Intrinsic value of Zhaopin ADR - ZPIN

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$17.95

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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Previous close

$17.95

 
Intrinsic value

$50.92

 
Up/down potential

+184%

 
Rating

str. buy

 
Value-price divergence* premium content

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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
  25.90
  23.81
  21.93
  20.24
  18.71
  17.34
  16.11
  15.00
  14.00
  13.10
  12.29
  11.56
  10.90
  10.31
  9.78
  9.30
  8.87
  8.49
  8.14
  7.82
  7.54
  7.29
  7.06
  6.85
  6.67
  6.50
  6.35
  6.22
  6.09
  5.98
Revenue, $m
  220
  277
  343
  418
  503
  597
  700
  813
  935
  1,066
  1,206
  1,354
  1,510
  1,675
  1,847
  2,028
  2,217
  2,414
  2,618
  2,831
  3,053
  3,283
  3,522
  3,771
  4,029
  4,298
  4,577
  4,868
  5,171
  5,486
  5,814
Variable operating expenses, $m
 
  215
  266
  324
  389
  462
  542
  629
  724
  825
  933
  1,046
  1,167
  1,294
  1,428
  1,568
  1,713
  1,865
  2,024
  2,188
  2,360
  2,538
  2,723
  2,915
  3,114
  3,322
  3,538
  3,763
  3,997
  4,240
  4,494
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
  215
  266
  324
  389
  462
  542
  629
  724
  825
  933
  1,046
  1,167
  1,294
  1,428
  1,568
  1,713
  1,865
  2,024
  2,188
  2,360
  2,538
  2,723
  2,915
  3,114
  3,322
  3,538
  3,763
  3,997
  4,240
  4,494
Operating income, $m
  44
  62
  77
  94
  113
  135
  158
  184
  211
  241
  273
  307
  343
  380
  420
  461
  503
  548
  595
  643
  693
  746
  800
  856
  915
  976
  1,040
  1,106
  1,174
  1,246
  1,320
EBITDA, $m
  48
  66
  81
  99
  119
  141
  166
  192
  221
  252
  285
  320
  357
  396
  437
  480
  525
  571
  620
  670
  723
  777
  834
  893
  954
  1,017
  1,083
  1,152
  1,224
  1,298
  1,376
Interest expense (income), $m
  1
  0
  0
  1
  2
  4
  5
  7
  9
  12
  14
  16
  19
  22
  25
  28
  31
  35
  38
  42
  46
  50
  54
  58
  63
  67
  72
  77
  83
  88
  94
Earnings before tax, $m
  50
  62
  77
  93
  111
  131
  153
  176
  202
  230
  259
  291
  324
  358
  395
  433
  472
  513
  556
  601
  648
  696
  746
  798
  852
  909
  967
  1,028
  1,092
  1,158
  1,227
Tax expense, $m
  9
  17
  21
  25
  30
  35
  41
  48
  55
  62
  70
  79
  87
  97
  107
  117
  127
  139
  150
  162
  175
  188
  201
  215
  230
  245
  261
  278
  295
  313
  331
Net income, $m
  41
  45
  56
  68
  81
  96
  111
  129
  148
  168
  189
  212
  236
  262
  288
  316
  345
  375
  406
  439
  473
  508
  545
  583
  622
  663
  706
  751
  797
  845
  895

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
  159
  196
  239
  288
  342
  401
  466
  536
  610
  690
  775
  865
  959
  1,058
  1,162
  1,270
  1,382
  1,500
  1,622
  1,749
  1,880
  2,017
  2,160
  2,308
  2,462
  2,622
  2,788
  2,961
  3,142
  3,330
Adjusted assets (=assets-cash), $m
  126
  159
  196
  239
  288
  342
  401
  466
  536
  610
  690
  775
  865
  959
  1,058
  1,162
  1,270
  1,382
  1,500
  1,622
  1,749
  1,880
  2,017
  2,160
  2,308
  2,462
  2,622
  2,788
  2,961
  3,142
  3,330
Revenue / Adjusted assets
  1.746
  1.742
  1.750
  1.749
  1.747
  1.746
  1.746
  1.745
  1.744
  1.748
  1.748
  1.747
  1.746
  1.747
  1.746
  1.745
  1.746
  1.747
  1.745
  1.745
  1.746
  1.746
  1.746
  1.746
  1.746
  1.746
  1.746
  1.746
  1.746
  1.746
  1.746
Average production assets, $m
  11
  13
  16
  20
  24
  29
  34
  39
  45
  51
  58
  65
  72
  80
  89
  97
  106
  116
  126
  136
  147
  158
  169
  181
  193
  206
  220
  234
  248
  263
  279
Working capital, $m
  184
  -52
  -64
  -78
  -94
  -111
  -130
  -151
  -174
  -198
  -224
  -252
  -281
  -312
  -344
  -377
  -412
  -449
  -487
  -527
  -568
  -611
  -655
  -701
  -749
  -799
  -851
  -905
  -962
  -1,020
  -1,081
Total debt, $m
  25
  -9
  25
  64
  107
  156
  209
  267
  330
  397
  469
  546
  626
  711
  800
  893
  991
  1,092
  1,198
  1,308
  1,422
  1,540
  1,664
  1,792
  1,925
  2,064
  2,208
  2,357
  2,513
  2,676
  2,845
Total liabilities, $m
  176
  143
  177
  216
  259
  308
  361
  419
  482
  549
  621
  698
  778
  863
  952
  1,045
  1,143
  1,244
  1,350
  1,460
  1,574
  1,692
  1,816
  1,944
  2,077
  2,216
  2,360
  2,509
  2,665
  2,828
  2,997
Total equity, $m
  199
  16
  20
  24
  29
  34
  40
  47
  54
  61
  69
  78
  86
  96
  106
  116
  127
  138
  150
  162
  175
  188
  202
  216
  231
  246
  262
  279
  296
  314
  333
Total liabilities and equity, $m
  375
  159
  197
  240
  288
  342
  401
  466
  536
  610
  690
  776
  864
  959
  1,058
  1,161
  1,270
  1,382
  1,500
  1,622
  1,749
  1,880
  2,018
  2,160
  2,308
  2,462
  2,622
  2,788
  2,961
  3,142
  3,330
Debt-to-equity ratio
  0.126
  -0.580
  1.260
  2.650
  3.720
  4.550
  5.210
  5.740
  6.160
  6.510
  6.800
  7.040
  7.240
  7.420
  7.560
  7.690
  7.800
  7.900
  7.990
  8.060
  8.130
  8.190
  8.250
  8.300
  8.340
  8.380
  8.420
  8.450
  8.490
  8.520
  8.540
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
  45
  56
  68
  81
  96
  111
  129
  148
  168
  189
  212
  236
  262
  288
  316
  345
  375
  406
  439
  473
  508
  545
  583
  622
  663
  706
  751
  797
  845
  895
Depreciation, amort., depletion, $m
  4
  4
  4
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  18
  19
  21
  23
  25
  27
  29
  32
  34
  36
  39
  41
  44
  47
  50
  53
  56
Funds from operations, $m
  78
  49
  61
  73
  87
  102
  119
  138
  157
  179
  202
  225
  251
  278
  306
  335
  366
  398
  431
  466
  502
  539
  578
  619
  661
  705
  750
  797
  847
  898
  951
Change in working capital, $m
  16
  -11
  -12
  -14
  -16
  -17
  -19
  -21
  -23
  -24
  -26
  -28
  -29
  -31
  -32
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -44
  -46
  -48
  -50
  -52
  -54
  -56
  -59
  -61
Cash from operations, $m
  62
  60
  73
  87
  103
  120
  138
  158
  180
  203
  227
  253
  280
  308
  338
  369
  401
  435
  469
  506
  543
  582
  623
  665
  709
  755
  802
  851
  903
  956
  1,012
Maintenance CAPEX, $m
  0
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -32
  -34
  -36
  -39
  -41
  -44
  -47
  -50
  -53
New CAPEX, $m
  -4
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
Cash from investing activities, $m
  -7
  -5
  -6
  -7
  -8
  -10
  -11
  -12
  -14
  -15
  -17
  -19
  -21
  -22
  -24
  -27
  -28
  -30
  -33
  -35
  -38
  -40
  -43
  -46
  -48
  -52
  -54
  -58
  -62
  -65
  -69
Free cash flow, $m
  55
  55
  67
  80
  94
  110
  128
  146
  166
  188
  211
  234
  259
  286
  314
  342
  373
  404
  436
  470
  505
  542
  580
  619
  660
  703
  747
  794
  842
  892
  944
Issuance/(repayment) of debt, $m
  -19
  -9
  34
  39
  44
  48
  53
  58
  63
  67
  72
  76
  81
  85
  89
  93
  97
  101
  106
  110
  114
  119
  123
  128
  133
  138
  144
  150
  156
  162
  169
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
  -9
  34
  39
  44
  48
  53
  58
  63
  67
  72
  76
  81
  85
  89
  93
  97
  101
  106
  110
  114
  119
  123
  128
  133
  138
  144
  150
  156
  162
  169
Total cash flow (excl. dividends), $m
  52
  46
  101
  119
  138
  159
  181
  204
  229
  255
  283
  311
  340
  371
  403
  436
  470
  505
  542
  580
  620
  661
  703
  747
  794
  841
  891
  943
  998
  1,054
  1,113
Retained Cash Flow (-), $m
  -51
  -42
  -4
  -4
  -5
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
Prev. year cash balance distribution, $m
 
  225
  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
 
  229
  97
  114
  133
  153
  175
  198
  222
  248
  275
  302
  331
  361
  393
  425
  459
  494
  530
  568
  607
  647
  690
  733
  779
  826
  875
  927
  980
  1,036
  1,094
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
 
  219
  89
  100
  110
  119
  127
  134
  139
  142
  144
  143
  141
  137
  132
  125
  117
  107
  98
  87
  77
  67
  57
  48
  40
  32
  26
  20
  15
  11
  8
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 54.7
Price to Sales 10.2
Price to Book 11.3
Price to Tangible Book
Price to Cash Flow 36.2
Price to Free Cash Flow 38.6
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 $220 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 25.9% 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 77.7%.

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 4.8%.

Life of production assets of 4.9 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 -18.6%. 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 - $199 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 55.567 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 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
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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