Intrinsic value of Daqo New Energy ADR - DQ

Previous Close

$63.47

  Intrinsic Value

$1,007

stock screener

  Rating & Target

str. buy

+999%

Previous close

$63.47

 
Intrinsic value

$1,007

 
Up/down potential

+999%

 
Rating

str. buy

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

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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, %
  25.82
  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
  229
  366
  566
  847
  1,228
  1,733
  2,383
  3,198
  4,199
  5,403
  6,825
  8,475
  10,361
  12,489
  14,859
  17,472
  20,324
  23,412
  26,730
  30,273
  34,036
  38,014
  42,202
  46,598
  51,199
  56,005
  61,017
  66,236
  71,666
  77,312
  83,181
Variable operating expenses, $m
 
  62
  96
  144
  209
  295
  405
  544
  714
  919
  1,160
  1,441
  1,761
  2,123
  2,526
  2,970
  3,455
  3,980
  4,544
  5,146
  5,786
  6,462
  7,174
  7,922
  8,704
  9,521
  10,373
  11,260
  12,183
  13,143
  14,141
Fixed operating expenses, $m
 
  131
  134
  138
  141
  145
  148
  152
  156
  160
  164
  168
  172
  176
  181
  185
  190
  195
  200
  205
  210
  215
  220
  226
  232
  237
  243
  249
  256
  262
  268
Total operating expenses, $m
  164
  193
  230
  282
  350
  440
  553
  696
  870
  1,079
  1,324
  1,609
  1,933
  2,299
  2,707
  3,155
  3,645
  4,175
  4,744
  5,351
  5,996
  6,677
  7,394
  8,148
  8,936
  9,758
  10,616
  11,509
  12,439
  13,405
  14,409
Operating income, $m
  65
  173
  335
  565
  878
  1,294
  1,829
  2,502
  3,329
  4,325
  5,501
  6,866
  8,428
  10,189
  12,153
  14,316
  16,679
  19,237
  21,986
  24,922
  28,040
  31,336
  34,807
  38,450
  42,264
  46,247
  50,401
  54,726
  59,227
  63,907
  68,771
EBITDA, $m
  99
  227
  419
  690
  1,061
  1,551
  2,183
  2,977
  3,953
  5,127
  6,514
  8,124
  9,965
  12,043
  14,358
  16,909
  19,695
  22,711
  25,953
  29,414
  33,091
  36,977
  41,070
  45,365
  49,861
  54,558
  59,455
  64,556
  69,862
  75,380
  81,115
Interest expense (income), $m
  14
  13
  25
  43
  68
  102
  147
  205
  277
  367
  474
  601
  748
  916
  1,106
  1,318
  1,551
  1,805
  2,081
  2,376
  2,693
  3,028
  3,383
  3,757
  4,149
  4,559
  4,988
  5,435
  5,900
  6,385
  6,889
Earnings before tax, $m
  51
  160
  311
  522
  811
  1,192
  1,682
  2,298
  3,052
  3,958
  5,027
  6,265
  7,680
  9,273
  11,046
  12,999
  15,128
  17,432
  19,906
  22,545
  25,347
  28,308
  31,424
  34,694
  38,115
  41,688
  45,413
  49,292
  53,327
  57,522
  61,883
Tax expense, $m
  7
  43
  84
  141
  219
  322
  454
  620
  824
  1,069
  1,357
  1,692
  2,074
  2,504
  2,983
  3,510
  4,085
  4,707
  5,375
  6,087
  6,844
  7,643
  8,485
  9,367
  10,291
  11,256
  12,261
  13,309
  14,398
  15,531
  16,708
Net income, $m
  43
  117
  227
  381
  592
  870
  1,228
  1,677
  2,228
  2,890
  3,669
  4,574
  5,606
  6,769
  8,064
  9,489
  11,044
  12,725
  14,531
  16,458
  18,504
  20,665
  22,940
  25,326
  27,824
  30,432
  33,151
  35,983
  38,929
  41,991
  45,175

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  16
  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
  657
  1,026
  1,586
  2,371
  3,441
  4,854
  6,674
  8,958
  11,763
  15,135
  19,117
  23,739
  29,024
  34,983
  41,623
  48,942
  56,931
  65,579
  74,874
  84,798
  95,338
  106,480
  118,212
  130,526
  143,415
  156,877
  170,915
  185,535
  200,745
  216,561
  232,999
Adjusted assets (=assets-cash), $m
  641
  1,026
  1,586
  2,371
  3,441
  4,854
  6,674
  8,958
  11,763
  15,135
  19,117
  23,739
  29,024
  34,983
  41,623
  48,942
  56,931
  65,579
  74,874
  84,798
  95,338
  106,480
  118,212
  130,526
  143,415
  156,877
  170,915
  185,535
  200,745
  216,561
  232,999
Revenue / Adjusted assets
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
  0.357
Average production assets, $m
  551
  881
  1,361
  2,035
  2,953
  4,166
  5,728
  7,688
  10,095
  12,990
  16,407
  20,374
  24,909
  30,024
  35,722
  42,003
  48,860
  56,282
  64,259
  72,776
  81,822
  91,384
  101,453
  112,021
  123,083
  134,636
  146,684
  159,231
  172,285
  185,859
  199,966
Working capital, $m
  -177
  -99
  -153
  -229
  -333
  -470
  -646
  -867
  -1,138
  -1,464
  -1,850
  -2,297
  -2,808
  -3,385
  -4,027
  -4,735
  -5,508
  -6,345
  -7,244
  -8,204
  -9,224
  -10,302
  -11,437
  -12,628
  -13,875
  -15,177
  -16,536
  -17,950
  -19,422
  -20,952
  -22,542
Total debt, $m
  244
  451
  775
  1,230
  1,849
  2,668
  3,721
  5,044
  6,667
  8,620
  10,926
  13,602
  16,662
  20,112
  23,957
  28,194
  32,820
  37,828
  43,209
  48,955
  55,058
  61,509
  68,302
  75,431
  82,894
  90,689
  98,817
  107,282
  116,089
  125,246
  134,763
Total liabilities, $m
  387
  594
  918
  1,373
  1,992
  2,811
  3,864
  5,187
  6,810
  8,763
  11,069
  13,745
  16,805
  20,255
  24,100
  28,337
  32,963
  37,971
  43,352
  49,098
  55,201
  61,652
  68,445
  75,574
  83,037
  90,832
  98,960
  107,425
  116,232
  125,389
  134,906
Total equity, $m
  270
  432
  668
  998
  1,449
  2,044
  2,810
  3,771
  4,952
  6,372
  8,048
  9,994
  12,219
  14,728
  17,523
  20,604
  23,968
  27,609
  31,522
  35,700
  40,138
  44,828
  49,767
  54,951
  60,378
  66,045
  71,955
  78,110
  84,514
  91,172
  98,093
Total liabilities and equity, $m
  657
  1,026
  1,586
  2,371
  3,441
  4,855
  6,674
  8,958
  11,762
  15,135
  19,117
  23,739
  29,024
  34,983
  41,623
  48,941
  56,931
  65,580
  74,874
  84,798
  95,339
  106,480
  118,212
  130,525
  143,415
  156,877
  170,915
  185,535
  200,746
  216,561
  232,999
Debt-to-equity ratio
  0.904
  1.040
  1.160
  1.230
  1.280
  1.310
  1.320
  1.340
  1.350
  1.350
  1.360
  1.360
  1.360
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
Adjusted equity ratio
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  43
  117
  227
  381
  592
  870
  1,228
  1,677
  2,228
  2,890
  3,669
  4,574
  5,606
  6,769
  8,064
  9,489
  11,044
  12,725
  14,531
  16,458
  18,504
  20,665
  22,940
  25,326
  27,824
  30,432
  33,151
  35,983
  38,929
  41,991
  45,175
Depreciation, amort., depletion, $m
  34
  54
  84
  126
  182
  257
  354
  475
  623
  802
  1,013
  1,258
  1,538
  1,853
  2,205
  2,593
  3,016
  3,474
  3,967
  4,492
  5,051
  5,641
  6,263
  6,915
  7,598
  8,311
  9,055
  9,829
  10,635
  11,473
  12,344
Funds from operations, $m
  118
  171
  311
  507
  774
  1,127
  1,582
  2,152
  2,851
  3,691
  4,682
  5,831
  7,144
  8,623
  10,269
  12,082
  14,060
  16,200
  18,498
  20,951
  23,554
  26,306
  29,202
  32,241
  35,422
  38,743
  42,206
  45,812
  49,563
  53,464
  57,518
Change in working capital, $m
  19
  -37
  -54
  -76
  -103
  -137
  -176
  -221
  -271
  -326
  -385
  -447
  -511
  -577
  -642
  -708
  -773
  -837
  -899
  -960
  -1,020
  -1,078
  -1,135
  -1,191
  -1,247
  -1,302
  -1,358
  -1,414
  -1,472
  -1,530
  -1,590
Cash from operations, $m
  99
  209
  365
  583
  877
  1,264
  1,758
  2,373
  3,122
  4,018
  5,067
  6,279
  7,655
  9,199
  10,911
  12,790
  14,833
  17,036
  19,397
  21,911
  24,574
  27,384
  30,337
  33,432
  36,669
  40,045
  43,564
  47,226
  51,035
  54,994
  59,108
Maintenance CAPEX, $m
  0
  -34
  -54
  -84
  -126
  -182
  -257
  -354
  -475
  -623
  -802
  -1,013
  -1,258
  -1,538
  -1,853
  -2,205
  -2,593
  -3,016
  -3,474
  -3,967
  -4,492
  -5,051
  -5,641
  -6,263
  -6,915
  -7,598
  -8,311
  -9,055
  -9,829
  -10,635
  -11,473
New CAPEX, $m
  -67
  -330
  -480
  -674
  -918
  -1,213
  -1,561
  -1,961
  -2,407
  -2,895
  -3,417
  -3,967
  -4,535
  -5,115
  -5,699
  -6,281
  -6,857
  -7,423
  -7,977
  -8,518
  -9,046
  -9,562
  -10,069
  -10,568
  -11,062
  -11,554
  -12,048
  -12,547
  -13,054
  -13,573
  -14,108
Cash from investing activities, $m
  -66
  -364
  -534
  -758
  -1,044
  -1,395
  -1,818
  -2,315
  -2,882
  -3,518
  -4,219
  -4,980
  -5,793
  -6,653
  -7,552
  -8,486
  -9,450
  -10,439
  -11,451
  -12,485
  -13,538
  -14,613
  -15,710
  -16,831
  -17,977
  -19,152
  -20,359
  -21,602
  -22,883
  -24,208
  -25,581
Free cash flow, $m
  33
  -156
  -170
  -175
  -166
  -132
  -61
  59
  241
  500
  848
  1,299
  1,862
  2,547
  3,359
  4,304
  5,383
  6,598
  7,946
  9,427
  11,036
  12,771
  14,627
  16,602
  18,692
  20,894
  23,205
  25,625
  28,152
  30,786
  33,528
Issuance/(repayment) of debt, $m
  -9
  223
  324
  455
  619
  819
  1,053
  1,323
  1,624
  1,953
  2,305
  2,676
  3,060
  3,451
  3,845
  4,237
  4,626
  5,008
  5,381
  5,746
  6,103
  6,451
  6,793
  7,129
  7,463
  7,795
  8,128
  8,465
  8,807
  9,157
  9,518
Issuance/(repurchase) of shares, $m
  1
  45
  9
  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  
  -30
  268
  333
  455
  619
  819
  1,053
  1,323
  1,624
  1,953
  2,305
  2,676
  3,060
  3,451
  3,845
  4,237
  4,626
  5,008
  5,381
  5,746
  6,103
  6,451
  6,793
  7,129
  7,463
  7,795
  8,128
  8,465
  8,807
  9,157
  9,518
Total cash flow (excl. dividends), $m
  2
  113
  163
  279
  453
  687
  992
  1,381
  1,865
  2,453
  3,154
  3,975
  4,922
  5,998
  7,204
  8,541
  10,009
  11,605
  13,327
  15,173
  17,139
  19,222
  21,420
  23,732
  26,155
  28,689
  31,333
  34,090
  36,959
  39,943
  43,046
Retained Cash Flow (-), $m
  -30
  -162
  -235
  -331
  -450
  -595
  -766
  -962
  -1,181
  -1,420
  -1,676
  -1,946
  -2,225
  -2,509
  -2,795
  -3,081
  -3,363
  -3,641
  -3,913
  -4,178
  -4,437
  -4,691
  -4,939
  -5,184
  -5,426
  -5,668
  -5,910
  -6,155
  -6,404
  -6,658
  -6,920
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
 
  -49
  -72
  -51
  3
  92
  227
  420
  684
  1,033
  1,477
  2,029
  2,697
  3,489
  4,409
  5,460
  6,646
  7,964
  9,415
  10,995
  12,701
  14,531
  16,481
  18,548
  20,729
  23,021
  25,423
  27,935
  30,555
  33,285
  36,125
Discount rate, %
 
  6.50
  6.83
  7.17
  7.52
  7.90
  8.30
  8.71
  9.15
  9.60
  10.08
  10.59
  11.12
  11.67
  12.26
  12.87
  13.51
  14.19
  14.90
  15.64
  16.43
  17.25
  18.11
  19.01
  19.96
  20.96
  22.01
  23.11
  24.27
  25.48
  26.75
PV of cash for distribution, $m
 
  -46
  -63
  -42
  2
  63
  140
  234
  340
  452
  565
  671
  761
  830
  874
  888
  875
  835
  773
  695
  607
  514
  423
  338
  263
  198
  144
  102
  70
  46
  29
Current shareholders' claim on cash, %
  100
  93.8
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1
  93.1

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 388.1
Price to Sales 72.9
Price to Book 61.8
Price to Tangible Book
Price to Cash Flow 168.6
Price to Free Cash Flow 521.6
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 $229 million for the last fiscal year's total revenue generated by Daqo New Energy ADR. The default revenue input number comes from 2016 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 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 6.5%, 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 17%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $128 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 5.5% 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 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 240.4%.

Life of production assets of 16.2 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 -27.1%. 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 - $270 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 10.736 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 $0.7 billion.

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COMPANY NEWS

▶ DAQO New Energy (DQ) Jumps: Stock Rises 6.1%   [Dec-29-17 08:46AM  Zacks]
▶ First Solar Gets Top Rating With Industry At Inflection Point   [Dec-11-17 04:20PM  Investor's Business Daily]
▶ Kensho's Cleantech Index   [10:43AM  CNBC Videos]
▶ 10 A-Rated Tech Stocks to Grow Your Returns   [Dec-01-17 02:03PM  InvestorPlace]
▶ Best Cheap Stock in November   [Nov-25-17 08:02AM  Simply Wall St.]
▶ Daqo posts 3Q profit   [05:05AM  Associated Press]
▶ Daqo posts 2Q profit   [Aug-08-17 11:56PM  Associated Press]
▶ 5 Stocks to Buy on New Analyst Coverage   [May-15-17 09:41AM  Zacks]
▶ Daqo posts 1Q profit   [May-09-17 05:02AM  Associated Press]
▶ Daqo posts 4Q profit   [05:19AM  Associated Press]
Financial statements of DQ
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