Intrinsic value of DAQO New Energy Corp. - DQ

Previous Close

$36.25

  Intrinsic Value

$650.33

stock screener

  Rating & Target

str. buy

+999%

Previous close

$36.25

 
Intrinsic value

$650.33

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of DQ 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 0.5

 

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, %
  54.00
  49.10
  44.69
  40.72
  37.15
  33.93
  31.04
  28.44
  26.09
  23.98
  22.09
  20.38
  18.84
  17.46
  16.21
  15.09
  14.08
  13.17
  12.35
  11.62
  10.96
  10.36
  9.83
  9.34
  8.91
  8.52
  8.17
  7.85
  7.56
  7.31
Revenue, $m
  544
  811
  1,173
  1,650
  2,263
  3,031
  3,972
  5,102
  6,433
  7,976
  9,738
  11,722
  13,931
  16,362
  19,014
  21,883
  24,965
  28,253
  31,743
  35,432
  39,314
  43,388
  47,651
  52,102
  56,744
  61,577
  66,606
  71,834
  77,268
  82,914
Variable operating expenses, $m
  265
  395
  571
  804
  1,102
  1,476
  1,935
  2,485
  3,133
  3,884
  4,742
  5,709
  6,784
  7,968
  9,260
  10,657
  12,158
  13,759
  15,459
  17,255
  19,146
  21,130
  23,206
  25,374
  27,634
  29,988
  32,437
  34,983
  37,629
  40,379
Fixed operating expenses, $m
  54
  55
  57
  58
  59
  60
  62
  63
  64
  66
  67
  69
  70
  72
  73
  75
  77
  78
  80
  82
  84
  86
  87
  89
  91
  93
  95
  97
  100
  102
Total operating expenses, $m
  319
  450
  628
  862
  1,161
  1,536
  1,997
  2,548
  3,197
  3,950
  4,809
  5,778
  6,854
  8,040
  9,333
  10,732
  12,235
  13,837
  15,539
  17,337
  19,230
  21,216
  23,293
  25,463
  27,725
  30,081
  32,532
  35,080
  37,729
  40,481
Operating income, $m
  225
  360
  545
  789
  1,102
  1,495
  1,976
  2,554
  3,236
  4,026
  4,928
  5,945
  7,076
  8,322
  9,681
  11,151
  12,730
  14,415
  16,204
  18,095
  20,084
  22,172
  24,357
  26,639
  29,018
  31,496
  34,073
  36,753
  39,539
  42,433
EBITDA, $m
  285
  450
  674
  971
  1,352
  1,829
  2,414
  3,117
  3,945
  4,906
  6,002
  7,237
  8,612
  10,126
  11,778
  13,564
  15,483
  17,531
  19,705
  22,002
  24,420
  26,957
  29,612
  32,385
  35,276
  38,286
  41,418
  44,675
  48,059
  51,576
Interest expense (income), $m
  14
  17
  32
  53
  81
  117
  165
  224
  296
  383
  485
  604
  740
  893
  1,063
  1,250
  1,454
  1,675
  1,912
  2,165
  2,434
  2,717
  3,016
  3,330
  3,658
  4,001
  4,358
  4,730
  5,117
  5,519
  5,937
Earnings before tax, $m
  207
  328
  492
  708
  985
  1,330
  1,752
  2,258
  2,853
  3,540
  4,324
  5,205
  6,183
  7,259
  8,431
  9,697
  11,055
  12,503
  14,039
  15,661
  17,367
  19,156
  21,028
  22,981
  25,018
  27,138
  29,343
  31,636
  34,019
  36,496
Tax expense, $m
  56
  89
  133
  191
  266
  359
  473
  610
  770
  956
  1,167
  1,405
  1,670
  1,960
  2,276
  2,618
  2,985
  3,376
  3,791
  4,228
  4,689
  5,172
  5,677
  6,205
  6,755
  7,327
  7,923
  8,542
  9,185
  9,854
Net income, $m
  151
  240
  359
  517
  719
  971
  1,279
  1,648
  2,083
  2,585
  3,156
  3,800
  4,514
  5,299
  6,155
  7,079
  8,070
  9,128
  10,249
  11,433
  12,678
  13,984
  15,350
  16,776
  18,263
  19,811
  21,421
  23,095
  24,834
  26,642

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,154
  1,721
  2,490
  3,504
  4,806
  6,436
  8,434
  10,832
  13,659
  16,935
  20,675
  24,888
  29,577
  34,739
  40,370
  46,462
  53,003
  59,985
  67,396
  75,226
  83,469
  92,118
  101,169
  110,621
  120,476
  130,737
  141,413
  152,513
  164,050
  176,039
Adjusted assets (=assets-cash), $m
  1,154
  1,721
  2,490
  3,504
  4,806
  6,436
  8,434
  10,832
  13,659
  16,935
  20,675
  24,888
  29,577
  34,739
  40,370
  46,462
  53,003
  59,985
  67,396
  75,226
  83,469
  92,118
  101,169
  110,621
  120,476
  130,737
  141,413
  152,513
  164,050
  176,039
Revenue / Adjusted assets
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
  0.471
Average production assets, $m
  875
  1,305
  1,888
  2,657
  3,644
  4,881
  6,396
  8,214
  10,358
  12,842
  15,678
  18,873
  22,428
  26,343
  30,613
  35,232
  40,193
  45,487
  51,107
  57,045
  63,296
  69,854
  76,717
  83,885
  91,358
  99,139
  107,235
  115,652
  124,401
  133,492
Working capital, $m
  -89
  -133
  -192
  -271
  -371
  -497
  -651
  -837
  -1,055
  -1,308
  -1,597
  -1,922
  -2,285
  -2,683
  -3,118
  -3,589
  -4,094
  -4,633
  -5,206
  -5,811
  -6,447
  -7,116
  -7,815
  -8,545
  -9,306
  -10,099
  -10,923
  -11,781
  -12,672
  -13,598
Total debt, $m
  423
  694
  1,060
  1,544
  2,165
  2,943
  3,896
  5,040
  6,388
  7,951
  9,735
  11,744
  13,981
  16,443
  19,129
  22,035
  25,155
  28,485
  32,020
  35,756
  39,688
  43,813
  48,130
  52,639
  57,340
  62,234
  67,327
  72,622
  78,125
  83,843
Total liabilities, $m
  551
  821
  1,188
  1,671
  2,292
  3,070
  4,023
  5,167
  6,515
  8,078
  9,862
  11,872
  14,108
  16,571
  19,257
  22,162
  25,283
  28,613
  32,148
  35,883
  39,815
  43,940
  48,258
  52,766
  57,467
  62,362
  67,454
  72,749
  78,252
  83,970
Total equity, $m
  604
  900
  1,302
  1,833
  2,513
  3,366
  4,411
  5,665
  7,144
  8,857
  10,813
  13,016
  15,469
  18,169
  21,114
  24,299
  27,721
  31,372
  35,248
  39,343
  43,654
  48,178
  52,911
  57,855
  63,009
  68,376
  73,959
  79,764
  85,798
  92,068
Total liabilities and equity, $m
  1,155
  1,721
  2,490
  3,504
  4,805
  6,436
  8,434
  10,832
  13,659
  16,935
  20,675
  24,888
  29,577
  34,740
  40,371
  46,461
  53,004
  59,985
  67,396
  75,226
  83,469
  92,118
  101,169
  110,621
  120,476
  130,738
  141,413
  152,513
  164,050
  176,038
Debt-to-equity ratio
  0.700
  0.770
  0.810
  0.840
  0.860
  0.870
  0.880
  0.890
  0.890
  0.900
  0.900
  0.900
  0.900
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
  0.910
Adjusted equity ratio
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523
  0.523

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  151
  240
  359
  517
  719
  971
  1,279
  1,648
  2,083
  2,585
  3,156
  3,800
  4,514
  5,299
  6,155
  7,079
  8,070
  9,128
  10,249
  11,433
  12,678
  13,984
  15,350
  16,776
  18,263
  19,811
  21,421
  23,095
  24,834
  26,642
Depreciation, amort., depletion, $m
  60
  89
  129
  182
  250
  334
  438
  563
  709
  880
  1,074
  1,293
  1,536
  1,804
  2,097
  2,413
  2,753
  3,116
  3,500
  3,907
  4,335
  4,785
  5,255
  5,746
  6,257
  6,790
  7,345
  7,921
  8,521
  9,143
Funds from operations, $m
  211
  329
  489
  699
  968
  1,305
  1,717
  2,211
  2,792
  3,464
  4,230
  5,092
  6,050
  7,104
  8,252
  9,492
  10,823
  12,243
  13,749
  15,340
  17,013
  18,768
  20,605
  22,522
  24,520
  26,601
  28,766
  31,016
  33,355
  35,785
Change in working capital, $m
  -31
  -44
  -59
  -78
  -101
  -126
  -154
  -185
  -218
  -253
  -289
  -325
  -362
  -399
  -435
  -471
  -505
  -539
  -572
  -605
  -637
  -668
  -699
  -730
  -761
  -793
  -825
  -857
  -891
  -926
Cash from operations, $m
  243
  373
  548
  777
  1,069
  1,431
  1,872
  2,396
  3,010
  3,717
  4,519
  5,418
  6,412
  7,502
  8,687
  9,963
  11,329
  12,782
  14,322
  15,945
  17,650
  19,436
  21,304
  23,252
  25,282
  27,394
  29,590
  31,873
  34,246
  36,711
Maintenance CAPEX, $m
  -39
  -60
  -89
  -129
  -182
  -250
  -334
  -438
  -563
  -709
  -880
  -1,074
  -1,293
  -1,536
  -1,804
  -2,097
  -2,413
  -2,753
  -3,116
  -3,500
  -3,907
  -4,335
  -4,785
  -5,255
  -5,746
  -6,257
  -6,790
  -7,345
  -7,921
  -8,521
New CAPEX, $m
  -307
  -430
  -583
  -769
  -987
  -1,237
  -1,515
  -1,819
  -2,143
  -2,484
  -2,836
  -3,195
  -3,555
  -3,915
  -4,270
  -4,619
  -4,961
  -5,294
  -5,620
  -5,938
  -6,251
  -6,558
  -6,863
  -7,168
  -7,473
  -7,782
  -8,096
  -8,417
  -8,748
  -9,091
Cash from investing activities, $m
  -346
  -490
  -672
  -898
  -1,169
  -1,487
  -1,849
  -2,257
  -2,706
  -3,193
  -3,716
  -4,269
  -4,848
  -5,451
  -6,074
  -6,716
  -7,374
  -8,047
  -8,736
  -9,438
  -10,158
  -10,893
  -11,648
  -12,423
  -13,219
  -14,039
  -14,886
  -15,762
  -16,669
  -17,612
Free cash flow, $m
  -103
  -117
  -124
  -121
  -100
  -55
  22
  140
  304
  524
  803
  1,149
  1,564
  2,051
  2,612
  3,247
  3,955
  4,735
  5,586
  6,506
  7,492
  8,543
  9,656
  10,830
  12,063
  13,355
  14,704
  16,111
  17,576
  19,099
Issuance/(repayment) of debt, $m
  193
  270
  367
  484
  621
  778
  953
  1,144
  1,348
  1,563
  1,784
  2,010
  2,236
  2,463
  2,686
  2,906
  3,120
  3,330
  3,535
  3,735
  3,932
  4,125
  4,317
  4,509
  4,701
  4,895
  5,092
  5,295
  5,503
  5,719
Issuance/(repurchase) of shares, $m
  61
  57
  43
  13
  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  
  254
  327
  410
  497
  621
  778
  953
  1,144
  1,348
  1,563
  1,784
  2,010
  2,236
  2,463
  2,686
  2,906
  3,120
  3,330
  3,535
  3,735
  3,932
  4,125
  4,317
  4,509
  4,701
  4,895
  5,092
  5,295
  5,503
  5,719
Total cash flow (excl. dividends), $m
  151
  210
  285
  376
  521
  723
  975
  1,284
  1,653
  2,086
  2,588
  3,159
  3,801
  4,514
  5,298
  6,152
  7,075
  8,065
  9,121
  10,241
  11,424
  12,668
  13,973
  15,338
  16,764
  18,250
  19,797
  21,406
  23,079
  24,818
Retained Cash Flow (-), $m
  -212
  -296
  -402
  -530
  -681
  -853
  -1,045
  -1,254
  -1,478
  -1,713
  -1,956
  -2,203
  -2,452
  -2,700
  -2,945
  -3,186
  -3,421
  -3,651
  -3,876
  -4,096
  -4,311
  -4,523
  -4,734
  -4,943
  -5,154
  -5,367
  -5,584
  -5,805
  -6,034
  -6,270
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
  -61
  -86
  -117
  -154
  -160
  -130
  -69
  29
  174
  373
  631
  955
  1,349
  1,814
  2,353
  2,967
  3,654
  4,414
  5,245
  6,146
  7,113
  8,145
  9,240
  10,395
  11,610
  12,883
  14,213
  15,601
  17,045
  18,548
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
  -59
  -79
  -102
  -127
  -124
  -94
  -47
  18
  100
  195
  300
  408
  513
  609
  691
  754
  795
  813
  808
  781
  736
  676
  606
  529
  452
  376
  305
  241
  186
  140
Current shareholders' claim on cash, %
  88.5
  82.0
  78.9
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2
  78.2

Daqo New Energy Corp. is a polysilicon manufacturer. The Company utilizes the chemical vapor deposition process, or the modified Siemens process, to produce polysilicon. The Company's segments include Polysilicon and Wafer. The Company manufactures and sells polysilicon to photovoltaic product manufacturers, whereby the polysilicon is processed into ingots, wafers, cells and modules for solar power solutions. The Company offers ready-to-use polysilicon, packaged to meet crucible stacking, pulling and solidification needs. The Company offers wafers through its downstream photovoltaic product manufacturing business. The Company also provides wafer original equipment manufacturer (OEM) service to external customers through tolling agreements by processing polysilicon to produce ingot and wafer. Its annual capacity for polysilicon is approximately 12,150 metric tons (MT) in Xinjiang. The Company's wafer manufacturing annual capacity is approximately 90 million pieces.

FINANCIAL RATIOS  of  DAQO New Energy Corp. (DQ)

Valuation Ratios
P/E Ratio 221.7
Price to Sales 41.6
Price to Book 35.3
Price to Tangible Book
Price to Cash Flow 96.3
Price to Free Cash Flow 297.9
Growth Rates
Sales Growth Rate 25.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -17.3%
Cap. Spend. - 3 Yr. Gr. Rate 15.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 41.9%
Total Debt to Equity 90.4%
Interest Coverage 5
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 5.8%
Return On Total Capital 8.5%
Ret/ On T. Cap. - 3 Yr. Avg. 5%
Return On Equity 16.9%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 34.9%
Gross Margin - 3 Yr. Avg. 26.4%
EBITDA Margin 43.2%
EBITDA Margin - 3 Yr. Avg. 36.5%
Operating Margin 28.4%
Oper. Margin - 3 Yr. Avg. 20.1%
Pre-Tax Margin 22.3%
Pre-Tax Margin - 3 Yr. Avg. 13.1%
Net Profit Margin 18.8%
Net Profit Margin - 3 Yr. Avg. 11.7%
Effective Tax Rate 13.7%
Eff/ Tax Rate - 3 Yr. Avg. 7%
Payout Ratio 0%

DQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the DQ stock intrinsic value calculation we used $353 million for the last fiscal year's total revenue generated by DAQO New Energy Corp.. The default revenue input number comes from 0001 income statement of DAQO New Energy Corp.. 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 DQ stock valuation model: a) initial revenue growth rate of 54% 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 DQ is calculated based on our internal credit rating of DAQO New Energy Corp., 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 DAQO New Energy Corp..
    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 DQ stock the variable cost ratio is equal to 48.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $53 million in the base year in the intrinsic value calculation for DQ 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 7.6% for DAQO New Energy Corp..

Corporate tax rate of 27% is the nominal tax rate for DAQO New Energy Corp.. 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 DQ 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 DQ are equal to 161%.

Life of production assets of 14.6 years is the average useful life of capital assets used in DAQO New Energy Corp. 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 DQ is equal to -16.4%. 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 - $391.735587 million for DAQO New Energy Corp. - 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 12.864 million for DAQO New Energy Corp. 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 DAQO New Energy Corp. at the current share price and the inputted number of shares is $0.5 billion.

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