Intrinsic value of Weibo ADR - WB

Previous Close

$103.53

  Intrinsic Value

$459.60

stock screener

  Rating & Target

str. buy

+344%

Previous close

$103.53

 
Intrinsic value

$459.60

 
Up/down potential

+344%

 
Rating

str. buy

We calculate the intrinsic value of WB 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 22.6

 

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, %
  37.24
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  656
  1,050
  1,622
  2,425
  3,519
  4,964
  6,825
  9,161
  12,029
  15,479
  19,551
  24,278
  29,682
  35,776
  42,567
  50,051
  58,222
  67,066
  76,571
  86,721
  97,500
  108,895
  120,893
  133,485
  146,666
  160,434
  174,790
  189,741
  205,297
  221,471
  238,282
Variable operating expenses, $m
 
  441
  681
  1,018
  1,477
  2,083
  2,864
  3,844
  5,047
  6,494
  8,202
  10,184
  12,451
  15,007
  17,856
  20,995
  24,423
  28,133
  32,120
  36,377
  40,899
  45,679
  50,712
  55,994
  61,523
  67,298
  73,320
  79,592
  86,117
  92,902
  99,953
Fixed operating expenses, $m
 
  251
  257
  264
  270
  277
  284
  291
  299
  306
  314
  321
  329
  338
  346
  355
  364
  373
  382
  392
  401
  411
  422
  432
  443
  454
  466
  477
  489
  501
  514
Total operating expenses, $m
  515
  692
  938
  1,282
  1,747
  2,360
  3,148
  4,135
  5,346
  6,800
  8,516
  10,505
  12,780
  15,345
  18,202
  21,350
  24,787
  28,506
  32,502
  36,769
  41,300
  46,090
  51,134
  56,426
  61,966
  67,752
  73,786
  80,069
  86,606
  93,403
  100,467
Operating income, $m
  141
  357
  683
  1,143
  1,771
  2,604
  3,677
  5,026
  6,684
  8,679
  11,035
  13,772
  16,901
  20,431
  24,365
  28,701
  33,435
  38,561
  44,069
  49,952
  56,200
  62,804
  69,759
  77,059
  84,700
  92,682
  101,005
  109,672
  118,691
  128,068
  137,814
EBITDA, $m
  155
  366
  696
  1,162
  1,798
  2,642
  3,728
  5,095
  6,774
  8,794
  11,181
  13,952
  17,121
  20,696
  24,680
  29,071
  33,866
  39,057
  44,636
  50,594
  56,921
  63,610
  70,654
  78,047
  85,786
  93,869
  102,298
  111,076
  120,210
  129,707
  139,578
Interest expense (income), $m
  3
  0
  6
  15
  27
  43
  65
  94
  129
  172
  225
  286
  358
  440
  532
  635
  749
  872
  1,007
  1,151
  1,304
  1,468
  1,641
  1,822
  2,013
  2,213
  2,422
  2,639
  2,866
  3,102
  3,347
Earnings before tax, $m
  110
  357
  677
  1,128
  1,744
  2,560
  3,612
  4,933
  6,555
  8,506
  10,810
  13,486
  16,543
  19,991
  23,833
  28,066
  32,687
  37,688
  43,063
  48,801
  54,895
  61,337
  68,119
  75,237
  82,687
  90,469
  98,583
  107,033
  115,825
  124,966
  134,468
Tax expense, $m
  4
  96
  183
  305
  471
  691
  975
  1,332
  1,770
  2,297
  2,919
  3,641
  4,467
  5,398
  6,435
  7,578
  8,825
  10,176
  11,627
  13,176
  14,822
  16,561
  18,392
  20,314
  22,325
  24,427
  26,617
  28,899
  31,273
  33,741
  36,306
Net income, $m
  108
  261
  494
  824
  1,273
  1,869
  2,637
  3,601
  4,785
  6,210
  7,892
  9,845
  12,077
  14,594
  17,398
  20,488
  23,861
  27,512
  31,436
  35,625
  40,074
  44,776
  49,727
  54,923
  60,362
  66,042
  71,965
  78,134
  84,552
  91,225
  98,161

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  396
  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
  1,037
  1,026
  1,585
  2,371
  3,440
  4,853
  6,672
  8,955
  11,759
  15,131
  19,111
  23,732
  29,014
  34,972
  41,610
  48,926
  56,913
  65,558
  74,850
  84,771
  95,308
  106,446
  118,175
  130,484
  143,369
  156,827
  170,861
  185,475
  200,681
  216,492
  232,924
Adjusted assets (=assets-cash), $m
  641
  1,026
  1,585
  2,371
  3,440
  4,853
  6,672
  8,955
  11,759
  15,131
  19,111
  23,732
  29,014
  34,972
  41,610
  48,926
  56,913
  65,558
  74,850
  84,771
  95,308
  106,446
  118,175
  130,484
  143,369
  156,827
  170,861
  185,475
  200,681
  216,492
  232,924
Revenue / Adjusted assets
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
  1.023
Average production assets, $m
  25
  39
  60
  90
  130
  184
  253
  339
  445
  573
  723
  898
  1,098
  1,324
  1,575
  1,852
  2,154
  2,481
  2,833
  3,209
  3,608
  4,029
  4,473
  4,939
  5,427
  5,936
  6,467
  7,020
  7,596
  8,194
  8,816
Working capital, $m
  319
  -123
  -190
  -284
  -412
  -581
  -799
  -1,072
  -1,407
  -1,811
  -2,287
  -2,840
  -3,473
  -4,186
  -4,980
  -5,856
  -6,812
  -7,847
  -8,959
  -10,146
  -11,408
  -12,741
  -14,144
  -15,618
  -17,160
  -18,771
  -20,450
  -22,200
  -24,020
  -25,912
  -27,879
Total debt, $m
  0
  171
  418
  766
  1,240
  1,866
  2,672
  3,683
  4,925
  6,419
  8,182
  10,229
  12,569
  15,209
  18,149
  21,390
  24,928
  28,758
  32,874
  37,270
  41,937
  46,872
  52,067
  57,520
  63,228
  69,190
  75,407
  81,882
  88,618
  95,622
  102,902
Total liabilities, $m
  284
  455
  702
  1,050
  1,524
  2,150
  2,956
  3,967
  5,209
  6,703
  8,466
  10,513
  12,853
  15,493
  18,433
  21,674
  25,212
  29,042
  33,158
  37,554
  42,221
  47,156
  52,351
  57,804
  63,512
  69,474
  75,691
  82,166
  88,902
  95,906
  103,186
Total equity, $m
  753
  571
  883
  1,320
  1,916
  2,703
  3,716
  4,988
  6,550
  8,428
  10,645
  13,219
  16,161
  19,479
  23,177
  27,252
  31,700
  36,516
  41,691
  47,218
  53,087
  59,291
  65,823
  72,680
  79,856
  87,353
  95,169
  103,310
  111,779
  120,586
  129,739
Total liabilities and equity, $m
  1,037
  1,026
  1,585
  2,370
  3,440
  4,853
  6,672
  8,955
  11,759
  15,131
  19,111
  23,732
  29,014
  34,972
  41,610
  48,926
  56,912
  65,558
  74,849
  84,772
  95,308
  106,447
  118,174
  130,484
  143,368
  156,827
  170,860
  185,476
  200,681
  216,492
  232,925
Debt-to-equity ratio
  0.000
  0.300
  0.470
  0.580
  0.650
  0.690
  0.720
  0.740
  0.750
  0.760
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
  0.790
Adjusted equity ratio
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557
  0.557

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  261
  494
  824
  1,273
  1,869
  2,637
  3,601
  4,785
  6,210
  7,892
  9,845
  12,077
  14,594
  17,398
  20,488
  23,861
  27,512
  31,436
  35,625
  40,074
  44,776
  49,727
  54,923
  60,362
  66,042
  71,965
  78,134
  84,552
  91,225
  98,161
Depreciation, amort., depletion, $m
  14
  9
  13
  19
  27
  38
  52
  69
  90
  116
  146
  180
  220
  265
  315
  370
  431
  496
  567
  642
  722
  806
  895
  988
  1,085
  1,187
  1,293
  1,404
  1,519
  1,639
  1,763
Funds from operations, $m
  272
  270
  507
  843
  1,301
  1,907
  2,688
  3,670
  4,875
  6,325
  8,037
  10,024
  12,296
  14,859
  17,713
  20,858
  24,292
  28,009
  32,002
  36,267
  40,795
  45,582
  50,621
  55,911
  61,447
  67,229
  73,259
  79,538
  86,071
  92,864
  99,925
Change in working capital, $m
  36
  -46
  -67
  -94
  -128
  -169
  -218
  -273
  -336
  -404
  -476
  -553
  -632
  -713
  -794
  -876
  -956
  -1,035
  -1,112
  -1,188
  -1,261
  -1,333
  -1,404
  -1,473
  -1,542
  -1,611
  -1,680
  -1,749
  -1,820
  -1,892
  -1,967
Cash from operations, $m
  236
  316
  574
  937
  1,428
  2,076
  2,906
  3,943
  5,211
  6,729
  8,514
  10,577
  12,929
  15,572
  18,507
  21,734
  25,248
  29,044
  33,115
  37,454
  42,056
  46,915
  52,025
  57,384
  62,989
  68,840
  74,939
  81,287
  87,891
  94,757
  101,892
Maintenance CAPEX, $m
  0
  -5
  -8
  -12
  -18
  -26
  -37
  -51
  -68
  -89
  -115
  -145
  -180
  -220
  -265
  -315
  -370
  -431
  -496
  -567
  -642
  -722
  -806
  -895
  -988
  -1,085
  -1,187
  -1,293
  -1,404
  -1,519
  -1,639
New CAPEX, $m
  -13
  -14
  -21
  -30
  -40
  -53
  -69
  -86
  -106
  -128
  -151
  -175
  -200
  -226
  -251
  -277
  -302
  -327
  -352
  -376
  -399
  -422
  -444
  -466
  -488
  -509
  -531
  -553
  -576
  -598
  -622
Cash from investing activities, $m
  -97
  -19
  -29
  -42
  -58
  -79
  -106
  -137
  -174
  -217
  -266
  -320
  -380
  -446
  -516
  -592
  -672
  -758
  -848
  -943
  -1,041
  -1,144
  -1,250
  -1,361
  -1,476
  -1,594
  -1,718
  -1,846
  -1,980
  -2,117
  -2,261
Free cash flow, $m
  139
  296
  545
  895
  1,370
  1,996
  2,800
  3,806
  5,037
  6,512
  8,249
  10,258
  12,549
  15,126
  17,991
  21,142
  24,575
  28,286
  32,267
  36,512
  41,016
  45,772
  50,775
  56,023
  61,514
  67,245
  73,220
  79,441
  85,912
  92,639
  99,631
Issuance/(repayment) of debt, $m
  0
  171
  248
  348
  474
  626
  806
  1,012
  1,242
  1,494
  1,763
  2,047
  2,340
  2,639
  2,941
  3,241
  3,538
  3,830
  4,116
  4,395
  4,668
  4,934
  5,196
  5,453
  5,708
  5,962
  6,217
  6,474
  6,736
  7,004
  7,280
Issuance/(repurchase) of shares, $m
  4
  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  
  3
  171
  248
  348
  474
  626
  806
  1,012
  1,242
  1,494
  1,763
  2,047
  2,340
  2,639
  2,941
  3,241
  3,538
  3,830
  4,116
  4,395
  4,668
  4,934
  5,196
  5,453
  5,708
  5,962
  6,217
  6,474
  6,736
  7,004
  7,280
Total cash flow (excl. dividends), $m
  127
  467
  793
  1,243
  1,844
  2,623
  3,606
  4,818
  6,279
  8,006
  10,012
  12,305
  14,889
  17,766
  20,932
  24,383
  28,113
  32,116
  36,383
  40,907
  45,683
  50,706
  55,971
  61,476
  67,222
  73,207
  79,437
  85,915
  92,648
  99,643
  106,910
Retained Cash Flow (-), $m
  -132
  -214
  -311
  -437
  -595
  -787
  -1,013
  -1,272
  -1,562
  -1,878
  -2,217
  -2,574
  -2,942
  -3,318
  -3,697
  -4,075
  -4,449
  -4,816
  -5,175
  -5,526
  -5,869
  -6,204
  -6,533
  -6,856
  -7,177
  -7,496
  -7,817
  -8,140
  -8,470
  -8,806
  -9,153
Prev. year cash balance distribution, $m
 
  396
  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
 
  648
  481
  805
  1,248
  1,835
  2,593
  3,546
  4,717
  6,128
  7,795
  9,731
  11,947
  14,447
  17,235
  20,308
  23,665
  27,300
  31,207
  35,381
  39,814
  44,502
  49,438
  54,620
  60,045
  65,711
  71,620
  77,775
  84,178
  90,837
  97,757
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
 
  622
  441
  701
  1,028
  1,423
  1,882
  2,395
  2,948
  3,520
  4,086
  4,621
  5,098
  5,493
  5,786
  5,962
  6,014
  5,940
  5,747
  5,448
  5,059
  4,603
  4,102
  3,580
  3,058
  2,556
  2,090
  1,669
  1,302
  992
  736
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

Weibo Corporation is a social media platform for people to create, distribute and discover Chinese-language content. The Company provides ways for people and organizations to publicly express themselves in real time, interact with others on a global platform and stay connected with the world. It operates in two segments: advertising and marketing services and other services. It offers self-expression products that enable its users to express themselves on its platform; social products to promote social interaction between users on its platform; discovery products to help users discover content on its platform, and notifications to notify users on Weibo account activities through short message service (SMS) or push notification on their device. It offers advertising and marketing solutions to enable its customers to promote their brands and conduct marketing activities. It offers its platform partners with tools and application programming interfaces (APIs).

FINANCIAL RATIOS  of  Weibo ADR (WB)

Valuation Ratios
P/E Ratio 209.1
Price to Sales 34.4
Price to Book 30
Price to Tangible Book
Price to Cash Flow 95.7
Price to Free Cash Flow 101.2
Growth Rates
Sales Growth Rate 37.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 18.2%
Cap. Spend. - 3 Yr. Gr. Rate 1.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 38
Management Effectiveness
Return On Assets 11.8%
Ret/ On Assets - 3 Yr. Avg. 2.6%
Return On Total Capital 15.7%
Ret/ On T. Cap. - 3 Yr. Avg. 1.8%
Return On Equity 15.7%
Return On Equity - 3 Yr. Avg. 1.8%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 73.9%
Gross Margin - 3 Yr. Avg. 73.1%
EBITDA Margin 19.4%
EBITDA Margin - 3 Yr. Avg. 7.2%
Operating Margin 21.5%
Oper. Margin - 3 Yr. Avg. 7.6%
Pre-Tax Margin 16.8%
Pre-Tax Margin - 3 Yr. Avg. 1.8%
Net Profit Margin 16.5%
Net Profit Margin - 3 Yr. Avg. 1.4%
Effective Tax Rate 3.6%
Eff/ Tax Rate - 3 Yr. Avg. 3.4%
Payout Ratio 0%

WB stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WB stock intrinsic value calculation we used $656 million for the last fiscal year's total revenue generated by Weibo ADR. The default revenue input number comes from 2016 income statement of Weibo 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 WB stock valuation model: a) initial revenue growth rate of 60% 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 WB is calculated based on our internal credit rating of Weibo 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 Weibo 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 WB stock the variable cost ratio is equal to 42.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $245 million in the base year in the intrinsic value calculation for WB 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 Weibo ADR.

Corporate tax rate of 27% is the nominal tax rate for Weibo 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 WB 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 WB are equal to 3.7%.

Life of production assets of 2.5 years is the average useful life of capital assets used in Weibo 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 WB is equal to -11.7%. 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 - $753 million for Weibo 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 218.685 million for Weibo 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 Weibo ADR at the current share price and the inputted number of shares is $22.6 billion.

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Financial statements of WB
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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