Intrinsic value of Tuniu ADR - TOUR

Previous Close

$7.52

  Intrinsic Value

$1.25

stock screener

  Rating & Target

str. sell

-83%

Previous close

$7.52

 
Intrinsic value

$1.25

 
Up/down potential

-83%

 
Rating

str. sell

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 0.9

 

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
  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
  1,526
  1,557
  1,592
  1,633
  1,679
  1,730
  1,786
  1,847
  1,913
  1,984
  2,060
  2,141
  2,228
  2,321
  2,419
  2,523
  2,634
  2,751
  2,875
  3,005
  3,143
  3,289
  3,443
  3,605
  3,775
  3,955
  4,144
  4,344
  4,553
  4,774
  5,006
Variable operating expenses, $m
 
  1,854
  1,896
  1,945
  2,000
  2,060
  2,127
  2,199
  2,277
  2,362
  2,452
  2,547
  2,650
  2,761
  2,878
  3,002
  3,133
  3,272
  3,420
  3,575
  3,740
  3,913
  4,096
  4,288
  4,491
  4,705
  4,930
  5,167
  5,417
  5,679
  5,955
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
  1,854
  1,896
  1,945
  2,000
  2,060
  2,127
  2,199
  2,277
  2,362
  2,452
  2,547
  2,650
  2,761
  2,878
  3,002
  3,133
  3,272
  3,420
  3,575
  3,740
  3,913
  4,096
  4,288
  4,491
  4,705
  4,930
  5,167
  5,417
  5,679
  5,955
Operating income, $m
  -364
  -297
  -304
  -312
  -321
  -330
  -341
  -352
  -365
  -378
  -393
  -406
  -422
  -440
  -459
  -478
  -499
  -522
  -545
  -570
  -596
  -624
  -653
  -684
  -716
  -750
  -786
  -824
  -863
  -905
  -949
EBITDA, $m
  -333
  -274
  -280
  -287
  -295
  -304
  -314
  -325
  -336
  -349
  -362
  -376
  -392
  -408
  -425
  -444
  -463
  -484
  -505
  -528
  -553
  -578
  -605
  -634
  -664
  -695
  -729
  -764
  -801
  -839
  -880
Interest expense (income), $m
  0
  0
  -3
  -2
  -2
  -1
  0
  0
  1
  2
  3
  4
  5
  6
  7
  9
  10
  12
  13
  15
  17
  18
  20
  22
  25
  27
  29
  32
  35
  37
  40
Earnings before tax, $m
  -354
  -297
  -301
  -309
  -319
  -329
  -340
  -353
  -366
  -380
  -396
  -410
  -428
  -446
  -466
  -487
  -510
  -533
  -558
  -585
  -613
  -642
  -673
  -706
  -741
  -777
  -815
  -856
  -898
  -943
  -990
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
  -297
  -301
  -309
  -319
  -329
  -340
  -353
  -366
  -380
  -396
  -410
  -428
  -446
  -466
  -487
  -510
  -533
  -558
  -585
  -613
  -642
  -673
  -706
  -741
  -777
  -815
  -856
  -898
  -943
  -990

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
  1,327
  662
  677
  695
  714
  736
  760
  786
  814
  844
  876
  911
  948
  987
  1,029
  1,073
  1,120
  1,170
  1,223
  1,278
  1,337
  1,399
  1,464
  1,533
  1,606
  1,682
  1,763
  1,848
  1,937
  2,031
  2,129
Adjusted assets (=assets-cash), $m
  649
  662
  677
  695
  714
  736
  760
  786
  814
  844
  876
  911
  948
  987
  1,029
  1,073
  1,120
  1,170
  1,223
  1,278
  1,337
  1,399
  1,464
  1,533
  1,606
  1,682
  1,763
  1,848
  1,937
  2,031
  2,129
Revenue / Adjusted assets
  2.351
  2.352
  2.352
  2.350
  2.352
  2.351
  2.350
  2.350
  2.350
  2.351
  2.352
  2.350
  2.350
  2.352
  2.351
  2.351
  2.352
  2.351
  2.351
  2.351
  2.351
  2.351
  2.352
  2.352
  2.351
  2.351
  2.351
  2.351
  2.351
  2.351
  2.351
Average production assets, $m
  106
  107
  110
  113
  116
  119
  123
  127
  132
  137
  142
  148
  154
  160
  167
  174
  182
  190
  198
  207
  217
  227
  238
  249
  261
  273
  286
  300
  314
  329
  345
Working capital, $m
  433
  -251
  -256
  -263
  -270
  -279
  -288
  -297
  -308
  -319
  -332
  -345
  -359
  -374
  -389
  -406
  -424
  -443
  -463
  -484
  -506
  -530
  -554
  -580
  -608
  -637
  -667
  -699
  -733
  -769
  -806
Total debt, $m
  0
  -80
  -66
  -51
  -33
  -14
  8
  31
  56
  83
  112
  144
  177
  212
  250
  290
  332
  377
  424
  475
  527
  583
  642
  704
  769
  838
  911
  987
  1,067
  1,151
  1,240
Total liabilities, $m
  676
  596
  610
  625
  643
  662
  684
  707
  732
  759
  788
  820
  853
  888
  926
  966
  1,008
  1,053
  1,100
  1,151
  1,203
  1,259
  1,318
  1,380
  1,445
  1,514
  1,587
  1,663
  1,743
  1,827
  1,916
Total equity, $m
  651
  66
  68
  69
  71
  74
  76
  79
  81
  84
  88
  91
  95
  99
  103
  107
  112
  117
  122
  128
  134
  140
  146
  153
  161
  168
  176
  185
  194
  203
  213
Total liabilities and equity, $m
  1,327
  662
  678
  694
  714
  736
  760
  786
  813
  843
  876
  911
  948
  987
  1,029
  1,073
  1,120
  1,170
  1,222
  1,279
  1,337
  1,399
  1,464
  1,533
  1,606
  1,682
  1,763
  1,848
  1,937
  2,030
  2,129
Debt-to-equity ratio
  0.000
  -1.210
  -0.980
  -0.730
  -0.460
  -0.190
  0.100
  0.390
  0.690
  0.990
  1.280
  1.580
  1.870
  2.150
  2.430
  2.700
  2.970
  3.220
  3.470
  3.710
  3.940
  4.170
  4.380
  4.590
  4.790
  4.980
  5.170
  5.340
  5.510
  5.670
  5.830
Adjusted equity ratio
  -0.042
  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
  -297
  -301
  -309
  -319
  -329
  -340
  -353
  -366
  -380
  -396
  -410
  -428
  -446
  -466
  -487
  -510
  -533
  -558
  -585
  -613
  -642
  -673
  -706
  -741
  -777
  -815
  -856
  -898
  -943
  -990
Depreciation, amort., depletion, $m
  31
  24
  24
  25
  25
  26
  27
  28
  28
  29
  31
  30
  31
  32
  33
  35
  36
  38
  40
  41
  43
  45
  48
  50
  52
  55
  57
  60
  63
  66
  69
Funds from operations, $m
  -344
  -274
  -277
  -285
  -293
  -303
  -314
  -325
  -337
  -351
  -365
  -380
  -397
  -414
  -433
  -452
  -473
  -495
  -519
  -543
  -569
  -597
  -626
  -656
  -688
  -722
  -758
  -796
  -835
  -877
  -920
Change in working capital, $m
  -20
  -5
  -6
  -7
  -7
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -25
  -26
  -27
  -29
  -30
  -32
  -34
  -36
  -37
Cash from operations, $m
  -324
  -269
  -271
  -278
  -286
  -295
  -305
  -315
  -327
  -339
  -353
  -367
  -383
  -399
  -417
  -436
  -455
  -476
  -499
  -522
  -547
  -573
  -601
  -630
  -661
  -693
  -728
  -764
  -801
  -841
  -883
Maintenance CAPEX, $m
  0
  -21
  -21
  -22
  -23
  -23
  -24
  -25
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -33
  -35
  -36
  -38
  -40
  -41
  -43
  -45
  -48
  -50
  -52
  -55
  -57
  -60
  -63
  -66
New CAPEX, $m
  -17
  -2
  -2
  -3
  -3
  -4
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
Cash from investing activities, $m
  -364
  -23
  -23
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -36
  -37
  -39
  -40
  -43
  -44
  -47
  -49
  -51
  -53
  -56
  -59
  -62
  -64
  -68
  -71
  -74
  -78
  -82
Free cash flow, $m
  -688
  -292
  -295
  -303
  -312
  -322
  -332
  -344
  -357
  -371
  -385
  -401
  -418
  -436
  -456
  -476
  -498
  -521
  -545
  -571
  -598
  -627
  -657
  -689
  -723
  -758
  -795
  -834
  -876
  -919
  -965
Issuance/(repayment) of debt, $m
  0
  -80
  14
  16
  18
  19
  21
  23
  25
  27
  29
  31
  33
  35
  38
  40
  42
  45
  47
  50
  53
  56
  59
  62
  65
  69
  72
  76
  80
  84
  89
Issuance/(repurchase) of shares, $m
  472
  390
  303
  311
  321
  331
  343
  355
  369
  383
  399
  413
  431
  450
  470
  492
  514
  538
  564
  590
  619
  648
  680
  713
  748
  785
  823
  864
  907
  952
  999
Cash from financing (excl. dividends), $m  
  525
  310
  317
  327
  339
  350
  364
  378
  394
  410
  428
  444
  464
  485
  508
  532
  556
  583
  611
  640
  672
  704
  739
  775
  813
  854
  895
  940
  987
  1,036
  1,088
Total cash flow (excl. dividends), $m
  -147
  19
  21
  24
  27
  29
  32
  34
  37
  40
  43
  43
  46
  49
  52
  55
  59
  62
  66
  69
  73
  77
  82
  86
  91
  95
  101
  106
  111
  117
  123
Retained Cash Flow (-), $m
  -170
  -390
  -303
  -311
  -321
  -331
  -343
  -355
  -369
  -383
  -399
  -413
  -431
  -450
  -470
  -492
  -514
  -538
  -564
  -590
  -619
  -648
  -680
  -713
  -748
  -785
  -823
  -864
  -907
  -952
  -999
Prev. year cash balance distribution, $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
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
 
  306
  -282
  -287
  -294
  -302
  -311
  -321
  -332
  -343
  -356
  -370
  -385
  -401
  -418
  -436
  -456
  -476
  -498
  -521
  -545
  -571
  -598
  -627
  -657
  -689
  -723
  -758
  -796
  -835
  -876
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
 
  293
  -258
  -250
  -242
  -234
  -226
  -217
  -207
  -197
  -187
  -176
  -164
  -152
  -140
  -128
  -116
  -104
  -92
  -80
  -69
  -59
  -50
  -41
  -33
  -27
  -21
  -16
  -12
  -9
  -7
Current shareholders' claim on cash, %
  100
  50.0
  12.1
  2.9
  0.7
  0.2
  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 is an online leisure travel company. The Company offers a selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers. Its online platform, which consists of its tuniu.com Website and mobile platform, provides product and travel information to enable leisure travelers to plan their travels. Its organized tours offer pre-arranged itineraries, transportation, accommodations, entertainment, meals and tour guide services. Its self-guided tours consist of combinations of flights and hotel bookings and other optional add-ons, such as airport pick-ups. Its other travel-related services include sales of tourist attraction tickets, visa processing services, financial services, hotel booking services and air ticketing services. Its online platform contains travel guides featuring photos, information and recommendations for all destinations it covers.

FINANCIAL RATIOS  of  Tuniu ADR (TOUR)

Valuation Ratios
P/E Ratio -8.1
Price to Sales 1.9
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow -8.8
Price to Free Cash Flow -8.4
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
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%
Ret/ On T. Cap. - 3 Yr. Avg. -58.8%
Return On Equity -62%
Return On Equity - 3 Yr. Avg. -58.8%
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 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 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 6.9%.

Life of production assets of 4.1 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 -16.1%. 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 - $651 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 125.918 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 $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
CTRP Ctrip.com Inte 43.34 139.94  str.buy
WB Weibo ADR 101.69 459.60  str.buy
JD JD.com ADR 38.56 309.69  str.buy

COMPANY NEWS

▶ ETFs with exposure to Tuniu Corp. : December 7, 2017   [Dec-07-17 02:34PM  Capital Cube]
▶ 3 Stocks Under $10 That Soared Today (Revised)   [Nov-22-17 11:46AM  Zacks]
▶ 3 Stocks Under $10 That Soared Today   [Nov-21-17 03:31PM  Zacks]
▶ 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]
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.

FREE DOWNLOAD
Follow us on:   twitter   twitter   twitter   twitter

VALUATION THEORY       ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2017. All rigths reserved.