Intrinsic value of Autohome ADR - ATHM

Previous Close

$101.38

  Intrinsic Value

$600.61

stock screener

  Rating & Target

str. buy

+492%

Previous close

$101.38

 
Intrinsic value

$600.61

 
Up/down potential

+492%

 
Rating

str. buy

We calculate the intrinsic value of ATHM 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 11.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  1,373
  2,121
  3,172
  4,602
  6,493
  8,927
  11,982
  15,733
  20,245
  25,571
  31,753
  38,822
  46,793
  55,674
  65,463
  76,149
  87,718
  100,150
  113,425
  127,523
  142,426
  158,119
  174,589
  191,829
  209,836
  228,613
  248,168
  268,513
  289,668
  311,655
Variable operating expenses, $m
  885
  1,355
  2,015
  2,913
  4,101
  5,630
  7,550
  9,906
  12,741
  16,087
  19,949
  24,389
  29,397
  34,977
  41,127
  47,840
  55,108
  62,918
  71,258
  80,115
  89,478
  99,337
  109,684
  120,515
  131,828
  143,624
  155,909
  168,691
  181,981
  195,795
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
  885
  1,355
  2,015
  2,913
  4,101
  5,630
  7,550
  9,906
  12,741
  16,087
  19,949
  24,389
  29,397
  34,977
  41,127
  47,840
  55,108
  62,918
  71,258
  80,115
  89,478
  99,337
  109,684
  120,515
  131,828
  143,624
  155,909
  168,691
  181,981
  195,795
Operating income, $m
  488
  766
  1,157
  1,689
  2,392
  3,296
  4,432
  5,827
  7,504
  9,484
  11,805
  14,432
  17,396
  20,697
  24,336
  28,309
  32,610
  37,231
  42,166
  47,408
  52,948
  58,782
  64,905
  71,314
  78,008
  84,989
  92,258
  99,822
  107,686
  115,860
EBITDA, $m
  550
  849
  1,270
  1,843
  2,600
  3,575
  4,798
  6,301
  8,107
  10,240
  12,716
  15,546
  18,739
  22,295
  26,215
  30,495
  35,127
  40,106
  45,422
  51,068
  57,036
  63,320
  69,915
  76,819
  84,030
  91,550
  99,381
  107,528
  116,000
  124,805
Interest expense (income), $m
  0
  0
  14
  34
  63
  102
  153
  219
  303
  405
  527
  672
  840
  1,032
  1,249
  1,491
  1,757
  2,048
  2,362
  2,700
  3,061
  3,445
  3,850
  4,277
  4,725
  5,194
  5,684
  6,194
  6,726
  7,279
  7,855
Earnings before tax, $m
  488
  752
  1,123
  1,626
  2,290
  3,143
  4,213
  5,524
  7,100
  8,957
  11,132
  13,592
  16,363
  19,448
  22,846
  26,552
  30,562
  34,869
  39,466
  44,346
  49,503
  54,932
  60,628
  66,589
  72,814
  79,305
  86,064
  93,096
  100,407
  108,005
Tax expense, $m
  132
  203
  303
  439
  618
  849
  1,137
  1,492
  1,917
  2,418
  3,006
  3,670
  4,418
  5,251
  6,168
  7,169
  8,252
  9,415
  10,656
  11,973
  13,366
  14,832
  16,369
  17,979
  19,660
  21,412
  23,237
  25,136
  27,110
  29,161
Net income, $m
  356
  549
  820
  1,187
  1,672
  2,295
  3,075
  4,033
  5,183
  6,538
  8,127
  9,922
  11,945
  14,197
  16,677
  19,383
  22,310
  25,454
  28,810
  32,373
  36,137
  40,100
  44,258
  48,610
  53,154
  57,893
  62,827
  67,960
  73,297
  78,844

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  1,429
  2,207
  3,301
  4,789
  6,757
  9,289
  12,468
  16,372
  21,067
  26,609
  33,042
  40,397
  48,692
  57,934
  68,120
  79,240
  91,278
  104,214
  118,028
  132,698
  148,206
  164,536
  181,674
  199,614
  218,352
  237,891
  258,239
  279,410
  301,423
  324,303
Adjusted assets (=assets-cash), $m
  1,429
  2,207
  3,301
  4,789
  6,757
  9,289
  12,468
  16,372
  21,067
  26,609
  33,042
  40,397
  48,692
  57,934
  68,120
  79,240
  91,278
  104,214
  118,028
  132,698
  148,206
  164,536
  181,674
  199,614
  218,352
  237,891
  258,239
  279,410
  301,423
  324,303
Revenue / Adjusted assets
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
  0.961
Average production assets, $m
  394
  609
  910
  1,321
  1,864
  2,562
  3,439
  4,515
  5,810
  7,339
  9,113
  11,142
  13,430
  15,979
  18,788
  21,855
  25,175
  28,743
  32,553
  36,599
  40,876
  45,380
  50,107
  55,055
  60,223
  65,612
  71,224
  77,063
  83,135
  89,445
Working capital, $m
  18
  28
  41
  60
  84
  116
  156
  205
  263
  332
  413
  505
  608
  724
  851
  990
  1,140
  1,302
  1,475
  1,658
  1,852
  2,056
  2,270
  2,494
  2,728
  2,972
  3,226
  3,491
  3,766
  4,052
Total debt, $m
  260
  636
  1,166
  1,886
  2,838
  4,064
  5,603
  7,492
  9,764
  12,447
  15,560
  19,120
  23,135
  27,608
  32,538
  37,920
  43,747
  50,008
  56,694
  63,794
  71,300
  79,203
  87,498
  96,181
  105,250
  114,707
  124,556
  134,803
  145,457
  156,531
Total liabilities, $m
  691
  1,068
  1,598
  2,318
  3,270
  4,496
  6,035
  7,924
  10,196
  12,879
  15,992
  19,552
  23,567
  28,040
  32,970
  38,352
  44,178
  50,440
  57,125
  64,226
  71,732
  79,635
  87,930
  96,613
  105,682
  115,139
  124,988
  135,234
  145,889
  156,963
Total equity, $m
  737
  1,139
  1,703
  2,471
  3,486
  4,793
  6,434
  8,448
  10,870
  13,730
  17,050
  20,845
  25,125
  29,894
  35,150
  40,888
  47,099
  53,774
  60,902
  68,472
  76,474
  84,900
  93,744
  103,001
  112,669
  122,752
  133,251
  144,176
  155,534
  167,340
Total liabilities and equity, $m
  1,428
  2,207
  3,301
  4,789
  6,756
  9,289
  12,469
  16,372
  21,066
  26,609
  33,042
  40,397
  48,692
  57,934
  68,120
  79,240
  91,277
  104,214
  118,027
  132,698
  148,206
  164,535
  181,674
  199,614
  218,351
  237,891
  258,239
  279,410
  301,423
  324,303
Debt-to-equity ratio
  0.350
  0.560
  0.680
  0.760
  0.810
  0.850
  0.870
  0.890
  0.900
  0.910
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
Adjusted equity ratio
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516
  0.516

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  356
  549
  820
  1,187
  1,672
  2,295
  3,075
  4,033
  5,183
  6,538
  8,127
  9,922
  11,945
  14,197
  16,677
  19,383
  22,310
  25,454
  28,810
  32,373
  36,137
  40,100
  44,258
  48,610
  53,154
  57,893
  62,827
  67,960
  73,297
  78,844
Depreciation, amort., depletion, $m
  61
  83
  113
  154
  208
  278
  366
  474
  603
  756
  911
  1,114
  1,343
  1,598
  1,879
  2,185
  2,518
  2,874
  3,255
  3,660
  4,088
  4,538
  5,011
  5,505
  6,022
  6,561
  7,122
  7,706
  8,313
  8,945
Funds from operations, $m
  418
  632
  933
  1,341
  1,880
  2,573
  3,441
  4,506
  5,786
  7,294
  9,038
  11,036
  13,288
  15,795
  18,556
  21,569
  24,828
  28,329
  32,065
  36,033
  40,225
  44,638
  49,269
  54,115
  59,177
  64,454
  69,949
  75,666
  81,610
  87,788
Change in working capital, $m
  7
  10
  14
  19
  25
  32
  40
  49
  59
  69
  80
  92
  104
  115
  127
  139
  150
  162
  173
  183
  194
  204
  214
  224
  234
  244
  254
  264
  275
  286
Cash from operations, $m
  411
  622
  919
  1,322
  1,856
  2,541
  3,402
  4,458
  5,727
  7,225
  8,958
  10,944
  13,184
  15,680
  18,429
  21,430
  24,677
  28,167
  31,893
  35,849
  40,031
  44,434
  49,055
  53,891
  58,943
  64,210
  69,695
  75,402
  81,335
  87,503
Maintenance CAPEX, $m
  -25
  -39
  -61
  -91
  -132
  -186
  -256
  -344
  -452
  -581
  -734
  -911
  -1,114
  -1,343
  -1,598
  -1,879
  -2,185
  -2,518
  -2,874
  -3,255
  -3,660
  -4,088
  -4,538
  -5,011
  -5,505
  -6,022
  -6,561
  -7,122
  -7,706
  -8,313
New CAPEX, $m
  -147
  -215
  -302
  -411
  -543
  -698
  -877
  -1,077
  -1,295
  -1,529
  -1,774
  -2,029
  -2,288
  -2,549
  -2,809
  -3,067
  -3,320
  -3,568
  -3,810
  -4,046
  -4,277
  -4,504
  -4,727
  -4,948
  -5,168
  -5,389
  -5,612
  -5,839
  -6,071
  -6,310
Cash from investing activities, $m
  -172
  -254
  -363
  -502
  -675
  -884
  -1,133
  -1,421
  -1,747
  -2,110
  -2,508
  -2,940
  -3,402
  -3,892
  -4,407
  -4,946
  -5,505
  -6,086
  -6,684
  -7,301
  -7,937
  -8,592
  -9,265
  -9,959
  -10,673
  -11,411
  -12,173
  -12,961
  -13,777
  -14,623
Free cash flow, $m
  239
  368
  557
  821
  1,181
  1,656
  2,269
  3,037
  3,981
  5,116
  6,449
  8,005
  9,782
  11,788
  14,022
  16,484
  19,172
  22,082
  25,209
  28,548
  32,094
  35,843
  39,790
  43,933
  48,269
  52,799
  57,522
  62,440
  67,558
  72,879
Issuance/(repayment) of debt, $m
  260
  377
  529
  720
  952
  1,226
  1,539
  1,889
  2,272
  2,682
  3,114
  3,560
  4,015
  4,473
  4,930
  5,382
  5,826
  6,261
  6,686
  7,101
  7,506
  7,903
  8,295
  8,683
  9,069
  9,457
  9,849
  10,247
  10,654
  11,074
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
Cash from financing (excl. dividends), $m  
  260
  377
  529
  720
  952
  1,226
  1,539
  1,889
  2,272
  2,682
  3,114
  3,560
  4,015
  4,473
  4,930
  5,382
  5,826
  6,261
  6,686
  7,101
  7,506
  7,903
  8,295
  8,683
  9,069
  9,457
  9,849
  10,247
  10,654
  11,074
Total cash flow (excl. dividends), $m
  498
  745
  1,086
  1,541
  2,133
  2,882
  3,807
  4,926
  6,253
  7,798
  9,563
  11,564
  13,797
  16,261
  18,952
  21,866
  24,998
  28,343
  31,895
  35,648
  39,600
  43,746
  48,085
  52,615
  57,338
  62,255
  67,370
  72,687
  78,212
  83,953
Retained Cash Flow (-), $m
  -276
  -402
  -564
  -768
  -1,015
  -1,307
  -1,641
  -2,014
  -2,422
  -2,860
  -3,320
  -3,795
  -4,280
  -4,769
  -5,256
  -5,738
  -6,212
  -6,675
  -7,128
  -7,570
  -8,002
  -8,426
  -8,843
  -9,257
  -9,669
  -10,082
  -10,500
  -10,924
  -11,359
  -11,806
Prev. year cash balance distribution, $m
  455
  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
  28
  45
  70
  105
  152
  214
  295
  395
  519
  668
  844
  1,048
  1,281
  1,544
  1,837
  2,160
  2,513
  2,895
  3,305
  3,743
  4,208
  4,700
  5,218
  5,761
  6,330
  6,925
  7,544
  8,190
  8,861
  9,559
Cash available for distribution, $m
  678
  343
  522
  773
  1,118
  1,575
  2,167
  2,912
  3,831
  4,938
  6,244
  7,769
  9,517
  11,492
  13,696
  16,128
  18,787
  21,668
  24,767
  28,078
  31,598
  35,320
  39,241
  43,359
  47,669
  52,173
  56,870
  61,763
  66,853
  72,147
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
  650
  314
  454
  637
  866
  1,143
  1,464
  1,820
  2,200
  2,589
  2,965
  3,315
  3,619
  3,858
  4,021
  4,098
  4,088
  3,990
  3,813
  3,568
  3,268
  2,931
  2,572
  2,208
  1,854
  1,522
  1,221
  956
  730
  543
Current shareholders' claim on cash, %
  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

Autohome Inc. is an online destination for automobile consumers in China. The Company is engaged in the provision of online advertising and dealer subscription services in the People's Republic of China (PRC). The Company, through its Websites, autohome.com.cn and che168.com, and mobile applications, delivers content to automobile buyers and owners. These services are offered to automakers and dealers, and advertising agencies that represent automakers and dealers in the automobile industry. The Company's autohome.com.cn targets automobile consumers with a focus on new automobiles. The Company's professionally produced content is created by editorial team and includes automobile-related articles and reviews, pricing trends in various local markets, and photos and video clips. Its database also includes new and used automobile listings and promotional information. Its dealer subscription services allow dealers to market their inventory and services through its Websites.

FINANCIAL RATIOS  of  Autohome ADR (ATHM)

Valuation Ratios
P/E Ratio 65.7
Price to Sales 13.6
Price to Book 12.7
Price to Tangible Book
Price to Cash Flow 49.7
Price to Free Cash Flow 52.7
Growth Rates
Sales Growth Rate 72.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate 13.2%
Financial Strength
Quick Ratio 207
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0.4%
Interest Coverage 0
Management Effectiveness
Return On Assets 14.5%
Ret/ On Assets - 3 Yr. Avg. 15.7%
Return On Total Capital 21.6%
Ret/ On T. Cap. - 3 Yr. Avg. 23.2%
Return On Equity 21.9%
Return On Equity - 3 Yr. Avg. 23.5%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 59.9%
Gross Margin - 3 Yr. Avg. 74.1%
EBITDA Margin 22.2%
EBITDA Margin - 3 Yr. Avg. 35.5%
Operating Margin 19.3%
Oper. Margin - 3 Yr. Avg. 32.1%
Pre-Tax Margin 21%
Pre-Tax Margin - 3 Yr. Avg. 34%
Net Profit Margin 20.6%
Net Profit Margin - 3 Yr. Avg. 28%
Effective Tax Rate 2.8%
Eff/ Tax Rate - 3 Yr. Avg. 15.4%
Payout Ratio 0%

ATHM stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ATHM stock intrinsic value calculation we used $858 million for the last fiscal year's total revenue generated by Autohome ADR. The default revenue input number comes from 2016 income statement of Autohome 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 ATHM stock valuation model: a) initial revenue growth rate of 60% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ATHM is calculated based on our internal credit rating of Autohome 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 Autohome 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 ATHM stock the variable cost ratio is equal to 65.4%.

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 ATHM 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 5.4% for Autohome ADR.

Corporate tax rate of 27% is the nominal tax rate for Autohome 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 ATHM stock is equal to 3.3%.

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 ATHM are equal to 28.7%.

Life of production assets of 10 years is the average useful life of capital assets used in Autohome 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 ATHM is equal to 1.3%. 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 - $916 million for Autohome 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 114 million for Autohome 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 Autohome ADR at the current share price and the inputted number of shares is $11.6 billion.

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COMPANY NEWS

▶ 3 Tech Stocks That Doubled in a Year   [Jul-08-18 02:00PM  Motley Fool]
▶ Autohome Could Be a Short Candidate For Experienced Traders   [Jul-03-18 11:31AM  TheStreet.com]
▶ Should Investors Give BitAuto a Chance?   [Jun-22-18 04:14PM  Motley Fool]
▶ Autohome Inc. Announces Investment in TTP Car Inc.   [Jun-06-18 07:45AM  PR Newswire]
▶ Autohome Stock 'Ascends' Into Buy Zone Via This Rare, Bullish Base   [May-30-18 04:34PM  Investor's Business Daily]
▶ Autohome Quarterly Earnings Beat Estimates, Guides Higher   [May-08-18 10:00AM  Investor's Business Daily]
▶ Disney, Match, Etsy, Planet Fitness To Report: Investing Action Plan   [May-07-18 04:16PM  Investor's Business Daily]
▶ Top Ranked Growth Stocks to Buy for April 24th   [Apr-24-18 10:06AM  Zacks]
▶ Autohome Inc. Files Its Annual Report on Form 20-F   [Apr-13-18 06:30PM  PR Newswire]
▶ Why Autohome (ATHM) Could Shock the Market Soon   [Mar-26-18 08:54AM  Zacks]
▶ Understanding the potential in China's car market   [Mar-09-18 01:00AM  CNBC Videos]
▶ Autohome Fourth-Quarter Earnings Strong, But Guidance Low On Revenue   [Mar-07-18 04:33PM  Investor's Business Daily]
▶ YY Flashes A Sell Signal As China Stocks Fluctuate On Earnings Reports   [Mar-06-18 04:21PM  Investor's Business Daily]
▶ YY Earnings Jump 45% On China's Livestreaming Boom   [Mar-05-18 05:30PM  Investor's Business Daily]
▶ China-Based YY Expected To Report Double-Digit Quarterly Growth   [Mar-02-18 04:34PM  Investor's Business Daily]
▶ Best Growth Stocks To Buy   [Feb-25-18 11:02AM  Simply Wall St.]
▶ Autohome Inc. Announces Appointment of President   [Feb-23-18 05:00AM  PR Newswire]
▶ Sarah Ketterer Buys 3 Stocks, 1 ETF in 4th Quarter   [Feb-16-18 11:32AM  GuruFocus.com]
▶ When To Sell A Top Growth Stock: Go For More Than A 20% Gain?   [Feb-02-18 03:45PM  Investor's Business Daily]
▶ 9 Top Global Stock and ETF Picks for 2018   [Jan-25-18 12:00PM  TheStreet.com]
▶ Why These 3 Winners Are Triggering This Sell Signal, But Not These Two   [Jan-22-18 09:31AM  Investor's Business Daily]
▶ After 564% Run, Can This Top Chinese Stock Keep Climbing?   [Jan-16-18 04:05PM  Investor's Business Daily]
▶ Anatomy of Success: Autohome Inc. (ATHM)   [Jan-15-18 03:49PM  Zacks]
▶ Nasdaq, S&P 500 Extend Win Streaks; Financials Shine, Proofpoint Up Again   [Jan-09-18 04:13PM  Investor's Business Daily]
▶ Alibaba Leads 5 Top Chinese Internet Stocks Setting Up In Bases   [Jan-08-18 04:01PM  Investor's Business Daily]
▶ China's King Of Automotive Websites Still Has Room To Grow   [Jan-05-18 11:45AM  Investor's Business Daily]
▶ As Alibaba Sets Up, The Craigslist Of China Posts 2,550% Growth   [Jan-04-18 10:54AM  Investor's Business Daily]
▶ China Stocks Take Flight As Indicator Suggests Economic Expansion   [Jan-02-18 04:18PM  Investor's Business Daily]
▶ These 5 Top China Stocks Are Basing, But Be Wary: Investing Action Plan   [Dec-26-17 04:10PM  Investor's Business Daily]
▶ 10 Chinese Stocks For Alpha Seekers   [Dec-20-17 08:43AM  Forbes]
▶ ETFs with exposure to Autohome, Inc. : November 8, 2017   [Nov-08-17 05:37PM  Capital Cube]
▶ China Web Firms Sina, Weibo, Autohome Top Third-Quarter Views   [Nov-07-17 04:57PM  Investor's Business Daily]
▶ Why Autohome Shares Jumped Today   [12:26PM  Motley Fool]
▶ ETFs with exposure to Autohome, Inc. : October 27, 2017   [Oct-27-17 10:45AM  Capital Cube]
▶ HealthStream (HSTM) Jumps: Stock Rises 5%   [Oct-12-17 08:40AM  Zacks]
▶ ETFs with exposure to Autohome, Inc. : October 3, 2017   [Oct-03-17 10:53AM  Capital Cube]
▶ Autohome Crashes As Company Announces Management Shake-Up   [Sep-28-17 04:45PM  Investor's Business Daily]
▶ Autohome Inc. Announces Management Change   [06:00AM  GlobeNewswire]
▶ Stocks With Rising Relative Price Strength: Grubhub   [Sep-26-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Autohome, Inc. : September 22, 2017   [Sep-22-17 10:16AM  Capital Cube]
▶ ETFs with exposure to Autohome, Inc. : September 12, 2017   [Sep-11-17 09:08PM  Capital Cube]
▶ 5 Stocks at 52-Week Highs: Are They Buys?   [Aug-27-17 11:04AM  Motley Fool]
▶ Indexes Rebound, Apple Retakes Entry; This China Leader Is Zooming   [Aug-11-17 12:07PM  Investor's Business Daily]
▶ Autohome Inc. (ATHM) Catches Eye: Stock Up 9%   [Aug-10-17 08:32AM  Zacks]
▶ [$$] Small-Caps, Big Growth   [Aug-05-17 12:14AM  Barrons.com]
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