Intrinsic value of New Oriental Education & Technology Grou - EDU

Previous Close

$94.60

  Intrinsic Value

$278.21

stock screener

  Rating & Target

str. buy

+194%

Previous close

$94.60

 
Intrinsic value

$278.21

 
Up/down potential

+194%

 
Rating

str. buy

We calculate the intrinsic value of EDU 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 15.0

 

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, %
  36.00
  32.90
  30.11
  27.60
  25.34
  23.31
  21.47
  19.83
  18.34
  17.01
  15.81
  14.73
  13.76
  12.88
  12.09
  11.38
  10.74
  10.17
  9.65
  9.19
  8.77
  8.39
  8.05
  7.75
  7.47
  7.23
  7.00
  6.80
  6.62
  6.46
Revenue, $m
  3,328
  4,423
  5,755
  7,343
  9,203
  11,348
  13,785
  16,518
  19,548
  22,874
  26,490
  30,391
  34,572
  39,024
  43,743
  48,722
  53,957
  59,445
  65,183
  71,171
  77,412
  83,909
  90,666
  97,690
  104,990
  112,576
  120,460
  128,655
  137,175
  146,036
Variable operating expenses, $m
  2,844
  3,778
  4,914
  6,269
  7,857
  9,687
  11,766
  14,098
  16,683
  19,520
  22,601
  25,930
  29,497
  33,296
  37,322
  41,570
  46,036
  50,718
  55,614
  60,724
  66,048
  71,591
  77,356
  83,349
  89,578
  96,050
  102,777
  109,768
  117,038
  124,598
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
  2,844
  3,778
  4,914
  6,269
  7,857
  9,687
  11,766
  14,098
  16,683
  19,520
  22,601
  25,930
  29,497
  33,296
  37,322
  41,570
  46,036
  50,718
  55,614
  60,724
  66,048
  71,591
  77,356
  83,349
  89,578
  96,050
  102,777
  109,768
  117,038
  124,598
Operating income, $m
  484
  645
  840
  1,073
  1,347
  1,661
  2,019
  2,420
  2,865
  3,353
  3,889
  4,461
  5,075
  5,729
  6,421
  7,152
  7,921
  8,726
  9,569
  10,448
  11,364
  12,318
  13,310
  14,341
  15,412
  16,526
  17,683
  18,886
  20,137
  21,438
EBITDA, $m
  590
  785
  1,021
  1,302
  1,633
  2,013
  2,445
  2,930
  3,468
  4,057
  4,699
  5,391
  6,133
  6,922
  7,759
  8,643
  9,571
  10,545
  11,563
  12,625
  13,732
  14,884
  16,083
  17,329
  18,624
  19,970
  21,368
  22,822
  24,333
  25,905
Interest expense (income), $m
  0
  0
  39
  86
  145
  214
  296
  390
  497
  616
  749
  895
  1,053
  1,224
  1,407
  1,602
  1,809
  2,027
  2,256
  2,497
  2,748
  3,010
  3,284
  3,568
  3,864
  4,172
  4,492
  4,824
  5,170
  5,529
  5,902
Earnings before tax, $m
  484
  606
  754
  929
  1,132
  1,366
  1,629
  1,924
  2,249
  2,604
  2,994
  3,408
  3,851
  4,322
  4,819
  5,343
  5,894
  6,470
  7,072
  7,700
  8,354
  9,034
  9,741
  10,476
  11,240
  12,034
  12,859
  13,717
  14,608
  15,536
Tax expense, $m
  131
  164
  204
  251
  306
  369
  440
  519
  607
  703
  808
  920
  1,040
  1,167
  1,301
  1,443
  1,591
  1,747
  1,909
  2,079
  2,255
  2,439
  2,630
  2,829
  3,035
  3,249
  3,472
  3,703
  3,944
  4,195
Net income, $m
  353
  443
  550
  678
  827
  997
  1,189
  1,404
  1,642
  1,901
  2,186
  2,488
  2,811
  3,155
  3,518
  3,901
  4,302
  4,723
  5,162
  5,621
  6,098
  6,595
  7,111
  7,648
  8,205
  8,785
  9,387
  10,013
  10,664
  11,341

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
  4,245
  5,641
  7,340
  9,366
  11,739
  14,475
  17,583
  21,069
  24,934
  29,176
  33,788
  38,764
  44,096
  49,776
  55,795
  62,146
  68,823
  75,822
  83,141
  90,780
  98,740
  107,027
  115,645
  124,605
  133,916
  143,592
  153,648
  164,100
  174,968
  186,271
Adjusted assets (=assets-cash), $m
  4,245
  5,641
  7,340
  9,366
  11,739
  14,475
  17,583
  21,069
  24,934
  29,176
  33,788
  38,764
  44,096
  49,776
  55,795
  62,146
  68,823
  75,822
  83,141
  90,780
  98,740
  107,027
  115,645
  124,605
  133,916
  143,592
  153,648
  164,100
  174,968
  186,271
Revenue / Adjusted assets
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
  0.784
Average production assets, $m
  519
  690
  898
  1,145
  1,436
  1,770
  2,150
  2,577
  3,050
  3,568
  4,132
  4,741
  5,393
  6,088
  6,824
  7,601
  8,417
  9,273
  10,169
  11,103
  12,076
  13,090
  14,144
  15,240
  16,378
  17,562
  18,792
  20,070
  21,399
  22,782
Working capital, $m
  -1,927
  -2,561
  -3,332
  -4,251
  -5,329
  -6,571
  -7,982
  -9,564
  -11,319
  -13,244
  -15,338
  -17,597
  -20,017
  -22,595
  -25,327
  -28,210
  -31,241
  -34,418
  -37,741
  -41,208
  -44,822
  -48,583
  -52,496
  -56,563
  -60,789
  -65,182
  -69,746
  -74,491
  -79,424
  -84,555
Total debt, $m
  714
  1,602
  2,682
  3,970
  5,480
  7,220
  9,197
  11,414
  13,872
  16,570
  19,503
  22,668
  26,059
  29,671
  33,499
  37,539
  41,785
  46,237
  50,892
  55,750
  60,813
  66,083
  71,564
  77,263
  83,185
  89,339
  95,734
  102,382
  109,293
  116,482
Total liabilities, $m
  2,700
  3,588
  4,668
  5,957
  7,466
  9,206
  11,183
  13,400
  15,858
  18,556
  21,489
  24,654
  28,045
  31,658
  35,486
  39,525
  43,771
  48,223
  52,878
  57,736
  62,799
  68,069
  73,550
  79,249
  85,171
  91,325
  97,720
  104,368
  111,279
  118,468
Total equity, $m
  1,545
  2,053
  2,672
  3,409
  4,273
  5,269
  6,400
  7,669
  9,076
  10,620
  12,299
  14,110
  16,051
  18,118
  20,309
  22,621
  25,052
  27,599
  30,263
  33,044
  35,941
  38,958
  42,095
  45,356
  48,746
  52,268
  55,928
  59,732
  63,688
  67,803
Total liabilities and equity, $m
  4,245
  5,641
  7,340
  9,366
  11,739
  14,475
  17,583
  21,069
  24,934
  29,176
  33,788
  38,764
  44,096
  49,776
  55,795
  62,146
  68,823
  75,822
  83,141
  90,780
  98,740
  107,027
  115,645
  124,605
  133,917
  143,593
  153,648
  164,100
  174,967
  186,271
Debt-to-equity ratio
  0.460
  0.780
  1.000
  1.160
  1.280
  1.370
  1.440
  1.490
  1.530
  1.560
  1.590
  1.610
  1.620
  1.640
  1.650
  1.660
  1.670
  1.680
  1.680
  1.690
  1.690
  1.700
  1.700
  1.700
  1.710
  1.710
  1.710
  1.710
  1.720
  1.720
Adjusted equity ratio
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364
  0.364

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  353
  443
  550
  678
  827
  997
  1,189
  1,404
  1,642
  1,901
  2,186
  2,488
  2,811
  3,155
  3,518
  3,901
  4,302
  4,723
  5,162
  5,621
  6,098
  6,595
  7,111
  7,648
  8,205
  8,785
  9,387
  10,013
  10,664
  11,341
Depreciation, amort., depletion, $m
  106
  140
  180
  229
  286
  352
  426
  510
  602
  704
  810
  930
  1,057
  1,194
  1,338
  1,490
  1,650
  1,818
  1,994
  2,177
  2,368
  2,567
  2,773
  2,988
  3,211
  3,444
  3,685
  3,935
  4,196
  4,467
Funds from operations, $m
  460
  582
  731
  907
  1,112
  1,348
  1,615
  1,914
  2,244
  2,605
  2,996
  3,418
  3,869
  4,348
  4,856
  5,391
  5,953
  6,541
  7,156
  7,798
  8,466
  9,161
  9,884
  10,636
  11,417
  12,228
  13,072
  13,948
  14,860
  15,808
Change in working capital, $m
  -510
  -634
  -771
  -920
  -1,077
  -1,242
  -1,411
  -1,583
  -1,754
  -1,925
  -2,094
  -2,259
  -2,420
  -2,578
  -2,732
  -2,883
  -3,031
  -3,177
  -3,322
  -3,467
  -3,614
  -3,761
  -3,912
  -4,067
  -4,227
  -4,392
  -4,565
  -4,745
  -4,933
  -5,131
Cash from operations, $m
  970
  1,216
  1,502
  1,826
  2,190
  2,590
  3,026
  3,497
  3,999
  4,531
  5,090
  5,677
  6,289
  6,927
  7,588
  8,274
  8,984
  9,719
  10,479
  11,265
  12,079
  12,923
  13,797
  14,703
  15,644
  16,621
  17,636
  18,693
  19,793
  20,939
Maintenance CAPEX, $m
  -75
  -102
  -135
  -176
  -225
  -282
  -347
  -422
  -505
  -598
  -700
  -810
  -930
  -1,057
  -1,194
  -1,338
  -1,490
  -1,650
  -1,818
  -1,994
  -2,177
  -2,368
  -2,567
  -2,773
  -2,988
  -3,211
  -3,444
  -3,685
  -3,935
  -4,196
New CAPEX, $m
  -137
  -171
  -208
  -248
  -290
  -335
  -380
  -426
  -473
  -519
  -564
  -609
  -652
  -695
  -736
  -777
  -817
  -856
  -895
  -934
  -974
  -1,013
  -1,054
  -1,096
  -1,139
  -1,183
  -1,230
  -1,278
  -1,329
  -1,382
Cash from investing activities, $m
  -212
  -273
  -343
  -424
  -515
  -617
  -727
  -848
  -978
  -1,117
  -1,264
  -1,419
  -1,582
  -1,752
  -1,930
  -2,115
  -2,307
  -2,506
  -2,713
  -2,928
  -3,151
  -3,381
  -3,621
  -3,869
  -4,127
  -4,394
  -4,674
  -4,963
  -5,264
  -5,578
Free cash flow, $m
  758
  944
  1,159
  1,403
  1,675
  1,974
  2,299
  2,649
  3,021
  3,414
  3,826
  4,258
  4,707
  5,174
  5,658
  6,159
  6,677
  7,212
  7,765
  8,337
  8,929
  9,541
  10,176
  10,834
  11,517
  12,226
  12,963
  13,730
  14,529
  15,361
Issuance/(repayment) of debt, $m
  714
  888
  1,080
  1,288
  1,509
  1,740
  1,977
  2,217
  2,458
  2,697
  2,933
  3,165
  3,391
  3,612
  3,828
  4,039
  4,247
  4,452
  4,655
  4,858
  5,063
  5,270
  5,481
  5,698
  5,922
  6,154
  6,395
  6,648
  6,912
  7,189
Issuance/(repurchase) of shares, $m
  56
  66
  68
  59
  37
  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  
  770
  954
  1,148
  1,347
  1,546
  1,740
  1,977
  2,217
  2,458
  2,697
  2,933
  3,165
  3,391
  3,612
  3,828
  4,039
  4,247
  4,452
  4,655
  4,858
  5,063
  5,270
  5,481
  5,698
  5,922
  6,154
  6,395
  6,648
  6,912
  7,189
Total cash flow (excl. dividends), $m
  1,528
  1,898
  2,307
  2,751
  3,222
  3,714
  4,276
  4,866
  5,479
  6,111
  6,759
  7,423
  8,099
  8,787
  9,486
  10,198
  10,924
  11,664
  12,420
  13,195
  13,992
  14,811
  15,657
  16,532
  17,439
  18,380
  19,358
  20,378
  21,440
  22,550
Retained Cash Flow (-), $m
  -410
  -508
  -618
  -737
  -864
  -996
  -1,131
  -1,269
  -1,407
  -1,544
  -1,679
  -1,811
  -1,941
  -2,067
  -2,191
  -2,312
  -2,430
  -2,548
  -2,664
  -2,780
  -2,898
  -3,016
  -3,137
  -3,261
  -3,389
  -3,522
  -3,660
  -3,805
  -3,956
  -4,114
Prev. year cash balance distribution, $m
  856
  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
  1,975
  1,389
  1,689
  2,013
  2,358
  2,718
  3,145
  3,597
  4,072
  4,567
  5,080
  5,611
  6,158
  6,719
  7,295
  7,887
  8,493
  9,116
  9,756
  10,415
  11,094
  11,795
  12,520
  13,271
  14,049
  14,858
  15,698
  16,573
  17,485
  18,435
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
  1,893
  1,272
  1,470
  1,658
  1,827
  1,973
  2,125
  2,248
  2,339
  2,395
  2,413
  2,395
  2,341
  2,256
  2,142
  2,004
  1,848
  1,679
  1,502
  1,323
  1,147
  979
  821
  676
  547
  433
  337
  256
  191
  139
Current shareholders' claim on cash, %
  99.3
  98.8
  98.4
  98.1
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9
  97.9

New Oriental Education & Technology Group Inc. is a provider of private educational services in the People's Republic of China (the PRC). The Company provides educational services under its New Oriental brand. The Company operates through seven segments, which include language training and test preparation, primary and secondary school education, online education, content development and distribution, pre-school education, overseas study consulting services and study tour. The Company offers a range of educational programs, services and products, consisting of English and other foreign language training, test preparation courses for admissions and assessment tests in the United States, the People's Republic of China and Commonwealth countries, primary and secondary school education, development and distribution of educational content, software and other technology, and online education.

FINANCIAL RATIOS  of  New Oriental Education & Technology Grou (EDU)

Valuation Ratios
P/E Ratio 54.4
Price to Sales 8.3
Price to Book 8.9
Price to Tangible Book
Price to Cash Flow 24.1
Price to Free Cash Flow 29.1
Growth Rates
Sales Growth Rate 21.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 65.6%
Cap. Spend. - 3 Yr. Gr. Rate 27.1%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 10.4%
Ret/ On Assets - 3 Yr. Avg. 10.6%
Return On Total Capital 17.8%
Ret/ On T. Cap. - 3 Yr. Avg. 17.4%
Return On Equity 17.8%
Return On Equity - 3 Yr. Avg. 17.4%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 58.3%
Gross Margin - 3 Yr. Avg. 58.2%
EBITDA Margin 21.5%
EBITDA Margin - 3 Yr. Avg. 21.4%
Operating Margin 14.4%
Oper. Margin - 3 Yr. Avg. 13.4%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 18%
Net Profit Margin 15.2%
Net Profit Margin - 3 Yr. Avg. 15.3%
Effective Tax Rate 15.4%
Eff/ Tax Rate - 3 Yr. Avg. 13.7%
Payout Ratio 0%

EDU stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EDU stock intrinsic value calculation we used $2447 million for the last fiscal year's total revenue generated by New Oriental Education & Technology Grou. The default revenue input number comes from 0001 income statement of New Oriental Education & Technology Grou. 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 EDU stock valuation model: a) initial revenue growth rate of 36% 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 EDU is calculated based on our internal credit rating of New Oriental Education & Technology Grou, 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 New Oriental Education & Technology Grou.
    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 EDU stock the variable cost ratio is equal to 85.5%.

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 EDU 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 New Oriental Education & Technology Grou.

Corporate tax rate of 27% is the nominal tax rate for New Oriental Education & Technology Grou. 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 EDU 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 EDU are equal to 15.6%.

Life of production assets of 5.1 years is the average useful life of capital assets used in New Oriental Education & Technology Grou 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 EDU is equal to -57.9%. 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 - $1991.589 million for New Oriental Education & Technology Grou - 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 158.257 million for New Oriental Education & Technology Grou 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 New Oriental Education & Technology Grou at the current share price and the inputted number of shares is $15.0 billion.

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