Intrinsic value of Guangshen Railway Company Limited - GSH

Previous Close

$17.97

  Intrinsic Value

$512.93

stock screener

  Rating & Target

str. buy

+999%

Previous close

$17.97

 
Intrinsic value

$512.93

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of GSH 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 2.5

 

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, %
  11.40
  10.76
  10.18
  9.67
  9.20
  8.78
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.81
  6.63
  6.46
  6.32
  6.19
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
  5.30
Revenue, $m
  3,087
  3,419
  3,767
  4,131
  4,511
  4,907
  5,320
  5,749
  6,194
  6,658
  7,139
  7,640
  8,160
  8,700
  9,263
  9,848
  10,457
  11,092
  11,753
  12,442
  13,161
  13,911
  14,694
  15,512
  16,367
  17,261
  18,195
  19,172
  20,195
  21,266
Variable operating expenses, $m
  -2,269
  -2,514
  -2,770
  -3,039
  -3,319
  -3,610
  -3,914
  -4,230
  -4,558
  -4,899
  -5,258
  -5,627
  -6,010
  -6,408
  -6,822
  -7,253
  -7,702
  -8,169
  -8,656
  -9,164
  -9,694
  -10,246
  -10,823
  -11,426
  -12,055
  -12,713
  -13,402
  -14,122
  -14,875
  -15,663
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
  -2,269
  -2,514
  -2,770
  -3,039
  -3,319
  -3,610
  -3,914
  -4,230
  -4,558
  -4,899
  -5,258
  -5,627
  -6,010
  -6,408
  -6,822
  -7,253
  -7,702
  -8,169
  -8,656
  -9,164
  -9,694
  -10,246
  -10,823
  -11,426
  -12,055
  -12,713
  -13,402
  -14,122
  -14,875
  -15,663
Operating income, $m
  5,356
  5,933
  6,538
  7,170
  7,830
  8,518
  9,234
  9,978
  10,753
  11,557
  12,398
  13,266
  14,170
  15,108
  16,085
  17,101
  18,159
  19,261
  20,409
  21,606
  22,854
  24,157
  25,517
  26,938
  28,422
  29,974
  31,597
  33,294
  35,070
  36,929
EBITDA, $m
  6,191
  6,857
  7,555
  8,286
  9,048
  9,842
  10,669
  11,529
  12,423
  13,352
  14,318
  15,321
  16,364
  17,449
  18,577
  19,750
  20,972
  22,245
  23,571
  24,953
  26,395
  27,899
  29,470
  31,111
  32,825
  34,617
  36,491
  38,451
  40,503
  42,650
Interest expense (income), $m
  0
  0
  5
  10
  16
  21
  27
  33
  40
  47
  53
  61
  68
  76
  84
  93
  101
  111
  120
  130
  140
  151
  162
  174
  186
  199
  212
  226
  241
  256
  272
Earnings before tax, $m
  5,356
  5,928
  6,528
  7,154
  7,809
  8,491
  9,200
  9,939
  10,706
  11,504
  12,337
  13,198
  14,093
  15,024
  15,992
  17,000
  18,049
  19,141
  20,279
  21,466
  22,703
  23,995
  25,343
  26,752
  28,223
  29,761
  31,370
  33,053
  34,814
  36,657
Tax expense, $m
  1,446
  1,601
  1,762
  1,932
  2,108
  2,292
  2,484
  2,683
  2,891
  3,106
  3,331
  3,563
  3,805
  4,057
  4,318
  4,590
  4,873
  5,168
  5,475
  5,796
  6,130
  6,479
  6,843
  7,223
  7,620
  8,036
  8,470
  8,924
  9,400
  9,897
Net income, $m
  3,910
  4,328
  4,765
  5,223
  5,700
  6,198
  6,716
  7,255
  7,815
  8,398
  9,006
  9,635
  10,288
  10,968
  11,675
  12,410
  13,175
  13,973
  14,804
  15,670
  16,573
  17,516
  18,501
  19,529
  20,603
  21,726
  22,900
  24,129
  25,414
  26,760

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
  5,727
  6,343
  6,989
  7,665
  8,370
  9,105
  9,870
  10,665
  11,492
  12,352
  13,245
  14,173
  15,138
  16,142
  17,185
  18,271
  19,401
  20,578
  21,805
  23,083
  24,417
  25,809
  27,262
  28,780
  30,366
  32,023
  33,757
  35,570
  37,468
  39,454
Adjusted assets (=assets-cash), $m
  5,727
  6,343
  6,989
  7,665
  8,370
  9,105
  9,870
  10,665
  11,492
  12,352
  13,245
  14,173
  15,138
  16,142
  17,185
  18,271
  19,401
  20,578
  21,805
  23,083
  24,417
  25,809
  27,262
  28,780
  30,366
  32,023
  33,757
  35,570
  37,468
  39,454
Revenue / Adjusted assets
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
  0.539
Average production assets, $m
  4,152
  4,599
  5,067
  5,557
  6,068
  6,601
  7,155
  7,732
  8,331
  8,955
  9,602
  10,275
  10,975
  11,702
  12,458
  13,245
  14,065
  14,918
  15,807
  16,734
  17,701
  18,710
  19,764
  20,864
  22,014
  23,216
  24,472
  25,787
  27,163
  28,603
Working capital, $m
  -46
  -51
  -57
  -62
  -68
  -74
  -80
  -86
  -93
  -100
  -107
  -115
  -122
  -131
  -139
  -148
  -157
  -166
  -176
  -187
  -197
  -209
  -220
  -233
  -246
  -259
  -273
  -288
  -303
  -319
Total debt, $m
  91
  187
  288
  393
  503
  618
  737
  861
  990
  1,124
  1,264
  1,409
  1,559
  1,716
  1,878
  2,048
  2,224
  2,408
  2,599
  2,798
  3,007
  3,224
  3,450
  3,687
  3,935
  4,193
  4,464
  4,746
  5,042
  5,352
Total liabilities, $m
  893
  990
  1,090
  1,196
  1,306
  1,420
  1,540
  1,664
  1,793
  1,927
  2,066
  2,211
  2,362
  2,518
  2,681
  2,850
  3,027
  3,210
  3,402
  3,601
  3,809
  4,026
  4,253
  4,490
  4,737
  4,996
  5,266
  5,549
  5,845
  6,155
Total equity, $m
  4,834
  5,354
  5,899
  6,469
  7,064
  7,684
  8,330
  9,002
  9,700
  10,425
  11,179
  11,962
  12,777
  13,623
  14,504
  15,420
  16,374
  17,368
  18,403
  19,482
  20,608
  21,783
  23,009
  24,290
  25,629
  27,028
  28,491
  30,021
  31,623
  33,300
Total liabilities and equity, $m
  5,727
  6,344
  6,989
  7,665
  8,370
  9,104
  9,870
  10,666
  11,493
  12,352
  13,245
  14,173
  15,139
  16,141
  17,185
  18,270
  19,401
  20,578
  21,805
  23,083
  24,417
  25,809
  27,262
  28,780
  30,366
  32,024
  33,757
  35,570
  37,468
  39,455
Debt-to-equity ratio
  0.020
  0.030
  0.050
  0.060
  0.070
  0.080
  0.090
  0.100
  0.100
  0.110
  0.110
  0.120
  0.120
  0.130
  0.130
  0.130
  0.140
  0.140
  0.140
  0.140
  0.150
  0.150
  0.150
  0.150
  0.150
  0.160
  0.160
  0.160
  0.160
  0.160
Adjusted equity ratio
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844
  0.844

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  3,910
  4,328
  4,765
  5,223
  5,700
  6,198
  6,716
  7,255
  7,815
  8,398
  9,006
  9,635
  10,288
  10,968
  11,675
  12,410
  13,175
  13,973
  14,804
  15,670
  16,573
  17,516
  18,501
  19,529
  20,603
  21,726
  22,900
  24,129
  25,414
  26,760
Depreciation, amort., depletion, $m
  835
  924
  1,018
  1,116
  1,218
  1,324
  1,435
  1,551
  1,671
  1,795
  1,920
  2,055
  2,195
  2,340
  2,492
  2,649
  2,813
  2,984
  3,161
  3,347
  3,540
  3,742
  3,953
  4,173
  4,403
  4,643
  4,894
  5,157
  5,433
  5,721
Funds from operations, $m
  4,745
  5,252
  5,783
  6,338
  6,918
  7,523
  8,152
  8,806
  9,486
  10,193
  10,926
  11,690
  12,483
  13,308
  14,166
  15,059
  15,988
  16,956
  17,965
  19,017
  20,114
  21,258
  22,453
  23,701
  25,006
  26,369
  27,795
  29,286
  30,847
  32,480
Change in working capital, $m
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -15
  -15
  -16
Cash from operations, $m
  4,749
  5,257
  5,788
  6,344
  6,924
  7,528
  8,158
  8,812
  9,493
  10,200
  10,934
  11,697
  12,491
  13,316
  14,175
  15,068
  15,998
  16,966
  17,975
  19,027
  20,124
  21,269
  22,465
  23,714
  25,018
  26,382
  27,809
  29,301
  30,862
  32,496
Maintenance CAPEX, $m
  -745
  -830
  -920
  -1,013
  -1,111
  -1,214
  -1,320
  -1,431
  -1,546
  -1,666
  -1,791
  -1,920
  -2,055
  -2,195
  -2,340
  -2,492
  -2,649
  -2,813
  -2,984
  -3,161
  -3,347
  -3,540
  -3,742
  -3,953
  -4,173
  -4,403
  -4,643
  -4,894
  -5,157
  -5,433
New CAPEX, $m
  -425
  -447
  -468
  -490
  -511
  -533
  -555
  -577
  -600
  -623
  -648
  -673
  -699
  -727
  -756
  -787
  -819
  -853
  -889
  -927
  -967
  -1,009
  -1,053
  -1,100
  -1,150
  -1,202
  -1,257
  -1,315
  -1,376
  -1,440
Cash from investing activities, $m
  -1,170
  -1,277
  -1,388
  -1,503
  -1,622
  -1,747
  -1,875
  -2,008
  -2,146
  -2,289
  -2,439
  -2,593
  -2,754
  -2,922
  -3,096
  -3,279
  -3,468
  -3,666
  -3,873
  -4,088
  -4,314
  -4,549
  -4,795
  -5,053
  -5,323
  -5,605
  -5,900
  -6,209
  -6,533
  -6,873
Free cash flow, $m
  3,579
  3,979
  4,400
  4,841
  5,301
  5,782
  6,283
  6,805
  7,347
  7,910
  8,495
  9,104
  9,736
  10,394
  11,078
  11,789
  12,529
  13,300
  14,102
  14,939
  15,811
  16,720
  17,670
  18,661
  19,696
  20,778
  21,909
  23,092
  24,329
  25,624
Issuance/(repayment) of debt, $m
  91
  96
  101
  105
  110
  115
  119
  124
  129
  134
  139
  145
  151
  156
  163
  169
  176
  184
  191
  199
  208
  217
  227
  237
  247
  259
  270
  283
  296
  310
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  91
  96
  101
  105
  110
  115
  119
  124
  129
  134
  139
  145
  151
  156
  163
  169
  176
  184
  191
  199
  208
  217
  227
  237
  247
  259
  270
  283
  296
  310
Total cash flow (excl. dividends), $m
  3,670
  4,076
  4,501
  4,946
  5,411
  5,897
  6,402
  6,929
  7,476
  8,045
  8,634
  9,249
  9,887
  10,551
  11,241
  11,958
  12,705
  13,483
  14,294
  15,138
  16,019
  16,937
  17,896
  18,897
  19,943
  21,036
  22,179
  23,374
  24,625
  25,934
Retained Cash Flow (-), $m
  -498
  -520
  -545
  -570
  -595
  -620
  -646
  -671
  -698
  -725
  -754
  -783
  -814
  -847
  -881
  -916
  -954
  -993
  -1,035
  -1,079
  -1,126
  -1,175
  -1,226
  -1,281
  -1,339
  -1,399
  -1,463
  -1,531
  -1,602
  -1,676
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
  3,172
  3,555
  3,956
  4,376
  4,816
  5,277
  5,757
  6,257
  6,778
  7,319
  7,880
  8,465
  9,073
  9,704
  10,360
  11,042
  11,752
  12,490
  13,258
  14,059
  14,893
  15,763
  16,670
  17,616
  18,605
  19,637
  20,716
  21,844
  23,023
  24,257
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
  3,041
  3,255
  3,442
  3,603
  3,733
  3,829
  3,889
  3,911
  3,893
  3,837
  3,742
  3,612
  3,450
  3,258
  3,042
  2,806
  2,557
  2,300
  2,041
  1,786
  1,540
  1,308
  1,093
  897
  724
  573
  445
  338
  251
  183
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Guangshen Railway Company Limited is engaged in the provision of passenger and freight transportation on railroads. The Company also operates certain other businesses, which include services offered in railway stations, and sales of food, beverages and merchandises on board the trains and in the railway stations. Its segments include The Railway Transportation Business and All other segments. The railroad and related business is conducted by the Company (the Railway Transportation Business). Other segments include on-board catering services, leasing, sales of materials, sale of goods and other businesses related to railway transportation provided by the subsidiaries of the Company. The Company is engaged in the provision of integrated services in relation to railway facilities and technology, commercial trading and other industrial businesses. It also operates with other railway companies in the People's Republic of China (PRC) for the provision of freight transportation services.

FINANCIAL RATIOS  of  Guangshen Railway Company Limited (GSH)

Valuation Ratios
P/E Ratio 604.6
Price to Sales 40.6
Price to Book 25
Price to Tangible Book
Price to Cash Flow 428.6
Price to Free Cash Flow -2072.9
Growth Rates
Sales Growth Rate 9.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 52.9%
Cap. Spend. - 3 Yr. Gr. Rate 7.5%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 3.6%
Ret/ On Assets - 3 Yr. Avg. 3.2%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.5%
Return On Equity 4.2%
Return On Equity - 3 Yr. Avg. 3.5%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 43.4%
Gross Margin - 3 Yr. Avg. 43.7%
EBITDA Margin 17.7%
EBITDA Margin - 3 Yr. Avg. 14.3%
Operating Margin 8.9%
Oper. Margin - 3 Yr. Avg. 8.4%
Pre-Tax Margin 8.9%
Pre-Tax Margin - 3 Yr. Avg. 8%
Net Profit Margin 6.7%
Net Profit Margin - 3 Yr. Avg. 6%
Effective Tax Rate 25.1%
Eff/ Tax Rate - 3 Yr. Avg. 25.4%
Payout Ratio 48.8%

GSH stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GSH stock intrinsic value calculation we used $2771 million for the last fiscal year's total revenue generated by Guangshen Railway Company Limited. The default revenue input number comes from 0001 income statement of Guangshen Railway Company Limited. 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 GSH stock valuation model: a) initial revenue growth rate of 11.4% 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 4.3%, whose default value for GSH is calculated based on our internal credit rating of Guangshen Railway Company Limited, 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 Guangshen Railway Company Limited.
    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 GSH stock the variable cost ratio is equal to -73.5%.

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 GSH 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 Guangshen Railway Company Limited.

Corporate tax rate of 27% is the nominal tax rate for Guangshen Railway Company Limited. 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 GSH 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 GSH are equal to 134.5%.

Life of production assets of 0 years is the average useful life of capital assets used in Guangshen Railway Company Limited 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 GSH is equal to -1.5%. 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 - $4335.65250907 million for Guangshen Railway Company Limited - 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 141.854 million for Guangshen Railway Company Limited 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 Guangshen Railway Company Limited at the current share price and the inputted number of shares is $2.5 billion.

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