100
  7.200
  7.290
  7.380
  7.460
  7.540
  7.620
  7.690
Adjusted equity ratio
  -0.046
  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
  -351
  -324
  -359
  -397
  -437
  -479
  -523
  -569
  -616
  -666
  -717
  -768
  -823
  -881
  -941
  -1,003
  -1,068
  -1,135
  -1,205
  -1,279
  -1,355
  -1,434
  -1,517
  -1,604
  -1,695
  -1,789
  -1,888
  -1,992
  -2,100
  -2,213
  -2,332
Depreciation, amort., depletion, $m
  31
  15
  17
  18
  20
  21
  23
  25
  27
  29
  31
  30
  33
  35
  37
  39
  42
  45
  47
  50
  53
  56
  59
  63
  66
  70
  74
  77
  82
  86
  91
Funds from operations, $m
  -344
  -309
  -342
  -379
  -418
  -458
  -500
  -544
  -590
  -637
  -686
  -738
  -791
  -846
  -904
  -964
  -1,026
  -1,091
  -1,158
  -1,228
  -1,302
  -1,378
  -1,458
  -1,542
  -1,629
  -1,720
  -1,815
  -1,914
  -2,018
  -2,127
  -2,241
Change in working capital, $m
  -20
  -17
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -39
  -41
  -43
  -45
  -47
  -49
  -51
  -53
  -56
  -58
Cash from operations, $m
  -324
  -292
  -324
  -360
  -398
  -437
  -479
  -522
  -566
  -613
  -661
  -711
  -764
  -818
  -874
  -933
  -994
  -1,057
  -1,124
  -1,192
  -1,264
  -1,339
  -1,417
  -1,499
  -1,584
  -1,673
  -1,766
  -1,863
  -1,965
  -2,071
  -2,183
Maintenance CAPEX, $m
  0
  -12
  -13
  -15
  -16
  -18
  -19
  -21
  -23
  -25
  -26
  -28
  -30
  -33
  -35
  -37
  -39
  -42
  -45
  -47
  -50
  -53
  -56
  -59
  -63
  -66
  -70
  -74
  -77
  -82
  -86
New CAPEX, $m
  -17
  -14
  -14
  -15
  -15
  -16
  -17
  -18
  -18
  -19
  -20
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -42
  -44
  -46
Cash from investing activities, $m
  -364
  -26
  -27
  -30
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -48
  -51
  -55
  -58
  -61
  -64
  -68
  -72
  -75
  -79
  -84
  -88
  -92
  -98
  -102
  -108
  -114
  -119
  -126
  -132
Free cash flow, $m
  -688
  -317
  -351
  -389
  -429
  -471
  -515
  -560
  -607
  -656
  -707
  -760
  -815
  -873
  -932
  -994
  -1,058
  -1,125
  -1,195
  -1,268
  -1,344
  -1,423
  -1,505
  -1,591
  -1,681
  -1,775
  -1,874
  -1,976
  -2,084
  -2,196
  -2,314
Issuance/(repayment) of debt, $m
  0
  1
  72
  76
  79
  83
  86
  90
  93
  97
  101
  105
  109
  113
  118
  122
  127
  133
  138
  144
  150
  156
  163
  171
  178
  186
  195
  203
  213
  223
  233
Issuance/(repurchase) of shares, $m
  472
  400
  367
  406
  446
  489
  533
  579
  627
  676
  728
  780
  836
  894
  954
  1,017
  1,082
  1,150
  1,221
  1,295
  1,372
  1,452
  1,536
  1,623
  1,714
  1,810
  1,910
  2,014
  2,123
  2,238
  2,357
Cash from financing (excl. dividends), $m  
  525
  401
  439
  482
  525
  572
  619
  669
  720
  773
  829
  885
  945
  1,007
  1,072
  1,139
  1,209
  1,283
  1,359
  1,439
  1,522
  1,608
  1,699
  1,794
  1,892
  1,996
  2,105
  2,217
  2,336
  2,461
  2,590
Total cash flow (excl. dividends), $m
  -147
  83
  88
  92
  96
  100
  104
  108
  113
  117
  122
  124
  129
  134
  139
  145
  151
  157
  164
  171
  178
  186
  194
  202
  211
  221
  231
  241
  252
  264
  276
Retained Cash Flow (-), $m
  -167
  -400
  -367
  -406
  -446
  -489
  -533
  -579
  -627
  -676
  -728
  -780
  -836
  -894
  -954
  -1,017
  -1,082
  -1,150
  -1,221
  -1,295
  -1,372
  -1,452
  -1,536
  -1,623
  -1,714
  -1,810
  -1,910
  -2,014
  -2,123
  -2,238
  -2,357
Prev. year cash balance distribution, $m
 
  648
  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
 
  332
  -279
  -314
  -350
  -388
  -429
  -470
  -514
  -559
  -607
  -656
  -706
  -759
  -814
  -872
  -931
  -993
  -1,057
  -1,124
  -1,194
  -1,266
  -1,342
  -1,421
  -1,503
  -1,589
  -1,679
  -1,773
  -1,871
  -1,974
  -2,081
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
 
  318
  -255
  -273
  -288
  -301
  -311
  -318
  -321
  -321
  -318
  -311
  -301
  -289
  -273
  -256
  -237
  -216
  -195
  -173
  -152
  -131
  -111
  -93
  -77
  -62
  -49
  -38
  -29
  -22
  -16
Current shareholders' claim on cash, %
  100
  50.0
  10.5
  2.2
  0.5
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Tuniu Corporation operates as an online leisure travel company in China. The company offers packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers covering approximately 150 countries and regions, including various popular tourist destinations and local tours. The company provides its services through its tuniu.com Website, mobile platform, and a regional call center. Tuniu Corporation was founded in 2006 and is headquartered in Nanjing, China.

FINANCIAL RATIOS  of  Tuniu ADR (TOUR)

Valuation Ratios
P/E Ratio -7.5
Price to Sales 1.7
Price to Book 4.1
Price to Tangible Book
Price to Cash Flow -8.1
Price to Free Cash Flow -7.7
Growth Rates
Sales Growth Rate 38%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -22.7%
Cap. Spend. - 3 Yr. Gr. Rate 76.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -29.7%
Ret/ On Assets - 3 Yr. Avg. -27.8%
Return On Total Capital -62.2%
Ret/ On T. Cap. - 3 Yr. Avg. -58.9%
Return On Equity -62.2%
Return On Equity - 3 Yr. Avg. -58.9%
Asset Turnover 1.3
Profitability Ratios
Gross Margin 6%
Gross Margin - 3 Yr. Avg. 5.8%
EBITDA Margin -21.2%
EBITDA Margin - 3 Yr. Avg. -17.2%
Operating Margin -23.9%
Oper. Margin - 3 Yr. Avg. -18.8%
Pre-Tax Margin -23.2%
Pre-Tax Margin - 3 Yr. Avg. -18.4%
Net Profit Margin -23%
Net Profit Margin - 3 Yr. Avg. -18.3%
Effective Tax Rate 0.3%
Eff/ Tax Rate - 3 Yr. Avg. 0.1%
Payout Ratio 0%

TOUR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TOUR stock intrinsic value calculation we used $1526 million for the last fiscal year's total revenue generated by Tuniu ADR. The default revenue input number comes from 2016 income statement of Tuniu ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TOUR stock valuation model: a) initial revenue growth rate of 11.3% 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 TOUR is calculated based on our internal credit rating of Tuniu ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Tuniu ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TOUR stock the variable cost ratio is equal to 119.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for TOUR 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 Tuniu ADR.

Corporate tax rate of 27% is the nominal tax rate for Tuniu ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TOUR 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 TOUR are equal to 7.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Tuniu ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TOUR 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 - $648 million for Tuniu ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 120.411 million for Tuniu ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Tuniu ADR at the current share price and the inputted number of shares is $0.8 billion.

RELATED COMPANIES Price Int.Val. Rating
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JD JD.com ADR 41.26 237.40  str.buy

COMPANY NEWS

▶ Tuniu reports 2Q loss   [Aug-16-17 11:16PM  Associated Press]
▶ ETFs with exposure to Tuniu Corp. : July 10, 2017   [Jul-10-17 03:21PM  Capital Cube]
▶ ETFs with exposure to Tuniu Corp. : June 6, 2017   [Jun-06-17 11:49AM  Capital Cube]
▶ Tuniu reports 1Q loss   [06:36AM  Associated Press]
▶ Tuniu Corporation Files Its Annual Report on Form 20-F   [Apr-17-17 06:00AM  PR Newswire]
▶ Tuniu reports 4Q loss   [06:17AM  Associated Press]
▶ Tuniu CFO: Online Travel Is Growing Fast   [Jan-23-17 08:41PM  Bloomberg Video]
▶ [$$] Chinese travel platform Tuniu banking on JD.com tie-up   [Dec-22-16 09:14AM  at Financial Times]
▶ Do Hedge Funds Love Tuniu Corp (TOUR)?   [Dec-15-16 10:00AM  Insider Monkey]
▶ Do Hedge Funds Love Tuniu Corp (TOUR)?   [10:00AM  at Insider Monkey]
▶ Tuniu is tapping into Chinese demand for outbound travel   [Nov-30-16 08:59PM  CNBC Videos]
▶ TUNIU CORP Financials   [01:04PM  EDGAR Online Financials]
▶ Tuniu Corporation Files Its Annual Report on Form 20-F   [Apr-28-16 09:30AM  PR Newswire]
▶ Tuniu Announces the Appointment of New Board Directors   [Feb-25-16 04:30AM  PR Newswire]
▶ Ctrip Partners With Rival Qunar: Goldman Raises Both To Buy   [Oct-26  08:19AM  at Barrons.com]
▶ Tuniu Appoints Chief Marketing Officer   [Oct-11  09:52PM  GlobeNewswire]
▶ Why Ctrip Is A Better Bet Than Qunar   [Jul-22  02:18AM  at Barrons.com]
▶ Which Chinese ADRs Will Go Home? Follow Sequoia Capital   [Jun-17  09:33PM  at Barrons.com]
▶ 3 Stocks Rising on Unusual Volume   [Jun-08  02:44PM  at TheStreet]
▶ Tuniu Announces the Appointment of New Directors   [May-25  07:26AM  GlobeNewswire]
Stock chart of TOUR Financial statements of TOUR
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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