Intrinsic value of Zhaopin ADR - ZPIN

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$18.29

  Intrinsic Value

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  Value-price divergence*

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

We calculate the intrinsic value of ZPIN 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 1.0

 

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, %
  19.57
  25.00
  23.00
  21.20
  19.58
  18.12
  16.81
  15.63
  14.57
  13.61
  12.75
  11.97
  11.28
  10.65
  10.08
  9.58
  9.12
  8.71
  8.34
  8.00
  7.70
  7.43
  7.19
  6.97
  6.77
  6.60
  6.44
  6.29
  6.16
  6.05
  5.94
Revenue, $m
  220
  1,904
  2,342
  2,838
  3,394
  4,009
  4,683
  5,414
  6,203
  7,047
  7,946
  8,897
  9,900
  10,955
  12,059
  13,214
  14,419
  15,674
  16,981
  18,339
  19,752
  21,220
  22,745
  24,330
  25,978
  27,691
  29,473
  31,328
  33,259
  35,270
  37,366
Variable operating expenses, $m
 
  1,474
  1,811
  2,194
  2,622
  3,096
  3,616
  4,180
  4,787
  5,438
  6,131
  6,857
  7,631
  8,443
  9,294
  10,184
  11,113
  12,081
  13,087
  14,135
  15,223
  16,355
  17,530
  18,752
  20,022
  21,343
  22,716
  24,145
  25,634
  27,184
  28,799
Fixed operating expenses, $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
Total operating expenses, $m
  176
  1,474
  1,811
  2,194
  2,622
  3,096
  3,616
  4,180
  4,787
  5,438
  6,131
  6,857
  7,631
  8,443
  9,294
  10,184
  11,113
  12,081
  13,087
  14,135
  15,223
  16,355
  17,530
  18,752
  20,022
  21,343
  22,716
  24,145
  25,634
  27,184
  28,799
Operating income, $m
  44
  430
  530
  644
  772
  913
  1,067
  1,235
  1,416
  1,609
  1,815
  2,040
  2,270
  2,512
  2,765
  3,030
  3,306
  3,594
  3,893
  4,205
  4,528
  4,865
  5,215
  5,578
  5,956
  6,349
  6,757
  7,183
  7,625
  8,086
  8,567
EBITDA, $m
  48
  454
  558
  677
  809
  956
  1,117
  1,291
  1,479
  1,681
  1,895
  2,122
  2,361
  2,612
  2,876
  3,151
  3,438
  3,738
  4,049
  4,373
  4,710
  5,060
  5,424
  5,802
  6,195
  6,603
  7,028
  7,471
  7,931
  8,411
  8,910
Interest expense (income), $m
  1
  0
  -2
  6
  15
  25
  36
  48
  61
  75
  91
  107
  124
  142
  161
  181
  202
  224
  247
  270
  295
  320
  347
  374
  403
  433
  464
  496
  529
  564
  601
Earnings before tax, $m
  50
  430
  533
  639
  757
  888
  1,031
  1,187
  1,354
  1,534
  1,725
  1,933
  2,146
  2,369
  2,603
  2,848
  3,104
  3,370
  3,647
  3,934
  4,234
  4,545
  4,868
  5,204
  5,553
  5,916
  6,294
  6,687
  7,096
  7,522
  7,966
Tax expense, $m
  9
  116
  144
  172
  204
  240
  278
  320
  366
  414
  466
  522
  579
  640
  703
  769
  838
  910
  985
  1,062
  1,143
  1,227
  1,314
  1,405
  1,499
  1,597
  1,699
  1,805
  1,916
  2,031
  2,151
Net income, $m
  41
  314
  389
  466
  553
  648
  753
  866
  989
  1,120
  1,259
  1,411
  1,566
  1,730
  1,901
  2,079
  2,266
  2,460
  2,662
  2,872
  3,091
  3,318
  3,554
  3,799
  4,054
  4,319
  4,594
  4,881
  5,180
  5,491
  5,815

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  250
  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
  376
  1,092
  1,343
  1,628
  1,947
  2,300
  2,687
  3,106
  3,559
  4,043
  4,559
  5,104
  5,680
  6,285
  6,919
  7,581
  8,272
  8,993
  9,742
  10,522
  11,332
  12,174
  13,049
  13,959
  14,904
  15,887
  16,910
  17,974
  19,081
  20,235
  21,437
Adjusted assets (=assets-cash), $m
  126
  1,092
  1,343
  1,628
  1,947
  2,300
  2,687
  3,106
  3,559
  4,043
  4,559
  5,104
  5,680
  6,285
  6,919
  7,581
  8,272
  8,993
  9,742
  10,522
  11,332
  12,174
  13,049
  13,959
  14,904
  15,887
  16,910
  17,974
  19,081
  20,235
  21,437
Revenue / Adjusted assets
  1.746
  1.744
  1.744
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
  1.743
Average production assets, $m
  11
  88
  108
  131
  156
  184
  215
  249
  285
  324
  366
  409
  455
  504
  555
  608
  663
  721
  781
  844
  909
  976
  1,046
  1,119
  1,195
  1,274
  1,356
  1,441
  1,530
  1,622
  1,719
Working capital, $m
  184
  -352
  -433
  -525
  -628
  -742
  -866
  -1,002
  -1,148
  -1,304
  -1,470
  -1,646
  -1,832
  -2,027
  -2,231
  -2,445
  -2,667
  -2,900
  -3,141
  -3,393
  -3,654
  -3,926
  -4,208
  -4,501
  -4,806
  -5,123
  -5,453
  -5,796
  -6,153
  -6,525
  -6,913
Total debt, $m
  25
  -65
  161
  417
  704
  1,022
  1,370
  1,748
  2,155
  2,591
  3,055
  3,546
  4,064
  4,608
  5,179
  5,775
  6,397
  7,045
  7,720
  8,422
  9,151
  9,909
  10,696
  11,515
  12,366
  13,250
  14,171
  15,128
  16,125
  17,164
  18,246
Total liabilities, $m
  176
  983
  1,209
  1,465
  1,752
  2,070
  2,418
  2,796
  3,203
  3,639
  4,103
  4,594
  5,112
  5,656
  6,227
  6,823
  7,445
  8,093
  8,768
  9,470
  10,199
  10,957
  11,744
  12,563
  13,414
  14,298
  15,219
  16,176
  17,173
  18,212
  19,294
Total equity, $m
  199
  109
  134
  163
  195
  230
  269
  311
  356
  404
  456
  510
  568
  628
  692
  758
  827
  899
  974
  1,052
  1,133
  1,217
  1,305
  1,396
  1,490
  1,589
  1,691
  1,797
  1,908
  2,024
  2,144
Total liabilities and equity, $m
  375
  1,092
  1,343
  1,628
  1,947
  2,300
  2,687
  3,107
  3,559
  4,043
  4,559
  5,104
  5,680
  6,284
  6,919
  7,581
  8,272
  8,992
  9,742
  10,522
  11,332
  12,174
  13,049
  13,959
  14,904
  15,887
  16,910
  17,973
  19,081
  20,236
  21,438
Debt-to-equity ratio
  0.126
  -0.600
  1.200
  2.560
  3.620
  4.440
  5.100
  5.630
  6.060
  6.410
  6.700
  6.950
  7.150
  7.330
  7.490
  7.620
  7.730
  7.830
  7.920
  8.000
  8.080
  8.140
  8.200
  8.250
  8.300
  8.340
  8.380
  8.420
  8.450
  8.480
  8.510
Adjusted equity ratio
  -0.405
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  41
  314
  389
  466
  553
  648
  753
  866
  989
  1,120
  1,259
  1,411
  1,566
  1,730
  1,901
  2,079
  2,266
  2,460
  2,662
  2,872
  3,091
  3,318
  3,554
  3,799
  4,054
  4,319
  4,594
  4,881
  5,180
  5,491
  5,815
Depreciation, amort., depletion, $m
  4
  24
  28
  33
  38
  43
  50
  56
  64
  71
  80
  82
  91
  101
  111
  122
  133
  144
  156
  169
  182
  195
  209
  224
  239
  255
  271
  288
  306
  324
  344
Funds from operations, $m
  78
  338
  417
  499
  590
  692
  802
  923
  1,052
  1,191
  1,338
  1,493
  1,657
  1,830
  2,011
  2,201
  2,398
  2,604
  2,818
  3,041
  3,272
  3,513
  3,763
  4,023
  4,293
  4,573
  4,865
  5,169
  5,486
  5,815
  6,159
Change in working capital, $m
  16
  -70
  -81
  -92
  -103
  -114
  -125
  -135
  -146
  -156
  -166
  -176
  -186
  -195
  -204
  -214
  -223
  -232
  -242
  -251
  -261
  -272
  -282
  -293
  -305
  -317
  -330
  -343
  -357
  -372
  -388
Cash from operations, $m
  62
  409
  498
  591
  693
  805
  927
  1,058
  1,198
  1,347
  1,505
  1,669
  1,843
  2,025
  2,216
  2,414
  2,621
  2,836
  3,060
  3,292
  3,534
  3,784
  4,045
  4,316
  4,597
  4,890
  5,195
  5,512
  5,843
  6,187
  6,547
Maintenance CAPEX, $m
  0
  -14
  -18
  -22
  -26
  -31
  -37
  -43
  -50
  -57
  -65
  -73
  -82
  -91
  -101
  -111
  -122
  -133
  -144
  -156
  -169
  -182
  -195
  -209
  -224
  -239
  -255
  -271
  -288
  -306
  -324
New CAPEX, $m
  -4
  -18
  -20
  -23
  -26
  -28
  -31
  -34
  -36
  -39
  -41
  -44
  -46
  -48
  -51
  -53
  -55
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -93
  -96
Cash from investing activities, $m
  -7
  -32
  -38
  -45
  -52
  -59
  -68
  -77
  -86
  -96
  -106
  -117
  -128
  -139
  -152
  -164
  -177
  -191
  -204
  -219
  -234
  -250
  -265
  -282
  -300
  -318
  -337
  -356
  -377
  -399
  -420
Free cash flow, $m
  55
  378
  460
  546
  641
  746
  859
  981
  1,112
  1,251
  1,399
  1,552
  1,715
  1,886
  2,064
  2,250
  2,444
  2,646
  2,856
  3,073
  3,300
  3,535
  3,780
  4,034
  4,298
  4,573
  4,858
  5,156
  5,466
  5,789
  6,126
Issuance/(repayment) of debt, $m
  -19
  -65
  226
  256
  287
  318
  348
  378
  407
  436
  464
  491
  518
  544
  570
  596
  622
  648
  675
  702
  729
  758
  788
  819
  851
  885
  920
  958
  997
  1,038
  1,082
Issuance/(repurchase) of shares, $m
  10
  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  
  -9
  -65
  226
  256
  287
  318
  348
  378
  407
  436
  464
  491
  518
  544
  570
  596
  622
  648
  675
  702
  729
  758
  788
  819
  851
  885
  920
  958
  997
  1,038
  1,082
Total cash flow (excl. dividends), $m
  52
  313
  686
  803
  928
  1,063
  1,207
  1,359
  1,519
  1,687
  1,862
  2,043
  2,233
  2,430
  2,635
  2,847
  3,066
  3,294
  3,530
  3,775
  4,029
  4,293
  4,567
  4,852
  5,149
  5,457
  5,779
  6,114
  6,463
  6,827
  7,208
Retained Cash Flow (-), $m
  -51
  -283
  -25
  -28
  -32
  -35
  -39
  -42
  -45
  -48
  -52
  -55
  -58
  -60
  -63
  -66
  -69
  -72
  -75
  -78
  -81
  -84
  -88
  -91
  -95
  -98
  -102
  -106
  -111
  -115
  -120
Prev. year cash balance distribution, $m
 
  1,553
  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
 
  1,583
  661
  774
  896
  1,028
  1,169
  1,317
  1,474
  1,639
  1,811
  1,989
  2,176
  2,370
  2,571
  2,780
  2,997
  3,222
  3,455
  3,697
  3,948
  4,209
  4,480
  4,761
  5,054
  5,359
  5,676
  6,007
  6,352
  6,712
  7,088
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
 
  1,517
  605
  674
  738
  797
  848
  890
  921
  941
  949
  944
  928
  901
  863
  816
  762
  701
  636
  569
  502
  435
  372
  312
  257
  208
  166
  129
  98
  73
  53
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

Zhaopin Limited, through its subsidiaries, operates online recruitment platform in the People’s Republic of China. It operates zhaopin.com, a career-focused Website that provides online recruitment services, including classified job postings and display advertisements, resume access, and other online value-added recruitment services, as well as mobile applications. The company also offers campus recruitment services, such as selecting campuses, organizing recruiting events, collecting and managing resumes, and conducting interviews and assessment tests with potential candidates; and online and offline assessment services. In addition, it provides executive search services for mid-level professional, managerial, and junior executive positions; and online and offline education and training services to other enterprises and their employees, as well as operates highpin.cn for high-end employment positions in various industries, including information technology, financial services, real estate, automotive, and consumer products. Further, the company offers other value-added services, such as print advertising; and publishing research reports on salary and compensation, and job search trends, as well as other useful information tailored for human resources professionals. It serves multinational corporations, small and medium-sized enterprises, and state-owned entities. The company was formerly known as Zhaopin.com Limited and changed its name to Zhaopin Limited in 2002. Zhaopin Limited was founded in 1994 and is headquartered in Beijing, in the People’s Republic of China.

FINANCIAL RATIOS  of  Zhaopin ADR (ZPIN)

Valuation Ratios
P/E Ratio 55.7
Price to Sales 10.4
Price to Book 11.5
Price to Tangible Book
Price to Cash Flow 36.8
Price to Free Cash Flow 39.4
Growth Rates
Sales Growth Rate 19.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -20%
Cap. Spend. - 3 Yr. Gr. Rate 5.9%
Financial Strength
Quick Ratio 10
Current Ratio 0.5
LT Debt to Equity 0%
Total Debt to Equity 12.6%
Interest Coverage 51
Management Effectiveness
Return On Assets 11.9%
Ret/ On Assets - 3 Yr. Avg. 12.6%
Return On Total Capital 19.9%
Ret/ On T. Cap. - 3 Yr. Avg. 22.1%
Return On Equity 23.6%
Return On Equity - 3 Yr. Avg. 37.4%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 90.9%
Gross Margin - 3 Yr. Avg. 90.8%
EBITDA Margin 25%
EBITDA Margin - 3 Yr. Avg. 25.3%
Operating Margin 20%
Oper. Margin - 3 Yr. Avg. 21.3%
Pre-Tax Margin 22.7%
Pre-Tax Margin - 3 Yr. Avg. 23%
Net Profit Margin 18.6%
Net Profit Margin - 3 Yr. Avg. 18.6%
Effective Tax Rate 18%
Eff/ Tax Rate - 3 Yr. Avg. 18.2%
Payout Ratio 0%

ZPIN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZPIN stock intrinsic value calculation we used $1523 million for the last fiscal year's total revenue generated by Zhaopin ADR. The default revenue input number comes from 2016 income statement of Zhaopin 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 ZPIN stock valuation model: a) initial revenue growth rate of 25% 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 ZPIN is calculated based on our internal credit rating of Zhaopin 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 Zhaopin 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 ZPIN stock the variable cost ratio is equal to 77.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ZPIN 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 Zhaopin ADR.

Corporate tax rate of 27% is the nominal tax rate for Zhaopin 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 ZPIN 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 ZPIN are equal to 4.6%.

Life of production assets of 4.8 years is the average useful life of capital assets used in Zhaopin 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 ZPIN is equal to -18.5%. 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 - $1379 million for Zhaopin 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 53.564 million for Zhaopin 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 Zhaopin ADR at the current share price and the inputted number of shares is $1.0 billion.


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COMPANY NEWS

▶ Zhaopin Limited Announces Special Dividend   [Jun-19-17 06:00AM  PR Newswire]
▶ Zhaopin Enters into Definitive Merger Agreement   [Apr-06-17 06:30AM  PR Newswire]
▶ These sectors are hiring in China   [Feb-21-17 12:57AM  CNBC Videos]
▶ Tencent Tops Ranking Of China's Best Employers   [Dec-11-16 08:33AM  at Forbes]
▶ Zhaopin Unveils 2016 Top 30 Employers in China   [Dec-09-16 08:30AM  PR Newswire]
▶ Maiden Holdings, Ltd. (MHLD) Hedge Funds Are Snapping Up   [Dec-07-16 05:46AM  at Insider Monkey]
▶ China Labor Market Perking Up in the Third Quarter 2016   [Oct-20-16 06:50AM  PR Newswire]
▶ Zhaopin Announces 2016 Top 100 Employers In China   [Sep-21-16 06:50AM  PR Newswire]
▶ China Labor Market Stabilizing In Second Quarter 2016   [Jul-21-16 05:00AM  PR Newswire]
▶ Zhaopin Announces New Director Appointment   [Jun-13-16 07:00AM  PR Newswire]
▶ Zhaopin Limited Announces Changes in Board Composition   [Feb-17-16 06:00AM  PR Newswire]
▶ Term Sheet Friday, January 29   [Jan-29-16 10:03AM  at Fortune]
▶ Why the SEEK Limited share price soar could soar in 2016   [Jan-19-16 08:32PM  at Motley Fool]
▶ Hedge Funds Are Dumping Zhaopin Ltd (ADR) (ZPIN)   [Nov-29  08:59AM  at Insider Monkey]
▶ Hedge Funds Are Crazy About Silver Spring Networks Inc (SSNI)   [Nov-26  10:56AM  at Insider Monkey]
▶ Zhaopin Limited Opens New Branch Office in Dongguan   [Nov-10  06:50AM  PR Newswire]
▶ Zhaopin Launches National Employability Test   [Sep-03  09:07AM  PR Newswire]
▶ SMEs 'Aggressively' Creating New Jobs in China: Zhaopin   [Aug-19  01:03AM  at Bloomberg]
Stock chart of ZPIN Financial statements of ZPIN Annual reports of ZPIN
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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