Intrinsic value of Weibo ADR - WB

Previous Close

$88.32

  Intrinsic Value

$124.44

stock screener

  Rating & Target

buy

+41%

  Value-price divergence*

-27%

Previous close

$88.32

 
Intrinsic value

$124.44

 
Up/down potential

+41%

 
Rating

buy

 
Value-price divergence*

-27%

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

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 18.5

 

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
  37.20
  33.98
  31.08
  28.47
  26.13
  24.01
  22.11
  20.40
  18.86
  17.47
  16.23
  15.10
  14.09
  13.18
  12.37
  11.63
  10.97
  10.37
  9.83
  9.35
  8.91
  8.52
  8.17
  7.85
  7.57
  7.31
  7.08
  6.87
  6.69
  6.52
Revenue, $m
  656
  900
  1,206
  1,581
  2,031
  2,561
  3,176
  3,879
  4,670
  5,551
  6,521
  7,579
  8,724
  9,953
  11,266
  12,659
  14,131
  15,681
  17,307
  19,009
  20,786
  22,639
  24,569
  26,576
  28,663
  30,833
  33,087
  35,430
  37,865
  40,396
  43,029
Variable operating expenses, $m
 
  379
  507
  664
  853
  1,075
  1,333
  1,628
  1,960
  2,329
  2,736
  3,179
  3,659
  4,175
  4,726
  5,310
  5,928
  6,578
  7,260
  7,974
  8,719
  9,497
  10,306
  11,148
  12,024
  12,934
  13,879
  14,862
  15,883
  16,945
  18,049
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
  630
  764
  928
  1,123
  1,352
  1,617
  1,919
  2,259
  2,635
  3,050
  3,500
  3,988
  4,513
  5,072
  5,665
  6,292
  6,951
  7,642
  8,366
  9,120
  9,908
  10,728
  11,580
  12,467
  13,388
  14,345
  15,339
  16,372
  17,446
  18,563
Operating income, $m
  141
  270
  442
  653
  907
  1,209
  1,559
  1,959
  2,412
  2,915
  3,471
  4,078
  4,735
  5,440
  6,194
  6,994
  7,840
  8,730
  9,665
  10,643
  11,665
  12,731
  13,841
  14,996
  16,197
  17,445
  18,742
  20,091
  21,492
  22,950
  24,465
EBITDA, $m
  155
  275
  447
  660
  916
  1,219
  1,572
  1,975
  2,430
  2,937
  3,496
  4,106
  4,767
  5,477
  6,236
  7,041
  7,892
  8,788
  9,729
  10,714
  11,742
  12,815
  13,932
  15,094
  16,303
  17,559
  18,865
  20,222
  21,632
  23,099
  24,624
Interest expense (income), $m
  3
  0
  4
  8
  14
  21
  29
  38
  49
  61
  74
  89
  105
  122
  141
  161
  182
  204
  228
  252
  278
  305
  333
  362
  393
  424
  457
  492
  527
  564
  602
Earnings before tax, $m
  110
  270
  438
  644
  893
  1,188
  1,530
  1,921
  2,363
  2,855
  3,397
  3,989
  4,630
  5,318
  6,053
  6,833
  7,658
  8,526
  9,437
  10,391
  11,387
  12,426
  13,508
  14,633
  15,804
  17,020
  18,285
  19,599
  20,965
  22,386
  23,863
Tax expense, $m
  4
  73
  118
  174
  241
  321
  413
  519
  638
  771
  917
  1,077
  1,250
  1,436
  1,634
  1,845
  2,068
  2,302
  2,548
  2,806
  3,075
  3,355
  3,647
  3,951
  4,267
  4,596
  4,937
  5,292
  5,661
  6,044
  6,443
Net income, $m
  108
  197
  320
  470
  652
  867
  1,117
  1,403
  1,725
  2,084
  2,480
  2,912
  3,380
  3,882
  4,419
  4,988
  5,590
  6,224
  6,889
  7,585
  8,313
  9,071
  9,861
  10,682
  11,537
  12,425
  13,348
  14,307
  15,305
  16,341
  17,420

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
  880
  1,179
  1,545
  1,985
  2,504
  3,105
  3,792
  4,565
  5,426
  6,374
  7,409
  8,528
  9,730
  11,012
  12,374
  13,813
  15,328
  16,918
  18,581
  20,319
  22,130
  24,016
  25,979
  28,019
  30,140
  32,343
  34,633
  37,013
  39,488
  42,061
Adjusted assets (=assets-cash), $m
  641
  880
  1,179
  1,545
  1,985
  2,504
  3,105
  3,792
  4,565
  5,426
  6,374
  7,409
  8,528
  9,730
  11,012
  12,374
  13,813
  15,328
  16,918
  18,581
  20,319
  22,130
  24,016
  25,979
  28,019
  30,140
  32,343
  34,633
  37,013
  39,488
  42,061
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
  33
  45
  58
  75
  95
  118
  144
  173
  205
  241
  280
  323
  368
  417
  468
  523
  580
  640
  703
  769
  838
  909
  983
  1,061
  1,141
  1,224
  1,311
  1,401
  1,495
  1,592
Working capital, $m
  319
  -90
  -121
  -158
  -203
  -256
  -318
  -388
  -467
  -555
  -652
  -758
  -872
  -995
  -1,127
  -1,266
  -1,413
  -1,568
  -1,731
  -1,901
  -2,079
  -2,264
  -2,457
  -2,658
  -2,866
  -3,083
  -3,309
  -3,543
  -3,786
  -4,040
  -4,303
Total debt, $m
  0
  106
  238
  400
  595
  825
  1,091
  1,396
  1,738
  2,120
  2,540
  2,998
  3,494
  4,026
  4,595
  5,198
  5,835
  6,506
  7,211
  7,948
  8,717
  9,520
  10,355
  11,225
  12,128
  13,068
  14,044
  15,059
  16,113
  17,209
  18,349
Total liabilities, $m
  284
  390
  522
  684
  879
  1,109
  1,375
  1,680
  2,022
  2,404
  2,824
  3,282
  3,778
  4,310
  4,879
  5,482
  6,119
  6,790
  7,495
  8,232
  9,001
  9,804
  10,639
  11,509
  12,412
  13,352
  14,328
  15,343
  16,397
  17,493
  18,633
Total equity, $m
  753
  490
  657
  861
  1,106
  1,395
  1,729
  2,112
  2,543
  3,022
  3,550
  4,127
  4,750
  5,419
  6,134
  6,892
  7,694
  8,538
  9,423
  10,350
  11,318
  12,326
  13,377
  14,470
  15,607
  16,788
  18,015
  19,291
  20,616
  21,995
  23,428
Total liabilities and equity, $m
  1,037
  880
  1,179
  1,545
  1,985
  2,504
  3,104
  3,792
  4,565
  5,426
  6,374
  7,409
  8,528
  9,729
  11,013
  12,374
  13,813
  15,328
  16,918
  18,582
  20,319
  22,130
  24,016
  25,979
  28,019
  30,140
  32,343
  34,634
  37,013
  39,488
  42,061
Debt-to-equity ratio
  0.000
  0.220
  0.360
  0.470
  0.540
  0.590
  0.630
  0.660
  0.680
  0.700
  0.720
  0.730
  0.740
  0.740
  0.750
  0.750
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.770
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
  0.780
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
  197
  320
  470
  652
  867
  1,117
  1,403
  1,725
  2,084
  2,480
  2,912
  3,380
  3,882
  4,419
  4,988
  5,590
  6,224
  6,889
  7,585
  8,313
  9,071
  9,861
  10,682
  11,537
  12,425
  13,348
  14,307
  15,305
  16,341
  17,420
Depreciation, amort., depletion, $m
  14
  4
  5
  7
  9
  10
  13
  15
  18
  22
  25
  28
  32
  37
  42
  47
  52
  58
  64
  70
  77
  84
  91
  98
  106
  114
  122
  131
  140
  149
  159
Funds from operations, $m
  272
  202
  325
  477
  661
  878
  1,130
  1,418
  1,743
  2,105
  2,505
  2,940
  3,412
  3,919
  4,460
  5,035
  5,642
  6,282
  6,953
  7,656
  8,390
  9,155
  9,952
  10,781
  11,643
  12,539
  13,470
  14,438
  15,445
  16,491
  17,579
Change in working capital, $m
  36
  -24
  -31
  -37
  -45
  -53
  -62
  -70
  -79
  -88
  -97
  -106
  -114
  -123
  -131
  -139
  -147
  -155
  -163
  -170
  -178
  -185
  -193
  -201
  -209
  -217
  -225
  -234
  -243
  -253
  -263
Cash from operations, $m
  236
  226
  356
  515
  706
  931
  1,191
  1,488
  1,822
  2,193
  2,602
  3,046
  3,527
  4,042
  4,592
  5,174
  5,790
  6,437
  7,116
  7,826
  8,567
  9,340
  10,144
  10,981
  11,852
  12,756
  13,696
  14,673
  15,688
  16,744
  17,842
Maintenance CAPEX, $m
  0
  -2
  -3
  -4
  -6
  -8
  -9
  -12
  -14
  -17
  -21
  -24
  -28
  -32
  -37
  -42
  -47
  -52
  -58
  -64
  -70
  -77
  -84
  -91
  -98
  -106
  -114
  -122
  -131
  -140
  -149
New CAPEX, $m
  -13
  -9
  -11
  -14
  -17
  -20
  -23
  -26
  -29
  -33
  -36
  -39
  -42
  -45
  -49
  -52
  -54
  -57
  -60
  -63
  -66
  -69
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
Cash from investing activities, $m
  -97
  -11
  -14
  -18
  -23
  -28
  -32
  -38
  -43
  -50
  -57
  -63
  -70
  -77
  -86
  -94
  -101
  -109
  -118
  -127
  -136
  -146
  -155
  -165
  -175
  -186
  -197
  -209
  -221
  -234
  -246
Free cash flow, $m
  139
  215
  341
  496
  683
  904
  1,159
  1,450
  1,779
  2,144
  2,545
  2,983
  3,456
  3,964
  4,506
  5,081
  5,688
  6,327
  6,998
  7,699
  8,431
  9,195
  9,989
  10,816
  11,676
  12,570
  13,498
  14,464
  15,467
  16,510
  17,595
Issuance/(repayment) of debt, $m
  0
  106
  132
  162
  195
  230
  266
  304
  343
  381
  420
  458
  496
  532
  568
  603
  638
  671
  704
  737
  770
  802
  836
  869
  904
  939
  976
  1,014
  1,054
  1,096
  1,140
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
  106
  132
  162
  195
  230
  266
  304
  343
  381
  420
  458
  496
  532
  568
  603
  638
  671
  704
  737
  770
  802
  836
  869
  904
  939
  976
  1,014
  1,054
  1,096
  1,140
Total cash flow (excl. dividends), $m
  127
  321
  474
  659
  878
  1,133
  1,425
  1,755
  2,121
  2,525
  2,965
  3,441
  3,952
  4,497
  5,074
  5,684
  6,326
  6,998
  7,702
  8,436
  9,201
  9,997
  10,825
  11,686
  12,580
  13,509
  14,475
  15,478
  16,521
  17,606
  18,735
Retained Cash Flow (-), $m
  -132
  -133
  -167
  -204
  -245
  -289
  -335
  -382
  -431
  -480
  -528
  -576
  -623
  -669
  -715
  -759
  -802
  -844
  -885
  -927
  -968
  -1,009
  -1,051
  -1,093
  -1,136
  -1,181
  -1,227
  -1,276
  -1,326
  -1,378
  -1,433
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
 
  584
  307
  455
  633
  844
  1,090
  1,372
  1,690
  2,045
  2,437
  2,865
  3,329
  3,827
  4,360
  4,926
  5,524
  6,155
  6,816
  7,509
  8,233
  8,988
  9,774
  10,593
  11,443
  12,328
  13,247
  14,203
  15,196
  16,228
  17,302
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
 
  559
  281
  396
  521
  655
  791
  927
  1,057
  1,175
  1,278
  1,361
  1,420
  1,455
  1,464
  1,446
  1,404
  1,339
  1,255
  1,156
  1,046
  930
  811
  694
  583
  480
  386
  305
  235
  177
  130
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 operates as a social media platform for people to create, distribute, and discover Chinese-language content. It operates through two segments, Advertising and Marketing Services, and Other Services. The company 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 SMS or push notification on their device. It also provides third-party online games, including role playing, card, strategy, and real life simulation games, as well as various services and functions to VIP members; and develops mobile apps comprising Weibo Headlines that aggregates news and information from Weibo and other online sources, as well as Weibo Weather, a weather app. In addition, the company offers advertising and marketing solutions, such as social display ads; and promoted feeds, accounts, and trends to enable its customers to promote their brands and conduct marketing activities. Further, it provides products that allow its platform partners to link their Websites and mobile apps to its platform, enabling their users to share content to Weibo; application programming interfaces, which allow third-party developers to build apps to serve individual and organization users; Weibo Credit that allows its users to purchase in-game virtual items and other fee-based services on Weibo, as well as for its platform partners to receive payment in a secure and trusted environment; and Weibo wallet, enabling individuals and businesses to hand out red envelops to build a follower base. The company was formerly known as T.CN Corporation and changed its name to Weibo Corporation in 2012. The company was founded in 2009 and is headquartered in Beijing, China. Weibo Corporation is a subsidiary of SINA Corporation.

FINANCIAL RATIOS  of  Weibo ADR (WB)

Valuation Ratios
P/E Ratio 178.3
Price to Sales 29.4
Price to Book 25.6
Price to Tangible Book
Price to Cash Flow 81.6
Price to Free Cash Flow 86.4
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. 2.1%
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. 6.4%
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 37.2% 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 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 10 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 -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 - $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 208.911 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 $18.5 billion.

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COMPANY NEWS

▶ 5 Things Weibo Management Wants You to Know   [Aug-15-17 07:29PM  Motley Fool]
▶ Dont Chase Twitter Inc (TWTR), Snap Inc (SNAP) Right Now   [Aug-14-17 04:45PM  InvestorPlace]
▶ Weibo Delivers Second-Quarter Sales and Earnings Beat   [Aug-12-17 11:19AM  Motley Fool]
▶ [$$] China Targets Social-Media Giants WeChat, Weibo inCybersecurity Probe   [Aug-11-17 11:27PM  The Wall Street Journal]
▶ S&P set for its worst week since November   [09:21AM  Yahoo Finance]
▶ Weibo: 2Q Results Beat But User Numbers Disappoint   [Aug-09-17 11:35PM  Barrons.com]
▶ The key takeaways from Weibo's earnings   [09:10PM  CNBC Videos]
▶ SINA Grows Stronger by the Day   [07:16PM  Motley Fool]
▶ Red-Hot China Stocks Weibo, Sina Fall On Earnings   [06:59AM  Investor's Business Daily]
▶ What to Watch When SINA Reports Earnings   [Aug-07-17 09:55PM  Motley Fool]
▶ China Earnings In Focus: SINA, WB, NTES, YY, ATHM   [05:25AM  Investor's Business Daily]
▶ What Do Chinese Stocks Sina, Alibaba And Weibo Have In Common?   [Aug-03-17 04:07PM  Investor's Business Daily]
▶ Bullish on Baidu Inc.? You'll Love These Stocks   [Jul-31-17 06:20PM  Motley Fool]
▶ Weibo History: Everything Investors Need to Know   [Jul-30-17 09:48AM  Motley Fool]
▶ Social Media Short Interest Leaps Forward   [10:40AM  24/7 Wall St.]
Stock chart of WB 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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