Intrinsic value of Yirendai ADR - YRD

Previous Close

$51.30

  Intrinsic Value

$1,056

stock screener

  Rating & Target

str. buy

+999%

  Value-price divergence*

+31%

Previous close

$51.30

 
Intrinsic value

$1,056

 
Up/down potential

+999%

 
Rating

str. buy

 
Value-price divergence*

+31%

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

We calculate the intrinsic value of YRD 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 3.1

 

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, %
  131.68
  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
  468
  749
  1,157
  1,730
  2,510
  3,542
  4,869
  6,536
  8,582
  11,043
  13,948
  17,320
  21,175
  25,523
  30,368
  35,707
  41,536
  47,846
  54,627
  61,868
  69,558
  77,687
  86,247
  95,230
  104,634
  114,456
  124,698
  135,364
  146,462
  158,001
  169,994
Variable operating expenses, $m
 
  481
  744
  1,112
  1,614
  2,277
  3,131
  4,202
  5,518
  7,100
  8,968
  11,137
  13,616
  16,412
  19,527
  22,960
  26,708
  30,765
  35,125
  39,781
  44,726
  49,953
  55,457
  61,233
  67,280
  73,595
  80,181
  87,039
  94,175
  101,594
  109,306
Fixed operating expenses, $m
 
  11
  12
  12
  12
  12
  13
  13
  13
  14
  14
  14
  15
  15
  16
  16
  16
  17
  17
  18
  18
  18
  19
  19
  20
  20
  21
  21
  22
  23
  23
Total operating expenses, $m
  312
  492
  756
  1,124
  1,626
  2,289
  3,144
  4,215
  5,531
  7,114
  8,982
  11,151
  13,631
  16,427
  19,543
  22,976
  26,724
  30,782
  35,142
  39,799
  44,744
  49,971
  55,476
  61,252
  67,300
  73,615
  80,202
  87,060
  94,197
  101,617
  109,329
Operating income, $m
  157
  256
  401
  606
  884
  1,252
  1,725
  2,320
  3,050
  3,929
  4,965
  6,169
  7,545
  9,097
  10,826
  12,732
  14,812
  17,064
  19,485
  22,069
  24,814
  27,716
  30,771
  33,978
  37,334
  40,840
  44,496
  48,304
  52,265
  56,384
  60,665
EBITDA, $m
  157
  256
  401
  606
  884
  1,252
  1,725
  2,320
  3,050
  3,929
  4,965
  6,169
  7,545
  9,097
  10,826
  12,732
  14,812
  17,064
  19,485
  22,069
  24,814
  27,716
  30,771
  33,978
  37,334
  40,840
  44,496
  48,304
  52,265
  56,384
  60,665
Interest expense (income), $m
  0
  0
  8
  20
  36
  58
  88
  126
  173
  232
  302
  385
  481
  591
  716
  854
  1,006
  1,173
  1,353
  1,547
  1,754
  1,973
  2,205
  2,450
  2,707
  2,975
  3,256
  3,548
  3,853
  4,170
  4,499
Earnings before tax, $m
  159
  256
  393
  586
  848
  1,194
  1,638
  2,194
  2,877
  3,697
  4,663
  5,784
  7,064
  8,505
  10,110
  11,878
  13,806
  15,891
  18,132
  20,522
  23,061
  25,742
  28,566
  31,528
  34,628
  37,865
  41,241
  44,755
  48,412
  52,214
  56,165
Tax expense, $m
  -3
  69
  106
  158
  229
  322
  442
  593
  777
  998
  1,259
  1,562
  1,907
  2,296
  2,730
  3,207
  3,728
  4,291
  4,896
  5,541
  6,226
  6,950
  7,713
  8,513
  9,350
  10,224
  11,135
  12,084
  13,071
  14,098
  15,165
Net income, $m
  162
  187
  287
  428
  619
  871
  1,196
  1,602
  2,100
  2,699
  3,404
  4,222
  5,156
  6,209
  7,380
  8,671
  10,078
  11,601
  13,236
  14,981
  16,834
  18,792
  20,853
  23,015
  25,278
  27,642
  30,106
  32,671
  35,341
  38,116
  41,001

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  140
  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
  692
  883
  1,364
  2,040
  2,960
  4,177
  5,742
  7,707
  10,120
  13,022
  16,448
  20,425
  24,971
  30,098
  35,811
  42,108
  48,981
  56,422
  64,419
  72,958
  82,026
  91,612
  101,706
  112,300
  123,389
  134,972
  147,050
  159,628
  172,714
  186,321
  200,464
Adjusted assets (=assets-cash), $m
  552
  883
  1,364
  2,040
  2,960
  4,177
  5,742
  7,707
  10,120
  13,022
  16,448
  20,425
  24,971
  30,098
  35,811
  42,108
  48,981
  56,422
  64,419
  72,958
  82,026
  91,612
  101,706
  112,300
  123,389
  134,972
  147,050
  159,628
  172,714
  186,321
  200,464
Revenue / Adjusted assets
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
  0.848
Average production assets, $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
  0
Working capital, $m
  0
  -224
  -346
  -517
  -751
  -1,059
  -1,456
  -1,954
  -2,566
  -3,302
  -4,170
  -5,179
  -6,331
  -7,632
  -9,080
  -10,676
  -12,419
  -14,306
  -16,333
  -18,499
  -20,798
  -23,228
  -25,788
  -28,474
  -31,286
  -34,222
  -37,285
  -40,474
  -43,792
  -47,242
  -50,828
Total debt, $m
  0
  229
  562
  1,030
  1,667
  2,508
  3,591
  4,951
  6,621
  8,629
  11,000
  13,752
  16,898
  20,446
  24,399
  28,756
  33,513
  38,662
  44,196
  50,105
  56,380
  63,014
  69,998
  77,329
  85,003
  93,018
  101,376
  110,080
  119,136
  128,552
  138,339
Total liabilities, $m
  382
  611
  944
  1,412
  2,049
  2,890
  3,973
  5,333
  7,003
  9,011
  11,382
  14,134
  17,280
  20,828
  24,781
  29,138
  33,895
  39,044
  44,578
  50,487
  56,762
  63,396
  70,380
  77,711
  85,385
  93,400
  101,758
  110,462
  119,518
  128,934
  138,721
Total equity, $m
  310
  272
  420
  628
  912
  1,286
  1,768
  2,374
  3,117
  4,011
  5,066
  6,291
  7,691
  9,270
  11,030
  12,969
  15,086
  17,378
  19,841
  22,471
  25,264
  28,217
  31,325
  34,588
  38,004
  41,571
  45,291
  49,165
  53,196
  57,387
  61,743
Total liabilities and equity, $m
  692
  883
  1,364
  2,040
  2,961
  4,176
  5,741
  7,707
  10,120
  13,022
  16,448
  20,425
  24,971
  30,098
  35,811
  42,107
  48,981
  56,422
  64,419
  72,958
  82,026
  91,613
  101,705
  112,299
  123,389
  134,971
  147,049
  159,627
  172,714
  186,321
  200,464
Debt-to-equity ratio
  0.000
  0.840
  1.340
  1.640
  1.830
  1.950
  2.030
  2.090
  2.120
  2.150
  2.170
  2.190
  2.200
  2.210
  2.210
  2.220
  2.220
  2.220
  2.230
  2.230
  2.230
  2.230
  2.230
  2.240
  2.240
  2.240
  2.240
  2.240
  2.240
  2.240
  2.240
Adjusted equity ratio
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308
  0.308

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  162
  187
  287
  428
  619
  871
  1,196
  1,602
  2,100
  2,699
  3,404
  4,222
  5,156
  6,209
  7,380
  8,671
  10,078
  11,601
  13,236
  14,981
  16,834
  18,792
  20,853
  23,015
  25,278
  27,642
  30,106
  32,671
  35,341
  38,116
  41,001
Depreciation, amort., depletion, $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
  0
Funds from operations, $m
  306
  187
  287
  428
  619
  871
  1,196
  1,602
  2,100
  2,699
  3,404
  4,222
  5,156
  6,209
  7,380
  8,671
  10,078
  11,601
  13,236
  14,981
  16,834
  18,792
  20,853
  23,015
  25,278
  27,642
  30,106
  32,671
  35,341
  38,116
  41,001
Change in working capital, $m
  0
  -84
  -122
  -171
  -233
  -308
  -397
  -498
  -612
  -736
  -869
  -1,008
  -1,153
  -1,300
  -1,448
  -1,596
  -1,743
  -1,887
  -2,028
  -2,165
  -2,299
  -2,431
  -2,559
  -2,686
  -2,812
  -2,937
  -3,062
  -3,189
  -3,318
  -3,450
  -3,586
Cash from operations, $m
  306
  271
  409
  599
  852
  1,180
  1,592
  2,100
  2,712
  3,434
  4,273
  5,230
  6,309
  7,509
  8,829
  10,267
  11,821
  13,487
  15,264
  17,146
  19,133
  21,223
  23,412
  25,701
  28,090
  30,578
  33,168
  35,861
  38,659
  41,566
  44,587
Maintenance CAPEX, $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
  0
New CAPEX, $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
  0
Cash from investing activities, $m
  -206
  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
Free cash flow, $m
  100
  271
  409
  599
  852
  1,180
  1,592
  2,100
  2,712
  3,434
  4,273
  5,230
  6,309
  7,509
  8,829
  10,267
  11,821
  13,487
  15,264
  17,146
  19,133
  21,223
  23,412
  25,701
  28,090
  30,578
  33,168
  35,861
  38,659
  41,566
  44,587
Issuance/(repayment) of debt, $m
  0
  229
  333
  468
  637
  842
  1,083
  1,360
  1,670
  2,008
  2,371
  2,752
  3,146
  3,548
  3,953
  4,357
  4,757
  5,149
  5,534
  5,909
  6,275
  6,634
  6,985
  7,331
  7,674
  8,015
  8,358
  8,704
  9,056
  9,416
  9,787
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  20
  229
  333
  468
  637
  842
  1,083
  1,360
  1,670
  2,008
  2,371
  2,752
  3,146
  3,548
  3,953
  4,357
  4,757
  5,149
  5,534
  5,909
  6,275
  6,634
  6,985
  7,331
  7,674
  8,015
  8,358
  8,704
  9,056
  9,416
  9,787
Total cash flow (excl. dividends), $m
  124
  500
  742
  1,067
  1,489
  2,021
  2,676
  3,460
  4,382
  5,443
  6,644
  7,982
  9,455
  11,057
  12,782
  14,624
  16,577
  18,637
  20,797
  23,055
  25,409
  27,856
  30,397
  33,032
  35,764
  38,594
  41,526
  44,565
  47,715
  50,982
  54,373
Retained Cash Flow (-), $m
  -164
  -102
  -148
  -208
  -283
  -375
  -482
  -605
  -743
  -894
  -1,055
  -1,225
  -1,400
  -1,579
  -1,760
  -1,939
  -2,117
  -2,292
  -2,463
  -2,630
  -2,793
  -2,953
  -3,109
  -3,263
  -3,415
  -3,567
  -3,720
  -3,874
  -4,031
  -4,191
  -4,356
Prev. year cash balance distribution, $m
 
  140
  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
 
  538
  594
  859
  1,206
  1,647
  2,193
  2,855
  3,639
  4,549
  5,588
  6,758
  8,055
  9,478
  11,023
  12,685
  14,460
  16,345
  18,334
  20,425
  22,616
  24,904
  27,288
  29,770
  32,348
  35,026
  37,806
  40,691
  43,684
  46,791
  50,017
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
 
  516
  544
  747
  993
  1,276
  1,592
  1,929
  2,274
  2,613
  2,930
  3,209
  3,437
  3,604
  3,700
  3,724
  3,675
  3,556
  3,376
  3,145
  2,874
  2,576
  2,264
  1,951
  1,648
  1,363
  1,103
  873
  676
  511
  377
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

Yirendai Ltd. is engaged in online consumer finance marketplace business in China. The Company conducts its business in China, through Yi Ren Heng Ye Technology Development (Beijing) Co., Ltd. (Heng Ye) and its consolidated variable interest entity, Heng Cheng Technology Development (Beijing) Co., Ltd. (Heng Cheng). Heng Cheng operates its Website, www.yirendai.com, and has an Internet content provider (ICP) license as an Internet information provider. Its online marketplace facilitates standard loan products, express loan products and vertical loan products to borrowers. Uses for these loan products include home remodels, durable good purchases, travel and continuing education. Its online marketplace provides investors with various investing tools, such as automated investing tool and self-directed investing tool. It maintains a secondary loan market on its marketplace where investors can transfer the loans they hold prior to maturity at the fair value of the remaining loans.

FINANCIAL RATIOS  of  Yirendai ADR (YRD)

Valuation Ratios
P/E Ratio 37.8
Price to Sales 13.1
Price to Book 19.8
Price to Tangible Book
Price to Cash Flow 20
Price to Free Cash Flow 20
Growth Rates
Sales Growth Rate 131.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 31.8%
Ret/ On Assets - 3 Yr. Avg. 13.9%
Return On Total Capital 71.1%
Ret/ On T. Cap. - 3 Yr. Avg. 32.1%
Return On Equity 71.1%
Return On Equity - 3 Yr. Avg. 32.1%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 94.4%
Gross Margin - 3 Yr. Avg. 91.4%
EBITDA Margin 34%
EBITDA Margin - 3 Yr. Avg. 17.4%
Operating Margin 33.3%
Oper. Margin - 3 Yr. Avg. 16.9%
Pre-Tax Margin 34%
Pre-Tax Margin - 3 Yr. Avg. 17.3%
Net Profit Margin 34.6%
Net Profit Margin - 3 Yr. Avg. 14.2%
Effective Tax Rate -1.9%
Eff/ Tax Rate - 3 Yr. Avg. 10.1%
Payout Ratio 0%

YRD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the YRD stock intrinsic value calculation we used $468 million for the last fiscal year's total revenue generated by Yirendai ADR. The default revenue input number comes from 2016 income statement of Yirendai 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 YRD 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 YRD is calculated based on our internal credit rating of Yirendai 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 Yirendai 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 YRD stock the variable cost ratio is equal to 64.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $11 million in the base year in the intrinsic value calculation for YRD 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 Yirendai ADR.

Corporate tax rate of 27% is the nominal tax rate for Yirendai 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 YRD 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 YRD are equal to 0%.

Life of production assets of 10 years is the average useful life of capital assets used in Yirendai 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 YRD is equal to -29.9%. 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 - $310 million for Yirendai 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 60.495 million for Yirendai 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 Yirendai ADR at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ 3 Incredibly Cheap Chinese Tech Stocks   [Oct-10-17 09:00AM  Motley Fool]
▶ At $45.53, Is Yirendai Ltd (YRD) A Buy?   [Oct-04-17 10:56AM  Simply Wall St.]
▶ Yirendai posts 2Q profit   [Aug-01-17 09:44PM  Associated Press]
▶ This Chinese Financial Stock With 239% Growth Nearing New Breakout   [Jul-12-17 04:09PM  Investor's Business Daily]
▶ ETFs with exposure to Yirendai Ltd. : June 27, 2017   [Jun-27-17 04:02PM  Capital Cube]
▶ Why Yirendai (YRD) Stock Might be a Great Pick   [Jun-19-17 08:42AM  Zacks]
▶ ETFs with exposure to Yirendai Ltd. : June 13, 2017   [Jun-13-17 01:05PM  Capital Cube]
▶ ETFs with exposure to Yirendai Ltd. : June 2, 2017   [Jun-02-17 02:40PM  Capital Cube]
▶ ETFs with exposure to Yirendai Ltd. : May 18, 2017   [May-18-17 02:08PM  Capital Cube]
▶ ETFs with exposure to Yirendai Ltd. : May 3, 2017   [May-03-17 04:30PM  Capital Cube]
▶ Yirendai Files Annual Report on Form 20-F   [Apr-24-17 06:00PM  PR Newswire]
▶ The Best Low P/E Chinese Stocks to Buy in April   [Apr-08-17 01:31PM  Motley Fool]
▶ Yirendai Appoints Chief Credit Officer   [06:00AM  PR Newswire]
▶ ETFs with exposure to Yirendai Ltd. : January 19, 2017   [Jan-19-17 02:12PM  Capital Cube]
▶ Could Yirendai Be a Millionaire Maker Stock?   [Dec-17-16 09:23AM  Motley Fool]
▶ Could Yirendai Be a Millionaire Maker Stock?   [09:23AM  at Motley Fool]
▶ Hedge Funds Are Crazy About Capital Bank Financial Corp (CBF)   [Dec-14-16 06:17AM  at Insider Monkey]
▶ Is Axovant Sciences Ltd (AXON) Worthy of Your Portfolio?   [Dec-08-16 03:29PM  at Insider Monkey]
▶ Yirendai Reports Third Quarter 2016 Financial Results   [Nov-15-16 05:00PM  PR Newswire]
▶ FinTech Innovations Make Inclusive Finance Different   [Oct-13-16 10:00PM  PR Newswire]
Financial statements of YRD
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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