Intrinsic value of Xinyuan Real Estate ADR - XIN

Previous Close

$5.80

  Intrinsic Value

$30.44

stock screener

  Rating & Target

str. buy

+425%

  Value-price divergence*

+71%

Previous close

$5.80

 
Intrinsic value

$30.44

 
Up/down potential

+425%

 
Rating

str. buy

 
Value-price divergence*

+71%

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

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

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

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 0.4

 

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
  34.20
  31.28
  28.65
  26.29
  24.16
  22.24
  20.52
  18.97
  17.57
  16.31
  15.18
  14.16
  13.25
  12.42
  11.68
  11.01
  10.41
  9.87
  9.38
  8.94
  8.55
  8.20
  7.88
  7.59
  7.33
  7.10
  6.89
  6.70
  6.53
  6.38
Revenue, $m
  1,562
  2,096
  2,752
  3,540
  4,471
  5,551
  6,786
  8,178
  9,729
  11,439
  13,305
  15,324
  17,495
  19,812
  22,274
  24,875
  27,614
  30,489
  33,498
  36,641
  39,919
  43,332
  46,883
  50,575
  54,413
  58,401
  62,545
  66,853
  71,330
  75,987
  80,831
Variable operating expenses, $m
 
  1,765
  2,317
  2,981
  3,765
  4,674
  5,714
  6,886
  8,192
  9,631
  11,202
  12,903
  14,731
  16,682
  18,754
  20,945
  23,251
  25,672
  28,206
  30,852
  33,612
  36,486
  39,476
  42,584
  45,816
  49,174
  52,663
  56,290
  60,060
  63,981
  68,060
Fixed operating expenses, $m
 
  83
  85
  87
  89
  92
  94
  96
  99
  101
  104
  106
  109
  112
  114
  117
  120
  123
  126
  129
  133
  136
  139
  143
  147
  150
  154
  158
  162
  166
  170
Total operating expenses, $m
  1,394
  1,848
  2,402
  3,068
  3,854
  4,766
  5,808
  6,982
  8,291
  9,732
  11,306
  13,009
  14,840
  16,794
  18,868
  21,062
  23,371
  25,795
  28,332
  30,981
  33,745
  36,622
  39,615
  42,727
  45,963
  49,324
  52,817
  56,448
  60,222
  64,147
  68,230
Operating income, $m
  167
  248
  350
  472
  617
  785
  978
  1,196
  1,439
  1,706
  1,998
  2,315
  2,655
  3,019
  3,405
  3,813
  4,243
  4,694
  5,166
  5,660
  6,174
  6,710
  7,268
  7,848
  8,451
  9,077
  9,728
  10,405
  11,108
  11,840
  12,601
EBITDA, $m
  176
  260
  365
  492
  643
  817
  1,017
  1,243
  1,494
  1,772
  2,075
  2,403
  2,756
  3,132
  3,533
  3,956
  4,401
  4,869
  5,359
  5,870
  6,404
  6,959
  7,537
  8,138
  8,763
  9,412
  10,087
  10,789
  11,518
  12,276
  13,065
Interest expense (income), $m
  182
  141
  228
  335
  464
  616
  792
  994
  1,221
  1,475
  1,754
  2,059
  2,389
  2,744
  3,123
  3,525
  3,950
  4,398
  4,867
  5,359
  5,873
  6,408
  6,966
  7,546
  8,150
  8,777
  9,428
  10,106
  10,810
  11,541
  12,302
Earnings before tax, $m
  166
  108
  122
  137
  153
  170
  186
  202
  217
  231
  244
  256
  266
  275
  282
  288
  293
  296
  299
  301
  302
  302
  302
  302
  301
  300
  300
  299
  299
  299
  299
Tax expense, $m
  87
  29
  33
  37
  41
  46
  50
  55
  59
  62
  66
  69
  72
  74
  76
  78
  79
  80
  81
  81
  81
  82
  82
  81
  81
  81
  81
  81
  81
  81
  81
Net income, $m
  73
  79
  89
  100
  112
  124
  136
  147
  158
  169
  178
  187
  194
  201
  206
  210
  214
  216
  218
  220
  220
  221
  221
  220
  220
  219
  219
  218
  218
  218
  218

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
  4,852
  6,370
  8,195
  10,350
  12,850
  15,708
  18,931
  22,521
  26,478
  30,798
  35,473
  40,497
  45,862
  51,559
  57,581
  63,922
  70,577
  77,543
  84,818
  92,405
  100,305
  108,526
  117,073
  125,956
  135,188
  144,781
  154,751
  165,116
  175,896
  187,110
Adjusted assets (=assets-cash), $m
  3,618
  4,852
  6,370
  8,195
  10,350
  12,850
  15,708
  18,931
  22,521
  26,478
  30,798
  35,473
  40,497
  45,862
  51,559
  57,581
  63,922
  70,577
  77,543
  84,818
  92,405
  100,305
  108,526
  117,073
  125,956
  135,188
  144,781
  154,751
  165,116
  175,896
  187,110
Revenue / Adjusted assets
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
  0.432
Average production assets, $m
  152
  203
  267
  343
  434
  538
  658
  793
  944
  1,110
  1,291
  1,486
  1,697
  1,922
  2,161
  2,413
  2,679
  2,957
  3,249
  3,554
  3,872
  4,203
  4,548
  4,906
  5,278
  5,665
  6,067
  6,485
  6,919
  7,371
  7,841
Working capital, $m
  1,870
  1,048
  1,376
  1,770
  2,236
  2,776
  3,393
  4,089
  4,865
  5,719
  6,652
  7,662
  8,747
  9,906
  11,137
  12,438
  13,807
  15,245
  16,749
  18,321
  19,959
  21,666
  23,442
  25,288
  27,206
  29,201
  31,273
  33,426
  35,665
  37,993
  40,416
Total debt, $m
  2,113
  2,421
  3,561
  4,932
  6,550
  8,427
  10,574
  12,994
  15,691
  18,662
  21,906
  25,417
  29,191
  33,219
  37,498
  42,020
  46,782
  51,780
  57,012
  62,476
  68,173
  74,106
  80,280
  86,698
  93,370
  100,303
  107,507
  114,995
  122,779
  130,875
  139,296
Total liabilities, $m
  3,336
  3,644
  4,784
  6,155
  7,773
  9,650
  11,797
  14,217
  16,914
  19,885
  23,129
  26,640
  30,414
  34,442
  38,721
  43,243
  48,005
  53,003
  58,235
  63,699
  69,396
  75,329
  81,503
  87,921
  94,593
  101,526
  108,730
  116,218
  124,002
  132,098
  140,519
Total equity, $m
  900
  1,208
  1,586
  2,041
  2,577
  3,200
  3,911
  4,714
  5,608
  6,593
  7,669
  8,833
  10,084
  11,420
  12,838
  14,338
  15,917
  17,574
  19,308
  21,120
  23,009
  24,976
  27,023
  29,151
  31,363
  33,662
  36,050
  38,533
  41,114
  43,798
  46,590
Total liabilities and equity, $m
  4,236
  4,852
  6,370
  8,196
  10,350
  12,850
  15,708
  18,931
  22,522
  26,478
  30,798
  35,473
  40,498
  45,862
  51,559
  57,581
  63,922
  70,577
  77,543
  84,819
  92,405
  100,305
  108,526
  117,072
  125,956
  135,188
  144,780
  154,751
  165,116
  175,896
  187,109
Debt-to-equity ratio
  2.348
  2.000
  2.250
  2.420
  2.540
  2.630
  2.700
  2.760
  2.800
  2.830
  2.860
  2.880
  2.890
  2.910
  2.920
  2.930
  2.940
  2.950
  2.950
  2.960
  2.960
  2.970
  2.970
  2.970
  2.980
  2.980
  2.980
  2.980
  2.990
  2.990
  2.990
Adjusted equity ratio
  0.127
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249
  0.249

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  79
  89
  100
  112
  124
  136
  147
  158
  169
  178
  187
  194
  201
  206
  210
  214
  216
  218
  220
  220
  221
  221
  220
  220
  219
  219
  218
  218
  218
  218
Depreciation, amort., depletion, $m
  9
  12
  16
  20
  26
  32
  39
  47
  56
  66
  76
  88
  100
  114
  128
  143
  158
  175
  192
  210
  229
  249
  269
  290
  312
  335
  359
  384
  409
  436
  464
Funds from operations, $m
  -378
  91
  105
  121
  138
  156
  175
  194
  214
  234
  255
  275
  295
  314
  334
  353
  372
  391
  411
  430
  449
  469
  490
  511
  532
  555
  578
  602
  628
  654
  682
Change in working capital, $m
  -218
  267
  328
  394
  465
  540
  617
  696
  776
  855
  933
  1,010
  1,085
  1,159
  1,231
  1,301
  1,370
  1,437
  1,505
  1,572
  1,639
  1,707
  1,776
  1,846
  1,919
  1,994
  2,072
  2,154
  2,239
  2,328
  2,422
Cash from operations, $m
  -160
  -176
  -223
  -274
  -328
  -384
  -443
  -502
  -561
  -620
  -678
  -735
  -791
  -844
  -897
  -948
  -997
  -1,046
  -1,094
  -1,142
  -1,189
  -1,237
  -1,286
  -1,336
  -1,387
  -1,440
  -1,494
  -1,551
  -1,611
  -1,674
  -1,740
Maintenance CAPEX, $m
  0
  -9
  -12
  -16
  -20
  -26
  -32
  -39
  -47
  -56
  -66
  -76
  -88
  -100
  -114
  -128
  -143
  -158
  -175
  -192
  -210
  -229
  -249
  -269
  -290
  -312
  -335
  -359
  -384
  -409
  -436
New CAPEX, $m
  -3
  -51
  -64
  -76
  -90
  -105
  -120
  -135
  -150
  -166
  -181
  -196
  -211
  -225
  -239
  -252
  -266
  -279
  -292
  -305
  -318
  -331
  -344
  -358
  -372
  -387
  -402
  -418
  -434
  -452
  -470
Cash from investing activities, $m
  4
  -60
  -76
  -92
  -110
  -131
  -152
  -174
  -197
  -222
  -247
  -272
  -299
  -325
  -353
  -380
  -409
  -437
  -467
  -497
  -528
  -560
  -593
  -627
  -662
  -699
  -737
  -777
  -818
  -861
  -906
Free cash flow, $m
  -156
  -237
  -299
  -366
  -438
  -515
  -594
  -676
  -759
  -842
  -925
  -1,008
  -1,089
  -1,170
  -1,249
  -1,328
  -1,406
  -1,483
  -1,561
  -1,639
  -1,718
  -1,797
  -1,879
  -1,963
  -2,049
  -2,139
  -2,232
  -2,328
  -2,429
  -2,535
  -2,646
Issuance/(repayment) of debt, $m
  402
  926
  1,140
  1,371
  1,618
  1,878
  2,146
  2,420
  2,696
  2,972
  3,244
  3,511
  3,773
  4,029
  4,279
  4,523
  4,762
  4,998
  5,231
  5,464
  5,698
  5,933
  6,173
  6,419
  6,671
  6,933
  7,205
  7,488
  7,784
  8,095
  8,422
Issuance/(repurchase) of shares, $m
  -32
  230
  289
  354
  424
  499
  576
  655
  736
  816
  897
  977
  1,057
  1,135
  1,213
  1,289
  1,365
  1,441
  1,516
  1,592
  1,669
  1,747
  1,826
  1,908
  1,992
  2,079
  2,170
  2,264
  2,363
  2,466
  2,574
Cash from financing (excl. dividends), $m  
  396
  1,156
  1,429
  1,725
  2,042
  2,377
  2,722
  3,075
  3,432
  3,788
  4,141
  4,488
  4,830
  5,164
  5,492
  5,812
  6,127
  6,439
  6,747
  7,056
  7,367
  7,680
  7,999
  8,327
  8,663
  9,012
  9,375
  9,752
  10,147
  10,561
  10,996
Total cash flow (excl. dividends), $m
  212
  919
  1,130
  1,359
  1,604
  1,862
  2,128
  2,400
  2,673
  2,946
  3,216
  3,481
  3,741
  3,994
  4,242
  4,484
  4,721
  4,955
  5,187
  5,417
  5,649
  5,883
  6,120
  6,364
  6,614
  6,874
  7,143
  7,424
  7,718
  8,026
  8,350
Retained Cash Flow (-), $m
  36
  -308
  -378
  -454
  -536
  -623
  -712
  -803
  -894
  -985
  -1,076
  -1,164
  -1,251
  -1,336
  -1,419
  -1,500
  -1,579
  -1,657
  -1,734
  -1,812
  -1,889
  -1,967
  -2,047
  -2,128
  -2,212
  -2,299
  -2,389
  -2,483
  -2,581
  -2,684
  -2,792
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
 
  611
  752
  905
  1,068
  1,239
  1,416
  1,597
  1,779
  1,961
  2,141
  2,317
  2,490
  2,659
  2,823
  2,984
  3,142
  3,298
  3,452
  3,606
  3,760
  3,915
  4,074
  4,236
  4,402
  4,575
  4,754
  4,941
  5,137
  5,342
  5,557
Discount rate, %
 
  9.40
  9.87
  10.36
  10.88
  11.43
  12.00
  12.60
  13.23
  13.89
  14.58
  15.31
  16.08
  16.88
  17.73
  18.61
  19.54
  20.52
  21.54
  22.62
  23.75
  24.94
  26.19
  27.50
  28.87
  30.32
  31.83
  33.42
  35.09
  36.85
  38.69
PV of cash for distribution, $m
 
  558
  623
  673
  706
  721
  718
  696
  659
  608
  549
  483
  416
  350
  287
  231
  181
  138
  103
  75
  53
  36
  24
  16
  10
  6
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  73.3
  54.6
  41.4
  31.9
  25.0
  19.9
  16.1
  13.1
  10.9
  9.1
  7.7
  6.6
  5.7
  4.9
  4.3
  3.8
  3.4
  3.0
  2.7
  2.4
  2.2
  2.0
  1.8
  1.6
  1.5
  1.4
  1.2
  1.1
  1.1
  1.0

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 10.4
Price to Sales 0.5
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow -4.8
Price to Free Cash Flow -4.7
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 34.2% 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 9.4%, 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 84.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $81 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 9.4% 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%.

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 9.7%.

Life of production assets of 16.9 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 50%. 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 66.358 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 $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating

COMPANY NEWS

▶ 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]
▶ Top Small Cap Stocks to Watch, Monday 3/14/2016   [Mar-14-16 11:45AM  Accesswire]
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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