Intrinsic value of Xinyuan Real Estate ADR - XIN

Previous Close

$5.04

  Intrinsic Value

$32.17

stock screener

  Rating & Target

str. buy

+538%

  Value-price divergence*

-83%

Previous close

$5.04

 
Intrinsic value

$32.17

 
Up/down potential

+538%

 
Rating

str. buy

 
Value-price divergence*

-83%

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 0.3

 

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
  164
  259
  376
  517
  683
  876
  1,096
  1,345
  1,621
  1,926
  2,259
  2,620
  3,007
  3,421
  3,860
  4,324
  4,813
  5,326
  5,863
  6,424
  7,009
  7,618
  8,252
  8,911
  9,596
  10,307
  11,047
  11,816
  12,615
  13,446
Earnings before tax, $m
  166
  84
  91
  96
  100
  102
  103
  100
  94
  85
  72
  56
  35
  12
  -16
  -47
  -81
  -119
  -160
  -203
  -250
  -299
  -350
  -404
  -460
  -518
  -579
  -642
  -707
  -775
  -844
Tax expense, $m
  87
  23
  24
  26
  27
  28
  28
  27
  25
  23
  19
  15
  10
  3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  73
  62
  66
  70
  73
  75
  75
  73
  69
  62
  53
  41
  26
  8
  -16
  -47
  -81
  -119
  -160
  -203
  -250
  -299
  -350
  -404
  -460
  -518
  -579
  -642
  -707
  -775
  -844

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
  5,189
  6,812
  8,763
  11,067
  13,740
  16,797
  20,243
  24,082
  28,313
  32,932
  37,932
  43,304
  49,041
  55,133
  61,572
  68,352
  75,468
  82,917
  90,697
  98,809
  107,257
  116,047
  125,186
  134,686
  144,557
  154,815
  165,477
  176,560
  188,086
  200,078
Adjusted assets (=assets-cash), $m
  3,618
  5,189
  6,812
  8,763
  11,067
  13,740
  16,797
  20,243
  24,082
  28,313
  32,932
  37,932
  43,304
  49,041
  55,133
  61,572
  68,352
  75,468
  82,917
  90,697
  98,809
  107,257
  116,047
  125,186
  134,686
  144,557
  154,815
  165,477
  176,560
  188,086
  200,078
Revenue / Adjusted assets
  0.432
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
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
  2,757
  4,002
  5,498
  7,265
  9,316
  11,660
  14,303
  17,248
  20,493
  24,036
  27,871
  31,991
  36,391
  41,064
  46,003
  51,203
  56,661
  62,374
  68,341
  74,564
  81,043
  87,785
  94,795
  102,081
  109,652
  117,520
  125,698
  134,199
  143,039
  152,236
Total liabilities, $m
  3,336
  3,980
  5,225
  6,721
  8,488
  10,539
  12,883
  15,526
  18,471
  21,716
  25,259
  29,094
  33,214
  37,614
  42,287
  47,226
  52,426
  57,884
  63,597
  69,564
  75,787
  82,266
  89,008
  96,018
  103,304
  110,875
  118,743
  126,921
  135,422
  144,262
  153,459
Total equity, $m
  900
  1,209
  1,587
  2,042
  2,579
  3,202
  3,914
  4,717
  5,611
  6,597
  7,673
  8,838
  10,090
  11,426
  12,846
  14,346
  15,926
  17,584
  19,320
  21,132
  23,023
  24,991
  27,039
  29,168
  31,382
  33,682
  36,072
  38,556
  41,139
  43,824
  46,618
Total liabilities and equity, $m
  4,236
  5,189
  6,812
  8,763
  11,067
  13,741
  16,797
  20,243
  24,082
  28,313
  32,932
  37,932
  43,304
  49,040
  55,133
  61,572
  68,352
  75,468
  82,917
  90,696
  98,810
  107,257
  116,047
  125,186
  134,686
  144,557
  154,815
  165,477
  176,561
  188,086
  200,077
Debt-to-equity ratio
  2.348
  2.280
  2.520
  2.690
  2.820
  2.910
  2.980
  3.030
  3.070
  3.110
  3.130
  3.150
  3.170
  3.180
  3.200
  3.210
  3.220
  3.220
  3.230
  3.230
  3.240
  3.240
  3.250
  3.250
  3.250
  3.260
  3.260
  3.260
  3.260
  3.260
  3.270
Adjusted equity ratio
  0.127
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233
  0.233

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  62
  66
  70
  73
  75
  75
  73
  69
  62
  53
  41
  26
  8
  -16
  -47
  -81
  -119
  -160
  -203
  -250
  -299
  -350
  -404
  -460
  -518
  -579
  -642
  -707
  -775
  -844
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
  74
  82
  90
  99
  107
  114
  120
  124
  128
  129
  129
  126
  122
  112
  96
  77
  56
  33
  7
  -21
  -50
  -81
  -114
  -148
  -183
  -220
  -258
  -298
  -338
  -380
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
  -193
  -246
  -304
  -367
  -433
  -504
  -576
  -651
  -727
  -804
  -881
  -959
  -1,037
  -1,119
  -1,205
  -1,293
  -1,382
  -1,472
  -1,565
  -1,659
  -1,756
  -1,856
  -1,960
  -2,066
  -2,177
  -2,292
  -2,412
  -2,537
  -2,667
  -2,803
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
  -254
  -322
  -396
  -477
  -564
  -655
  -750
  -848
  -949
  -1,051
  -1,154
  -1,257
  -1,362
  -1,471
  -1,585
  -1,701
  -1,819
  -1,939
  -2,062
  -2,187
  -2,317
  -2,450
  -2,587
  -2,729
  -2,876
  -3,029
  -3,189
  -3,355
  -3,528
  -3,709
Issuance/(repayment) of debt, $m
  402
  1,015
  1,245
  1,497
  1,767
  2,051
  2,344
  2,643
  2,945
  3,245
  3,543
  3,835
  4,121
  4,400
  4,673
  4,939
  5,201
  5,458
  5,713
  5,967
  6,222
  6,480
  6,742
  7,010
  7,286
  7,571
  7,868
  8,177
  8,501
  8,841
  9,197
Issuance/(repurchase) of shares, $m
  -32
  247
  312
  385
  464
  548
  637
  730
  826
  924
  1,024
  1,124
  1,226
  1,328
  1,435
  1,547
  1,661
  1,777
  1,895
  2,016
  2,140
  2,267
  2,398
  2,533
  2,673
  2,818
  2,969
  3,126
  3,290
  3,460
  3,638
Cash from financing (excl. dividends), $m  
  396
  1,262
  1,557
  1,882
  2,231
  2,599
  2,981
  3,373
  3,771
  4,169
  4,567
  4,959
  5,347
  5,728
  6,108
  6,486
  6,862
  7,235
  7,608
  7,983
  8,362
  8,747
  9,140
  9,543
  9,959
  10,389
  10,837
  11,303
  11,791
  12,301
  12,835
Total cash flow (excl. dividends), $m
  212
  1,009
  1,235
  1,485
  1,753
  2,035
  2,326
  2,623
  2,922
  3,220
  3,515
  3,805
  4,089
  4,366
  4,637
  4,901
  5,161
  5,416
  5,669
  5,922
  6,175
  6,430
  6,690
  6,956
  7,230
  7,513
  7,808
  8,115
  8,436
  8,773
  9,127
Retained Cash Flow (-), $m
  36
  -309
  -378
  -455
  -537
  -623
  -712
  -803
  -895
  -986
  -1,076
  -1,165
  -1,252
  -1,337
  -1,435
  -1,547
  -1,661
  -1,777
  -1,895
  -2,016
  -2,140
  -2,267
  -2,398
  -2,533
  -2,673
  -2,818
  -2,969
  -3,126
  -3,290
  -3,460
  -3,638
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
 
  700
  857
  1,031
  1,217
  1,412
  1,614
  1,820
  2,028
  2,235
  2,439
  2,640
  2,837
  3,030
  3,201
  3,354
  3,499
  3,639
  3,774
  3,905
  4,035
  4,163
  4,292
  4,423
  4,557
  4,695
  4,839
  4,989
  5,146
  5,313
  5,489
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
 
  640
  710
  767
  805
  822
  818
  793
  751
  693
  625
  551
  474
  399
  326
  259
  201
  152
  113
  81
  57
  39
  26
  17
  10
  6
  4
  2
  1
  1
  0
Current shareholders' claim on cash, %
  100
  71.8
  52.5
  39.0
  29.4
  22.6
  17.6
  13.9
  11.1
  9.0
  7.4
  6.1
  5.1
  4.3
  3.6
  3.1
  2.7
  2.3
  2.0
  1.7
  1.5
  1.3
  1.2
  1.0
  0.9
  0.8
  0.7
  0.6
  0.6
  0.5
  0.5

Xinyuan Real Estate Co., Ltd., through its subsidiaries, develops residential real estate properties for middle-income consumers in China. It acquires development sites through public auctions of government land and direct negotiations. The company develops residential projects, including multi-layer apartment buildings, sub-high-rise apartment buildings, or high-rise apartment buildings, as well as auxiliary services and amenities, such as retail outlets, leisure and health facilities, kindergartens, and schools. It also develops small scale residential properties, as well as office, mixed-use, and commercial properties. In addition, the company offers property management services for its developments and other real estate-related services. Further, it provides landscaping engineering and management services; real estate consulting services; property decoration services; leasing management services; culture and media services; and electronic commerce, as well as sells construction materials and develops information systems. The company was founded in 1997 and is headquartered in Beijing, China.

FINANCIAL RATIOS  of  Xinyuan Real Estate ADR (XIN)

Valuation Ratios
P/E Ratio 9.1
Price to Sales 0.4
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow -4.1
Price to Free Cash Flow -4.1
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 65.524 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 $0.3 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]
Stock chart of XIN 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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