Intrinsic value of China Zenix Auto International ADR - ZX

Previous Close

$1.25

  Intrinsic Value

$1.78

stock screener

  Rating & Target

buy

+42%

Previous close

$1.25

 
Intrinsic value

$1.78

 
Up/down potential

+42%

 
Rating

buy

We calculate the intrinsic value of ZX stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.1

 

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, %
  -8.19
  21.50
  19.85
  18.37
  17.03
  15.83
  14.74
  13.77
  12.89
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
Revenue, $m
  325
  395
  473
  560
  656
  759
  871
  991
  1,119
  1,254
  1,397
  1,548
  1,705
  1,870
  2,042
  2,221
  2,407
  2,601
  2,803
  3,013
  3,230
  3,457
  3,692
  3,937
  4,191
  4,456
  4,731
  5,018
  5,317
  5,629
  5,954
Variable operating expenses, $m
 
  395
  473
  560
  656
  759
  871
  991
  1,119
  1,254
  1,397
  1,548
  1,705
  1,870
  2,042
  2,221
  2,407
  2,601
  2,803
  3,013
  3,230
  3,457
  3,692
  3,937
  4,191
  4,456
  4,731
  5,018
  5,317
  5,629
  5,954
Fixed operating expenses, $m
 
  4
  4
  4
  4
  5
  5
  5
  5
  5
  5
  5
  5
  6
  6
  6
  6
  6
  6
  6
  7
  7
  7
  7
  7
  7
  8
  8
  8
  8
  8
Total operating expenses, $m
  329
  399
  477
  564
  660
  764
  876
  996
  1,124
  1,259
  1,402
  1,553
  1,710
  1,876
  2,048
  2,227
  2,413
  2,607
  2,809
  3,019
  3,237
  3,464
  3,699
  3,944
  4,198
  4,463
  4,739
  5,026
  5,325
  5,637
  5,962
Operating income, $m
  -4
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -8
EBITDA, $m
  18
  23
  28
  34
  40
  47
  54
  62
  71
  80
  89
  99
  110
  121
  132
  144
  157
  170
  183
  197
  212
  227
  243
  259
  276
  294
  312
  331
  351
  372
  394
Interest expense (income), $m
  4
  0
  1
  2
  4
  5
  7
  9
  11
  13
  15
  18
  20
  23
  26
  28
  31
  35
  38
  41
  45
  48
  52
  56
  60
  64
  69
  73
  78
  83
  88
Earnings before tax, $m
  -4
  -4
  -5
  -7
  -8
  -10
  -12
  -14
  -16
  -18
  -21
  -23
  -26
  -28
  -31
  -34
  -37
  -41
  -44
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
Tax expense, $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
Net income, $m
  -4
  -4
  -5
  -7
  -8
  -10
  -12
  -14
  -16
  -18
  -21
  -23
  -26
  -28
  -31
  -34
  -37
  -41
  -44
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  172
  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
  558
  469
  562
  665
  779
  902
  1,035
  1,177
  1,329
  1,490
  1,660
  1,838
  2,025
  2,221
  2,425
  2,638
  2,859
  3,090
  3,329
  3,578
  3,837
  4,105
  4,385
  4,675
  4,977
  5,292
  5,619
  5,960
  6,315
  6,685
  7,071
Adjusted assets (=assets-cash), $m
  386
  469
  562
  665
  779
  902
  1,035
  1,177
  1,329
  1,490
  1,660
  1,838
  2,025
  2,221
  2,425
  2,638
  2,859
  3,090
  3,329
  3,578
  3,837
  4,105
  4,385
  4,675
  4,977
  5,292
  5,619
  5,960
  6,315
  6,685
  7,071
Revenue / Adjusted assets
  0.842
  0.842
  0.842
  0.842
  0.842
  0.841
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
  0.842
Average production assets, $m
  211
  256
  307
  364
  425
  493
  565
  643
  726
  814
  907
  1,004
  1,107
  1,214
  1,325
  1,441
  1,562
  1,688
  1,819
  1,955
  2,097
  2,243
  2,396
  2,555
  2,720
  2,892
  3,071
  3,257
  3,451
  3,653
  3,864
Working capital, $m
  120
  35
  42
  50
  58
  68
  78
  88
  100
  112
  124
  138
  152
  166
  182
  198
  214
  232
  249
  268
  288
  308
  329
  350
  373
  397
  421
  447
  473
  501
  530
Total debt, $m
  81
  24
  50
  80
  112
  147
  185
  226
  269
  315
  363
  414
  467
  523
  581
  642
  705
  771
  839
  910
  983
  1,060
  1,140
  1,222
  1,309
  1,398
  1,491
  1,589
  1,690
  1,795
  1,905
Total liabilities, $m
  191
  134
  160
  190
  222
  257
  295
  336
  379
  425
  473
  524
  577
  633
  691
  752
  815
  881
  949
  1,020
  1,093
  1,170
  1,250
  1,332
  1,419
  1,508
  1,601
  1,699
  1,800
  1,905
  2,015
Total equity, $m
  367
  335
  402
  476
  557
  645
  740
  842
  950
  1,065
  1,187
  1,314
  1,448
  1,588
  1,734
  1,886
  2,044
  2,209
  2,380
  2,558
  2,743
  2,935
  3,135
  3,343
  3,559
  3,784
  4,018
  4,261
  4,515
  4,780
  5,056
Total liabilities and equity, $m
  558
  469
  562
  666
  779
  902
  1,035
  1,178
  1,329
  1,490
  1,660
  1,838
  2,025
  2,221
  2,425
  2,638
  2,859
  3,090
  3,329
  3,578
  3,836
  4,105
  4,385
  4,675
  4,978
  5,292
  5,619
  5,960
  6,315
  6,685
  7,071
Debt-to-equity ratio
  0.221
  0.070
  0.120
  0.170
  0.200
  0.230
  0.250
  0.270
  0.280
  0.300
  0.310
  0.310
  0.320
  0.330
  0.340
  0.340
  0.340
  0.350
  0.350
  0.360
  0.360
  0.360
  0.360
  0.370
  0.370
  0.370
  0.370
  0.370
  0.370
  0.380
  0.380
Adjusted equity ratio
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715
  0.715

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -4
  -4
  -5
  -7
  -8
  -10
  -12
  -14
  -16
  -18
  -21
  -23
  -26
  -28
  -31
  -34
  -37
  -41
  -44
  -47
  -51
  -55
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
Depreciation, amort., depletion, $m
  22
  27
  32
  38
  44
  51
  59
  67
  76
  85
  94
  105
  115
  126
  138
  150
  163
  176
  189
  204
  218
  234
  250
  266
  283
  301
  320
  339
  359
  381
  403
Funds from operations, $m
  30
  23
  27
  31
  36
  41
  47
  53
  60
  67
  74
  82
  90
  98
  107
  116
  125
  135
  146
  156
  167
  179
  191
  203
  216
  230
  244
  258
  274
  290
  306
Change in working capital, $m
  4
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
Cash from operations, $m
  26
  16
  20
  23
  28
  32
  37
  43
  48
  55
  61
  68
  76
  83
  91
  100
  109
  118
  128
  138
  148
  159
  170
  181
  194
  206
  219
  233
  247
  262
  277
Maintenance CAPEX, $m
  0
  -22
  -27
  -32
  -38
  -44
  -51
  -59
  -67
  -76
  -85
  -94
  -105
  -115
  -126
  -138
  -150
  -163
  -176
  -189
  -204
  -218
  -234
  -250
  -266
  -283
  -301
  -320
  -339
  -359
  -381
New CAPEX, $m
  -4
  -45
  -51
  -56
  -62
  -67
  -73
  -78
  -83
  -88
  -93
  -98
  -102
  -107
  -112
  -116
  -121
  -126
  -131
  -136
  -141
  -147
  -153
  -159
  -165
  -172
  -179
  -186
  -194
  -202
  -211
Cash from investing activities, $m
  -9
  -67
  -78
  -88
  -100
  -111
  -124
  -137
  -150
  -164
  -178
  -192
  -207
  -222
  -238
  -254
  -271
  -289
  -307
  -325
  -345
  -365
  -387
  -409
  -431
  -455
  -480
  -506
  -533
  -561
  -592
Free cash flow, $m
  17
  -51
  -58
  -65
  -72
  -80
  -87
  -94
  -102
  -109
  -116
  -124
  -131
  -139
  -147
  -154
  -162
  -171
  -179
  -188
  -197
  -207
  -217
  -227
  -238
  -249
  -261
  -273
  -286
  -300
  -314
Issuance/(repayment) of debt, $m
  0
  24
  27
  29
  32
  35
  38
  41
  43
  46
  48
  51
  53
  56
  58
  61
  63
  66
  68
  71
  74
  77
  80
  83
  86
  90
  93
  97
  101
  106
  110
Issuance/(repurchase) of shares, $m
  -2
  63
  72
  81
  89
  98
  107
  116
  124
  133
  142
  151
  159
  168
  177
  186
  196
  205
  215
  225
  236
  247
  259
  271
  283
  296
  310
  325
  340
  356
  373
Cash from financing (excl. dividends), $m  
  -5
  87
  99
  110
  121
  133
  145
  157
  167
  179
  190
  202
  212
  224
  235
  247
  259
  271
  283
  296
  310
  324
  339
  354
  369
  386
  403
  422
  441
  462
  483
Total cash flow (excl. dividends), $m
  12
  36
  41
  45
  49
  54
  58
  62
  66
  70
  74
  78
  81
  85
  89
  93
  96
  100
  104
  108
  113
  117
  122
  127
  132
  137
  143
  148
  155
  161
  168
Retained Cash Flow (-), $m
  4
  -63
  -72
  -81
  -89
  -98
  -107
  -116
  -124
  -133
  -142
  -151
  -159
  -168
  -177
  -186
  -196
  -205
  -215
  -225
  -236
  -247
  -259
  -271
  -283
  -296
  -310
  -325
  -340
  -356
  -373
Prev. year cash balance distribution, $m
 
  91
  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
 
  64
  -31
  -36
  -40
  -44
  -49
  -54
  -58
  -63
  -68
  -73
  -78
  -83
  -88
  -94
  -99
  -105
  -111
  -117
  -123
  -130
  -137
  -144
  -152
  -159
  -168
  -176
  -185
  -194
  -204
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
 
  61
  -29
  -31
  -33
  -34
  -36
  -36
  -36
  -36
  -36
  -35
  -33
  -32
  -30
  -28
  -25
  -23
  -20
  -18
  -16
  -13
  -11
  -9
  -8
  -6
  -5
  -4
  -3
  -2
  -2
Current shareholders' claim on cash, %
  100
  75.3
  57.6
  44.8
  35.3
  28.2
  22.8
  18.6
  15.4
  12.8
  10.8
  9.1
  7.8
  6.7
  5.8
  5.0
  4.3
  3.8
  3.3
  2.9
  2.6
  2.3
  2.0
  1.8
  1.6
  1.4
  1.3
  1.2
  1.0
  0.9
  0.8

China Zenix Auto International Limited is a commercial vehicle wheel manufacturer in both the aftermarket and original equipment manufacturer (OEM) markets in People's Republic of China (PRC). The Company designs, manufactures and sells steel wheels. It operates in three segments: PRC OEM sales, which include production and sales of steel and aluminum wheels to vehicle manufacturers in the PRC; PRC aftermarket sales, which include production and sales of steel and aluminum wheels to distributors in the PRC, and international sales, which includes the production and sales of steel wheels to distributors and vehicle manufacturers outside the PRC. It offers over 710 series of tubed steel wheels (which are used for commercial vehicles using tires that contain a rubber inner tube), tubeless steel wheels (which are used for commercial vehicles using tubeless tires) and off-road steel wheels (which are used for construction and other types of off-road vehicles).

FINANCIAL RATIOS  of  China Zenix Auto International ADR (ZX)

Valuation Ratios
P/E Ratio -64.5
Price to Sales 0.8
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 9.9
Price to Free Cash Flow 11.7
Growth Rates
Sales Growth Rate -8.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -69.2%
Cap. Spend. - 3 Yr. Gr. Rate -30.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 22.1%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital -0.9%
Ret/ On T. Cap. - 3 Yr. Avg. 0.2%
Return On Equity -1.1%
Return On Equity - 3 Yr. Avg. 0.3%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 17.2%
Gross Margin - 3 Yr. Avg. 16.6%
EBITDA Margin 6.8%
EBITDA Margin - 3 Yr. Avg. 6.8%
Operating Margin -1.2%
Oper. Margin - 3 Yr. Avg. 0.2%
Pre-Tax Margin -1.2%
Pre-Tax Margin - 3 Yr. Avg. 0.2%
Net Profit Margin -1.2%
Net Profit Margin - 3 Yr. Avg. -0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 7.1%
Payout Ratio 0%

ZX stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZX stock intrinsic value calculation we used $325 million for the last fiscal year's total revenue generated by China Zenix Auto International ADR. The default revenue input number comes from 2016 income statement of China Zenix Auto International 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 ZX stock valuation model: a) initial revenue growth rate of 21.5% 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 ZX is calculated based on our internal credit rating of China Zenix Auto International 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 China Zenix Auto International 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 ZX stock the variable cost ratio is equal to 100%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4 million in the base year in the intrinsic value calculation for ZX 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 4.9% for China Zenix Auto International ADR.

Corporate tax rate of 27% is the nominal tax rate for China Zenix Auto International 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 ZX 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 ZX are equal to 64.9%.

Life of production assets of 9.6 years is the average useful life of capital assets used in China Zenix Auto International 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 ZX is equal to 8.9%. 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 - $367 million for China Zenix Auto International 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 51.585 million for China Zenix Auto International 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 China Zenix Auto International ADR at the current share price and the inputted number of shares is $0.1 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ China Zenix Files Annual Report on Form 20-F for 2016   [May-12-17 06:00AM  PR Newswire]
▶ China Zenix Files Annual Report on Form 20-F for 2015   [Jun-29-16 06:00AM  PR Newswire]
▶ CHINA ZENIX AUTO INTERNATIONAL LTD Financials   [01:04PM  EDGAR Online Financials]
▶ China Zenix Announces 2015 Annual Shareholders Meeting   [Oct-20  06:00AM  PR Newswire]
▶ China Zenix Files Annual Report on Form 20-F for 2014   [Aug-25  05:30AM  PR Newswire]
▶ China Zenix Auto Wins Supply Contract With Cargotec   [Jan-27  07:40AM  at noodls]
▶ China Zenix Auto Wins Supply Contract With FAW   [Jan-05  05:21AM  at noodls]
▶ China Zenix Appoints New Director   [Nov-24  05:40AM  at noodls]
▶ China Zenix Appoints New Director   [05:30AM  PR Newswire]
▶ China Zenix Announces 2014 annual Shareholders Meeting   [Nov-10  08:20AM  PR Newswire]
▶ China Zenix's Special Committee Appoints Advisors   [Apr-30  06:00AM  PR Newswire]
▶ China Zenix Filed Annual Report on Form 20-F for 2013   [Apr-28  06:00AM  PR Newswire]
▶ China Zenix Announces New Legal Counsel   [Mar-12  06:00AM  PR Newswire]
▶ China Zenix Auto appoints Martin Cheung as CFO   [Mar-06  06:14AM  theflyonthewall.com]
Financial statements of ZX
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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