Intrinsic value of 21Vianet Group ADR - VNET

Previous Close

$7.63

  Intrinsic Value

$1.35

stock screener

  Rating & Target

str. sell

-82%

  Value-price divergence*

-23%

Previous close

$7.63

 
Intrinsic value

$1.35

 
Up/down potential

-82%

 
Rating

str. sell

 
Value-price divergence*

-23%

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

We calculate the intrinsic value of VNET 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, %
  0.19
  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
  527
  538
  550
  564
  580
  597
  617
  638
  661
  685
  711
  739
  769
  801
  835
  871
  910
  950
  993
  1,038
  1,086
  1,136
  1,189
  1,245
  1,304
  1,366
  1,431
  1,500
  1,572
  1,649
  1,729
Variable operating expenses, $m
 
  579
  592
  606
  623
  641
  661
  682
  706
  731
  758
  761
  792
  825
  860
  897
  937
  978
  1,022
  1,069
  1,118
  1,170
  1,224
  1,282
  1,343
  1,407
  1,474
  1,545
  1,619
  1,698
  1,780
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
  653
  579
  592
  606
  623
  641
  661
  682
  706
  731
  758
  761
  792
  825
  860
  897
  937
  978
  1,022
  1,069
  1,118
  1,170
  1,224
  1,282
  1,343
  1,407
  1,474
  1,545
  1,619
  1,698
  1,780
Operating income, $m
  -126
  -41
  -42
  -42
  -43
  -43
  -44
  -44
  -45
  -46
  -47
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -43
  -45
  -47
  -49
  -52
EBITDA, $m
  -30
  56
  58
  59
  61
  63
  65
  67
  69
  72
  75
  78
  81
  84
  88
  91
  95
  100
  104
  109
  114
  119
  125
  131
  137
  143
  150
  157
  165
  173
  181
Interest expense (income), $m
  23
  11
  12
  13
  13
  14
  16
  17
  18
  19
  21
  23
  24
  26
  28
  30
  33
  35
  37
  40
  43
  46
  49
  52
  56
  59
  63
  67
  72
  76
  81
Earnings before tax, $m
  -136
  -53
  -54
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -68
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -95
  -100
  -106
  -112
  -119
  -125
  -132
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
  -92
  -53
  -54
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -68
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -95
  -100
  -106
  -112
  -119
  -125
  -132

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  228
  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
  1,797
  1,600
  1,637
  1,679
  1,726
  1,778
  1,836
  1,898
  1,966
  2,039
  2,117
  2,201
  2,290
  2,385
  2,486
  2,593
  2,707
  2,827
  2,955
  3,089
  3,231
  3,381
  3,539
  3,705
  3,881
  4,065
  4,260
  4,464
  4,680
  4,907
  5,145
Adjusted assets (=assets-cash), $m
  1,569
  1,600
  1,637
  1,679
  1,726
  1,778
  1,836
  1,898
  1,966
  2,039
  2,117
  2,201
  2,290
  2,385
  2,486
  2,593
  2,707
  2,827
  2,955
  3,089
  3,231
  3,381
  3,539
  3,705
  3,881
  4,065
  4,260
  4,464
  4,680
  4,907
  5,145
Revenue / Adjusted assets
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
  0.336
Average production assets, $m
  718
  732
  748
  768
  789
  813
  839
  868
  899
  932
  968
  1,006
  1,047
  1,091
  1,137
  1,186
  1,238
  1,293
  1,351
  1,413
  1,477
  1,546
  1,618
  1,694
  1,775
  1,859
  1,948
  2,042
  2,140
  2,244
  2,353
Working capital, $m
  120
  243
  249
  255
  262
  270
  279
  288
  299
  310
  322
  334
  348
  362
  378
  394
  411
  429
  449
  469
  491
  513
  537
  563
  589
  617
  647
  678
  711
  745
  781
Total debt, $m
  462
  247
  263
  281
  302
  325
  350
  377
  406
  438
  472
  508
  547
  589
  632
  679
  729
  781
  836
  895
  956
  1,022
  1,090
  1,163
  1,239
  1,319
  1,404
  1,493
  1,587
  1,685
  1,789
Total liabilities, $m
  911
  696
  712
  730
  751
  774
  799
  826
  855
  887
  921
  957
  996
  1,038
  1,081
  1,128
  1,178
  1,230
  1,285
  1,344
  1,405
  1,471
  1,539
  1,612
  1,688
  1,768
  1,853
  1,942
  2,036
  2,134
  2,238
Total equity, $m
  886
  904
  925
  948
  975
  1,005
  1,037
  1,072
  1,111
  1,152
  1,196
  1,243
  1,294
  1,348
  1,405
  1,465
  1,529
  1,597
  1,669
  1,745
  1,825
  1,910
  1,999
  2,093
  2,192
  2,297
  2,407
  2,522
  2,644
  2,772
  2,907
Total liabilities and equity, $m
  1,797
  1,600
  1,637
  1,678
  1,726
  1,779
  1,836
  1,898
  1,966
  2,039
  2,117
  2,200
  2,290
  2,386
  2,486
  2,593
  2,707
  2,827
  2,954
  3,089
  3,230
  3,381
  3,538
  3,705
  3,880
  4,065
  4,260
  4,464
  4,680
  4,906
  5,145
Debt-to-equity ratio
  0.521
  0.270
  0.280
  0.300
  0.310
  0.320
  0.340
  0.350
  0.370
  0.380
  0.390
  0.410
  0.420
  0.440
  0.450
  0.460
  0.480
  0.490
  0.500
  0.510
  0.520
  0.530
  0.550
  0.560
  0.570
  0.570
  0.580
  0.590
  0.600
  0.610
  0.620
Adjusted equity ratio
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -92
  -53
  -54
  -55
  -56
  -58
  -59
  -61
  -63
  -65
  -68
  -45
  -47
  -50
  -53
  -56
  -60
  -63
  -67
  -71
  -75
  -80
  -84
  -89
  -95
  -100
  -106
  -112
  -119
  -125
  -132
Depreciation, amort., depletion, $m
  96
  98
  100
  101
  104
  106
  109
  111
  114
  118
  121
  100
  104
  108
  113
  117
  123
  128
  134
  140
  146
  153
  160
  168
  176
  184
  193
  202
  212
  222
  233
Funds from operations, $m
  3
  45
  46
  47
  47
  48
  49
  50
  51
  52
  54
  55
  56
  58
  59
  61
  63
  65
  67
  69
  71
  73
  76
  78
  81
  84
  87
  90
  93
  97
  101
Change in working capital, $m
  -9
  5
  6
  6
  7
  8
  9
  9
  10
  11
  12
  13
  14
  14
  15
  16
  17
  18
  19
  20
  22
  23
  24
  25
  27
  28
  30
  31
  33
  34
  36
Cash from operations, $m
  12
  40
  40
  40
  40
  40
  40
  41
  41
  41
  42
  42
  43
  43
  44
  45
  46
  46
  47
  48
  49
  51
  52
  53
  54
  56
  57
  59
  61
  62
  64
Maintenance CAPEX, $m
  0
  -71
  -72
  -74
  -76
  -78
  -81
  -83
  -86
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -117
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
  -176
  -184
  -193
  -202
  -212
  -222
New CAPEX, $m
  -89
  -14
  -17
  -19
  -22
  -24
  -26
  -29
  -31
  -33
  -36
  -38
  -41
  -43
  -46
  -49
  -52
  -55
  -58
  -61
  -65
  -68
  -72
  -76
  -80
  -84
  -89
  -94
  -99
  -104
  -109
Cash from investing activities, $m
  -122
  -85
  -89
  -93
  -98
  -102
  -107
  -112
  -117
  -122
  -128
  -134
  -141
  -147
  -154
  -162
  -169
  -178
  -186
  -195
  -205
  -214
  -225
  -236
  -248
  -260
  -273
  -287
  -301
  -316
  -331
Free cash flow, $m
  -110
  -45
  -49
  -53
  -57
  -62
  -66
  -71
  -76
  -81
  -86
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -174
  -183
  -194
  -204
  -216
  -228
  -240
  -253
  -267
Issuance/(repayment) of debt, $m
  -42
  13
  16
  18
  21
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  47
  49
  52
  55
  58
  62
  65
  69
  72
  76
  80
  85
  89
  94
  99
  104
Issuance/(repurchase) of shares, $m
  358
  71
  74
  79
  83
  87
  92
  97
  101
  107
  112
  92
  98
  104
  110
  117
  124
  131
  139
  147
  155
  164
  174
  183
  194
  205
  216
  228
  240
  253
  267
Cash from financing (excl. dividends), $m  
  30
  84
  90
  97
  104
  110
  117
  124
  130
  139
  146
  128
  137
  145
  154
  164
  173
  183
  194
  205
  217
  229
  243
  255
  270
  285
  301
  317
  334
  352
  371
Total cash flow (excl. dividends), $m
  -56
  39
  41
  44
  46
  48
  50
  53
  55
  57
  60
  37
  39
  41
  44
  47
  50
  52
  55
  59
  62
  65
  69
  73
  76
  81
  85
  89
  94
  99
  104
Retained Cash Flow (-), $m
  -305
  -71
  -74
  -79
  -83
  -87
  -92
  -97
  -101
  -107
  -112
  -92
  -98
  -104
  -110
  -117
  -124
  -131
  -139
  -147
  -155
  -164
  -174
  -183
  -194
  -205
  -216
  -228
  -240
  -253
  -267
Prev. year cash balance distribution, $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 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
 
  -32
  -33
  -35
  -37
  -39
  -41
  -44
  -46
  -49
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -94
  -99
  -105
  -111
  -117
  -124
  -131
  -138
  -146
  -155
  -163
Discount rate, %
 
  6.40
  6.72
  7.06
  7.41
  7.78
  8.17
  8.58
  9.01
  9.46
  9.93
  10.42
  10.95
  11.49
  12.07
  12.67
  13.31
  13.97
  14.67
  15.40
  16.17
  16.98
  17.83
  18.72
  19.66
  20.64
  21.67
  22.76
  23.89
  25.09
  26.34
PV of cash for distribution, $m
 
  -30
  -29
  -28
  -28
  -27
  -26
  -25
  -23
  -22
  -20
  -19
  -17
  -15
  -13
  -12
  -10
  -9
  -7
  -6
  -5
  -4
  -3
  -2
  -2
  -1
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  92.7
  85.7
  79.0
  72.7
  66.7
  61.2
  56.0
  51.2
  46.7
  42.6
  39.6
  36.7
  34.0
  31.5
  29.1
  26.8
  24.7
  22.7
  20.9
  19.2
  17.6
  16.2
  14.8
  13.6
  12.4
  11.3
  10.4
  9.5
  8.7
  7.9

21Vianet Group, Inc. is a carrier-neutral Internet data center services provider. The Company hosts its customers' servers and networking equipment and provides interconnectivity. The Company also provides managed network services to enable customers to deliver data across the Internet through its data transmission network and smart routing technology. The Company provides value-added services, such as content delivery network (CDN) services, virtual private network (VPN) services and last-mile wired broadband services. It offers public cloud services, private cloud and hybrid services. In addition, the Company also offers container-based data center service. The Company's service offerings include hosting and related services, and managed network services. The Company provides hosting and related services to house servers and networking equipment in its data centers and connects them through its data transmission network, and offers other hosting related value-added services.

FINANCIAL RATIOS  of  21Vianet Group ADR (VNET)

Valuation Ratios
P/E Ratio -56.4
Price to Sales 9.8
Price to Book 5.9
Price to Tangible Book
Price to Cash Flow 432.3
Price to Free Cash Flow -67.4
Growth Rates
Sales Growth Rate 0.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -44%
Cap. Spend. - 3 Yr. Gr. Rate 6.2%
Financial Strength
Quick Ratio 1
Current Ratio 0.5
LT Debt to Equity 13.1%
Total Debt to Equity 52.1%
Interest Coverage -5
Management Effectiveness
Return On Assets -4.1%
Ret/ On Assets - 3 Yr. Avg. -2.3%
Return On Total Capital -7.6%
Ret/ On T. Cap. - 3 Yr. Avg. -6.7%
Return On Equity -12.5%
Return On Equity - 3 Yr. Avg. -13.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 19.5%
Gross Margin - 3 Yr. Avg. 23.7%
EBITDA Margin -3.2%
EBITDA Margin - 3 Yr. Avg. 7%
Operating Margin -23.9%
Oper. Margin - 3 Yr. Avg. -12.4%
Pre-Tax Margin -25.8%
Pre-Tax Margin - 3 Yr. Avg. -15.4%
Net Profit Margin -17.5%
Net Profit Margin - 3 Yr. Avg. -13.8%
Effective Tax Rate 0.7%
Eff/ Tax Rate - 3 Yr. Avg. -6.6%
Payout Ratio 0%

VNET stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VNET stock intrinsic value calculation we used $527 million for the last fiscal year's total revenue generated by 21Vianet Group ADR. The default revenue input number comes from 2016 income statement of 21Vianet Group 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 VNET 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 6.4%, whose default value for VNET is calculated based on our internal credit rating of 21Vianet Group 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 21Vianet Group 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 VNET stock the variable cost ratio is equal to 107.8%.

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 VNET 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 4.8% for 21Vianet Group ADR.

Corporate tax rate of 27% is the nominal tax rate for 21Vianet Group 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 VNET 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 VNET are equal to 136.1%.

Life of production assets of 10.1 years is the average useful life of capital assets used in 21Vianet Group 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 VNET is equal to 45.2%. 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 - $886 million for 21Vianet Group 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 116.827 million for 21Vianet Group 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 21Vianet Group ADR at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Why 21 Vianet Group Inc. Stock Popped Today   [Oct-04-17 07:37PM  Motley Fool]
▶ Why Shares of 21Vianet Group Are Tumbling Today   [Sep-27-17 12:57PM  Motley Fool]
▶ What Does 21Vianet Group Incs (VNET) Share Price Indicate?   [Sep-12-17 08:07PM  Simply Wall St.]
▶ 21Vianet reports 2Q loss   [Aug-22-17 09:21PM  Associated Press]
▶ 21Vianet reports 1Q loss   [May-25-17 04:34PM  Associated Press]
▶ /DISREGARD RELEASE: 21Vianet Blue Cloud/   [May-24-17 06:00AM  PR Newswire]
▶ ETFs with exposure to 21Vianet Group, Inc. : May 18, 2017   [May-18-17 02:06PM  Capital Cube]
▶ ETFs with exposure to 21Vianet Group, Inc. : May 1, 2017   [May-01-17 04:34PM  Capital Cube]
▶ 21Vianet Group, Inc. Filed Its Annual Report on Form 20-F   [Apr-12-17 06:00PM  GlobeNewswire]
▶ Bear Of The Day: Akamai Tech (AKAM)   [Mar-27-17 06:49AM  Zacks]
▶ Why 21Vianet Group Inc. Stock Plunged Today   [Mar-09-17 12:50PM  Motley Fool]
▶ 21Vianet reports 4Q loss   [04:52PM  Associated Press]
▶ 2 Chinese Stocks That Were Cut in Half in a Year   [Mar-02-17 06:11PM  Motley Fool]
▶ Hedge Funds Are Dumping 21Vianet Group Inc (VNET)   [Dec-13-16 01:57PM  at Insider Monkey]
▶ [$$] Warburg and 21Vianet Form Digital Real-Estate Platform in China   [Oct-31-16 01:26PM  at The Wall Street Journal]
▶ 5 Major Nasdaq Stocks That Hit 52-Week Lows This Week   [Sep-15-16 08:10AM  at Insider Monkey]
▶ Infosys, Noble Corp. Drop into Mondays 52-Week Low Club   [Aug-22-16 04:04PM  at 24/7 Wall St.]
▶ 21Vianet (VNET) Stock Plunges After Q2 Loss, Downgrade   [Aug-17-16 03:10PM  at TheStreet]
▶ Fitbit, Lipocine Top Wednesdays 52-Week Low Club   [Jun-29-16 04:04PM  at 24/7 Wall St.]
▶ The 52-Week Low Club for Wednesday   [May-25-16 04:04PM  at 24/7 Wall St.]
▶ 7 Stocks Spiking on Big Volume   [May-17-16 07:13AM  at TheStreet]
Financial statements of VNET
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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