Intrinsic value of eHi Car Services ADR - EHIC

Previous Close

$11.30

  Intrinsic Value

$4.30

stock screener

  Rating & Target

str. sell

-62%

Previous close

$11.30

 
Intrinsic value

$4.30

 
Up/down potential

-62%

 
Rating

str. sell

*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
  27.40
  25.16
  23.14
  21.33
  19.70
  18.23
  16.90
  15.71
  14.64
  13.68
  12.81
  12.03
  11.33
  10.69
  10.12
  9.61
  9.15
  8.74
  8.36
  8.03
  7.72
  7.45
  7.21
  6.99
  6.79
  6.61
  6.45
  6.30
  6.17
  6.06
Revenue, $m
  305
  389
  486
  599
  727
  870
  1,028
  1,202
  1,391
  1,595
  1,813
  2,045
  2,291
  2,551
  2,823
  3,109
  3,408
  3,720
  4,045
  4,383
  4,735
  5,100
  5,481
  5,875
  6,286
  6,712
  7,156
  7,617
  8,097
  8,597
  9,118
Variable operating expenses, $m
 
  283
  354
  436
  529
  633
  749
  875
  1,013
  1,161
  1,320
  1,489
  1,668
  1,857
  2,055
  2,263
  2,481
  2,708
  2,945
  3,191
  3,447
  3,713
  3,990
  4,277
  4,576
  4,887
  5,210
  5,545
  5,895
  6,259
  6,638
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
  331
  403
  487
  581
  686
  804
  931
  1,070
  1,220
  1,380
  1,551
  1,731
  1,922
  2,121
  2,331
  2,551
  2,780
  3,018
  3,266
  3,524
  3,792
  4,071
  4,360
  4,661
  4,974
  5,299
  5,637
  5,989
  6,355
  6,737
Operating income, $m
  37
  58
  83
  112
  146
  183
  225
  271
  321
  375
  433
  495
  560
  629
  702
  778
  857
  940
  1,027
  1,117
  1,211
  1,308
  1,410
  1,515
  1,625
  1,739
  1,857
  1,980
  2,109
  2,242
  2,381
EBITDA, $m
  134
  135
  180
  232
  291
  357
  430
  511
  599
  693
  795
  903
  1,017
  1,138
  1,265
  1,398
  1,537
  1,683
  1,834
  1,992
  2,156
  2,326
  2,504
  2,688
  2,879
  3,078
  3,285
  3,501
  3,725
  3,958
  4,201
Interest expense (income), $m
  30
  29
  38
  49
  62
  76
  92
  109
  128
  149
  172
  196
  222
  249
  278
  308
  339
  372
  407
  443
  480
  519
  560
  602
  645
  691
  738
  787
  838
  891
  946
Earnings before tax, $m
  6
  28
  44
  63
  84
  108
  133
  162
  193
  226
  261
  299
  338
  380
  424
  470
  518
  568
  620
  674
  731
  789
  850
  913
  979
  1,048
  1,119
  1,193
  1,271
  1,351
  1,435
Tax expense, $m
  1
  8
  12
  17
  23
  29
  36
  44
  52
  61
  70
  81
  91
  103
  114
  127
  140
  153
  167
  182
  197
  213
  230
  247
  264
  283
  302
  322
  343
  365
  387
Net income, $m
  5
  21
  32
  46
  61
  78
  97
  118
  141
  165
  191
  218
  247
  277
  309
  343
  378
  414
  453
  492
  533
  576
  621
  667
  715
  765
  817
  871
  928
  986
  1,048

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
  1,408
  1,762
  2,170
  2,633
  3,151
  3,726
  4,355
  5,040
  5,778
  6,568
  7,410
  8,301
  9,241
  10,229
  11,265
  12,348
  13,478
  14,655
  15,880
  17,155
  18,480
  19,857
  21,288
  22,775
  24,320
  25,928
  27,599
  29,339
  31,149
  33,036
Adjusted assets (=assets-cash), $m
  1,104
  1,408
  1,762
  2,170
  2,633
  3,151
  3,726
  4,355
  5,040
  5,778
  6,568
  7,410
  8,301
  9,241
  10,229
  11,265
  12,348
  13,478
  14,655
  15,880
  17,155
  18,480
  19,857
  21,288
  22,775
  24,320
  25,928
  27,599
  29,339
  31,149
  33,036
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
  388
  485
  598
  725
  868
  1,026
  1,200
  1,388
  1,591
  1,809
  2,041
  2,286
  2,545
  2,818
  3,103
  3,401
  3,712
  4,037
  4,374
  4,725
  5,090
  5,470
  5,864
  6,273
  6,699
  7,142
  7,602
  8,081
  8,580
  9,100
Working capital, $m
  79
  173
  217
  267
  324
  388
  459
  536
  620
  711
  809
  912
  1,022
  1,138
  1,259
  1,387
  1,520
  1,659
  1,804
  1,955
  2,112
  2,275
  2,444
  2,620
  2,803
  2,994
  3,192
  3,397
  3,611
  3,834
  4,067
Total debt, $m
  534
  602
  771
  965
  1,186
  1,433
  1,707
  2,008
  2,334
  2,686
  3,063
  3,464
  3,890
  4,338
  4,809
  5,303
  5,820
  6,359
  6,920
  7,505
  8,113
  8,745
  9,402
  10,084
  10,794
  11,531
  12,297
  13,095
  13,925
  14,788
  15,688
Total liabilities, $m
  603
  672
  841
  1,035
  1,256
  1,503
  1,777
  2,078
  2,404
  2,756
  3,133
  3,534
  3,960
  4,408
  4,879
  5,373
  5,890
  6,429
  6,990
  7,575
  8,183
  8,815
  9,472
  10,154
  10,864
  11,601
  12,367
  13,165
  13,995
  14,858
  15,758
Total equity, $m
  577
  736
  922
  1,135
  1,377
  1,648
  1,949
  2,278
  2,636
  3,022
  3,435
  3,875
  4,341
  4,833
  5,350
  5,892
  6,458
  7,049
  7,665
  8,305
  8,972
  9,665
  10,385
  11,133
  11,911
  12,720
  13,560
  14,434
  15,344
  16,291
  17,278
Total liabilities and equity, $m
  1,180
  1,408
  1,763
  2,170
  2,633
  3,151
  3,726
  4,356
  5,040
  5,778
  6,568
  7,409
  8,301
  9,241
  10,229
  11,265
  12,348
  13,478
  14,655
  15,880
  17,155
  18,480
  19,857
  21,287
  22,775
  24,321
  25,927
  27,599
  29,339
  31,149
  33,036
Debt-to-equity ratio
  0.925
  0.820
  0.840
  0.850
  0.860
  0.870
  0.880
  0.880
  0.890
  0.890
  0.890
  0.890
  0.900
  0.900
  0.900
  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
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
  21
  32
  46
  61
  78
  97
  118
  141
  165
  191
  218
  247
  277
  309
  343
  378
  414
  453
  492
  533
  576
  621
  667
  715
  765
  817
  871
  928
  986
  1,048
Depreciation, amort., depletion, $m
  97
  78
  97
  120
  145
  174
  205
  240
  278
  318
  362
  408
  457
  509
  564
  621
  680
  742
  807
  875
  945
  1,018
  1,094
  1,173
  1,255
  1,340
  1,428
  1,520
  1,616
  1,716
  1,820
Funds from operations, $m
  14
  98
  129
  166
  206
  252
  303
  358
  418
  483
  552
  626
  704
  787
  873
  964
  1,058
  1,157
  1,260
  1,367
  1,478
  1,594
  1,714
  1,840
  1,970
  2,105
  2,245
  2,392
  2,544
  2,702
  2,867
Change in working capital, $m
  -47
  37
  44
  50
  57
  64
  71
  78
  84
  91
  97
  104
  110
  116
  122
  127
  133
  139
  145
  151
  157
  163
  169
  176
  183
  190
  198
  206
  214
  223
  232
Cash from operations, $m
  61
  61
  86
  115
  149
  188
  232
  281
  334
  392
  455
  523
  594
  671
  751
  836
  925
  1,018
  1,115
  1,216
  1,321
  1,431
  1,545
  1,663
  1,787
  1,914
  2,047
  2,186
  2,330
  2,479
  2,635
Maintenance CAPEX, $m
  0
  -61
  -78
  -97
  -120
  -145
  -174
  -205
  -240
  -278
  -318
  -362
  -408
  -457
  -509
  -564
  -621
  -680
  -742
  -807
  -875
  -945
  -1,018
  -1,094
  -1,173
  -1,255
  -1,340
  -1,428
  -1,520
  -1,616
  -1,716
New CAPEX, $m
  -535
  -83
  -98
  -112
  -127
  -143
  -158
  -173
  -189
  -203
  -218
  -232
  -246
  -259
  -272
  -285
  -298
  -311
  -324
  -338
  -351
  -365
  -379
  -394
  -410
  -426
  -443
  -460
  -479
  -499
  -520
Cash from investing activities, $m
  -489
  -144
  -176
  -209
  -247
  -288
  -332
  -378
  -429
  -481
  -536
  -594
  -654
  -716
  -781
  -849
  -919
  -991
  -1,066
  -1,145
  -1,226
  -1,310
  -1,397
  -1,488
  -1,583
  -1,681
  -1,783
  -1,888
  -1,999
  -2,115
  -2,236
Free cash flow, $m
  -428
  -83
  -89
  -94
  -98
  -100
  -100
  -98
  -94
  -89
  -81
  -71
  -59
  -45
  -30
  -13
  6
  26
  48
  71
  96
  121
  148
  175
  204
  234
  265
  297
  330
  364
  400
Issuance/(repayment) of debt, $m
  141
  145
  169
  195
  221
  247
  274
  300
  326
  352
  377
  401
  425
  448
  471
  494
  516
  539
  562
  585
  608
  632
  657
  683
  709
  737
  767
  797
  830
  864
  900
Issuance/(repurchase) of shares, $m
  4
  139
  153
  167
  181
  193
  203
  211
  217
  221
  223
  222
  219
  214
  207
  199
  188
  176
  163
  149
  133
  117
  100
  82
  63
  43
  24
  3
  0
  0
  0
Cash from financing (excl. dividends), $m  
  115
  284
  322
  362
  402
  440
  477
  511
  543
  573
  600
  623
  644
  662
  678
  693
  704
  715
  725
  734
  741
  749
  757
  765
  772
  780
  791
  800
  830
  864
  900
Total cash flow (excl. dividends), $m
  -301
  200
  233
  268
  304
  340
  377
  413
  449
  485
  519
  552
  585
  617
  649
  680
  711
  742
  773
  805
  837
  870
  904
  939
  976
  1,015
  1,055
  1,097
  1,160
  1,228
  1,299
Retained Cash Flow (-), $m
  -6
  -159
  -185
  -213
  -242
  -271
  -300
  -329
  -358
  -386
  -413
  -440
  -466
  -492
  -517
  -542
  -566
  -591
  -616
  -641
  -667
  -693
  -720
  -748
  -778
  -808
  -841
  -874
  -910
  -947
  -986
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
 
  41
  47
  54
  62
  69
  77
  84
  91
  99
  106
  112
  119
  126
  132
  138
  145
  151
  157
  164
  170
  177
  184
  191
  199
  206
  215
  223
  250
  281
  313
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
 
  38
  41
  44
  45
  46
  46
  45
  43
  41
  38
  34
  31
  27
  23
  20
  16
  13
  11
  8
  7
  5
  4
  3
  2
  1
  1
  1
  0
  0
  0
Current shareholders' claim on cash, %
  100
  85.0
  73.7
  65.0
  58.2
  52.8
  48.4
  44.8
  41.9
  39.4
  37.4
  35.7
  34.3
  33.1
  32.1
  31.2
  30.5
  29.9
  29.4
  29.0
  28.6
  28.4
  28.1
  28.0
  27.9
  27.8
  27.8
  27.8
  27.8
  27.8
  27.8

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 313.8
Price to Sales 5.1
Price to Book 2.7
Price to Tangible Book
Price to Cash Flow 25.7
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 27.4% 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 69.37 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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