Intrinsic value of Vipshop Holdings ADR - VIPS

Previous Close

$18.35

  Intrinsic Value

$48.83

stock screener

  Rating & Target

str. buy

+166%

Previous close

$18.35

 
Intrinsic value

$48.83

 
Up/down potential

+166%

 
Rating

str. buy

We calculate the intrinsic value of VIPS 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, %
  40.77
  27.60
  25.34
  23.31
  21.48
  19.83
  18.35
  17.01
  15.81
  14.73
  13.76
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.23
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
Revenue, $m
  8,187
  10,447
  13,094
  16,145
  19,613
  23,501
  27,813
  32,544
  37,689
  43,240
  49,188
  55,524
  62,238
  69,322
  76,770
  84,578
  92,742
  101,263
  110,143
  119,387
  129,001
  138,995
  149,382
  160,176
  171,393
  183,053
  195,175
  207,784
  220,904
  234,562
  248,787
Variable operating expenses, $m
 
  10,017
  12,554
  15,478
  18,801
  22,528
  26,660
  31,194
  36,125
  41,445
  47,145
  53,211
  59,645
  66,435
  73,573
  81,056
  88,880
  97,046
  105,556
  114,415
  123,628
  133,207
  143,161
  153,505
  164,255
  175,429
  187,047
  199,130
  211,704
  224,793
  238,425
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
  7,864
  10,017
  12,554
  15,478
  18,801
  22,528
  26,660
  31,194
  36,125
  41,445
  47,145
  53,211
  59,645
  66,435
  73,573
  81,056
  88,880
  97,046
  105,556
  114,415
  123,628
  133,207
  143,161
  153,505
  164,255
  175,429
  187,047
  199,130
  211,704
  224,793
  238,425
Operating income, $m
  323
  430
  540
  667
  812
  973
  1,153
  1,350
  1,564
  1,796
  2,043
  2,312
  2,592
  2,887
  3,197
  3,522
  3,862
  4,217
  4,587
  4,972
  5,373
  5,789
  6,221
  6,671
  7,138
  7,624
  8,129
  8,654
  9,200
  9,769
  10,361
EBITDA, $m
  469
  600
  752
  928
  1,127
  1,350
  1,598
  1,870
  2,165
  2,484
  2,826
  3,190
  3,575
  3,982
  4,410
  4,859
  5,328
  5,817
  6,327
  6,858
  7,411
  7,985
  8,582
  9,202
  9,846
  10,516
  11,212
  11,937
  12,690
  13,475
  14,292
Interest expense (income), $m
  0
  22
  42
  72
  107
  146
  190
  239
  292
  350
  413
  480
  552
  628
  708
  792
  880
  972
  1,069
  1,169
  1,274
  1,382
  1,495
  1,613
  1,735
  1,861
  1,993
  2,130
  2,273
  2,421
  2,575
Earnings before tax, $m
  386
  408
  498
  595
  705
  828
  963
  1,112
  1,272
  1,445
  1,630
  1,832
  2,040
  2,259
  2,490
  2,731
  2,982
  3,245
  3,518
  3,803
  4,099
  4,407
  4,726
  5,058
  5,404
  5,762
  6,135
  6,524
  6,927
  7,348
  7,786
Tax expense, $m
  87
  110
  134
  161
  190
  223
  260
  300
  344
  390
  440
  495
  551
  610
  672
  737
  805
  876
  950
  1,027
  1,107
  1,190
  1,276
  1,366
  1,459
  1,556
  1,657
  1,761
  1,870
  1,984
  2,102
Net income, $m
  295
  298
  363
  434
  515
  604
  703
  811
  929
  1,055
  1,190
  1,338
  1,489
  1,649
  1,817
  1,993
  2,177
  2,369
  2,569
  2,776
  2,992
  3,217
  3,450
  3,693
  3,945
  4,207
  4,479
  4,762
  5,057
  5,364
  5,684

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  692
  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
  3,630
  3,748
  4,698
  5,793
  7,037
  8,433
  9,979
  11,677
  13,523
  15,515
  17,649
  19,922
  22,331
  24,873
  27,546
  30,347
  33,277
  36,334
  39,520
  42,837
  46,287
  49,873
  53,600
  57,473
  61,497
  65,681
  70,031
  74,555
  79,262
  84,163
  89,267
Adjusted assets (=assets-cash), $m
  2,938
  3,748
  4,698
  5,793
  7,037
  8,433
  9,979
  11,677
  13,523
  15,515
  17,649
  19,922
  22,331
  24,873
  27,546
  30,347
  33,277
  36,334
  39,520
  42,837
  46,287
  49,873
  53,600
  57,473
  61,497
  65,681
  70,031
  74,555
  79,262
  84,163
  89,267
Revenue / Adjusted assets
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
  2.787
Average production assets, $m
  643
  825
  1,034
  1,275
  1,549
  1,857
  2,197
  2,571
  2,977
  3,416
  3,886
  4,386
  4,917
  5,476
  6,065
  6,682
  7,327
  8,000
  8,701
  9,432
  10,191
  10,981
  11,801
  12,654
  13,540
  14,461
  15,419
  16,415
  17,451
  18,530
  19,654
Working capital, $m
  -1
  -888
  -1,113
  -1,372
  -1,667
  -1,998
  -2,364
  -2,766
  -3,204
  -3,675
  -4,181
  -4,720
  -5,290
  -5,892
  -6,525
  -7,189
  -7,883
  -8,607
  -9,362
  -10,148
  -10,965
  -11,815
  -12,697
  -13,615
  -14,568
  -15,559
  -16,590
  -17,662
  -18,777
  -19,938
  -21,147
Total debt, $m
  634
  1,207
  2,061
  3,047
  4,166
  5,422
  6,815
  8,342
  10,004
  11,796
  13,717
  15,763
  17,931
  20,219
  22,624
  25,146
  27,782
  30,534
  33,401
  36,386
  39,491
  42,718
  46,073
  49,558
  53,181
  56,946
  60,860
  64,932
  69,169
  73,579
  78,173
Total liabilities, $m
  2,801
  3,374
  4,228
  5,214
  6,333
  7,589
  8,982
  10,509
  12,171
  13,963
  15,884
  17,930
  20,098
  22,386
  24,791
  27,313
  29,949
  32,701
  35,568
  38,553
  41,658
  44,885
  48,240
  51,725
  55,348
  59,113
  63,027
  67,099
  71,336
  75,746
  80,340
Total equity, $m
  829
  375
  470
  579
  704
  843
  998
  1,168
  1,352
  1,551
  1,765
  1,992
  2,233
  2,487
  2,755
  3,035
  3,328
  3,633
  3,952
  4,284
  4,629
  4,987
  5,360
  5,747
  6,150
  6,568
  7,003
  7,455
  7,926
  8,416
  8,927
Total liabilities and equity, $m
  3,630
  3,749
  4,698
  5,793
  7,037
  8,432
  9,980
  11,677
  13,523
  15,514
  17,649
  19,922
  22,331
  24,873
  27,546
  30,348
  33,277
  36,334
  39,520
  42,837
  46,287
  49,872
  53,600
  57,472
  61,498
  65,681
  70,030
  74,554
  79,262
  84,162
  89,267
Debt-to-equity ratio
  0.765
  3.220
  4.390
  5.260
  5.920
  6.430
  6.830
  7.140
  7.400
  7.600
  7.770
  7.910
  8.030
  8.130
  8.210
  8.290
  8.350
  8.400
  8.450
  8.490
  8.530
  8.570
  8.600
  8.620
  8.650
  8.670
  8.690
  8.710
  8.730
  8.740
  8.760
Adjusted equity ratio
  0.047
  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
  295
  298
  363
  434
  515
  604
  703
  811
  929
  1,055
  1,190
  1,338
  1,489
  1,649
  1,817
  1,993
  2,177
  2,369
  2,569
  2,776
  2,992
  3,217
  3,450
  3,693
  3,945
  4,207
  4,479
  4,762
  5,057
  5,364
  5,684
Depreciation, amort., depletion, $m
  146
  170
  212
  260
  315
  377
  445
  519
  601
  688
  782
  877
  983
  1,095
  1,213
  1,336
  1,465
  1,600
  1,740
  1,886
  2,038
  2,196
  2,360
  2,531
  2,708
  2,892
  3,084
  3,283
  3,490
  3,706
  3,931
Funds from operations, $m
  248
  468
  576
  695
  830
  981
  1,148
  1,331
  1,530
  1,744
  1,973
  2,215
  2,473
  2,745
  3,030
  3,330
  3,642
  3,969
  4,309
  4,663
  5,030
  5,413
  5,810
  6,223
  6,653
  7,099
  7,563
  8,045
  8,547
  9,070
  9,615
Change in working capital, $m
  -162
  -192
  -225
  -259
  -295
  -331
  -366
  -402
  -437
  -472
  -506
  -539
  -571
  -602
  -633
  -664
  -694
  -724
  -755
  -786
  -817
  -850
  -883
  -917
  -953
  -991
  -1,030
  -1,072
  -1,115
  -1,161
  -1,209
Cash from operations, $m
  410
  660
  801
  954
  1,124
  1,311
  1,514
  1,733
  1,967
  2,215
  2,478
  2,753
  3,043
  3,347
  3,664
  3,993
  4,336
  4,693
  5,064
  5,448
  5,848
  6,262
  6,693
  7,141
  7,606
  8,090
  8,593
  9,117
  9,662
  10,231
  10,824
Maintenance CAPEX, $m
  0
  -129
  -165
  -207
  -255
  -310
  -371
  -439
  -514
  -595
  -683
  -777
  -877
  -983
  -1,095
  -1,213
  -1,336
  -1,465
  -1,600
  -1,740
  -1,886
  -2,038
  -2,196
  -2,360
  -2,531
  -2,708
  -2,892
  -3,084
  -3,283
  -3,490
  -3,706
New CAPEX, $m
  -314
  -182
  -209
  -241
  -274
  -307
  -341
  -374
  -406
  -439
  -470
  -501
  -530
  -560
  -588
  -617
  -645
  -673
  -702
  -730
  -760
  -790
  -821
  -853
  -886
  -921
  -958
  -996
  -1,036
  -1,079
  -1,124
Cash from investing activities, $m
  -241
  -311
  -374
  -448
  -529
  -617
  -712
  -813
  -920
  -1,034
  -1,153
  -1,278
  -1,407
  -1,543
  -1,683
  -1,830
  -1,981
  -2,138
  -2,302
  -2,470
  -2,646
  -2,828
  -3,017
  -3,213
  -3,417
  -3,629
  -3,850
  -4,080
  -4,319
  -4,569
  -4,830
Free cash flow, $m
  169
  349
  426
  506
  595
  694
  802
  920
  1,046
  1,181
  1,325
  1,476
  1,636
  1,804
  1,980
  2,164
  2,355
  2,555
  2,762
  2,978
  3,202
  3,435
  3,677
  3,928
  4,189
  4,461
  4,743
  5,037
  5,343
  5,662
  5,994
Issuance/(repayment) of debt, $m
  -13
  573
  855
  985
  1,120
  1,256
  1,392
  1,528
  1,661
  1,793
  1,921
  2,046
  2,168
  2,288
  2,405
  2,521
  2,637
  2,752
  2,868
  2,985
  3,105
  3,228
  3,354
  3,486
  3,622
  3,765
  3,915
  4,072
  4,237
  4,411
  4,594
Issuance/(repurchase) of shares, $m
  -28
  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 from financing (excl. dividends), $m  
  -57
  573
  855
  985
  1,120
  1,256
  1,392
  1,528
  1,661
  1,793
  1,921
  2,046
  2,168
  2,288
  2,405
  2,521
  2,637
  2,752
  2,868
  2,985
  3,105
  3,228
  3,354
  3,486
  3,622
  3,765
  3,915
  4,072
  4,237
  4,411
  4,594
Total cash flow (excl. dividends), $m
  114
  922
  1,281
  1,492
  1,715
  1,950
  2,195
  2,448
  2,708
  2,974
  3,246
  3,522
  3,804
  4,092
  4,385
  4,685
  4,992
  5,306
  5,630
  5,963
  6,307
  6,662
  7,031
  7,414
  7,811
  8,226
  8,658
  9,109
  9,580
  10,072
  10,588
Retained Cash Flow (-), $m
  -317
  -238
  -95
  -109
  -124
  -140
  -155
  -170
  -185
  -199
  -213
  -227
  -241
  -254
  -267
  -280
  -293
  -306
  -319
  -332
  -345
  -359
  -373
  -387
  -402
  -418
  -435
  -452
  -471
  -490
  -510
Prev. year cash balance distribution, $m
 
  692
  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
 
  1,376
  1,186
  1,382
  1,591
  1,811
  2,040
  2,278
  2,523
  2,775
  3,032
  3,294
  3,563
  3,837
  4,118
  4,405
  4,699
  5,001
  5,311
  5,631
  5,962
  6,304
  6,658
  7,026
  7,409
  7,807
  8,223
  8,656
  9,109
  9,582
  10,077
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
 
  1,319
  1,086
  1,203
  1,310
  1,403
  1,481
  1,539
  1,577
  1,594
  1,590
  1,564
  1,520
  1,459
  1,382
  1,293
  1,194
  1,088
  978
  867
  758
  652
  552
  461
  377
  304
  240
  186
  141
  105
  76
Current shareholders' claim on cash, %
  100
  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
  100.0

Vipshop Holdings Limited is a holding company. The Company is an online discount retailer for brands in China. The Company offers branded products to consumers in China through flash sales mainly on its vip.com Website. The Company's segment is sales, product distribution and offering of goods on its online platforms. The Company conducts its business through its subsidiaries and consolidated affiliated entities in China. Through its flash sales model, the Company sells limited quantities of discounted branded products online for limited periods of time. The Company offers diversified product offerings from over 17,000 domestic and international brands, including apparel for women, men and children, fashion goods, cosmetics, home goods and other lifestyle products. The Company offers a range of products and services for consumers through lefeng.com, specializing in branded cosmetics, apparel, healthcare products, food and other consumer products.

FINANCIAL RATIOS  of  Vipshop Holdings ADR (VIPS)

Valuation Ratios
P/E Ratio 7.3
Price to Sales 0.3
Price to Book 2.6
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow 22.3
Growth Rates
Sales Growth Rate 40.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6%
Cap. Spend. - 3 Yr. Gr. Rate 64.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 76.5%
Total Debt to Equity 76.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 22.9%
Ret/ On T. Cap. - 3 Yr. Avg. 22.2%
Return On Equity 44%
Return On Equity - 3 Yr. Avg. 45.5%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 24%
Gross Margin - 3 Yr. Avg. 24.5%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 6.4%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 4.7%
Pre-Tax Margin - 3 Yr. Avg. 4.8%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 22.5%
Eff/ Tax Rate - 3 Yr. Avg. 22.7%
Payout Ratio 0%

VIPS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VIPS stock intrinsic value calculation we used $8187 million for the last fiscal year's total revenue generated by Vipshop Holdings ADR. The default revenue input number comes from 2016 income statement of Vipshop Holdings 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 VIPS stock valuation model: a) initial revenue growth rate of 27.6% 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 VIPS is calculated based on our internal credit rating of Vipshop Holdings 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 Vipshop Holdings 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 VIPS stock the variable cost ratio is equal to 95.9%.

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 VIPS 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 Vipshop Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Vipshop Holdings 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 VIPS 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 VIPS are equal to 7.9%.

Life of production assets of 4.6 years is the average useful life of capital assets used in Vipshop Holdings 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 VIPS is equal to -8.5%. 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 - $829 million for Vipshop Holdings 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 603.242 million for Vipshop Holdings 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 Vipshop Holdings ADR at the current share price and the inputted number of shares is $11.1 billion.

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COMPANY NEWS

▶ Breakout Watch: IPO Stock With 650% Growth Crafts New Buy Point   [Feb-21-18 10:40AM  Investor's Business Daily]
▶ JD.com Raises $2.5 Billion To Expand Logistics Network In China   [Feb-14-18 05:00PM  Investor's Business Daily]
▶ Weibo Earnings, Revenue Top; Parent Sina Reports Strong Top-Line Growth   [Feb-13-18 04:07PM  Investor's Business Daily]
▶ Wall Street Falls Tuesday Morning   [03:48PM  GuruFocus.com]
▶ Vipshop Earnings Preview   [12:18PM  Benzinga]
▶ 3 Things That Can Go Wrong for Vipshop on Tuesday   [Feb-10-18 01:00PM  Motley Fool]
▶ "Fast Money" final trades: INTC, AMD and more   [Jan-25-18 05:59PM  CNBC Videos]
▶ Its Not Time to Buy Vipshop Holdings Ltd ADR Just Yet   [Jan-23-18 01:05PM  InvestorPlace]
▶ YY Takes Flight As China Stocks Get Price Target Increases   [Jan-18-18 04:24PM  Investor's Business Daily]
▶ Vipshop Stock Is Winning Again in 2018   [12:05PM  Motley Fool]
▶ Why Vipshop Stock Soared Today   [03:38PM  Motley Fool]
▶ Stocks With Rising Relative Price Strength: Vipshop   [03:00AM  Investor's Business Daily]
▶ Why Vipshop Holdings Ltd. - ADR Stock Jumped Monday   [Jan-08-18 04:46PM  Motley Fool]
▶ Stocks To Watch: Vipshop Sees RS Rating Jump To 84   [Jan-03-18 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Vipshop   [Jan-02-18 03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: Vipshop   [Dec-27-17 03:00AM  Investor's Business Daily]
▶ Can Vipshop Stock Keep Going After Last Week's 45% Pop?   [Dec-24-17 10:39AM  Motley Fool]
▶ Company News For Dec 19, 2017   [10:07AM  Zacks]
▶ [$$] Tencent Teams Up With JD.com to Take on Alibaba   [01:01AM  The Wall Street Journal]
▶ Vipshop Upgraded by Daiwa After Tencent, JD.com Deal   [Dec-18-17 09:34PM  Barrons.com]
▶ Vipshop Soars On $863 Million Investment From Tencent, JD.com   [04:21PM  Investor's Business Daily]
▶ Campbell, Hershey, Humana Lead Frenzy Of Year-End M&A Activity   [04:06PM  Investor's Business Daily]
▶ [$$] Tencent Teams Up With JD.com to Take on Alibaba   [03:13AM  The Wall Street Journal]
▶ Tencent, JD.com Acquire $863 Million Stake in Vipshop   [Dec-17-17 11:21PM  Barrons.com]
▶ Tencent. Retail. Makes Sense   [10:10PM  Bloomberg]
▶ 10 Largest Online Retailers In the World in 2017   [Dec-13-17 05:41PM  Insider Monkey]
▶ Why Vipshop Holdings Shares Plunged Today   [Nov-21-17 12:54PM  Motley Fool]
▶ Vipshop to Announce Third Quarter 2017 Financial Results   [Nov-13-17 08:00AM  PR Newswire]
▶ Chinese Basket Is Hot, Vipshop Is Not   [Oct-10-17 01:34PM  Forbes]
▶ Navient, NeoPhotonics Dive into Thursdays 52-Week Low Club   [Oct-05-17 04:04PM  24/7 Wall St.]
▶ Rite Aid, JC Penney Tumble into Mondays 52-Week Low Club   [Oct-02-17 04:04PM  24/7 Wall St.]
▶ 3 Great Stocks Under $10   [Sep-21-17 10:05AM  Motley Fool]
▶ 3 Top Retail Stocks Under $10   [10:05AM  Motley Fool]
▶ Vipshop Stock Doesn't Earn Its Way Out of Its Slump   [Aug-16-17 08:11PM  Motley Fool]
▶ Vipshop Stock Has a Lot to Prove on Wednesday   [Aug-12-17 10:00AM  Motley Fool]
▶ [$$] Alibaba, JD Battle Pressures Margins   [Jul-20-17 11:08AM  Barrons.com]
▶ The options market: Buy this stock!   [Jul-19-17 01:44PM  CNBC Videos]
▶ China E-Commerce Sales A Positive Barometer For Alibaba, JD.com   [Jul-18-17 04:18PM  Investor's Business Daily]
▶ Get bullish on these three stocks   [01:55PM  CNBC Videos]
Financial statements of VIPS
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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