Intrinsic value of BEST ADR - BSTI

Previous Close

$6.22

  Intrinsic Value

$13.49

stock screener

  Rating & Target

str. buy

+117%

Previous close

$6.22

 
Intrinsic value

$13.49

 
Up/down potential

+117%

 
Rating

str. buy

We calculate the intrinsic value of BSTI 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 0001), $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 0.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

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
  4,834
  7,469
  11,170
  16,207
  22,865
  31,435
  42,194
  55,404
  71,291
  90,047
  111,818
  136,708
  164,779
  196,054
  230,525
  268,156
  308,893
  352,671
  399,418
  449,065
  501,545
  556,806
  614,804
  675,514
  738,925
  805,048
  873,908
  945,553
  1,020,048
  1,097,475
Variable operating expenses, $m
  4,809
  7,426
  11,100
  16,102
  22,714
  31,223
  41,907
  55,023
  70,799
  89,422
  111,031
  135,746
  163,619
  194,675
  228,903
  266,269
  306,719
  350,189
  396,607
  445,904
  498,016
  552,888
  610,478
  670,760
  733,725
  799,382
  867,758
  938,899
  1,012,869
  1,089,752
Fixed operating expenses, $m
  217
  221
  226
  231
  236
  242
  247
  252
  258
  264
  269
  275
  281
  288
  294
  300
  307
  314
  321
  328
  335
  342
  350
  357
  365
  373
  382
  390
  398
  407
Total operating expenses, $m
  5,026
  7,647
  11,326
  16,333
  22,950
  31,465
  42,154
  55,275
  71,057
  89,686
  111,300
  136,021
  163,900
  194,963
  229,197
  266,569
  307,026
  350,503
  396,928
  446,232
  498,351
  553,230
  610,828
  671,117
  734,090
  799,755
  868,140
  939,289
  1,013,267
  1,090,159
Operating income, $m
  -192
  -178
  -157
  -126
  -85
  -30
  41
  128
  235
  361
  518
  687
  878
  1,092
  1,328
  1,587
  1,867
  2,168
  2,490
  2,833
  3,195
  3,576
  3,977
  4,396
  4,835
  5,292
  5,768
  6,264
  6,780
  7,316
EBITDA, $m
  -119
  -70
  0
  97
  226
  395
  607
  869
  1,185
  1,559
  1,994
  2,491
  3,053
  3,680
  4,371
  5,126
  5,944
  6,823
  7,763
  8,760
  9,815
  10,926
  12,092
  13,313
  14,589
  15,919
  17,304
  18,746
  20,245
  21,803
Interest expense (income), $m
  3
  10
  43
  90
  156
  247
  366
  520
  712
  949
  1,234
  1,570
  1,960
  2,406
  2,909
  3,470
  4,088
  4,762
  5,492
  6,277
  7,114
  8,004
  8,945
  9,935
  10,974
  12,062
  13,199
  14,384
  15,618
  16,902
  18,237
Earnings before tax, $m
  -202
  -221
  -247
  -283
  -331
  -396
  -479
  -584
  -715
  -873
  -1,052
  -1,273
  -1,528
  -1,817
  -2,141
  -2,501
  -2,895
  -3,324
  -3,786
  -4,282
  -4,809
  -5,368
  -5,958
  -6,578
  -7,228
  -7,907
  -8,615
  -9,354
  -10,122
  -10,921
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
Net income, $m
  -202
  -221
  -247
  -283
  -331
  -396
  -479
  -584
  -715
  -873
  -1,052
  -1,273
  -1,528
  -1,817
  -2,141
  -2,501
  -2,895
  -3,324
  -3,786
  -4,282
  -4,809
  -5,368
  -5,958
  -6,578
  -7,228
  -7,907
  -8,615
  -9,354
  -10,122
  -10,921

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
  2,609
  4,031
  6,028
  8,746
  12,340
  16,964
  22,771
  29,900
  38,473
  48,595
  60,344
  73,776
  88,925
  105,804
  124,406
  144,714
  166,699
  190,324
  215,552
  242,345
  270,667
  300,489
  331,789
  364,551
  398,772
  434,456
  471,618
  510,282
  550,484
  592,269
Adjusted assets (=assets-cash), $m
  2,609
  4,031
  6,028
  8,746
  12,340
  16,964
  22,771
  29,900
  38,473
  48,595
  60,344
  73,776
  88,925
  105,804
  124,406
  144,714
  166,699
  190,324
  215,552
  242,345
  270,667
  300,489
  331,789
  364,551
  398,772
  434,456
  471,618
  510,282
  550,484
  592,269
Revenue / Adjusted assets
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
  1.853
Average production assets, $m
  319
  493
  737
  1,070
  1,509
  2,075
  2,785
  3,657
  4,705
  5,943
  7,380
  9,023
  10,875
  12,940
  15,215
  17,698
  20,387
  23,276
  26,362
  29,638
  33,102
  36,749
  40,577
  44,584
  48,769
  53,133
  57,678
  62,407
  67,323
  72,433
Working capital, $m
  -590
  -911
  -1,363
  -1,977
  -2,790
  -3,835
  -5,148
  -6,759
  -8,698
  -10,986
  -13,642
  -16,678
  -20,103
  -23,919
  -28,124
  -32,715
  -37,685
  -43,026
  -48,729
  -54,786
  -61,189
  -67,930
  -75,006
  -82,413
  -90,149
  -98,216
  -106,617
  -115,357
  -124,446
  -133,892
Total debt, $m
  766
  1,609
  2,793
  4,405
  6,536
  9,279
  12,722
  16,949
  22,034
  28,036
  35,003
  42,968
  51,952
  61,960
  72,992
  85,035
  98,071
  112,081
  127,041
  142,929
  159,724
  177,409
  195,969
  215,398
  235,691
  256,851
  278,888
  301,816
  325,656
  350,435
Total liabilities, $m
  1,547
  2,390
  3,575
  5,187
  7,317
  10,060
  13,503
  17,730
  22,815
  28,817
  35,784
  43,749
  52,733
  62,742
  73,773
  85,816
  98,852
  112,862
  127,822
  143,710
  160,505
  178,190
  196,751
  216,179
  236,472
  257,633
  279,669
  302,597
  326,437
  351,216
Total equity, $m
  1,062
  1,640
  2,453
  3,560
  5,022
  6,904
  9,268
  12,169
  15,659
  19,778
  24,560
  30,027
  36,193
  43,062
  50,633
  58,899
  67,846
  77,462
  87,730
  98,634
  110,161
  122,299
  135,038
  148,372
  162,300
  176,824
  191,949
  207,685
  224,047
  241,054
Total liabilities and equity, $m
  2,609
  4,030
  6,028
  8,747
  12,339
  16,964
  22,771
  29,899
  38,474
  48,595
  60,344
  73,776
  88,926
  105,804
  124,406
  144,715
  166,698
  190,324
  215,552
  242,344
  270,666
  300,489
  331,789
  364,551
  398,772
  434,457
  471,618
  510,282
  550,484
  592,270
Debt-to-equity ratio
  0.720
  0.980
  1.140
  1.240
  1.300
  1.340
  1.370
  1.390
  1.410
  1.420
  1.430
  1.430
  1.440
  1.440
  1.440
  1.440
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
  1.450
Adjusted equity ratio
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407
  0.407

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -202
  -221
  -247
  -283
  -331
  -396
  -479
  -584
  -715
  -873
  -1,052
  -1,273
  -1,528
  -1,817
  -2,141
  -2,501
  -2,895
  -3,324
  -3,786
  -4,282
  -4,809
  -5,368
  -5,958
  -6,578
  -7,228
  -7,907
  -8,615
  -9,354
  -10,122
  -10,921
Depreciation, amort., depletion, $m
  73
  108
  157
  223
  311
  424
  566
  741
  950
  1,198
  1,476
  1,805
  2,175
  2,588
  3,043
  3,540
  4,077
  4,655
  5,272
  5,928
  6,620
  7,350
  8,115
  8,917
  9,754
  10,627
  11,536
  12,481
  13,465
  14,487
Funds from operations, $m
  -129
  -113
  -90
  -60
  -20
  29
  87
  156
  236
  325
  424
  531
  647
  771
  902
  1,039
  1,182
  1,331
  1,486
  1,646
  1,811
  1,982
  2,157
  2,339
  2,526
  2,720
  2,920
  3,128
  3,343
  3,566
Change in working capital, $m
  -221
  -321
  -452
  -615
  -812
  -1,045
  -1,313
  -1,612
  -1,938
  -2,288
  -2,656
  -3,037
  -3,425
  -3,816
  -4,205
  -4,591
  -4,970
  -5,341
  -5,703
  -6,057
  -6,403
  -6,742
  -7,076
  -7,407
  -7,736
  -8,067
  -8,401
  -8,741
  -9,088
  -9,446
Cash from operations, $m
  92
  208
  361
  555
  792
  1,074
  1,400
  1,768
  2,174
  2,613
  3,080
  3,568
  4,072
  4,586
  5,107
  5,630
  6,152
  6,672
  7,189
  7,703
  8,214
  8,723
  9,233
  9,745
  10,263
  10,787
  11,321
  11,868
  12,431
  13,012
Maintenance CAPEX, $m
  -40
  -64
  -99
  -147
  -214
  -302
  -415
  -557
  -731
  -941
  -1,189
  -1,476
  -1,805
  -2,175
  -2,588
  -3,043
  -3,540
  -4,077
  -4,655
  -5,272
  -5,928
  -6,620
  -7,350
  -8,115
  -8,917
  -9,754
  -10,627
  -11,536
  -12,481
  -13,465
New CAPEX, $m
  -120
  -174
  -244
  -332
  -439
  -566
  -710
  -872
  -1,049
  -1,238
  -1,437
  -1,643
  -1,853
  -2,064
  -2,275
  -2,484
  -2,689
  -2,889
  -3,085
  -3,277
  -3,464
  -3,647
  -3,828
  -4,007
  -4,185
  -4,364
  -4,545
  -4,729
  -4,917
  -5,110
Cash from investing activities, $m
  -160
  -238
  -343
  -479
  -653
  -868
  -1,125
  -1,429
  -1,780
  -2,179
  -2,626
  -3,119
  -3,658
  -4,239
  -4,863
  -5,527
  -6,229
  -6,966
  -7,740
  -8,549
  -9,392
  -10,267
  -11,178
  -12,122
  -13,102
  -14,118
  -15,172
  -16,265
  -17,398
  -18,575
Free cash flow, $m
  -68
  -29
  18
  75
  139
  207
  275
  339
  394
  434
  454
  449
  415
  347
  244
  103
  -76
  -294
  -551
  -846
  -1,178
  -1,544
  -1,945
  -2,377
  -2,839
  -3,331
  -3,850
  -4,396
  -4,967
  -5,563
Issuance/(repayment) of debt, $m
  581
  843
  1,184
  1,612
  2,131
  2,742
  3,443
  4,227
  5,084
  6,002
  6,967
  7,965
  8,983
  10,009
  11,031
  12,043
  13,037
  14,010
  14,960
  15,888
  16,795
  17,685
  18,561
  19,428
  20,293
  21,161
  22,037
  22,928
  23,840
  24,778
Issuance/(repurchase) of shares, $m
  600
  800
  1,060
  1,389
  1,794
  2,278
  2,842
  3,485
  4,204
  4,992
  5,834
  6,740
  7,694
  8,687
  9,713
  10,766
  11,843
  12,939
  14,054
  15,186
  16,336
  17,506
  18,697
  19,912
  21,155
  22,430
  23,740
  25,090
  26,484
  27,927
Cash from financing (excl. dividends), $m  
  1,181
  1,643
  2,244
  3,001
  3,925
  5,020
  6,285
  7,712
  9,288
  10,994
  12,801
  14,705
  16,677
  18,696
  20,744
  22,809
  24,880
  26,949
  29,014
  31,074
  33,131
  35,191
  37,258
  39,340
  41,448
  43,591
  45,777
  48,018
  50,324
  52,705
Total cash flow (excl. dividends), $m
  1,113
  1,613
  2,262
  3,076
  4,063
  5,227
  6,560
  8,052
  9,682
  11,429
  13,256
  15,155
  17,091
  19,043
  20,988
  22,912
  24,803
  26,655
  28,463
  30,228
  31,954
  33,646
  35,313
  36,964
  38,609
  40,260
  41,927
  43,622
  45,357
  47,143
Retained Cash Flow (-), $m
  -600
  -800
  -1,060
  -1,389
  -1,794
  -2,278
  -2,842
  -3,485
  -4,204
  -4,992
  -5,834
  -6,740
  -7,694
  -8,687
  -9,713
  -10,766
  -11,843
  -12,939
  -14,054
  -15,186
  -16,336
  -17,506
  -18,697
  -19,912
  -21,155
  -22,430
  -23,740
  -25,090
  -26,484
  -27,927
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
  513
  814
  1,203
  1,687
  2,270
  2,949
  3,718
  4,567
  5,478
  6,436
  7,421
  8,414
  9,398
  10,356
  11,275
  12,146
  12,961
  13,715
  14,409
  15,042
  15,617
  16,140
  16,616
  17,052
  17,454
  17,830
  18,187
  18,532
  18,873
  19,216
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
  492
  745
  1,047
  1,389
  1,759
  2,140
  2,512
  2,854
  3,147
  3,374
  3,524
  3,591
  3,573
  3,477
  3,310
  3,087
  2,820
  2,526
  2,219
  1,911
  1,615
  1,339
  1,089
  868
  679
  520
  390
  287
  206
  145
Current shareholders' claim on cash, %
  50.3
  27.6
  16.2
  10.0
  6.5
  4.3
  3.0
  2.1
  1.5
  1.1
  0.9
  0.7
  0.5
  0.4
  0.3
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0

BEST Inc. is engaged in providing supply chain solutions. The Company offers a cloud based platform, BEST Cloud which is integration of online and offline retail to offer delivery. It provides technology-enabled solutions to its users. The Company’s service offerings include BEST supply chain management, BEST express, BEST freight, BEST store+, BEST global, BEST cargo and BEST Ucargo. BEST supply chain management offers its solutions in a range of categories, including: cloud OFCs, which offer warehouse management, in-warehouse processing and order fulfillment services to customers; transportation services, which provides transportation services and coordinate shipments to and from locations. It offer transportation services from factories to consumers includes full truckload (FTL), less-than-truckload (LTL), regional distribution, intra-city distribution and other transportation services. BEST store+ offers a door-to-door integrated cross-border supply chain services.

FINANCIAL RATIOS  of  BEST ADR (BSTI)

Valuation Ratios
P/E Ratio -11.9
Price to Sales 1.8
Price to Book 6.9
Price to Tangible Book
Price to Cash Flow -20.6
Price to Free Cash Flow -10.6
Growth Rates
Sales Growth Rate 68.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 74.2%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 6
Current Ratio 0.1
LT Debt to Equity 0.3%
Total Debt to Equity 20.4%
Interest Coverage -65
Management Effectiveness
Return On Assets -31.2%
Ret/ On Assets - 3 Yr. Avg. -40.8%
Return On Total Capital -100.5%
Ret/ On T. Cap. - 3 Yr. Avg. 646.5%
Return On Equity -143.8%
Return On Equity - 3 Yr. Avg. 111.4%
Asset Turnover 2.1
Profitability Ratios
Gross Margin -6%
Gross Margin - 3 Yr. Avg. -9.4%
EBITDA Margin -12.3%
EBITDA Margin - 3 Yr. Avg. -16.6%
Operating Margin -15.8%
Oper. Margin - 3 Yr. Avg. -20%
Pre-Tax Margin -15.4%
Pre-Tax Margin - 3 Yr. Avg. -19.6%
Net Profit Margin -15.4%
Net Profit Margin - 3 Yr. Avg. -19.6%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

BSTI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the BSTI stock intrinsic value calculation we used $3021.39691657 million for the last fiscal year's total revenue generated by BEST ADR. The default revenue input number comes from 0001 income statement of BEST 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 BSTI 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 BSTI is calculated based on our internal credit rating of BEST 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 BEST 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 BSTI stock the variable cost ratio is equal to 99.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $212 million in the base year in the intrinsic value calculation for BSTI 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 5.6% for BEST ADR.

Corporate tax rate of 27% is the nominal tax rate for BEST 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 BSTI 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 BSTI are equal to 6.6%.

Life of production assets of 4.2 years is the average useful life of capital assets used in BEST 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 BSTI is equal to -12.2%. 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 - $663.817563482 million for BEST 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 97.819 million for BEST 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 BEST ADR at the current share price and the inputted number of shares is $0.6 billion.

COMPANY NEWS

▶ Why BEST Inc. Stock Fell Friday   [Nov-09-18 08:05PM  Motley Fool]
▶ BEST (BSTI) Catches Eye: Stock Jumps 7.4%   [Oct-15-18 08:54AM  Zacks]
▶ Why BEST Inc (NYSE:BSTI) Is A Financially Healthy Company   [Oct-08-18 12:34PM  Simply Wall St.]
▶ BEST (BSTI): Moving Average Crossover Alert   [Aug-28-18 08:11AM  Zacks]
▶ TAL Education Group And Other Top Growth Stocks   [Apr-27-18 12:02PM  Simply Wall St.]
▶ Best Growth Stock Picks   [Mar-22-18 12:02PM  Simply Wall St.]
▶ BEST Inc. Announces Change to the Board of Directors   [Mar-20-18 05:59AM  PR Newswire]
▶ Stay away from red-hot Chinese IPO market   [Nov-17-17 08:57PM  CNBC Videos]
▶ Best Inc. CEO Chou on Singles' Day and Growth Potential   [Nov-07-17 07:48PM  Bloomberg Video]
▶ A Unique Way To Play Alibaba Group Holding Ltd (BABA) News   [Oct-16-17 02:19PM  InvestorPlace]
▶ IPO News This Week: Roku, PQ Group Lead 7 Offerings Due Out   [Sep-24-17 09:57AM  24/7 Wall St.]
▶ BEST Inc. Announces Pricing of Initial Public Offering   [Sep-19-17 11:24PM  PR Newswire]

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