Intrinsic value of Changyou.com ADR - CYOU

Previous Close

$39.58

  Intrinsic Value

$44.84

stock screener

  Rating & Target

hold

+13%

  Value-price divergence*

+71%

Previous close

$39.58

 
Intrinsic value

$44.84

 
Up/down potential

+13%

 
Rating

hold

 
Value-price divergence*

+71%

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

We calculate the intrinsic value of CYOU 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 2.0

 

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, %
  -31.10
  16.30
  15.17
  14.15
  13.24
  12.41
  11.67
  11.01
  10.40
  9.86
  9.38
  8.94
  8.55
  8.19
  7.87
  7.59
  7.33
  7.09
  6.88
  6.70
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
Revenue, $m
  525
  611
  703
  803
  909
  1,022
  1,141
  1,267
  1,398
  1,536
  1,681
  1,831
  1,987
  2,150
  2,319
  2,495
  2,678
  2,868
  3,065
  3,271
  3,484
  3,706
  3,937
  4,178
  4,429
  4,690
  4,963
  5,247
  5,544
  5,854
  6,178
Variable operating expenses, $m
 
  480
  553
  630
  713
  802
  895
  993
  1,096
  1,204
  1,317
  1,431
  1,554
  1,681
  1,813
  1,951
  2,094
  2,242
  2,397
  2,557
  2,724
  2,898
  3,078
  3,267
  3,463
  3,667
  3,880
  4,102
  4,334
  4,577
  4,830
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
  395
  480
  553
  630
  713
  802
  895
  993
  1,096
  1,204
  1,317
  1,431
  1,554
  1,681
  1,813
  1,951
  2,094
  2,242
  2,397
  2,557
  2,724
  2,898
  3,078
  3,267
  3,463
  3,667
  3,880
  4,102
  4,334
  4,577
  4,830
Operating income, $m
  131
  130
  151
  172
  196
  220
  246
  274
  302
  332
  364
  399
  433
  469
  506
  544
  584
  626
  669
  713
  760
  808
  859
  911
  966
  1,023
  1,083
  1,145
  1,209
  1,277
  1,348
EBITDA, $m
  157
  156
  180
  205
  233
  262
  292
  324
  358
  393
  430
  469
  509
  550
  594
  639
  686
  734
  785
  837
  892
  949
  1,008
  1,069
  1,134
  1,201
  1,270
  1,343
  1,419
  1,498
  1,581
Interest expense (income), $m
  5
  0
  -1
  2
  5
  8
  12
  16
  20
  24
  28
  33
  38
  43
  48
  53
  59
  64
  71
  77
  83
  90
  97
  105
  112
  120
  128
  137
  146
  156
  165
Earnings before tax, $m
  169
  130
  152
  171
  191
  212
  234
  258
  283
  309
  336
  367
  396
  426
  458
  491
  526
  561
  598
  637
  677
  718
  762
  807
  854
  903
  954
  1,008
  1,063
  1,121
  1,182
Tax expense, $m
  22
  35
  41
  46
  51
  57
  63
  70
  76
  83
  91
  99
  107
  115
  124
  133
  142
  152
  162
  172
  183
  194
  206
  218
  231
  244
  258
  272
  287
  303
  319
Net income, $m
  145
  95
  111
  125
  139
  155
  171
  188
  206
  225
  245
  268
  289
  311
  335
  359
  384
  410
  437
  465
  494
  524
  556
  589
  623
  659
  697
  735
  776
  819
  863

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,178
  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
  1,708
  616
  710
  810
  917
  1,031
  1,151
  1,278
  1,411
  1,550
  1,696
  1,847
  2,005
  2,170
  2,340
  2,518
  2,702
  2,894
  3,093
  3,300
  3,516
  3,740
  3,973
  4,216
  4,469
  4,733
  5,008
  5,295
  5,594
  5,907
  6,234
Adjusted assets (=assets-cash), $m
  530
  616
  710
  810
  917
  1,031
  1,151
  1,278
  1,411
  1,550
  1,696
  1,847
  2,005
  2,170
  2,340
  2,518
  2,702
  2,894
  3,093
  3,300
  3,516
  3,740
  3,973
  4,216
  4,469
  4,733
  5,008
  5,295
  5,594
  5,907
  6,234
Revenue / Adjusted assets
  0.991
  0.992
  0.990
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
  0.991
Average production assets, $m
  221
  256
  295
  337
  382
  429
  479
  532
  587
  645
  706
  769
  835
  903
  974
  1,048
  1,125
  1,205
  1,287
  1,374
  1,463
  1,557
  1,654
  1,755
  1,860
  1,970
  2,084
  2,204
  2,328
  2,459
  2,595
Working capital, $m
  949
  -266
  -307
  -350
  -396
  -446
  -498
  -552
  -610
  -670
  -733
  -798
  -866
  -937
  -1,011
  -1,088
  -1,168
  -1,250
  -1,337
  -1,426
  -1,519
  -1,616
  -1,717
  -1,822
  -1,931
  -2,045
  -2,164
  -2,288
  -2,417
  -2,552
  -2,693
Total debt, $m
  0
  -35
  49
  139
  236
  338
  446
  560
  680
  805
  936
  1,073
  1,215
  1,363
  1,516
  1,676
  1,842
  2,015
  2,194
  2,380
  2,574
  2,776
  2,986
  3,204
  3,432
  3,669
  3,917
  4,175
  4,445
  4,726
  5,020
Total liabilities, $m
  590
  555
  639
  729
  826
  928
  1,036
  1,150
  1,270
  1,395
  1,526
  1,663
  1,805
  1,953
  2,106
  2,266
  2,432
  2,605
  2,784
  2,970
  3,164
  3,366
  3,576
  3,794
  4,022
  4,259
  4,507
  4,765
  5,035
  5,316
  5,610
Total equity, $m
  1,118
  62
  71
  81
  92
  103
  115
  128
  141
  155
  170
  185
  201
  217
  234
  252
  270
  289
  309
  330
  352
  374
  397
  422
  447
  473
  501
  529
  559
  591
  623
Total liabilities and equity, $m
  1,708
  617
  710
  810
  918
  1,031
  1,151
  1,278
  1,411
  1,550
  1,696
  1,848
  2,006
  2,170
  2,340
  2,518
  2,702
  2,894
  3,093
  3,300
  3,516
  3,740
  3,973
  4,216
  4,469
  4,732
  5,008
  5,294
  5,594
  5,907
  6,233
Debt-to-equity ratio
  0.000
  -0.580
  0.690
  1.720
  2.570
  3.280
  3.880
  4.380
  4.820
  5.190
  5.520
  5.810
  6.060
  6.280
  6.480
  6.660
  6.820
  6.960
  7.090
  7.210
  7.320
  7.420
  7.510
  7.600
  7.680
  7.750
  7.820
  7.890
  7.950
  8.000
  8.050
Adjusted equity ratio
  -0.113
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  145
  95
  111
  125
  139
  155
  171
  188
  206
  225
  245
  268
  289
  311
  335
  359
  384
  410
  437
  465
  494
  524
  556
  589
  623
  659
  697
  735
  776
  819
  863
Depreciation, amort., depletion, $m
  26
  26
  29
  33
  37
  41
  46
  51
  56
  61
  66
  69
  75
  81
  88
  94
  101
  109
  116
  124
  132
  140
  149
  158
  168
  177
  188
  199
  210
  221
  234
Funds from operations, $m
  200
  121
  140
  158
  176
  196
  217
  239
  262
  286
  311
  337
  364
  393
  422
  453
  485
  518
  553
  589
  626
  665
  705
  747
  791
  837
  884
  934
  986
  1,040
  1,097
Change in working capital, $m
  6
  -37
  -40
  -43
  -46
  -49
  -52
  -55
  -57
  -60
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -89
  -93
  -97
  -101
  -105
  -109
  -114
  -119
  -124
  -129
  -135
  -141
Cash from operations, $m
  194
  158
  181
  201
  223
  245
  269
  294
  319
  346
  374
  402
  432
  464
  496
  530
  565
  601
  639
  678
  719
  761
  806
  852
  900
  951
  1,003
  1,058
  1,115
  1,175
  1,238
Maintenance CAPEX, $m
  0
  -20
  -23
  -27
  -30
  -34
  -39
  -43
  -48
  -53
  -58
  -64
  -69
  -75
  -81
  -88
  -94
  -101
  -109
  -116
  -124
  -132
  -140
  -149
  -158
  -168
  -177
  -188
  -199
  -210
  -221
New CAPEX, $m
  -13
  -36
  -39
  -42
  -45
  -47
  -50
  -53
  -55
  -58
  -61
  -63
  -66
  -68
  -71
  -74
  -77
  -80
  -83
  -86
  -90
  -93
  -97
  -101
  -105
  -110
  -114
  -119
  -125
  -130
  -136
Cash from investing activities, $m
  -5
  -56
  -62
  -69
  -75
  -81
  -89
  -96
  -103
  -111
  -119
  -127
  -135
  -143
  -152
  -162
  -171
  -181
  -192
  -202
  -214
  -225
  -237
  -250
  -263
  -278
  -291
  -307
  -324
  -340
  -357
Free cash flow, $m
  189
  103
  119
  133
  148
  164
  180
  198
  216
  235
  256
  276
  297
  320
  344
  368
  393
  420
  447
  476
  505
  536
  569
  602
  637
  673
  711
  751
  792
  835
  880
Issuance/(repayment) of debt, $m
  -147
  -35
  84
  90
  97
  102
  108
  114
  120
  125
  131
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
  219
  228
  237
  248
  258
  270
  282
  294
Issuance/(repurchase) of shares, $m
  0
  26
  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  
  -147
  -9
  84
  90
  97
  102
  108
  114
  120
  125
  131
  136
  142
  148
  154
  160
  166
  173
  179
  186
  194
  202
  210
  219
  228
  237
  248
  258
  270
  282
  294
Total cash flow (excl. dividends), $m
  27
  93
  203
  223
  244
  266
  289
  312
  336
  361
  386
  412
  440
  468
  497
  528
  559
  592
  627
  662
  699
  738
  778
  821
  865
  911
  959
  1,009
  1,062
  1,117
  1,175
Retained Cash Flow (-), $m
  -89
  -122
  -9
  -10
  -11
  -11
  -12
  -13
  -13
  -14
  -15
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -33
Prev. year cash balance distribution, $m
 
  1,178
  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
 
  1,150
  193
  213
  233
  255
  277
  299
  323
  347
  372
  397
  424
  452
  480
  510
  541
  573
  607
  642
  678
  716
  755
  796
  839
  884
  931
  980
  1,032
  1,086
  1,142
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
 
  1,102
  177
  185
  192
  197
  201
  202
  202
  199
  195
  189
  181
  172
  161
  150
  137
  125
  112
  99
  86
  74
  63
  52
  43
  34
  27
  21
  16
  12
  9
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

Changyou.com Limited is an online game developer and operator. The Company is engaged in the development, operation and licensing of online games for personal computers (PCs) and mobile devices. The Company's segments include Online Game segment, which consists primarily of PC games and mobile games; the Platform Channel segment, which consists primarily of online advertising services offered on the 17173.com Website, Internet value-added services (IVAS) offered on the Dolphin Browser and RaidCall and online card and board games offered by MoboTap, and the Cinema Advertising segment, which consists primarily of the acquisition, from operators of movie theaters, and the sale, to advertisers, of pre-film advertising slots, which are advertisements shown before the screening of a movie in a cinema theater. Its online games include a range of genres, including massively multi-player online role-playing games (MMORPGs), third person shooter games (TPSs) and collectible card games (CCGs).

FINANCIAL RATIOS  of  Changyou.com ADR (CYOU)

Valuation Ratios
P/E Ratio 28.6
Price to Sales 7.9
Price to Book 3.7
Price to Tangible Book
Price to Cash Flow 21.4
Price to Free Cash Flow 22.9
Growth Rates
Sales Growth Rate -31.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -63.9%
Cap. Spend. - 3 Yr. Gr. Rate -33%
Financial Strength
Quick Ratio NaN
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 35
Management Effectiveness
Return On Assets 8.6%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 11.6%
Ret/ On T. Cap. - 3 Yr. Avg. 9.2%
Return On Equity 13.5%
Return On Equity - 3 Yr. Avg. 11.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 68.6%
Gross Margin - 3 Yr. Avg. 71.1%
EBITDA Margin 38.1%
EBITDA Margin - 3 Yr. Avg. 27.8%
Operating Margin 24.8%
Oper. Margin - 3 Yr. Avg. 13.5%
Pre-Tax Margin 32.2%
Pre-Tax Margin - 3 Yr. Avg. 20.6%
Net Profit Margin 27.6%
Net Profit Margin - 3 Yr. Avg. 18.4%
Effective Tax Rate 13%
Eff/ Tax Rate - 3 Yr. Avg. 8.2%
Payout Ratio 0%

CYOU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CYOU stock intrinsic value calculation we used $525 million for the last fiscal year's total revenue generated by Changyou.com ADR. The default revenue input number comes from 2016 income statement of Changyou.com 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 CYOU stock valuation model: a) initial revenue growth rate of 16.3% 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 CYOU is calculated based on our internal credit rating of Changyou.com 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 Changyou.com 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 CYOU stock the variable cost ratio is equal to 78.7%.

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 CYOU 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 Changyou.com ADR.

Corporate tax rate of 27% is the nominal tax rate for Changyou.com 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 CYOU 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 CYOU are equal to 42%.

Life of production assets of 11.1 years is the average useful life of capital assets used in Changyou.com 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 CYOU is equal to -43.6%. 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 - $1118 million for Changyou.com ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 51.65 million for Changyou.com 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 Changyou.com ADR at the current share price and the inputted number of shares is $2.0 billion.

RELATED COMPANIES Price Int.Val. Rating
NTES Netease ADR 277.73 2,535.34  str.buy
YY YY ADR 94.94 278.65  str.buy
SOHU Sohu.com 69.22 102.26  str.buy
SINA Sina 114.89 291.83  str.buy

COMPANY NEWS

▶ Corporate News Blog - Changyou Appoints New CFO   [Oct-03-17 07:20AM  ACCESSWIRE]
▶ 5 Strong Buy Tech Stocks for Value Investors   [Sep-20-17 05:37PM  Zacks]
▶ Trade of the Day: Changyou.com Ltd (ADR) (CYOU)   [Aug-22-17 09:08AM  InvestorPlace]
▶ New Strong Buy Stocks for August 18th   [Aug-18-17 07:51AM  Zacks]
▶ Top Ranked Value Stocks to Buy for August 15th   [Aug-15-17 10:22AM  Zacks]
▶ New Strong Buy Stocks for August 11th   [Aug-11-17 06:51AM  Zacks]
▶ 3 Growth Stocks for In-the-Know Investors   [Aug-02-17 05:15PM  Motley Fool]
▶ Sohu.com Stock Hits New Highs After Earnings   [Aug-01-17 10:07AM  Motley Fool]
▶ Changyou.Com posts 2Q profit   [Jul-31-17 11:01PM  Associated Press]
▶ China's Sohu.com Surges On Second-Quarter Sales Beat, Guidance   [04:13PM  Investor's Business Daily]
▶ 3 Stocks Wall Street Wants to Keep Secret   [Jun-26-17 09:45AM  Motley Fool]
▶ ETFs with exposure to Changyou.com Ltd. : May 19, 2017   [May-19-17 01:47PM  Capital Cube]
▶ Five Strong Buys Bucking Market Trends   [May-18-17 07:18PM  Zacks]
▶ ETFs with exposure to Changyou.com Ltd. : May 4, 2017   [May-04-17 03:53PM  Capital Cube]
▶ Sohu.com Stock Tries to Earn Its Way Back   [11:25AM  Motley Fool]
▶ Changyou.Com posts 1Q profit   [05:01AM  Associated Press]
▶ Sohu.com Stock Earns Some Redemption   [01:02PM  Motley Fool]
▶ Sohu.com Stock Earns Some Redemption   [01:02PM  at Motley Fool]
▶ Changyou.Com posts 4Q profit   [08:56AM  Associated Press]
▶ Is Changyou.Com Ltd (ADR) (CYOU) A Good Stock To Buy?   [Dec-04-16 10:28PM  at Insider Monkey]
▶ Sohu.com Earnings: Will Weakness at Sogou Bite Baidu?   [Oct-25-16 10:04AM  at Motley Fool]
Financial statements of CYOU
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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