Intrinsic value of YY ADR - YY

Previous Close

$73.69

  Intrinsic Value

$352.38

stock screener

  Rating & Target

str. buy

+378%

  Value-price divergence*

+400%

Previous close

$73.69

 
Intrinsic value

$352.38

 
Up/down potential

+378%

 
Rating

str. buy

 
Value-price divergence*

+400%

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

We calculate the intrinsic value of YY 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 4.0

 

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, %
  39.16
  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
  1,187
  1,629
  2,182
  2,860
  3,675
  4,635
  5,747
  7,018
  8,450
  10,044
  11,799
  13,714
  15,785
  18,010
  20,385
  22,906
  25,570
  28,374
  31,316
  34,395
  37,611
  40,964
  44,456
  48,088
  51,865
  55,790
  59,870
  64,109
  68,514
  73,095
  77,858
Variable operating expenses, $m
 
  1,199
  1,606
  2,105
  2,704
  3,410
  4,229
  5,165
  6,218
  7,391
  8,682
  10,091
  11,615
  13,252
  15,000
  16,855
  18,815
  20,878
  23,043
  25,309
  27,676
  30,143
  32,712
  35,385
  38,164
  41,052
  44,054
  47,173
  50,415
  53,785
  57,290
Fixed operating expenses, $m
 
  59
  61
  62
  64
  66
  67
  69
  71
  72
  74
  76
  78
  80
  82
  84
  86
  88
  90
  93
  95
  97
  100
  102
  105
  108
  110
  113
  116
  119
  122
Total operating expenses, $m
  931
  1,258
  1,667
  2,167
  2,768
  3,476
  4,296
  5,234
  6,289
  7,463
  8,756
  10,167
  11,693
  13,332
  15,082
  16,939
  18,901
  20,966
  23,133
  25,402
  27,771
  30,240
  32,812
  35,487
  38,269
  41,160
  44,164
  47,286
  50,531
  53,904
  57,412
Operating income, $m
  256
  371
  515
  693
  906
  1,158
  1,451
  1,785
  2,161
  2,581
  3,043
  3,547
  4,092
  4,678
  5,303
  5,967
  6,669
  7,407
  8,182
  8,993
  9,841
  10,724
  11,644
  12,601
  13,596
  14,631
  15,705
  16,822
  17,984
  19,191
  20,446
EBITDA, $m
  296
  400
  554
  744
  972
  1,241
  1,553
  1,909
  2,311
  2,759
  3,252
  3,789
  4,371
  4,997
  5,664
  6,372
  7,121
  7,909
  8,737
  9,602
  10,506
  11,449
  12,431
  13,452
  14,514
  15,618
  16,765
  17,957
  19,196
  20,484
  21,824
Interest expense (income), $m
  0
  0
  4
  8
  14
  21
  29
  38
  49
  61
  74
  89
  105
  122
  141
  161
  182
  204
  228
  252
  278
  305
  333
  363
  393
  425
  458
  492
  527
  564
  603
Earnings before tax, $m
  258
  371
  512
  685
  892
  1,138
  1,422
  1,747
  2,113
  2,520
  2,968
  3,458
  3,987
  4,555
  5,162
  5,806
  6,487
  7,203
  7,954
  8,741
  9,562
  10,419
  11,311
  12,238
  13,203
  14,206
  15,248
  16,331
  17,456
  18,626
  19,843
Tax expense, $m
  41
  100
  138
  185
  241
  307
  384
  472
  570
  680
  801
  934
  1,076
  1,230
  1,394
  1,568
  1,751
  1,945
  2,148
  2,360
  2,582
  2,813
  3,054
  3,304
  3,565
  3,836
  4,117
  4,409
  4,713
  5,029
  5,358
Net income, $m
  220
  271
  373
  500
  651
  830
  1,038
  1,275
  1,542
  1,839
  2,167
  2,524
  2,911
  3,325
  3,768
  4,238
  4,735
  5,258
  5,807
  6,381
  6,981
  7,606
  8,257
  8,934
  9,638
  10,370
  11,131
  11,921
  12,743
  13,597
  14,486

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  771
  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
  1,416
  1,077
  1,443
  1,892
  2,430
  3,065
  3,801
  4,642
  5,589
  6,643
  7,804
  9,070
  10,440
  11,912
  13,482
  15,149
  16,911
  18,766
  20,712
  22,748
  24,875
  27,093
  29,402
  31,804
  34,302
  36,898
  39,596
  42,400
  45,314
  48,343
  51,493
Adjusted assets (=assets-cash), $m
  645
  1,077
  1,443
  1,892
  2,430
  3,065
  3,801
  4,642
  5,589
  6,643
  7,804
  9,070
  10,440
  11,912
  13,482
  15,149
  16,911
  18,766
  20,712
  22,748
  24,875
  27,093
  29,402
  31,804
  34,302
  36,898
  39,596
  42,400
  45,314
  48,343
  51,493
Revenue / Adjusted assets
  1.840
  1.513
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
  1.512
Average production assets, $m
  211
  288
  386
  506
  650
  820
  1,017
  1,242
  1,496
  1,778
  2,088
  2,427
  2,794
  3,188
  3,608
  4,054
  4,526
  5,022
  5,543
  6,088
  6,657
  7,251
  7,869
  8,512
  9,180
  9,875
  10,597
  11,347
  12,127
  12,938
  13,781
Working capital, $m
  185
  -163
  -218
  -286
  -367
  -463
  -575
  -702
  -845
  -1,004
  -1,180
  -1,371
  -1,579
  -1,801
  -2,038
  -2,291
  -2,557
  -2,837
  -3,132
  -3,440
  -3,761
  -4,096
  -4,446
  -4,809
  -5,186
  -5,579
  -5,987
  -6,411
  -6,851
  -7,309
  -7,786
Total debt, $m
  401
  106
  238
  401
  596
  826
  1,092
  1,396
  1,739
  2,121
  2,541
  2,999
  3,495
  4,028
  4,596
  5,200
  5,838
  6,509
  7,214
  7,951
  8,721
  9,524
  10,360
  11,229
  12,133
  13,073
  14,050
  15,065
  16,120
  17,216
  18,357
Total liabilities, $m
  684
  390
  522
  685
  880
  1,110
  1,376
  1,680
  2,023
  2,405
  2,825
  3,283
  3,779
  4,312
  4,880
  5,484
  6,122
  6,793
  7,498
  8,235
  9,005
  9,808
  10,644
  11,513
  12,417
  13,357
  14,334
  15,349
  16,404
  17,500
  18,641
Total equity, $m
  731
  687
  921
  1,207
  1,550
  1,956
  2,425
  2,961
  3,566
  4,238
  4,979
  5,787
  6,661
  7,600
  8,602
  9,665
  10,789
  11,972
  13,214
  14,513
  15,870
  17,285
  18,758
  20,291
  21,885
  23,541
  25,262
  27,051
  28,910
  30,843
  32,853
Total liabilities and equity, $m
  1,415
  1,077
  1,443
  1,892
  2,430
  3,066
  3,801
  4,641
  5,589
  6,643
  7,804
  9,070
  10,440
  11,912
  13,482
  15,149
  16,911
  18,765
  20,712
  22,748
  24,875
  27,093
  29,402
  31,804
  34,302
  36,898
  39,596
  42,400
  45,314
  48,343
  51,494
Debt-to-equity ratio
  0.549
  0.150
  0.260
  0.330
  0.380
  0.420
  0.450
  0.470
  0.490
  0.500
  0.510
  0.520
  0.520
  0.530
  0.530
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.560
  0.560
  0.560
  0.560
  0.560
  0.560
Adjusted equity ratio
  0.560
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638
  0.638

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  220
  271
  373
  500
  651
  830
  1,038
  1,275
  1,542
  1,839
  2,167
  2,524
  2,911
  3,325
  3,768
  4,238
  4,735
  5,258
  5,807
  6,381
  6,981
  7,606
  8,257
  8,934
  9,638
  10,370
  11,131
  11,921
  12,743
  13,597
  14,486
Depreciation, amort., depletion, $m
  40
  29
  39
  51
  65
  82
  102
  124
  150
  178
  209
  243
  279
  319
  361
  405
  453
  502
  554
  609
  666
  725
  787
  851
  918
  987
  1,060
  1,135
  1,213
  1,294
  1,378
Funds from operations, $m
  419
  300
  412
  551
  717
  913
  1,140
  1,399
  1,692
  2,017
  2,376
  2,767
  3,190
  3,644
  4,129
  4,644
  5,188
  5,760
  6,361
  6,990
  7,646
  8,331
  9,044
  9,785
  10,556
  11,358
  12,191
  13,056
  13,956
  14,891
  15,864
Change in working capital, $m
  69
  -44
  -55
  -68
  -81
  -96
  -111
  -127
  -143
  -159
  -176
  -191
  -207
  -222
  -237
  -252
  -266
  -280
  -294
  -308
  -322
  -335
  -349
  -363
  -378
  -393
  -408
  -424
  -441
  -458
  -476
Cash from operations, $m
  350
  344
  468
  618
  798
  1,009
  1,251
  1,527
  1,835
  2,177
  2,551
  2,958
  3,397
  3,867
  4,367
  4,896
  5,454
  6,041
  6,655
  7,298
  7,968
  8,666
  9,393
  10,148
  10,934
  11,750
  12,599
  13,480
  14,396
  15,349
  16,340
Maintenance CAPEX, $m
  0
  -21
  -29
  -39
  -51
  -65
  -82
  -102
  -124
  -150
  -178
  -209
  -243
  -279
  -319
  -361
  -405
  -453
  -502
  -554
  -609
  -666
  -725
  -787
  -851
  -918
  -987
  -1,060
  -1,135
  -1,213
  -1,294
New CAPEX, $m
  -34
  -78
  -98
  -120
  -144
  -170
  -197
  -225
  -253
  -282
  -311
  -339
  -367
  -394
  -420
  -446
  -472
  -496
  -521
  -545
  -569
  -593
  -618
  -643
  -668
  -695
  -722
  -750
  -780
  -811
  -843
Cash from investing activities, $m
  -258
  -99
  -127
  -159
  -195
  -235
  -279
  -327
  -377
  -432
  -489
  -548
  -610
  -673
  -739
  -807
  -877
  -949
  -1,023
  -1,099
  -1,178
  -1,259
  -1,343
  -1,430
  -1,519
  -1,613
  -1,709
  -1,810
  -1,915
  -2,024
  -2,137
Free cash flow, $m
  92
  245
  341
  460
  603
  774
  972
  1,200
  1,457
  1,745
  2,063
  2,411
  2,788
  3,194
  3,628
  4,089
  4,577
  5,092
  5,632
  6,198
  6,790
  7,407
  8,050
  8,719
  9,414
  10,137
  10,889
  11,670
  12,482
  13,326
  14,203
Issuance/(repayment) of debt, $m
  0
  106
  132
  162
  195
  230
  266
  304
  343
  382
  420
  458
  496
  533
  569
  604
  638
  671
  704
  737
  770
  803
  836
  870
  904
  940
  977
  1,015
  1,055
  1,097
  1,140
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  
  2
  106
  132
  162
  195
  230
  266
  304
  343
  382
  420
  458
  496
  533
  569
  604
  638
  671
  704
  737
  770
  803
  836
  870
  904
  940
  977
  1,015
  1,055
  1,097
  1,140
Total cash flow (excl. dividends), $m
  94
  351
  473
  622
  798
  1,004
  1,239
  1,504
  1,800
  2,127
  2,483
  2,869
  3,284
  3,726
  4,196
  4,692
  5,215
  5,763
  6,337
  6,936
  7,560
  8,210
  8,886
  9,588
  10,319
  11,077
  11,866
  12,685
  13,537
  14,422
  15,344
Retained Cash Flow (-), $m
  -253
  -186
  -234
  -286
  -344
  -405
  -470
  -536
  -604
  -673
  -741
  -808
  -874
  -939
  -1,002
  -1,064
  -1,124
  -1,183
  -1,242
  -1,299
  -1,357
  -1,415
  -1,473
  -1,533
  -1,594
  -1,656
  -1,721
  -1,789
  -1,859
  -1,933
  -2,010
Prev. year cash balance distribution, $m
 
  230
  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
 
  395
  240
  336
  455
  598
  769
  968
  1,196
  1,454
  1,743
  2,061
  2,410
  2,787
  3,194
  3,629
  4,091
  4,580
  5,095
  5,636
  6,203
  6,795
  7,412
  8,056
  8,725
  9,421
  10,144
  10,896
  11,678
  12,490
  13,334
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
 
  378
  220
  292
  374
  464
  558
  654
  748
  835
  914
  979
  1,028
  1,060
  1,072
  1,065
  1,040
  997
  938
  868
  788
  703
  615
  528
  444
  366
  296
  234
  181
  136
  100
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

YY Inc., through its subsidiaries, operates an online social platform in the People’s Republic of China. It engages users in real-time online group activities through voice, video, and text on personal computers and mobile devices; and enables users to create and organize groups of various sizes to discover and participate in a range of online activities, including music shows, online games, dating shows, live games broadcasting, and e-learning. The company’s core product is YY Client, which enables users to engage in live interactions online; and provides access to user-created online social activities groups. It also offers Web-based YY that enables users to conduct real-time interactions on the Web browsers without any downloads or installations; and Mobile YY, a mobile application that provides users access to the company’s music and entertainment content. In addition, the company owns and operates Duowan.com, a game media Website that provides access to and interactive resources for online games; Edu24oL.com, an online vocational training and language training platform; and YY.com, Huya.com, and Zhiniu8.com to browse and watch various categories of live broadcasts and other contents on the YY platform. Further, it operates an education platform 100.com, which provides various online English courses specializing in the preparation of International English Language Testing System (IELTS); and DuBooker that publishes various teaching materials relevant to language education. YY Inc. was founded in 2005 and is headquartered in Guangzhou, the People’s Republic of China.

FINANCIAL RATIOS  of  YY ADR (YY)

Valuation Ratios
P/E Ratio 371.7
Price to Sales 68.9
Price to Book 111.9
Price to Tangible Book
Price to Cash Flow 233.6
Price to Free Cash Flow 258.8
Growth Rates
Sales Growth Rate 39.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -89.3%
Cap. Spend. - 3 Yr. Gr. Rate 27.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 54.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 17.8%
Ret/ On Assets - 3 Yr. Avg. 18.3%
Return On Total Capital 22.2%
Ret/ On T. Cap. - 3 Yr. Avg. 23%
Return On Equity 36.4%
Return On Equity - 3 Yr. Avg. 37.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 37.8%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 25.1%
EBITDA Margin - 3 Yr. Avg. 27.8%
Operating Margin 21.6%
Oper. Margin - 3 Yr. Avg. 23.5%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 24.8%
Net Profit Margin 18.5%
Net Profit Margin - 3 Yr. Avg. 21.6%
Effective Tax Rate 15.9%
Eff/ Tax Rate - 3 Yr. Avg. 14.8%
Payout Ratio 0%

YY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the YY stock intrinsic value calculation we used $1187 million for the last fiscal year's total revenue generated by YY ADR. The default revenue input number comes from 2016 income statement of YY 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 YY 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 YY is calculated based on our internal credit rating of YY 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 YY 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 YY stock the variable cost ratio is equal to 73.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $58 million in the base year in the intrinsic value calculation for YY 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 YY ADR.

Corporate tax rate of 27% is the nominal tax rate for YY 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 YY 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 YY are equal to 17.7%.

Life of production assets of 10 years is the average useful life of capital assets used in YY 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 YY 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 - $731 million for YY 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 54.178 million for YY 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 YY ADR at the current share price and the inputted number of shares is $4.0 billion.

RELATED COMPANIES Price Int.Val. Rating
BIDU Baidu ADR 220.69 120.79  sell
CYOU Changyou.com A 40.22 43.51  hold
NTES Netease ADR 270.34 4,505.92  str.buy
SOHU Sohu.com 53.41 6.60  str.sell
YHOO Yahoo! 52.58 8.04  str.sell

COMPANY NEWS

▶ YY Inc. Announces Full Exercise of Over-Allotment Option   [Aug-17-17 08:00AM  GlobeNewswire]
▶ Stocks Edge Up At Open; Retail Sales, N.Y. Manufacturing Surge   [Aug-15-17 09:37AM  Investor's Business Daily]
▶ YY posts 2Q profit   [Aug-10-17 09:22PM  Associated Press]
▶ Nasdaq Thumped Again In Broad Sell-Off; Small Caps Also Hit   [04:22PM  Investor's Business Daily]
▶ S&P 500 Futures: Watch These Three Sectors This Week   [Aug-07-17 06:29AM  Investor's Business Daily]
▶ ETFs with exposure to YY, Inc. : July 31, 2017   [Jul-31-17 05:24PM  Capital Cube]
▶ YY to Announce Second Quarter 2017 Financial Results   [Jul-26-17 08:00AM  GlobeNewswire]
▶ As Alibaba, YY Climb, This Chinese Stock Nears Buy With EPS Due   [Jul-24-17 12:53PM  Investor's Business Daily]
▶ U.S Stocks Quiet, But One Foreign Group Is Rising   [12:04PM  Investor's Business Daily]
▶ Stocks Finish Flat But Small Caps Rise; Netflix Surges Late   [Jul-17-17 04:19PM  Investor's Business Daily]
▶ Story Stocks from Briefing.com   [11:50AM  Briefing.com]
▶ China's YY Follows Through After Friday's Breakout   [05:41AM  Investor's Business Daily]
▶ Which 7 Chinese Stocks Are Top Fund Managers Buying?   [Jul-14-17 04:43PM  Investor's Business Daily]
▶ S&P, Dow Reach Record Highs; 4 Top-Rated Stocks Hit Buy Points   [01:35PM  Investor's Business Daily]
▶ ETFs with exposure to YY, Inc. : July 11, 2017   [Jul-11-17 03:14PM  Capital Cube]
▶ Top Funds Are Banking Gains With BofA, Morgan Stanley   [Jul-07-17 03:50PM  Investor's Business Daily]
▶ Put These 4 IBD 50 Chinese Plays On Your Stocks To Watch   [Jul-02-17 10:30AM  Investor's Business Daily]
▶ Stocks Up Mildly; China Name Resilient, Sits In Buy Range   [Jun-30-17 01:29PM  Investor's Business Daily]
▶ ETFs with exposure to YY, Inc. : June 27, 2017   [Jun-27-17 04:03PM  Capital Cube]
▶ Best Chinese Stocks To Buy And Watch   [Jun-20-17 04:41PM  Investor's Business Daily]
▶ Tech Slide Makes These 5 Value Stocks Must-Buys   [Jun-13-17 02:14PM  Zacks]
▶ This Smaller Chinese Internet Stock Is At The Top Of The Charts   [Jun-09-17 10:46AM  Investor's Business Daily]
▶ Stocks End Off Lightly; Can These 5 Growth Leaders Keep Winning?   [Jun-05-17 05:00PM  Investor's Business Daily]
▶ Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks   [Jun-02-17 04:18PM  Investor's Business Daily]
▶ Top Ranked Momentum Stocks to Buy for June 1st   [Jun-01-17 10:29AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 30th   [May-30-17 11:53AM  Zacks]
▶ Top Ranked Momentum Stocks to Buy for May 25th   [May-25-17 12:30PM  Zacks]
▶ Can The Uptrend Continue for YY (YY)?   [May-12-17 07:21AM  Zacks]
▶ Analysts React To Snap's Face-Plant; Nvidia PT Hiked, Caterpillar Upgraded   [May-11-17 04:36PM  Investor's Business Daily]
▶ NetEase Handily Beats Earnings Views, Stock Jumps After Hours   [May-10-17 08:46PM  Investor's Business Daily]
▶ Top Chinese Internets Autohome, YY Earnings Top Views   [08:51AM  Investor's Business Daily]
▶ YY posts 1Q profit   [06:26AM  Associated Press]
▶ YY Inc. Appoints New Chief Financial Officer   [06:00AM  GlobeNewswire]
▶ ETFs with exposure to YY, Inc. : May 9, 2017   [May-09-17 05:13PM  Capital Cube]
▶ ETFs with exposure to YY, Inc. : April 26, 2017   [Apr-26-17 03:43PM  Capital Cube]
▶ YY Filed 2016 Annual Report on Form 20-F   [Apr-20-17 04:30PM  GlobeNewswire]
▶ Create an Efficient Portfolio with 5 Top Stocks   [Apr-19-17 07:42AM  Zacks]
▶ Is YY Inc. a Great Stock for Value Investors?   [Apr-06-17 09:40AM  Zacks]
▶ Chinese Internet Stocks Lead Market: This One Hit A Buy Point   [Mar-16-17 04:35PM  Investor's Business Daily]
▶ China's YY Earnings Beat On Video Growth; But Outlook Short   [04:12PM  Investor's Business Daily]
▶ YY posts 4Q profit   [06:26AM  Associated Press]
▶ Alibaba Breaks Out As Yahoo Details Holding Company   [Mar-13-17 04:33PM  Investor's Business Daily]
Stock chart of YY Financial statements of YY
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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