Intrinsic value of Bitauto Holdings ADR - BITA

Previous Close

$37.92

  Intrinsic Value

$132.57

stock screener

  Rating & Target

str. buy

+250%

Previous close

$37.92

 
Intrinsic value

$132.57

 
Up/down potential

+250%

 
Rating

str. buy

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

We calculate the intrinsic value of BITA 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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  35.77
  53.40
  48.56
  44.20
  40.28
  36.76
  33.58
  30.72
  28.15
  25.83
  23.75
  21.88
  20.19
  18.67
  17.30
  16.07
  14.97
  13.97
  13.07
  12.26
  11.54
  10.88
  10.30
  9.77
  9.29
  8.86
  8.47
  8.13
  7.81
  7.53
  7.28
Revenue, $m
  835
  1,281
  1,903
  2,744
  3,849
  5,264
  7,032
  9,192
  11,780
  14,823
  18,344
  22,357
  26,871
  31,887
  37,405
  43,416
  49,914
  56,886
  64,322
  72,211
  80,543
  89,309
  98,504
  108,124
  118,169
  128,639
  139,541
  150,882
  162,672
  174,927
  187,661
Variable operating expenses, $m
 
  980
  1,453
  2,093
  2,933
  4,009
  5,353
  6,996
  8,963
  11,277
  13,954
  16,999
  20,431
  24,245
  28,440
  33,011
  37,951
  43,252
  48,906
  54,904
  61,239
  67,905
  74,896
  82,211
  89,848
  97,809
  106,098
  114,721
  123,686
  133,003
  142,685
Fixed operating expenses, $m
 
  220
  226
  232
  237
  243
  249
  256
  262
  269
  275
  282
  289
  296
  304
  311
  319
  327
  335
  344
  352
  361
  370
  379
  389
  399
  409
  419
  429
  440
  451
Total operating expenses, $m
  851
  1,200
  1,679
  2,325
  3,170
  4,252
  5,602
  7,252
  9,225
  11,546
  14,229
  17,281
  20,720
  24,541
  28,744
  33,322
  38,270
  43,579
  49,241
  55,248
  61,591
  68,266
  75,266
  82,590
  90,237
  98,208
  106,507
  115,140
  124,115
  133,443
  143,136
Operating income, $m
  -16
  80
  224
  420
  679
  1,012
  1,430
  1,941
  2,555
  3,278
  4,115
  5,076
  6,151
  7,346
  8,661
  10,094
  11,643
  13,306
  15,080
  16,963
  18,951
  21,043
  23,238
  25,534
  27,932
  30,432
  33,035
  35,742
  38,558
  41,484
  44,525
EBITDA, $m
  84
  193
  388
  653
  1,004
  1,454
  2,018
  2,709
  3,537
  4,512
  5,640
  6,927
  8,376
  9,986
  11,758
  13,689
  15,776
  18,017
  20,406
  22,942
  25,620
  28,438
  31,394
  34,487
  37,716
  41,083
  44,589
  48,235
  52,027
  55,968
  60,063
Interest expense (income), $m
  19
  54
  103
  172
  266
  389
  546
  743
  983
  1,271
  1,610
  2,001
  2,448
  2,950
  3,508
  4,122
  4,791
  5,514
  6,289
  7,117
  7,994
  8,921
  9,897
  10,920
  11,990
  13,108
  14,273
  15,485
  16,747
  18,059
  19,422
Earnings before tax, $m
  -28
  27
  121
  247
  413
  623
  883
  1,198
  1,572
  2,007
  2,505
  3,075
  3,703
  4,396
  5,153
  5,972
  6,852
  7,793
  8,791
  9,846
  10,956
  12,122
  13,341
  14,614
  15,942
  17,324
  18,762
  20,257
  21,810
  23,425
  25,102
Tax expense, $m
  21
  7
  33
  67
  112
  168
  238
  324
  424
  542
  676
  830
  1,000
  1,187
  1,391
  1,612
  1,850
  2,104
  2,374
  2,658
  2,958
  3,273
  3,602
  3,946
  4,304
  4,678
  5,066
  5,469
  5,889
  6,325
  6,778
Net income, $m
  -78
  19
  88
  181
  301
  455
  645
  875
  1,147
  1,465
  1,829
  2,244
  2,703
  3,209
  3,761
  4,359
  5,002
  5,689
  6,417
  7,187
  7,998
  8,849
  9,739
  10,669
  11,638
  12,647
  13,696
  14,788
  15,922
  17,100
  18,325

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  293
  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
  4,331
  6,188
  9,193
  13,256
  18,596
  25,431
  33,971
  44,408
  56,908
  71,611
  88,619
  108,005
  129,810
  154,045
  180,699
  209,741
  241,129
  274,811
  310,734
  348,844
  389,095
  431,445
  475,866
  522,340
  570,864
  621,446
  674,112
  728,898
  785,857
  845,056
  906,573
Adjusted assets (=assets-cash), $m
  4,038
  6,188
  9,193
  13,256
  18,596
  25,431
  33,971
  44,408
  56,908
  71,611
  88,619
  108,005
  129,810
  154,045
  180,699
  209,741
  241,129
  274,811
  310,734
  348,844
  389,095
  431,445
  475,866
  522,340
  570,864
  621,446
  674,112
  728,898
  785,857
  845,056
  906,573
Revenue / Adjusted assets
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
  0.207
Average production assets, $m
  346
  530
  788
  1,136
  1,594
  2,179
  2,911
  3,806
  4,877
  6,137
  7,594
  9,256
  11,124
  13,201
  15,486
  17,974
  20,664
  23,551
  26,629
  29,895
  33,345
  36,974
  40,781
  44,764
  48,922
  53,257
  57,770
  62,465
  67,346
  72,420
  77,692
Working capital, $m
  654
  640
  951
  1,372
  1,925
  2,632
  3,516
  4,596
  5,890
  7,412
  9,172
  11,179
  13,435
  15,944
  18,702
  21,708
  24,957
  28,443
  32,161
  36,105
  40,271
  44,655
  49,252
  54,062
  59,084
  64,320
  69,771
  75,441
  81,336
  87,463
  93,830
Total debt, $m
  1,824
  2,946
  4,923
  7,597
  11,110
  15,608
  21,227
  28,094
  36,320
  45,994
  57,185
  69,941
  84,289
  100,235
  117,774
  136,884
  157,537
  179,700
  203,337
  228,414
  254,898
  282,765
  311,994
  342,574
  374,502
  407,786
  442,439
  478,489
  515,968
  554,921
  595,399
Total liabilities, $m
  2,950
  4,072
  6,049
  8,723
  12,236
  16,734
  22,353
  29,220
  37,446
  47,120
  58,311
  71,067
  85,415
  101,361
  118,900
  138,010
  158,663
  180,826
  204,463
  229,540
  256,024
  283,891
  313,120
  343,700
  375,628
  408,912
  443,565
  479,615
  517,094
  556,047
  596,525
Total equity, $m
  1,381
  2,116
  3,144
  4,534
  6,360
  8,698
  11,618
  15,187
  19,463
  24,491
  30,308
  36,938
  44,395
  52,683
  61,799
  71,731
  82,466
  93,986
  106,271
  119,305
  133,070
  147,554
  162,746
  178,640
  195,235
  212,535
  230,546
  249,283
  268,763
  289,009
  310,048
Total liabilities and equity, $m
  4,331
  6,188
  9,193
  13,257
  18,596
  25,432
  33,971
  44,407
  56,909
  71,611
  88,619
  108,005
  129,810
  154,044
  180,699
  209,741
  241,129
  274,812
  310,734
  348,845
  389,094
  431,445
  475,866
  522,340
  570,863
  621,447
  674,111
  728,898
  785,857
  845,056
  906,573
Debt-to-equity ratio
  1.321
  1.390
  1.570
  1.680
  1.750
  1.790
  1.830
  1.850
  1.870
  1.880
  1.890
  1.890
  1.900
  1.900
  1.910
  1.910
  1.910
  1.910
  1.910
  1.910
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
Adjusted equity ratio
  0.269
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342
  0.342

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -78
  19
  88
  181
  301
  455
  645
  875
  1,147
  1,465
  1,829
  2,244
  2,703
  3,209
  3,761
  4,359
  5,002
  5,689
  6,417
  7,187
  7,998
  8,849
  9,739
  10,669
  11,638
  12,647
  13,696
  14,788
  15,922
  17,100
  18,325
Depreciation, amort., depletion, $m
  100
  112
  164
  234
  325
  442
  589
  768
  982
  1,234
  1,525
  1,851
  2,225
  2,640
  3,097
  3,595
  4,133
  4,710
  5,326
  5,979
  6,669
  7,395
  8,156
  8,953
  9,784
  10,651
  11,554
  12,493
  13,469
  14,484
  15,538
Funds from operations, $m
  72
  132
  252
  414
  627
  897
  1,233
  1,642
  2,129
  2,699
  3,354
  4,096
  4,928
  5,849
  6,858
  7,954
  9,135
  10,399
  11,743
  13,167
  14,667
  16,244
  17,895
  19,621
  21,422
  23,298
  25,250
  27,281
  29,391
  31,584
  33,863
Change in working capital, $m
  -4
  223
  311
  421
  553
  707
  884
  1,080
  1,294
  1,522
  1,760
  2,006
  2,257
  2,508
  2,759
  3,006
  3,249
  3,486
  3,718
  3,944
  4,166
  4,383
  4,598
  4,810
  5,022
  5,235
  5,451
  5,670
  5,895
  6,127
  6,367
Cash from operations, $m
  76
  -91
  -59
  -6
  74
  190
  350
  562
  835
  1,177
  1,594
  2,089
  2,671
  3,341
  4,100
  4,948
  5,886
  6,913
  8,025
  9,222
  10,501
  11,860
  13,298
  14,811
  16,400
  18,063
  19,799
  21,610
  23,496
  25,457
  27,496
Maintenance CAPEX, $m
  0
  -69
  -106
  -158
  -227
  -319
  -436
  -582
  -761
  -975
  -1,227
  -1,519
  -1,851
  -2,225
  -2,640
  -3,097
  -3,595
  -4,133
  -4,710
  -5,326
  -5,979
  -6,669
  -7,395
  -8,156
  -8,953
  -9,784
  -10,651
  -11,554
  -12,493
  -13,469
  -14,484
New CAPEX, $m
  -88
  -184
  -258
  -348
  -458
  -586
  -732
  -894
  -1,071
  -1,260
  -1,458
  -1,661
  -1,869
  -2,077
  -2,284
  -2,489
  -2,690
  -2,887
  -3,079
  -3,266
  -3,449
  -3,629
  -3,807
  -3,983
  -4,158
  -4,335
  -4,513
  -4,695
  -4,881
  -5,073
  -5,272
Cash from investing activities, $m
  -2,455
  -253
  -364
  -506
  -685
  -905
  -1,168
  -1,476
  -1,832
  -2,235
  -2,685
  -3,180
  -3,720
  -4,302
  -4,924
  -5,586
  -6,285
  -7,020
  -7,789
  -8,592
  -9,428
  -10,298
  -11,202
  -12,139
  -13,111
  -14,119
  -15,164
  -16,249
  -17,374
  -18,542
  -19,756
Free cash flow, $m
  -2,379
  -345
  -423
  -512
  -611
  -715
  -818
  -915
  -997
  -1,058
  -1,091
  -1,091
  -1,049
  -961
  -825
  -638
  -398
  -107
  237
  630
  1,073
  1,562
  2,096
  2,672
  3,289
  3,943
  4,635
  5,361
  6,121
  6,915
  7,740
Issuance/(repayment) of debt, $m
  1,791
  1,415
  1,977
  2,674
  3,514
  4,498
  5,619
  6,867
  8,225
  9,674
  11,191
  12,756
  14,347
  15,947
  17,538
  19,110
  20,653
  22,163
  23,637
  25,077
  26,485
  27,866
  29,229
  30,580
  31,929
  33,283
  34,654
  36,049
  37,479
  38,953
  40,479
Issuance/(repurchase) of shares, $m
  440
  716
  940
  1,209
  1,525
  1,883
  2,276
  2,695
  3,128
  3,563
  3,988
  4,386
  4,754
  5,079
  5,354
  5,573
  5,732
  5,831
  5,868
  5,846
  5,767
  5,635
  5,453
  5,226
  4,957
  4,653
  4,315
  3,949
  3,558
  3,146
  2,714
Cash from financing (excl. dividends), $m  
  2,231
  2,131
  2,917
  3,883
  5,039
  6,381
  7,895
  9,562
  11,353
  13,237
  15,179
  17,142
  19,101
  21,026
  22,892
  24,683
  26,385
  27,994
  29,505
  30,923
  32,252
  33,501
  34,682
  35,806
  36,886
  37,936
  38,969
  39,998
  41,037
  42,099
  43,193
Total cash flow (excl. dividends), $m
  -133
  1,786
  2,494
  3,371
  4,428
  5,665
  7,077
  8,647
  10,356
  12,179
  14,088
  16,051
  18,053
  20,065
  22,068
  24,046
  25,987
  27,887
  29,742
  31,553
  33,325
  35,064
  36,778
  38,478
  40,175
  41,879
  43,604
  45,360
  47,159
  49,013
  50,933
Retained Cash Flow (-), $m
  -172
  -735
  -1,028
  -1,390
  -1,826
  -2,338
  -2,921
  -3,569
  -4,275
  -5,028
  -5,817
  -6,630
  -7,457
  -8,288
  -9,116
  -9,933
  -10,735
  -11,519
  -12,286
  -13,034
  -13,766
  -14,484
  -15,192
  -15,894
  -16,595
  -17,299
  -18,012
  -18,737
  -19,480
  -20,246
  -21,039
Prev. year cash balance distribution, $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 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
 
  1,051
  1,467
  1,981
  2,601
  3,328
  4,156
  5,078
  6,081
  7,151
  8,271
  9,421
  10,596
  11,777
  12,952
  14,113
  15,253
  16,368
  17,456
  18,519
  19,559
  20,580
  21,586
  22,584
  23,580
  24,580
  25,592
  26,623
  27,679
  28,767
  29,894
Discount rate, %
 
  9.10
  9.56
  10.03
  10.53
  11.06
  11.61
  12.19
  12.80
  13.44
  14.12
  14.82
  15.56
  16.34
  17.16
  18.02
  18.92
  19.86
  20.86
  21.90
  23.00
  24.15
  25.35
  26.62
  27.95
  29.35
  30.82
  32.36
  33.97
  35.67
  37.46
PV of cash for distribution, $m
 
  963
  1,222
  1,487
  1,743
  1,970
  2,150
  2,269
  2,319
  2,298
  2,208
  2,060
  1,867
  1,646
  1,411
  1,176
  954
  752
  577
  430
  312
  219
  150
  99
  64
  39
  24
  14
  8
  4
  2
Current shareholders' claim on cash, %
  100
  79.1
  64.5
  53.9
  46.0
  40.0
  35.3
  31.5
  28.5
  26.1
  24.1
  22.4
  21.1
  19.9
  18.9
  18.1
  17.4
  16.8
  16.3
  15.8
  15.4
  15.1
  14.8
  14.6
  14.4
  14.2
  14.1
  13.9
  13.8
  13.8
  13.7

Bitauto Holdings Limited is a provider of Internet content and marketing services for China's automotive industry. The Company's bitauto.com and taoche.com Websites provide consumers with information on new and used automobile pricing, and promotional information, specifications, reviews and consumer feedback. The Company operates through three segments: advertising business, EP platform business and digital marketing solutions business. The advertising business offers a range of advertising services mainly to automakers through its Websites, as well as mobile applications. The EP platform business provides Web-based and mobile-based integrated digital marketing solutions to automobile customers in China. The digital marketing solutions business provides automakers with digital marketing solutions, including Website creation and maintenance, online public relations, online marketing campaigns and advertising agent services.

FINANCIAL RATIOS  of  Bitauto Holdings ADR (BITA)

Valuation Ratios
P/E Ratio -33.8
Price to Sales 3.2
Price to Book 1.9
Price to Tangible Book
Price to Cash Flow 34.7
Price to Free Cash Flow -219.5
Growth Rates
Sales Growth Rate 35.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 158.8%
Cap. Spend. - 3 Yr. Gr. Rate 77.5%
Financial Strength
Quick Ratio 0
Current Ratio 0.5
LT Debt to Equity 42.7%
Total Debt to Equity 132.1%
Interest Coverage 0
Management Effectiveness
Return On Assets -1.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital -3.5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.8%
Return On Equity -6%
Return On Equity - 3 Yr. Avg. 3.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 64.1%
Gross Margin - 3 Yr. Avg. 68.2%
EBITDA Margin 10.9%
EBITDA Margin - 3 Yr. Avg. 15%
Operating Margin -1.9%
Oper. Margin - 3 Yr. Avg. 2.5%
Pre-Tax Margin -3.4%
Pre-Tax Margin - 3 Yr. Avg. 3.9%
Net Profit Margin -9.3%
Net Profit Margin - 3 Yr. Avg. -0.9%
Effective Tax Rate -75%
Eff/ Tax Rate - 3 Yr. Avg. -26.8%
Payout Ratio 0%

BITA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BITA stock intrinsic value calculation we used $835 million for the last fiscal year's total revenue generated by Bitauto Holdings ADR. The default revenue input number comes from 2016 income statement of Bitauto Holdings 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 BITA stock valuation model: a) initial revenue growth rate of 53.4% 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 9.1%, whose default value for BITA is calculated based on our internal credit rating of Bitauto Holdings 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 Bitauto Holdings 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 BITA stock the variable cost ratio is equal to 76.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $215 million in the base year in the intrinsic value calculation for BITA 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 Bitauto Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Bitauto Holdings 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 BITA 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 BITA are equal to 41.4%.

Life of production assets of 4 years is the average useful life of capital assets used in Bitauto Holdings 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 BITA is equal to 50%. 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 - $1381 million for Bitauto Holdings 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 71.384 million for Bitauto Holdings 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 Bitauto Holdings ADR at the current share price and the inputted number of shares is $2.7 billion.

RELATED COMPANIES Price Int.Val. Rating
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BIDU Baidu ADR 255.98 513.62  str.buy
SOHU Sohu.com 44.64 475.80  str.buy
WB Weibo ADR 130.29 455.87  str.buy
JD JD.com ADR 46.02 200.88  str.buy

COMPANY NEWS

▶ IBD Rating Upgrades: BitAuto Flashes Improved Price Strength   [Jan-17-18 03:00AM  Investor's Business Daily]
▶ BitAuto Trying To Close In On Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Why Bitauto Holdings Limted Stock Gained 67.9% in 2017   [Jan-09-18 05:27PM  Motley Fool]
▶ 5 Chinese Growth Stocks to Buy in 2018   [Jan-08-18 09:34PM  Motley Fool]
▶ 5 Top Small-Cap Stocks to Buy in 2018   [07:03AM  Motley Fool]
▶ IBD Rating Upgrades: BitAuto Shows Improved Relative Price Strength   [Jan-04-18 03:00AM  Investor's Business Daily]
▶ A Chinese Growth Stock No One Is Paying Attention To   [Nov-26-17 11:00AM  Motley Fool]
▶ 3 Top Stocks Wall Street Is Overlooking   [Nov-25-17 08:00AM  Motley Fool]
▶ 5 Monster Stocks in the Making to Buy for 2018   [Nov-24-17 08:02AM  Motley Fool]
▶ BitAuto Third-Quarter Results Beat On Revenue, Miss On Earnings   [Nov-20-17 05:31PM  Investor's Business Daily]
▶ Bitauto Holdngs reports 3Q loss   [06:27AM  Associated Press]
▶ Autohome Crashes As Company Announces Management Shake-Up   [Sep-28-17 04:45PM  Investor's Business Daily]
▶ China Stocks Battered As Profit-Taking Kicks In After Long Run-Up   [Aug-28-17 04:31PM  Investor's Business Daily]
▶ Bitauto Holdngs reports 2Q loss   [Aug-15-17 10:18PM  Associated Press]
▶ BitAuto Beats Expectations But Stock Slips   [06:25AM  Investor's Business Daily]
▶ These Hot China-Based Stocks Are Trading At Or Near New All-Time Highs   [Aug-07-17 11:22AM  Investor's Business Daily]
▶ Best Chinese Stocks To Buy And Watch   [Jun-20-17 04:41PM  Investor's Business Daily]
▶ Which Stocks Are Showing Rising Relative Strength?   [04:27PM  Investor's Business Daily]
▶ 3 Stocks Wall Street Hasn't Noticed   [Jun-17-17 07:32AM  Motley Fool]
▶ 3 Mid-Cap Stocks for June   [Jun-15-17 09:04AM  Motley Fool]
▶ My Top Stock to Buy in June   [Jun-03-17 10:49AM  Motley Fool]
▶ IPO Stock News And Analysis: Find Today's Top New Issues   [04:27PM  Investor's Business Daily]
▶ Earnings Calendar, Analyst Estimates And Stocks To Watch   [09:05AM  Investor's Business Daily]
▶ Bitauto Holdngs reports 1Q loss   [07:16AM  Associated Press]
▶ Forget Snap's Bust, Watch These Tech Unicorns: Investing Action Plan   [May-10-17 05:07PM  Investor's Business Daily]
▶ ETFs with exposure to Bitauto Holdings Ltd. : May 3, 2017   [May-03-17 03:40PM  Capital Cube]
▶ 5 Consumer Service Stocks to Buy in 2017   [May-01-17 05:36PM  Motley Fool]
▶ Bitauto Files Annual Report on Form 20-F   [06:00AM  PR Newswire]
▶ Bitauto Raises $1 Billion from Tencent, JD.com and Baidu   [Apr-21-17 12:29AM  Barrons.com]
▶ Can Bitauto Keep Going After Last Week's 13% Pop?   [Mar-13-17 10:00AM  Motley Fool]
▶ Can Bitauto Keep Going After Last Week's 13% Pop?   [Mar-06-17 09:07AM  at Motley Fool]
▶ Bitauto Holdngs reports 4Q loss   [07:03AM  Associated Press]
▶ Is Bitauto Hldg Ltd (ADR) (BITA) Going to Reward Investors?   [Dec-08-16 03:12PM  Insider Monkey]
▶ This Fast-Rising China-Based Tech Stock Is a Must Buy   [Sep-29-16 12:58PM  at TheStreet]
▶ These 3 Stocks Are Surprisingly Cheap   [Sep-26-16 04:16PM  at Motley Fool]
Financial statements of BITA
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