Intrinsic value of Xinyuan Real Estate ADR - XIN

Previous Close

$4.60

  Intrinsic Value

$49.29

stock screener

  Rating & Target

str. buy

+972%

Previous close

$4.60

 
Intrinsic value

$49.29

 
Up/down potential

+972%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as XIN.

We calculate the intrinsic value of XIN 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, %
  34.19
  34.10
  31.19
  28.57
  26.21
  24.09
  22.18
  20.46
  18.92
  17.53
  16.27
  15.15
  14.13
  13.22
  12.40
  11.66
  10.99
  10.39
  9.85
  9.37
  8.93
  8.54
  8.18
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
  6.37
Revenue, $m
  1,562
  2,095
  2,748
  3,533
  4,459
  5,534
  6,761
  8,145
  9,686
  11,383
  13,236
  15,240
  17,394
  19,693
  22,135
  24,715
  27,432
  30,282
  33,266
  36,383
  39,632
  43,016
  46,536
  50,196
  54,001
  57,954
  62,063
  66,333
  70,772
  75,388
  80,191
Variable operating expenses, $m
 
  1,707
  2,240
  2,879
  3,634
  4,510
  5,510
  6,638
  7,894
  9,277
  10,787
  12,421
  14,176
  16,050
  18,040
  20,143
  22,357
  24,680
  27,112
  29,652
  32,300
  35,058
  37,927
  40,910
  44,011
  47,233
  50,581
  54,061
  57,679
  61,441
  65,356
Fixed operating expenses, $m
 
  115
  118
  121
  123
  126
  129
  132
  134
  137
  140
  144
  147
  150
  153
  157
  160
  164
  167
  171
  175
  178
  182
  186
  191
  195
  199
  203
  208
  212
  217
Total operating expenses, $m
  1,394
  1,822
  2,358
  3,000
  3,757
  4,636
  5,639
  6,770
  8,028
  9,414
  10,927
  12,565
  14,323
  16,200
  18,193
  20,300
  22,517
  24,844
  27,279
  29,823
  32,475
  35,236
  38,109
  41,096
  44,202
  47,428
  50,780
  54,264
  57,887
  61,653
  65,573
Operating income, $m
  167
  272
  390
  533
  702
  898
  1,122
  1,375
  1,657
  1,968
  2,308
  2,676
  3,071
  3,493
  3,942
  4,416
  4,915
  5,439
  5,987
  6,560
  7,157
  7,779
  8,427
  9,100
  9,800
  10,527
  11,283
  12,068
  12,885
  13,734
  14,618
EBITDA, $m
  176
  326
  461
  624
  817
  1,040
  1,296
  1,585
  1,907
  2,262
  2,650
  3,069
  3,520
  4,001
  4,513
  5,053
  5,623
  6,220
  6,845
  7,499
  8,180
  8,889
  9,627
  10,395
  11,193
  12,022
  12,884
  13,780
  14,711
  15,679
  16,687
Interest expense (income), $m
  182
  114
  175
  250
  341
  448
  571
  713
  872
  1,049
  1,245
  1,458
  1,689
  1,937
  2,202
  2,483
  2,780
  3,093
  3,422
  3,765
  4,124
  4,498
  4,888
  5,294
  5,715
  6,153
  6,609
  7,082
  7,574
  8,085
  8,616
Earnings before tax, $m
  166
  158
  215
  283
  361
  450
  551
  663
  785
  919
  1,063
  1,218
  1,382
  1,556
  1,740
  1,932
  2,134
  2,345
  2,565
  2,795
  3,033
  3,281
  3,539
  3,806
  4,085
  4,374
  4,674
  4,986
  5,311
  5,650
  6,002
Tax expense, $m
  87
  43
  58
  76
  97
  122
  149
  179
  212
  248
  287
  329
  373
  420
  470
  522
  576
  633
  693
  755
  819
  886
  955
  1,028
  1,103
  1,181
  1,262
  1,346
  1,434
  1,525
  1,620
Net income, $m
  73
  115
  157
  206
  263
  329
  402
  484
  573
  671
  776
  889
  1,009
  1,136
  1,270
  1,411
  1,558
  1,712
  1,873
  2,040
  2,214
  2,395
  2,583
  2,779
  2,982
  3,193
  3,412
  3,640
  3,877
  4,124
  4,381

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  618
  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
  4,236
  5,677
  7,447
  9,575
  12,085
  14,996
  18,323
  22,073
  26,248
  30,849
  35,869
  41,302
  47,139
  53,370
  59,986
  66,979
  74,341
  82,066
  90,152
  98,598
  107,403
  116,573
  126,114
  136,033
  146,344
  157,058
  168,192
  179,764
  191,794
  204,304
  217,320
Adjusted assets (=assets-cash), $m
  3,618
  5,677
  7,447
  9,575
  12,085
  14,996
  18,323
  22,073
  26,248
  30,849
  35,869
  41,302
  47,139
  53,370
  59,986
  66,979
  74,341
  82,066
  90,152
  98,598
  107,403
  116,573
  126,114
  136,033
  146,344
  157,058
  168,192
  179,764
  191,794
  204,304
  217,320
Revenue / Adjusted assets
  0.432
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
Average production assets, $m
  152
  540
  709
  912
  1,150
  1,428
  1,744
  2,101
  2,499
  2,937
  3,415
  3,932
  4,488
  5,081
  5,711
  6,377
  7,077
  7,813
  8,583
  9,387
  10,225
  11,098
  12,006
  12,951
  13,932
  14,952
  16,012
  17,114
  18,259
  19,450
  20,689
Working capital, $m
  1,870
  -792
  -1,039
  -1,336
  -1,686
  -2,092
  -2,556
  -3,079
  -3,661
  -4,303
  -5,003
  -5,761
  -6,575
  -7,444
  -8,367
  -9,342
  -10,369
  -11,447
  -12,575
  -13,753
  -14,981
  -16,260
  -17,591
  -18,974
  -20,412
  -21,907
  -23,460
  -25,074
  -26,752
  -28,497
  -30,312
Total debt, $m
  2,113
  3,244
  4,637
  6,312
  8,287
  10,578
  13,196
  16,148
  19,434
  23,054
  27,005
  31,281
  35,875
  40,779
  45,985
  51,489
  57,283
  63,363
  69,726
  76,373
  83,303
  90,520
  98,028
  105,835
  113,949
  122,381
  131,143
  140,250
  149,718
  159,564
  169,807
Total liabilities, $m
  3,336
  4,467
  5,861
  7,535
  9,511
  11,802
  14,420
  17,371
  20,657
  24,278
  28,229
  32,505
  37,098
  42,002
  47,209
  52,712
  58,506
  64,586
  70,950
  77,596
  84,526
  91,743
  99,252
  107,058
  115,172
  123,604
  132,367
  141,474
  150,942
  160,787
  171,031
Total equity, $m
  900
  1,209
  1,586
  2,039
  2,574
  3,194
  3,903
  4,701
  5,591
  6,571
  7,640
  8,797
  10,041
  11,368
  12,777
  14,266
  15,835
  17,480
  19,202
  21,001
  22,877
  24,830
  26,862
  28,975
  31,171
  33,453
  35,825
  38,290
  40,852
  43,517
  46,289
Total liabilities and equity, $m
  4,236
  5,676
  7,447
  9,574
  12,085
  14,996
  18,323
  22,072
  26,248
  30,849
  35,869
  41,302
  47,139
  53,370
  59,986
  66,978
  74,341
  82,066
  90,152
  98,597
  107,403
  116,573
  126,114
  136,033
  146,343
  157,057
  168,192
  179,764
  191,794
  204,304
  217,320
Debt-to-equity ratio
  2.348
  2.680
  2.920
  3.090
  3.220
  3.310
  3.380
  3.430
  3.480
  3.510
  3.530
  3.560
  3.570
  3.590
  3.600
  3.610
  3.620
  3.620
  3.630
  3.640
  3.640
  3.650
  3.650
  3.650
  3.660
  3.660
  3.660
  3.660
  3.660
  3.670
  3.670
Adjusted equity ratio
  0.127
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  115
  157
  206
  263
  329
  402
  484
  573
  671
  776
  889
  1,009
  1,136
  1,270
  1,411
  1,558
  1,712
  1,873
  2,040
  2,214
  2,395
  2,583
  2,779
  2,982
  3,193
  3,412
  3,640
  3,877
  4,124
  4,381
Depreciation, amort., depletion, $m
  9
  54
  71
  91
  115
  143
  174
  210
  250
  294
  341
  393
  449
  508
  571
  638
  708
  781
  858
  939
  1,023
  1,110
  1,201
  1,295
  1,393
  1,495
  1,601
  1,711
  1,826
  1,945
  2,069
Funds from operations, $m
  -378
  169
  228
  297
  378
  471
  577
  694
  823
  965
  1,118
  1,282
  1,458
  1,644
  1,841
  2,048
  2,266
  2,493
  2,731
  2,979
  3,237
  3,505
  3,784
  4,074
  4,375
  4,688
  5,013
  5,352
  5,703
  6,069
  6,450
Change in working capital, $m
  -218
  -201
  -247
  -297
  -350
  -406
  -464
  -523
  -582
  -642
  -700
  -758
  -814
  -869
  -923
  -975
  -1,027
  -1,078
  -1,128
  -1,178
  -1,228
  -1,279
  -1,331
  -1,384
  -1,438
  -1,494
  -1,553
  -1,614
  -1,678
  -1,745
  -1,815
Cash from operations, $m
  -160
  371
  475
  594
  729
  878
  1,041
  1,217
  1,406
  1,606
  1,818
  2,040
  2,272
  2,513
  2,764
  3,024
  3,293
  3,571
  3,859
  4,157
  4,465
  4,784
  5,115
  5,457
  5,813
  6,182
  6,566
  6,966
  7,381
  7,814
  8,266
Maintenance CAPEX, $m
  0
  -40
  -54
  -71
  -91
  -115
  -143
  -174
  -210
  -250
  -294
  -341
  -393
  -449
  -508
  -571
  -638
  -708
  -781
  -858
  -939
  -1,023
  -1,110
  -1,201
  -1,295
  -1,393
  -1,495
  -1,601
  -1,711
  -1,826
  -1,945
New CAPEX, $m
  -3
  -138
  -169
  -203
  -239
  -277
  -317
  -357
  -398
  -438
  -478
  -517
  -556
  -593
  -630
  -666
  -701
  -736
  -770
  -804
  -838
  -873
  -908
  -944
  -982
  -1,020
  -1,060
  -1,102
  -1,145
  -1,191
  -1,239
Cash from investing activities, $m
  4
  -178
  -223
  -274
  -330
  -392
  -460
  -531
  -608
  -688
  -772
  -858
  -949
  -1,042
  -1,138
  -1,237
  -1,339
  -1,444
  -1,551
  -1,662
  -1,777
  -1,896
  -2,018
  -2,145
  -2,277
  -2,413
  -2,555
  -2,703
  -2,856
  -3,017
  -3,184
Free cash flow, $m
  -156
  193
  252
  321
  398
  485
  581
  685
  798
  918
  1,046
  1,181
  1,323
  1,471
  1,626
  1,787
  1,954
  2,128
  2,308
  2,494
  2,688
  2,889
  3,097
  3,312
  3,536
  3,769
  4,011
  4,263
  4,525
  4,797
  5,082
Issuance/(repayment) of debt, $m
  390
  1,131
  1,393
  1,674
  1,975
  2,291
  2,618
  2,951
  3,286
  3,621
  3,951
  4,276
  4,594
  4,904
  5,207
  5,503
  5,794
  6,080
  6,364
  6,646
  6,930
  7,217
  7,508
  7,807
  8,114
  8,432
  8,762
  9,107
  9,468
  9,846
  10,243
Issuance/(repurchase) of shares, $m
  -32
  194
  220
  247
  271
  291
  306
  315
  316
  309
  293
  268
  234
  191
  139
  79
  10
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  396
  1,325
  1,613
  1,921
  2,246
  2,582
  2,924
  3,266
  3,602
  3,930
  4,244
  4,544
  4,828
  5,095
  5,346
  5,582
  5,804
  6,080
  6,364
  6,646
  6,930
  7,217
  7,508
  7,807
  8,114
  8,432
  8,762
  9,107
  9,468
  9,846
  10,243
Total cash flow (excl. dividends), $m
  212
  1,518
  1,866
  2,242
  2,645
  3,068
  3,506
  3,951
  4,400
  4,848
  5,290
  5,725
  6,151
  6,566
  6,972
  7,369
  7,758
  8,208
  8,672
  9,141
  9,618
  10,105
  10,605
  11,119
  11,650
  12,201
  12,773
  13,370
  13,992
  14,643
  15,325
Retained Cash Flow (-), $m
  36
  -309
  -377
  -453
  -535
  -620
  -709
  -799
  -889
  -980
  -1,069
  -1,157
  -1,243
  -1,327
  -1,409
  -1,489
  -1,568
  -1,646
  -1,722
  -1,799
  -1,876
  -1,953
  -2,032
  -2,113
  -2,196
  -2,282
  -2,372
  -2,465
  -2,562
  -2,665
  -2,772
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
 
  8
  10
  14
  18
  22
  28
  34
  41
  48
  57
  66
  76
  87
  98
  111
  124
  137
  151
  166
  182
  198
  215
  233
  251
  270
  290
  310
  332
  354
  377
Cash available for distribution, $m
 
  1,209
  1,489
  1,789
  2,110
  2,448
  2,797
  3,153
  3,511
  3,868
  4,221
  4,568
  4,908
  5,239
  5,563
  5,879
  6,190
  6,562
  6,949
  7,342
  7,742
  8,152
  8,573
  9,006
  9,454
  9,919
  10,402
  10,905
  11,430
  11,978
  12,552
Discount rate, %
 
  8.40
  8.82
  9.26
  9.72
  10.21
  10.72
  11.26
  11.82
  12.41
  13.03
  13.68
  14.37
  15.09
  15.84
  16.63
  17.46
  18.34
  19.25
  20.22
  21.23
  22.29
  23.40
  24.57
  25.80
  27.09
  28.45
  29.87
  31.36
  32.93
  34.58
PV of cash for distribution, $m
 
  1,115
  1,257
  1,372
  1,456
  1,506
  1,518
  1,494
  1,436
  1,350
  1,240
  1,115
  980
  843
  710
  585
  471
  375
  292
  222
  165
  119
  84
  58
  38
  25
  16
  9
  6
  3
  2
Current shareholders' claim on cash, %
  100
  76.5
  60.7
  49.7
  41.7
  35.9
  31.6
  28.3
  25.8
  23.9
  22.5
  21.4
  20.7
  20.1
  19.8
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6
  19.6

Xinyuan Real Estate Co., Ltd. (Xinyuan) is a holding company and conducts business primarily through its operating subsidiaries in China. The Company is a real estate developer and property manager that primarily focuses on residential properties. Xinyuan is engaged in developing large scale residential projects, which consist of multiple residential buildings that include multi-layer apartment buildings, sub-high-rise apartment buildings or high-rise apartment buildings. Its segments include property developments in Zhengzhou, Henan Province; property developments in Jinan, Shandong Province; property developments in Suzhou, Xuzhou and Kunshan, Jiangsu Province; property developments in Chengdu, Sichuan Province; property developments in Beijing; property developments in Sanya, Hainan Province; property developments in Changsha, Hunan Province; property developments in Shanghai; property developments in Tianjin; property developments in the United States, and other.

FINANCIAL RATIOS  of  Xinyuan Real Estate ADR (XIN)

Valuation Ratios
P/E Ratio 8.3
Price to Sales 0.4
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow -3.8
Price to Free Cash Flow -3.7
Growth Rates
Sales Growth Rate 34.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 50%
Cap. Spend. - 3 Yr. Gr. Rate 0%
Financial Strength
Quick Ratio 1
Current Ratio 0.5
LT Debt to Equity 136.1%
Total Debt to Equity 234.8%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.1%
Ret/ On Assets - 3 Yr. Avg. 4.7%
Return On Total Capital 2.6%
Ret/ On T. Cap. - 3 Yr. Avg. 2.5%
Return On Equity 8%
Return On Equity - 3 Yr. Avg. 6.7%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 22.9%
Gross Margin - 3 Yr. Avg. 24.2%
EBITDA Margin 22.9%
EBITDA Margin - 3 Yr. Avg. 24.9%
Operating Margin 10.8%
Oper. Margin - 3 Yr. Avg. 9.7%
Pre-Tax Margin 10.6%
Pre-Tax Margin - 3 Yr. Avg. 9.8%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 5.2%
Effective Tax Rate 52.4%
Eff/ Tax Rate - 3 Yr. Avg. 45%
Payout Ratio 28.8%

XIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the XIN stock intrinsic value calculation we used $1562 million for the last fiscal year's total revenue generated by Xinyuan Real Estate ADR. The default revenue input number comes from 2016 income statement of Xinyuan Real Estate 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 XIN stock valuation model: a) initial revenue growth rate of 34.1% 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 8.4%, whose default value for XIN is calculated based on our internal credit rating of Xinyuan Real Estate 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 Xinyuan Real Estate 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 XIN stock the variable cost ratio is equal to 81.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $113 million in the base year in the intrinsic value calculation for XIN 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 5.4% for Xinyuan Real Estate ADR.

Corporate tax rate of 27% is the nominal tax rate for Xinyuan Real Estate 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 XIN stock is equal to 0.5%.

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 XIN are equal to 25.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Xinyuan Real Estate 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 XIN is equal to -37.8%. 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 - $900 million for Xinyuan Real Estate 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 133 million for Xinyuan Real Estate 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 Xinyuan Real Estate ADR at the current share price and the inputted number of shares is $0.6 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ Xinyuan: 1Q Earnings Snapshot   [May-30-18 07:04AM  Associated Press]
▶ Xinyuan posts 4Q profit   [06:17AM  Associated Press]
▶ Xinyuan posts 3Q profit   [Nov-10-17 06:07AM  Associated Press]
▶ Xinyuan posts 2Q profit   [Aug-11-17 08:10PM  Associated Press]
▶ Xinyuan posts 1Q profit   [May-18-17 06:12AM  Associated Press]
▶ Xinyuan posts 4Q profit   [06:19AM  Associated Press]
▶ Is Haverty Furniture Companies, Inc. (HVT) A Good Stock To Buy?   [Dec-09-16 06:00PM  at Insider Monkey]
▶ Corrections & Amplifications   [Dec-02-16 12:22AM  at The Wall Street Journal]
▶ Xinyuan Real Estate Co., Ltd. Announces CFO Transition   [Sep-26-16 08:30AM  PR Newswire]
Financial statements of XIN
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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