Intrinsic value of Ctrip.com International ADR - CTRP

Previous Close

$25.55

  Intrinsic Value

$130.00

stock screener

  Rating & Target

str. buy

+409%

Previous close

$25.55

 
Intrinsic value

$130.00

 
Up/down potential

+409%

 
Rating

str. buy

We calculate the intrinsic value of CTRP 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 13.9

 

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, %
  46.20
  42.08
  38.37
  35.03
  32.03
  29.33
  26.90
  24.71
  22.74
  20.96
  19.37
  17.93
  16.64
  15.47
  14.43
  13.48
  12.63
  11.87
  11.18
  10.57
  10.01
  9.51
  9.06
  8.65
  8.29
  7.96
  7.66
  7.40
  7.16
  6.94
Revenue, $m
  5,918
  8,408
  11,634
  15,710
  20,742
  26,826
  34,041
  42,451
  52,102
  63,024
  75,228
  88,716
  103,475
  119,485
  136,721
  155,155
  174,758
  195,504
  217,368
  240,335
  264,390
  289,528
  315,751
  343,068
  371,496
  401,059
  431,788
  463,722
  496,907
  531,395
Variable operating expenses, $m
  2,339
  2,878
  3,575
  4,457
  5,545
  6,861
  8,421
  10,240
  12,327
  14,689
  16,269
  19,186
  22,377
  25,840
  29,567
  33,554
  37,793
  42,280
  47,008
  51,975
  57,177
  62,613
  68,284
  74,192
  80,340
  86,733
  93,378
  100,284
  107,461
  114,919
Fixed operating expenses, $m
  1,748
  1,786
  1,825
  1,866
  1,907
  1,949
  1,991
  2,035
  2,080
  2,126
  2,172
  2,220
  2,269
  2,319
  2,370
  2,422
  2,475
  2,530
  2,586
  2,642
  2,701
  2,760
  2,821
  2,883
  2,946
  3,011
  3,077
  3,145
  3,214
  3,285
Total operating expenses, $m
  4,087
  4,664
  5,400
  6,323
  7,452
  8,810
  10,412
  12,275
  14,407
  16,815
  18,441
  21,406
  24,646
  28,159
  31,937
  35,976
  40,268
  44,810
  49,594
  54,617
  59,878
  65,373
  71,105
  77,075
  83,286
  89,744
  96,455
  103,429
  110,675
  118,204
Operating income, $m
  1,831
  3,744
  6,233
  9,388
  13,291
  18,017
  23,628
  30,176
  37,695
  46,209
  56,787
  67,310
  78,829
  91,326
  104,784
  119,179
  134,489
  150,694
  167,775
  185,717
  204,512
  224,155
  244,646
  265,994
  288,211
  311,315
  335,333
  360,293
  386,232
  413,191
EBITDA, $m
  3,182
  5,219
  7,867
  11,223
  15,374
  20,400
  26,368
  33,331
  41,327
  50,380
  60,501
  71,690
  83,937
  97,225
  111,533
  126,839
  143,117
  160,345
  178,506
  197,582
  217,564
  238,448
  260,234
  282,930
  306,550
  331,114
  356,648
  383,185
  410,763
  439,424
Interest expense (income), $m
  86
  372
  601
  907
  1,303
  1,804
  2,423
  3,171
  4,057
  5,091
  6,277
  7,619
  9,120
  10,777
  12,591
  14,559
  16,677
  18,943
  21,352
  23,902
  26,589
  29,412
  32,369
  35,458
  38,681
  42,039
  45,533
  49,166
  52,943
  56,868
  60,946
Earnings before tax, $m
  1,459
  3,143
  5,327
  8,084
  11,486
  15,594
  20,458
  26,118
  32,604
  39,932
  49,168
  58,191
  68,051
  78,735
  90,225
  102,502
  115,546
  129,342
  143,873
  159,128
  175,100
  191,786
  209,188
  227,313
  246,172
  265,783
  286,166
  307,350
  329,364
  352,245
Tax expense, $m
  394
  849
  1,438
  2,183
  3,101
  4,210
  5,524
  7,052
  8,803
  10,782
  13,275
  15,711
  18,374
  21,259
  24,361
  27,675
  31,198
  34,922
  38,846
  42,965
  47,277
  51,782
  56,481
  61,374
  66,466
  71,761
  77,265
  82,984
  88,928
  95,106
Net income, $m
  1,065
  2,295
  3,888
  5,902
  8,385
  11,383
  14,934
  19,067
  23,801
  29,150
  35,892
  42,479
  49,677
  57,477
  65,864
  74,826
  84,349
  94,419
  105,027
  116,163
  127,823
  140,004
  152,707
  165,938
  179,705
  194,021
  208,901
  224,365
  240,436
  257,139

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
  30,822
  43,791
  60,595
  81,824
  108,034
  139,718
  177,296
  221,098
  271,365
  328,248
  391,815
  462,064
  538,933
  622,319
  712,090
  808,099
  910,198
  1,018,248
  1,132,128
  1,251,743
  1,377,029
  1,507,958
  1,644,537
  1,786,815
  1,934,877
  2,088,850
  2,248,897
  2,415,220
  2,588,058
  2,767,684
Adjusted assets (=assets-cash), $m
  30,822
  43,791
  60,595
  81,824
  108,034
  139,718
  177,296
  221,098
  271,365
  328,248
  391,815
  462,064
  538,933
  622,319
  712,090
  808,099
  910,198
  1,018,248
  1,132,128
  1,251,743
  1,377,029
  1,507,958
  1,644,537
  1,786,815
  1,934,877
  2,088,850
  2,248,897
  2,415,220
  2,588,058
  2,767,684
Revenue / Adjusted assets
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
  0.192
Average production assets, $m
  8,764
  12,452
  17,230
  23,267
  30,720
  39,729
  50,414
  62,870
  77,163
  93,338
  111,413
  131,389
  153,247
  176,958
  202,484
  229,785
  258,817
  289,541
  321,923
  355,936
  391,561
  428,791
  467,627
  508,084
  550,186
  593,969
  639,478
  686,773
  735,919
  786,996
Working capital, $m
  -3,255
  -4,624
  -6,399
  -8,641
  -11,408
  -14,754
  -18,722
  -23,348
  -28,656
  -34,663
  -41,376
  -48,794
  -56,911
  -65,717
  -75,197
  -85,335
  -96,117
  -107,527
  -119,553
  -132,184
  -145,414
  -159,240
  -173,663
  -188,688
  -204,323
  -220,583
  -237,483
  -255,047
  -273,299
  -292,267
Total debt, $m
  11,126
  16,794
  24,137
  33,414
  44,868
  58,714
  75,135
  94,277
  116,243
  141,101
  168,880
  199,579
  233,171
  269,610
  308,840
  350,796
  395,414
  442,631
  492,397
  544,668
  599,419
  656,634
  716,320
  778,495
  843,198
  910,484
  980,425
  1,053,108
  1,128,638
  1,207,135
Total liabilities, $m
  13,469
  19,137
  26,480
  35,757
  47,211
  61,057
  77,478
  96,620
  118,587
  143,444
  171,223
  201,922
  235,514
  271,953
  311,183
  353,139
  397,757
  444,974
  494,740
  547,012
  601,762
  658,978
  718,663
  780,838
  845,541
  912,827
  982,768
  1,055,451
  1,130,981
  1,209,478
Total equity, $m
  17,353
  24,655
  34,115
  46,067
  60,823
  78,661
  99,817
  124,478
  152,779
  184,804
  220,592
  260,142
  303,419
  350,366
  400,907
  454,960
  512,442
  573,273
  637,388
  704,731
  775,267
  848,980
  925,875
  1,005,977
  1,089,336
  1,176,022
  1,266,129
  1,359,769
  1,457,076
  1,558,206
Total liabilities and equity, $m
  30,822
  43,792
  60,595
  81,824
  108,034
  139,718
  177,295
  221,098
  271,366
  328,248
  391,815
  462,064
  538,933
  622,319
  712,090
  808,099
  910,199
  1,018,247
  1,132,128
  1,251,743
  1,377,029
  1,507,958
  1,644,538
  1,786,815
  1,934,877
  2,088,849
  2,248,897
  2,415,220
  2,588,057
  2,767,684
Debt-to-equity ratio
  0.640
  0.680
  0.710
  0.730
  0.740
  0.750
  0.750
  0.760
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Adjusted equity ratio
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563
  0.563

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,065
  2,295
  3,888
  5,902
  8,385
  11,383
  14,934
  19,067
  23,801
  29,150
  35,892
  42,479
  49,677
  57,477
  65,864
  74,826
  84,349
  94,419
  105,027
  116,163
  127,823
  140,004
  152,707
  165,938
  179,705
  194,021
  208,901
  224,365
  240,436
  257,139
Depreciation, amort., depletion, $m
  1,352
  1,475
  1,634
  1,835
  2,083
  2,384
  2,740
  3,155
  3,632
  4,171
  3,714
  4,380
  5,108
  5,899
  6,749
  7,659
  8,627
  9,651
  10,731
  11,865
  13,052
  14,293
  15,588
  16,936
  18,340
  19,799
  21,316
  22,892
  24,531
  26,233
Funds from operations, $m
  2,417
  3,769
  5,522
  7,737
  10,468
  13,767
  17,674
  22,222
  27,433
  33,321
  39,606
  46,859
  54,786
  63,375
  72,614
  82,486
  92,976
  104,071
  115,758
  128,028
  140,875
  154,297
  168,295
  182,874
  198,045
  213,820
  230,217
  247,258
  264,966
  283,372
Change in working capital, $m
  -1,029
  -1,370
  -1,774
  -2,242
  -2,768
  -3,346
  -3,968
  -4,626
  -5,308
  -6,007
  -6,713
  -7,418
  -8,117
  -8,806
  -9,480
  -10,139
  -10,782
  -11,410
  -12,026
  -12,631
  -13,230
  -13,826
  -14,423
  -15,025
  -15,635
  -16,259
  -16,901
  -17,564
  -18,252
  -18,969
Cash from operations, $m
  3,445
  5,139
  7,297
  9,978
  13,236
  17,113
  21,642
  26,847
  32,741
  39,328
  46,319
  54,277
  62,903
  72,181
  82,094
  92,624
  103,758
  115,481
  127,784
  140,659
  154,105
  168,123
  182,718
  197,899
  213,680
  230,080
  247,118
  264,822
  283,218
  302,340
Maintenance CAPEX, $m
  -200
  -292
  -415
  -574
  -776
  -1,024
  -1,324
  -1,680
  -2,096
  -2,572
  -3,111
  -3,714
  -4,380
  -5,108
  -5,899
  -6,749
  -7,659
  -8,627
  -9,651
  -10,731
  -11,865
  -13,052
  -14,293
  -15,588
  -16,936
  -18,340
  -19,799
  -21,316
  -22,892
  -24,531
New CAPEX, $m
  -2,767
  -3,688
  -4,778
  -6,037
  -7,453
  -9,009
  -10,685
  -12,455
  -14,294
  -16,175
  -18,075
  -19,975
  -21,858
  -23,711
  -25,527
  -27,300
  -29,032
  -30,724
  -32,382
  -34,013
  -35,625
  -37,230
  -38,837
  -40,457
  -42,102
  -43,782
  -45,510
  -47,294
  -49,147
  -51,077
Cash from investing activities, $m
  -2,967
  -3,980
  -5,193
  -6,611
  -8,229
  -10,033
  -12,009
  -14,135
  -16,390
  -18,747
  -21,186
  -23,689
  -26,238
  -28,819
  -31,426
  -34,049
  -36,691
  -39,351
  -42,033
  -44,744
  -47,490
  -50,282
  -53,130
  -56,045
  -59,038
  -62,122
  -65,309
  -68,610
  -72,039
  -75,608
Free cash flow, $m
  478
  1,159
  2,103
  3,368
  5,008
  7,080
  9,633
  12,711
  16,352
  20,581
  25,132
  30,588
  36,665
  43,362
  50,668
  58,574
  67,066
  76,130
  85,750
  95,916
  106,615
  117,841
  129,588
  141,854
  154,642
  167,958
  181,810
  196,211
  211,179
  226,733
Issuance/(repayment) of debt, $m
  4,243
  5,668
  7,343
  9,277
  11,454
  13,846
  16,421
  19,142
  21,967
  24,858
  27,779
  30,699
  33,592
  36,440
  39,230
  41,956
  44,617
  47,218
  49,765
  52,272
  54,750
  57,216
  59,685
  62,175
  64,703
  67,286
  69,941
  72,683
  75,530
  78,497
Issuance/(repurchase) of shares, $m
  4,387
  5,007
  5,572
  6,050
  6,371
  6,455
  6,222
  5,594
  4,499
  2,875
  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  
  8,630
  10,675
  12,915
  15,327
  17,825
  20,301
  22,643
  24,736
  26,466
  27,733
  27,779
  30,699
  33,592
  36,440
  39,230
  41,956
  44,617
  47,218
  49,765
  52,272
  54,750
  57,216
  59,685
  62,175
  64,703
  67,286
  69,941
  72,683
  75,530
  78,497
Total cash flow (excl. dividends), $m
  9,108
  11,834
  15,019
  18,695
  22,832
  27,380
  32,276
  37,447
  42,818
  48,314
  52,911
  61,287
  70,257
  79,801
  89,898
  100,530
  111,683
  123,347
  135,516
  148,188
  161,366
  175,057
  189,273
  204,030
  219,346
  235,244
  251,750
  268,895
  286,709
  305,229
Retained Cash Flow (-), $m
  -5,452
  -7,302
  -9,460
  -11,952
  -14,756
  -17,838
  -21,156
  -24,661
  -28,300
  -32,025
  -35,788
  -39,550
  -43,277
  -46,946
  -50,541
  -54,053
  -57,482
  -60,832
  -64,114
  -67,343
  -70,536
  -73,713
  -76,894
  -80,102
  -83,359
  -86,687
  -90,106
  -93,640
  -97,308
  -101,129
Prev. year cash balance distribution, $m
  901
  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
  4,557
  4,532
  5,558
  6,743
  8,076
  9,542
  11,120
  12,786
  14,517
  16,288
  17,123
  21,737
  26,980
  32,855
  39,357
  46,477
  54,202
  62,515
  71,401
  80,844
  90,829
  101,344
  112,379
  123,927
  135,987
  148,557
  161,644
  175,255
  189,401
  204,100
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
  4,369
  4,149
  4,837
  5,552
  6,260
  6,925
  7,513
  7,992
  8,339
  8,539
  8,131
  9,276
  10,258
  11,030
  11,555
  11,811
  11,793
  11,513
  10,994
  10,273
  9,395
  8,409
  7,365
  6,312
  5,290
  4,334
  3,469
  2,711
  2,067
  1,537
Current shareholders' claim on cash, %
  74.7
  59.0
  48.9
  42.0
  37.3
  34.0
  31.7
  30.1
  29.2
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7
  28.7

Ctrip.com International, Ltd. (Ctrip) is a travel service provider for accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China. The Company aggregates hotel and transportation information to enable business and leisure travelers to make bookings. It helps leisure travelers book tour packages and guided tours, and helps corporate clients manage their travel requirements. In addition, it offers a range of other travel-related services, including travelers' reviews, attraction tickets, travel-related financing and car services, and travel insurance and visa services to meet the various booking and travelling needs of both leisure and business travelers. It also offers independent leisure travelers bundled packaged-tour products, including group tours, semi-group tours and private tours or packaged tours with different transportation arrangements, such as cruise, bus or self-driving.

FINANCIAL RATIOS  of  Ctrip.com International ADR (CTRP)

Valuation Ratios
P/E Ratio -7.9
Price to Sales 0.6
Price to Book 0.2
Price to Tangible Book
Price to Cash Flow 2.1
Price to Free Cash Flow 2.5
Growth Rates
Sales Growth Rate 76.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.3%
Cap. Spend. - 3 Yr. Gr. Rate 1.2%
Financial Strength
Quick Ratio 5
Current Ratio 0.1
LT Debt to Equity 48.4%
Total Debt to Equity 58.1%
Interest Coverage -2
Management Effectiveness
Return On Assets -0.5%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital -1.5%
Ret/ On T. Cap. - 3 Yr. Avg. 1.7%
Return On Equity -2.5%
Return On Equity - 3 Yr. Avg. 3.2%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 75.4%
Gross Margin - 3 Yr. Avg. 73%
EBITDA Margin -2.3%
EBITDA Margin - 3 Yr. Avg. 11.7%
Operating Margin -8.4%
Oper. Margin - 3 Yr. Avg. -2.5%
Pre-Tax Margin -9.2%
Pre-Tax Margin - 3 Yr. Avg. 6.8%
Net Profit Margin -7.4%
Net Profit Margin - 3 Yr. Avg. 6.3%
Effective Tax Rate -27.1%
Eff/ Tax Rate - 3 Yr. Avg. 27.9%
Payout Ratio 0%

CTRP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CTRP stock intrinsic value calculation we used $4047.70722763 million for the last fiscal year's total revenue generated by Ctrip.com International ADR. The default revenue input number comes from 0001 income statement of Ctrip.com 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 CTRP stock valuation model: a) initial revenue growth rate of 46.2% 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 CTRP is calculated based on our internal credit rating of Ctrip.com 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 Ctrip.com 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 CTRP stock the variable cost ratio is equal to 47.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $1710 million in the base year in the intrinsic value calculation for CTRP 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 Ctrip.com International ADR.

Corporate tax rate of 27% is the nominal tax rate for Ctrip.com 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 CTRP 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 CTRP are equal to 148.1%.

Life of production assets of 150.8 years is the average useful life of capital assets used in Ctrip.com 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 CTRP is equal to -55%. 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 - $12801.3623869 million for Ctrip.com 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 545.218 million for Ctrip.com 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 Ctrip.com International ADR at the current share price and the inputted number of shares is $13.9 billion.

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COMPANY NEWS

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▶ Trump targets China with another $200 billion in tariffs   [Jul-11-18 01:14PM  Yahoo Finance Video]
▶ Ctrip signs MOU with Tourism New Zealand   [04:49AM  GlobeNewswire]
▶ [$$] Ocean Link, Ctrip Increases Offer for eHI Car Services   [Jun-29-18 06:06PM  The Wall Street Journal]
▶ Ctrips First Oversea Gourmet List Ceremony held in Bangkok   [Jun-24-18 10:06PM  GlobeNewswire]
▶ iQIYI Announces Changes to Board Composition   [Jun-14-18 07:00AM  GlobeNewswire]
▶ Trip.com Hong Kong Launches Airport Transfer Car Service   [Jun-04-18 10:00PM  GlobeNewswire]

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