Intrinsic value of eHi Car Services ADR - EHIC

Previous Close

$11.26

  Intrinsic Value

$5.21

stock screener

  Rating & Target

str. sell

-54%

  Value-price divergence*

-78%

Previous close

$11.26

 
Intrinsic value

$5.21

 
Up/down potential

-54%

 
Rating

str. sell

 
Value-price divergence*

-78%

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

We calculate the intrinsic value of EHIC 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 0.8

 

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, %
  45.24
  32.80
  30.02
  27.52
  25.27
  23.24
  21.42
  19.77
  18.30
  16.97
  15.77
  14.69
  13.72
  12.85
  12.07
  11.36
  10.72
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.45
  6.31
Revenue, $m
  305
  405
  527
  672
  841
  1,037
  1,259
  1,508
  1,784
  2,086
  2,415
  2,770
  3,150
  3,555
  3,984
  4,436
  4,912
  5,411
  5,932
  6,476
  7,043
  7,634
  8,248
  8,886
  9,549
  10,238
  10,954
  11,699
  12,473
  13,278
  14,116
Variable operating expenses, $m
 
  295
  383
  489
  612
  755
  916
  1,098
  1,298
  1,519
  1,758
  2,017
  2,293
  2,588
  2,900
  3,230
  3,576
  3,939
  4,319
  4,715
  5,128
  5,557
  6,004
  6,469
  6,952
  7,453
  7,975
  8,517
  9,080
  9,666
  10,276
Fixed operating expenses, $m
 
  48
  49
  51
  52
  53
  55
  56
  57
  59
  60
  62
  63
  65
  66
  68
  70
  72
  73
  75
  77
  79
  81
  83
  85
  87
  89
  92
  94
  96
  99
Total operating expenses, $m
  268
  343
  432
  540
  664
  808
  971
  1,154
  1,355
  1,578
  1,818
  2,079
  2,356
  2,653
  2,966
  3,298
  3,646
  4,011
  4,392
  4,790
  5,205
  5,636
  6,085
  6,552
  7,037
  7,540
  8,064
  8,609
  9,174
  9,762
  10,375
Operating income, $m
  37
  62
  94
  132
  177
  229
  288
  354
  428
  509
  597
  692
  794
  902
  1,017
  1,139
  1,266
  1,400
  1,540
  1,686
  1,839
  1,997
  2,162
  2,334
  2,512
  2,698
  2,890
  3,091
  3,299
  3,515
  3,741
EBITDA, $m
  134
  143
  199
  266
  345
  436
  539
  655
  784
  925
  1,079
  1,245
  1,422
  1,612
  1,812
  2,024
  2,247
  2,480
  2,724
  2,979
  3,245
  3,521
  3,809
  4,108
  4,418
  4,741
  5,077
  5,426
  5,788
  6,166
  6,558
Interest expense (income), $m
  30
  29
  40
  54
  70
  89
  110
  135
  162
  193
  226
  263
  302
  344
  389
  436
  486
  539
  594
  652
  712
  775
  840
  908
  978
  1,052
  1,128
  1,207
  1,290
  1,375
  1,464
Earnings before tax, $m
  6
  33
  54
  78
  107
  140
  178
  219
  266
  316
  370
  429
  492
  558
  628
  702
  780
  861
  946
  1,035
  1,127
  1,223
  1,323
  1,426
  1,534
  1,646
  1,762
  1,883
  2,009
  2,140
  2,277
Tax expense, $m
  1
  9
  14
  21
  29
  38
  48
  59
  72
  85
  100
  116
  133
  151
  170
  190
  211
  233
  255
  279
  304
  330
  357
  385
  414
  444
  476
  509
  543
  578
  615
Net income, $m
  5
  24
  39
  57
  78
  102
  130
  160
  194
  231
  270
  313
  359
  407
  459
  513
  569
  629
  691
  755
  823
  893
  965
  1,041
  1,120
  1,202
  1,286
  1,375
  1,467
  1,562
  1,662

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  77
  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
  1,181
  1,468
  1,908
  2,433
  3,048
  3,756
  4,561
  5,463
  6,462
  7,558
  8,750
  10,036
  11,413
  12,880
  14,434
  16,074
  17,798
  19,605
  21,494
  23,465
  25,520
  27,658
  29,882
  32,195
  34,598
  37,095
  39,690
  42,387
  45,192
  48,109
  51,144
Adjusted assets (=assets-cash), $m
  1,104
  1,468
  1,908
  2,433
  3,048
  3,756
  4,561
  5,463
  6,462
  7,558
  8,750
  10,036
  11,413
  12,880
  14,434
  16,074
  17,798
  19,605
  21,494
  23,465
  25,520
  27,658
  29,882
  32,195
  34,598
  37,095
  39,690
  42,387
  45,192
  48,109
  51,144
Revenue / Adjusted assets
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
  0.276
Average production assets, $m
  305
  404
  526
  670
  840
  1,035
  1,256
  1,505
  1,780
  2,082
  2,410
  2,764
  3,144
  3,548
  3,976
  4,428
  4,902
  5,400
  5,920
  6,463
  7,029
  7,618
  8,231
  8,868
  9,530
  10,218
  10,932
  11,675
  12,448
  13,251
  14,088
Working capital, $m
  79
  181
  235
  300
  375
  462
  561
  672
  795
  930
  1,077
  1,235
  1,405
  1,585
  1,777
  1,979
  2,191
  2,413
  2,646
  2,888
  3,141
  3,405
  3,678
  3,963
  4,259
  4,566
  4,886
  5,218
  5,563
  5,922
  6,296
Total debt, $m
  534
  630
  840
  1,091
  1,384
  1,722
  2,105
  2,536
  3,012
  3,535
  4,104
  4,717
  5,374
  6,074
  6,815
  7,597
  8,420
  9,281
  10,182
  11,123
  12,103
  13,123
  14,184
  15,287
  16,433
  17,624
  18,862
  20,149
  21,486
  22,878
  24,326
Total liabilities, $m
  603
  700
  910
  1,161
  1,454
  1,792
  2,175
  2,606
  3,082
  3,605
  4,174
  4,787
  5,444
  6,144
  6,885
  7,667
  8,490
  9,351
  10,252
  11,193
  12,173
  13,193
  14,254
  15,357
  16,503
  17,694
  18,932
  20,219
  21,556
  22,948
  24,396
Total equity, $m
  577
  768
  998
  1,273
  1,594
  1,965
  2,385
  2,857
  3,380
  3,953
  4,576
  5,249
  5,969
  6,736
  7,549
  8,407
  9,308
  10,253
  11,241
  12,272
  13,347
  14,465
  15,629
  16,838
  18,095
  19,401
  20,758
  22,168
  23,635
  25,161
  26,748
Total liabilities and equity, $m
  1,180
  1,468
  1,908
  2,434
  3,048
  3,757
  4,560
  5,463
  6,462
  7,558
  8,750
  10,036
  11,413
  12,880
  14,434
  16,074
  17,798
  19,604
  21,493
  23,465
  25,520
  27,658
  29,883
  32,195
  34,598
  37,095
  39,690
  42,387
  45,191
  48,109
  51,144
Debt-to-equity ratio
  0.925
  0.820
  0.840
  0.860
  0.870
  0.880
  0.880
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  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
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
  0.523

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  5
  24
  39
  57
  78
  102
  130
  160
  194
  231
  270
  313
  359
  407
  459
  513
  569
  629
  691
  755
  823
  893
  965
  1,041
  1,120
  1,202
  1,286
  1,375
  1,467
  1,562
  1,662
Depreciation, amort., depletion, $m
  97
  81
  105
  134
  168
  207
  251
  301
  356
  416
  482
  553
  629
  710
  795
  886
  980
  1,080
  1,184
  1,293
  1,406
  1,524
  1,646
  1,774
  1,906
  2,044
  2,186
  2,335
  2,490
  2,650
  2,818
Funds from operations, $m
  14
  105
  144
  191
  246
  309
  381
  461
  550
  647
  753
  866
  988
  1,117
  1,254
  1,398
  1,550
  1,709
  1,875
  2,048
  2,229
  2,416
  2,612
  2,815
  3,026
  3,245
  3,473
  3,710
  3,956
  4,213
  4,480
Change in working capital, $m
  -47
  45
  54
  65
  76
  87
  99
  111
  123
  135
  147
  158
  170
  181
  191
  202
  212
  222
  233
  243
  253
  263
  274
  285
  296
  307
  319
  332
  345
  359
  374
Cash from operations, $m
  61
  60
  90
  127
  170
  222
  282
  350
  427
  512
  606
  708
  818
  936
  1,063
  1,196
  1,338
  1,486
  1,642
  1,805
  1,976
  2,153
  2,338
  2,530
  2,730
  2,938
  3,154
  3,378
  3,611
  3,854
  4,106
Maintenance CAPEX, $m
  0
  -61
  -81
  -105
  -134
  -168
  -207
  -251
  -301
  -356
  -416
  -482
  -553
  -629
  -710
  -795
  -886
  -980
  -1,080
  -1,184
  -1,293
  -1,406
  -1,524
  -1,646
  -1,774
  -1,906
  -2,044
  -2,186
  -2,335
  -2,490
  -2,650
New CAPEX, $m
  -535
  -100
  -121
  -145
  -169
  -195
  -222
  -248
  -275
  -302
  -328
  -354
  -379
  -404
  -428
  -452
  -475
  -498
  -520
  -543
  -566
  -589
  -613
  -637
  -662
  -688
  -715
  -743
  -773
  -804
  -836
Cash from investing activities, $m
  -489
  -161
  -202
  -250
  -303
  -363
  -429
  -499
  -576
  -658
  -744
  -836
  -932
  -1,033
  -1,138
  -1,247
  -1,361
  -1,478
  -1,600
  -1,727
  -1,859
  -1,995
  -2,137
  -2,283
  -2,436
  -2,594
  -2,759
  -2,929
  -3,108
  -3,294
  -3,486
Free cash flow, $m
  -428
  -100
  -112
  -123
  -133
  -141
  -147
  -150
  -149
  -146
  -139
  -128
  -114
  -96
  -75
  -50
  -23
  8
  42
  78
  117
  158
  202
  247
  294
  344
  395
  448
  504
  561
  619
Issuance/(repayment) of debt, $m
  141
  173
  210
  250
  293
  338
  384
  430
  477
  523
  569
  613
  657
  700
  741
  782
  822
  862
  901
  940
  980
  1,020
  1,061
  1,103
  1,146
  1,191
  1,238
  1,287
  1,338
  1,391
  1,448
Issuance/(repurchase) of shares, $m
  4
  167
  191
  217
  243
  268
  291
  311
  329
  343
  353
  359
  361
  360
  354
  345
  332
  316
  297
  276
  252
  226
  198
  168
  137
  104
  71
  36
  0
  0
  0
Cash from financing (excl. dividends), $m  
  115
  340
  401
  467
  536
  606
  675
  741
  806
  866
  922
  972
  1,018
  1,060
  1,095
  1,127
  1,154
  1,178
  1,198
  1,216
  1,232
  1,246
  1,259
  1,271
  1,283
  1,295
  1,309
  1,323
  1,338
  1,391
  1,448
Total cash flow (excl. dividends), $m
  -301
  239
  289
  345
  404
  465
  528
  592
  656
  720
  783
  844
  904
  963
  1,020
  1,077
  1,132
  1,186
  1,240
  1,294
  1,349
  1,404
  1,460
  1,518
  1,578
  1,639
  1,704
  1,771
  1,841
  1,952
  2,067
Retained Cash Flow (-), $m
  -6
  -191
  -230
  -275
  -322
  -370
  -421
  -472
  -523
  -573
  -623
  -672
  -720
  -767
  -813
  -858
  -902
  -945
  -988
  -1,031
  -1,074
  -1,118
  -1,163
  -1,209
  -1,257
  -1,306
  -1,357
  -1,411
  -1,467
  -1,526
  -1,588
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
  59
  70
  82
  95
  107
  120
  133
  146
  159
  172
  184
  196
  208
  219
  230
  241
  252
  263
  274
  286
  297
  309
  321
  333
  347
  360
  375
  426
  480
Discount rate, %
 
  7.00
  7.35
  7.72
  8.10
  8.51
  8.93
  9.38
  9.85
  10.34
  10.86
  11.40
  11.97
  12.57
  13.20
  13.86
  14.55
  15.28
  16.04
  16.85
  17.69
  18.57
  19.50
  20.48
  21.50
  22.58
  23.70
  24.89
  26.13
  27.44
  28.81
PV of cash for distribution, $m
 
  45
  51
  56
  60
  63
  64
  64
  63
  60
  57
  52
  47
  42
  37
  31
  26
  22
  17
  14
  11
  8
  6
  4
  3
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100
  82.7
  70.0
  60.4
  53.0
  47.3
  42.7
  39.0
  36.0
  33.5
  31.5
  29.8
  28.3
  27.1
  26.1
  25.3
  24.6
  24.0
  23.5
  23.1
  22.8
  22.5
  22.3
  22.1
  22.0
  21.9
  21.8
  21.8
  21.8
  21.8
  21.8

eHi Car Services Limited, formerly Prudent Choice International Limited, is a holding company. The Company is engaged in car rentals and car services. The Company provides self-drive car rental services to both individual customers, as well as corporate and institutional clients to meet travel, leisure, business and ground transportation needs. The Company operates its car rentals business primarily through its subsidiaries, including Shanghai eHi Car Rental Co., Ltd. (eHi Rental), eHi Auto Services (Jiangsu) Co., Ltd. (eHi Jiangsu), and their subsidiaries and branches. For its car services business, the Company provides vehicles and chauffeur services through different subsidiaries. The Company provides chauffeur services through its subsidiary, Shanghai Smart Brand Auto Driving Services Co., Ltd. (Shanghai Smart Brand), and its subsidiaries and branches. The Company has a limited operating history.

FINANCIAL RATIOS  of  eHi Car Services ADR (EHIC)

Valuation Ratios
P/E Ratio 312.7
Price to Sales 5.1
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 25.6
Price to Free Cash Flow -3.3
Growth Rates
Sales Growth Rate 45.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 68.8%
Cap. Spend. - 3 Yr. Gr. Rate 43.5%
Financial Strength
Quick Ratio 1
Current Ratio 0.3
LT Debt to Equity 69.3%
Total Debt to Equity 92.5%
Interest Coverage 1
Management Effectiveness
Return On Assets 2.6%
Ret/ On Assets - 3 Yr. Avg. 5.3%
Return On Total Capital 0.5%
Ret/ On T. Cap. - 3 Yr. Avg. 3.6%
Return On Equity 0.9%
Return On Equity - 3 Yr. Avg. 6%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 28.2%
Gross Margin - 3 Yr. Avg. 21.7%
EBITDA Margin 43.6%
EBITDA Margin - 3 Yr. Avg. 57%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 5%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 15.1%
Net Profit Margin 1.6%
Net Profit Margin - 3 Yr. Avg. 13.1%
Effective Tax Rate 16.7%
Eff/ Tax Rate - 3 Yr. Avg. 9.1%
Payout Ratio 0%

EHIC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EHIC stock intrinsic value calculation we used $305 million for the last fiscal year's total revenue generated by eHi Car Services ADR. The default revenue input number comes from 2016 income statement of eHi Car Services 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 EHIC stock valuation model: a) initial revenue growth rate of 32.8% 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 7%, whose default value for EHIC is calculated based on our internal credit rating of eHi Car Services 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 eHi Car Services 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 EHIC stock the variable cost ratio is equal to 72.8%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $47 million in the base year in the intrinsic value calculation for EHIC 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 6.4% for eHi Car Services ADR.

Corporate tax rate of 27% is the nominal tax rate for eHi Car Services 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 EHIC 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 EHIC are equal to 99.8%.

Life of production assets of 3.1 years is the average useful life of capital assets used in eHi Car Services 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 EHIC is equal to 44.6%. 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 - $577 million for eHi Car Services 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 70.509 million for eHi Car Services 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 eHi Car Services ADR at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ eHi Car Services Announces Second Quarter 2017 Results   [Aug-28-17 07:05AM  PR Newswire]
▶ eHi Car Services Announces First Quarter 2017 Results   [Jun-05-17 06:00AM  PR Newswire]
▶ Time to Buy Hertz at an 8-Year Low?   [May-26-17 12:29PM  Investopedia]
▶ eHi Car Services Filed 2016 Annual Report on Form 20-F   [Apr-28-17 08:00AM  PR Newswire]
▶ Is Solaredge Technologies Inc (SEDG) a Good Buy?   [Dec-12-16 05:06PM  Insider Monkey]
▶ Is Solaredge Technologies Inc (SEDG) a Good Buy?   [05:06PM  at Insider Monkey]
▶ eHi Car Services Announces Second Quarter 2016 Results   [Aug-23-16 06:00PM  PR Newswire]
▶ Five Rental and Leasing Companies Hedge Funds Are Bullish On   [Jun-16-16 08:00AM  at Insider Monkey]
▶ eHi Car Services Announces First Quarter 2016 Results   [May-23-16 06:00PM  PR Newswire]
▶ EHI CAR SERVICES LTD Financials   [01:04PM  EDGAR Online Financials]
▶ eHi Car Services Filed 2015 Annual Report on Form 20-F   [Apr-27-16 08:00AM  PR Newswire]
▶ eHi Car Services Forms Strategic Cooperation with SAIC   [Apr-11-16 08:00AM  PR Newswire]
▶ Hedge Funds Are Crazy About Ply Gem Holdings Inc (PGEM)   [Nov-21  12:06PM  at Insider Monkey]
▶ China's Top Car Rental Firm Can Double in Value   [Oct-07  12:01AM  at Barrons.com]
▶ 5 Hated Earnings Stocks You Should Love   [Aug-18  09:08AM  at TheStreet]
▶ Time to Get eHi on China Ride-Sharing   [Jun-16  03:15AM  at The Wall Street Journal]
▶ eHi Car Services Announces First Quarter 2015 Results   [May-26  05:00PM  PR Newswire]
▶ Tiger Global, SRS to Invest in eHi   [May-22  07:56AM  at The Wall Street Journal]
▶ Park This CAR in Your Portfolio   [Mar-11  09:22PM  at Barrons.com]
Financial statements of EHIC
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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