Intrinsic value of Daqo New Energy ADR - DQ

Previous Close

$35.13

  Intrinsic Value

$40.85

stock screener

  Rating & Target

hold

+16%

Previous close

$35.13

 
Intrinsic value

$40.85

 
Up/down potential

+16%

 
Rating

hold

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 2017), $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 9.3

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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
   2047

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
  312
  491
  734
  1,055
  1,467
  1,983
  2,616
  3,376
  4,272
  5,311
  6,497
  7,833
  9,320
  10,958
  12,744
  14,677
  16,752
  18,967
  21,318
  23,803
  26,418
  29,162
  32,034
  35,033
  38,160
  41,416
  44,803
  48,326
  51,986
  55,791
Interest expense (income), $m
  14
  17
  32
  53
  81
  117
  165
  224
  296
  383
  486
  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
  21,027
  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
  876
  1,306
  1,889
  2,659
  3,646
  4,884
  6,400
  8,219
  10,364
  12,850
  15,688
  18,884
  22,442
  26,359
  30,632
  35,254
  40,218
  45,515
  51,139
  57,080
  63,335
  69,897
  76,765
  83,937
  91,415
  99,201
  107,302
  115,724
  124,478
  133,575
Working capital, $m
  -79
  -118
  -171
  -241
  -330
  -443
  -580
  -745
  -939
  -1,165
  -1,422
  -1,711
  -2,034
  -2,389
  -2,776
  -3,195
  -3,645
  -4,125
  -4,635
  -5,173
  -5,740
  -6,335
  -6,957
  -7,607
  -8,285
  -8,990
  -9,724
  -10,488
  -11,281
  -12,105
Total debt, $m
  424
  694
  1,061
  1,544
  2,165
  2,943
  3,896
  5,040
  6,388
  7,951
  9,735
  11,745
  13,981
  16,444
  19,130
  22,035
  25,156
  28,486
  32,021
  35,756
  39,688
  43,813
  48,131
  52,639
  57,340
  62,235
  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
  88
  131
  189
  266
  365
  488
  640
  822
  1,036
  1,285
  1,569
  1,888
  2,244
  2,636
  3,063
  3,525
  4,022
  4,552
  5,114
  5,708
  6,333
  6,990
  7,676
  8,394
  9,141
  9,920
  10,730
  11,572
  12,448
  13,357
Funds from operations, $m
  239
  370
  548
  783
  1,083
  1,459
  1,919
  2,470
  3,119
  3,870
  4,725
  5,688
  6,758
  7,935
  9,218
  10,604
  12,092
  13,679
  15,363
  17,141
  19,011
  20,974
  23,027
  25,170
  27,404
  29,731
  32,151
  34,667
  37,282
  39,999
Change in working capital, $m
  -28
  -39
  -53
  -70
  -90
  -112
  -137
  -165
  -194
  -225
  -257
  -290
  -322
  -355
  -387
  -419
  -450
  -480
  -510
  -538
  -567
  -595
  -622
  -650
  -678
  -706
  -734
  -763
  -793
  -824
Cash from operations, $m
  267
  409
  601
  853
  1,173
  1,572
  2,057
  2,635
  3,313
  4,095
  4,982
  5,978
  7,081
  8,290
  9,605
  11,023
  12,542
  14,159
  15,872
  17,679
  19,578
  21,568
  23,649
  25,820
  28,082
  30,436
  32,885
  35,430
  38,075
  40,824
Maintenance CAPEX, $m
  -57
  -88
  -131
  -189
  -266
  -365
  -488
  -640
  -822
  -1,036
  -1,285
  -1,569
  -1,888
  -2,244
  -2,636
  -3,063
  -3,525
  -4,022
  -4,552
  -5,114
  -5,708
  -6,333
  -6,990
  -7,676
  -8,394
  -9,141
  -9,920
  -10,730
  -11,572
  -12,448
New CAPEX, $m
  -307
  -430
  -584
  -769
  -988
  -1,237
  -1,516
  -1,820
  -2,145
  -2,486
  -2,838
  -3,197
  -3,558
  -3,917
  -4,273
  -4,622
  -4,964
  -5,297
  -5,623
  -5,942
  -6,254
  -6,562
  -6,868
  -7,172
  -7,478
  -7,786
  -8,101
  -8,422
  -8,754
  -9,097
Cash from investing activities, $m
  -364
  -518
  -715
  -958
  -1,254
  -1,602
  -2,004
  -2,460
  -2,967
  -3,522
  -4,123
  -4,766
  -5,446
  -6,161
  -6,909
  -7,685
  -8,489
  -9,319
  -10,175
  -11,056
  -11,962
  -12,895
  -13,858
  -14,848
  -15,872
  -16,927
  -18,021
  -19,152
  -20,326
  -21,545
Free cash flow, $m
  -98
  -108
  -113
  -106
  -81
  -30
  52
  176
  347
  573
  860
  1,212
  1,634
  2,129
  2,697
  3,338
  4,053
  4,840
  5,697
  6,623
  7,616
  8,672
  9,792
  10,971
  12,211
  13,509
  14,864
  16,278
  17,749
  19,279
Issuance/(repayment) of debt, $m
  194
  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
  60
  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
  156
  219
  297
  391
  540
  747
  1,005
  1,320
  1,695
  2,135
  2,644
  3,222
  3,871
  4,591
  5,383
  6,244
  7,173
  8,170
  9,232
  10,359
  11,547
  12,798
  14,109
  15,480
  16,912
  18,403
  19,957
  21,572
  23,252
  24,998
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
  4
  7
  10
  14
  20
  27
  36
  48
  61
  77
  96
  117
  141
  167
  196
  228
  263
  300
  339
  381
  425
  472
  521
  572
  625
  681
  739
  799
  862
  927
Cash available for distribution, $m
  -55
  -78
  -105
  -139
  -140
  -105
  -40
  65
  217
  422
  687
  1,018
  1,419
  1,891
  2,437
  3,058
  3,752
  4,519
  5,356
  6,263
  7,237
  8,275
  9,375
  10,537
  11,758
  13,037
  14,373
  15,767
  17,218
  18,728
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
  -53
  -71
  -92
  -114
  -109
  -77
  -27
  41
  124
  221
  326
  435
  539
  635
  716
  777
  816
  832
  825
  796
  748
  687
  614
  537
  457
  380
  308
  244
  188
  141
Current shareholders' claim on cash, %
  98.5
  97.6
  97.1
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0
  97.0

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 ADR (DQ)

Valuation Ratios
P/E Ratio 214.8
Price to Sales 40.3
Price to Book 34.2
Price to Tangible Book
Price to Cash Flow 93.3
Price to Free Cash Flow 288.7
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 ADR. The default revenue input number comes from 2017 income statement of Daqo New Energy 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 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 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 Daqo New Energy 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 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 ADR.

Corporate tax rate of 27% is the nominal tax rate for Daqo New Energy 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 DQ stock is equal to 1.2%.

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 161.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Daqo New Energy 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 DQ is equal to -14.6%. 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 - $392 million for Daqo New Energy 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 265 million for Daqo New Energy 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 Daqo New Energy ADR at the current share price and the inputted number of shares is $9.3 billion.

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COMPANY NEWS

▶ Solar Stocks Are Still Attractive Despite Recent Rally   [Aug-10-18 11:08AM  InvestorPlace]
▶ Daqo: 2Q Earnings Snapshot   [06:50AM  Associated Press]
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▶ Is It Too Late To Buy Daqo New Energy Corp (NYSE:DQ)?   [Jun-22-18 08:35AM  Simply Wall St.]
▶ 7 Low Price-to-Sales Stocks to Strengthen Your Portfolio   [Jun-21-18 11:08AM  InvestorPlace]
▶ Why Daqo New Energy Corp (NYSE:DQ) Is An Attractive Investment   [Jun-19-18 12:53PM  Simply Wall St.]
▶ 3 Stocks to Buy on Weakness   [08:48AM  InvestorPlace]
▶ Daqo New Energy (DQ) Enters Oversold Territory   [Jun-07-18 06:55AM  Zacks]
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▶ Three China Stocks In Bases Or Buy Ranges As Trade War Rages   [May-24-18 07:08PM  Investor's Business Daily]
▶ 7 Low Price-to-Sales Stocks to Buy for Spectacular Returns   [May-10-18 12:10PM  InvestorPlace]
▶ Daqo: 1Q Earnings Snapshot   [May-08-18 11:11AM  Associated Press]
▶ Anatomy of Success: Daqo New Energy (DQ)   [May-01-18 04:31PM  Zacks]
▶ Kensho's clean tech index   [Apr-30-18 09:39AM  CNBC Videos]
▶ Top Cheap Stocks This Week   [10:02AM  Simply Wall St.]
▶ Why Shares of Daqo New Energy Corp. Tumbled Today   [Apr-12-18 04:56PM  Motley Fool]
▶ 10 Triple-A Stocks for the Second Quarter   [Mar-23-18 01:50PM  InvestorPlace]
▶ Top Cheap Stocks This Week   [Mar-11-18 10:02AM  Simply Wall St.]
▶ New Strong Buy Stocks for March 1st   [Mar-01-18 10:35AM  Zacks]
▶ What is Behind Daqo New Energy Corps (NYSE:DQ) Superior ROE?   [Feb-28-18 10:19AM  Simply Wall St.]
▶ Daqo posts 4Q profit   [08:09AM  Associated Press]
▶ Daqo New Energy 2018 Polysilicon Order Book 90.2% Filled   [Feb-05-18 06:55AM  PR Newswire]
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