Intrinsic value of 51job ADR - JOBS

Previous Close

$58.48

  Intrinsic Value

$67.13

stock screener

  Rating & Target

hold

+15%

Previous close

$58.48

 
Intrinsic value

$67.13

 
Up/down potential

+15%

 
Rating

hold

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

We calculate the intrinsic value of JOBS 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 3.6

 

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, %
  13.80
  20.00
  18.50
  17.15
  15.94
  14.84
  13.86
  12.97
  12.17
  11.46
  10.81
  10.23
  9.71
  9.24
  8.81
  8.43
  8.09
  7.78
  7.50
  7.25
  7.03
  6.82
  6.64
  6.48
  6.33
  6.20
  6.08
  5.97
  5.87
  5.79
  5.71
Revenue, $m
  338
  406
  481
  563
  653
  750
  854
  964
  1,082
  1,206
  1,336
  1,473
  1,616
  1,765
  1,920
  2,082
  2,251
  2,426
  2,608
  2,797
  2,993
  3,198
  3,410
  3,631
  3,861
  4,100
  4,349
  4,609
  4,879
  5,161
  5,456
Variable operating expenses, $m
 
  293
  347
  406
  470
  540
  614
  693
  777
  866
  959
  1,054
  1,156
  1,263
  1,375
  1,491
  1,611
  1,736
  1,867
  2,002
  2,143
  2,289
  2,441
  2,599
  2,764
  2,935
  3,113
  3,299
  3,493
  3,695
  3,906
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
  250
  293
  347
  406
  470
  540
  614
  693
  777
  866
  959
  1,054
  1,156
  1,263
  1,375
  1,491
  1,611
  1,736
  1,867
  2,002
  2,143
  2,289
  2,441
  2,599
  2,764
  2,935
  3,113
  3,299
  3,493
  3,695
  3,906
Operating income, $m
  89
  112
  133
  157
  182
  210
  239
  271
  304
  339
  377
  418
  459
  502
  546
  592
  640
  689
  741
  795
  851
  909
  969
  1,032
  1,097
  1,165
  1,236
  1,310
  1,387
  1,467
  1,550
EBITDA, $m
  98
  123
  146
  171
  198
  228
  259
  293
  329
  366
  406
  447
  491
  536
  584
  633
  684
  737
  792
  850
  910
  972
  1,036
  1,103
  1,173
  1,246
  1,322
  1,400
  1,483
  1,568
  1,658
Interest expense (income), $m
  5
  0
  1
  3
  5
  7
  9
  11
  14
  16
  19
  22
  25
  28
  32
  35
  39
  43
  46
  50
  55
  59
  64
  68
  73
  78
  84
  89
  95
  101
  107
Earnings before tax, $m
  101
  112
  132
  154
  177
  203
  230
  260
  290
  323
  357
  396
  434
  473
  514
  557
  601
  647
  695
  744
  796
  850
  905
  963
  1,024
  1,087
  1,152
  1,220
  1,291
  1,366
  1,443
Tax expense, $m
  19
  30
  36
  42
  48
  55
  62
  70
  78
  87
  96
  107
  117
  128
  139
  150
  162
  175
  188
  201
  215
  229
  244
  260
  276
  293
  311
  329
  349
  369
  390
Net income, $m
  82
  82
  96
  112
  130
  148
  168
  189
  212
  236
  261
  289
  317
  345
  375
  406
  439
  472
  507
  543
  581
  620
  661
  703
  747
  793
  841
  891
  943
  997
  1,053

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  880
  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
  1,119
  287
  340
  398
  462
  530
  604
  682
  765
  853
  945
  1,041
  1,143
  1,248
  1,358
  1,473
  1,592
  1,716
  1,844
  1,978
  2,117
  2,261
  2,412
  2,568
  2,730
  2,899
  3,076
  3,259
  3,451
  3,650
  3,859
Adjusted assets (=assets-cash), $m
  239
  287
  340
  398
  462
  530
  604
  682
  765
  853
  945
  1,041
  1,143
  1,248
  1,358
  1,473
  1,592
  1,716
  1,844
  1,978
  2,117
  2,261
  2,412
  2,568
  2,730
  2,899
  3,076
  3,259
  3,451
  3,650
  3,859
Revenue / Adjusted assets
  1.414
  1.415
  1.415
  1.415
  1.413
  1.415
  1.414
  1.413
  1.414
  1.414
  1.414
  1.415
  1.414
  1.414
  1.414
  1.413
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
  1.414
Average production assets, $m
  88
  105
  125
  146
  170
  195
  222
  251
  281
  313
  347
  383
  420
  459
  499
  541
  585
  631
  678
  727
  778
  831
  887
  944
  1,004
  1,066
  1,131
  1,198
  1,269
  1,342
  1,419
Working capital, $m
  581
  -140
  -166
  -195
  -226
  -259
  -295
  -334
  -374
  -417
  -462
  -510
  -559
  -611
  -664
  -720
  -779
  -839
  -902
  -968
  -1,036
  -1,106
  -1,180
  -1,256
  -1,336
  -1,419
  -1,505
  -1,595
  -1,688
  -1,786
  -1,888
Total debt, $m
  182
  40
  88
  140
  197
  259
  325
  396
  470
  549
  632
  719
  810
  905
  1,004
  1,107
  1,215
  1,326
  1,442
  1,562
  1,687
  1,817
  1,952
  2,093
  2,239
  2,391
  2,550
  2,715
  2,888
  3,067
  3,255
Total liabilities, $m
  401
  258
  306
  358
  415
  477
  543
  614
  688
  767
  850
  937
  1,028
  1,123
  1,222
  1,325
  1,433
  1,544
  1,660
  1,780
  1,905
  2,035
  2,170
  2,311
  2,457
  2,609
  2,768
  2,933
  3,106
  3,285
  3,473
Total equity, $m
  719
  29
  34
  40
  46
  53
  60
  68
  76
  85
  94
  104
  114
  125
  136
  147
  159
  172
  184
  198
  212
  226
  241
  257
  273
  290
  308
  326
  345
  365
  386
Total liabilities and equity, $m
  1,120
  287
  340
  398
  461
  530
  603
  682
  764
  852
  944
  1,041
  1,142
  1,248
  1,358
  1,472
  1,592
  1,716
  1,844
  1,978
  2,117
  2,261
  2,411
  2,568
  2,730
  2,899
  3,076
  3,259
  3,451
  3,650
  3,859
Debt-to-equity ratio
  0.253
  1.400
  2.590
  3.530
  4.280
  4.890
  5.390
  5.800
  6.150
  6.440
  6.690
  6.910
  7.090
  7.250
  7.390
  7.520
  7.630
  7.730
  7.820
  7.900
  7.970
  8.040
  8.100
  8.150
  8.200
  8.250
  8.290
  8.330
  8.370
  8.400
  8.440
Adjusted equity ratio
  -0.674
  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
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  82
  82
  96
  112
  130
  148
  168
  189
  212
  236
  261
  289
  317
  345
  375
  406
  439
  472
  507
  543
  581
  620
  661
  703
  747
  793
  841
  891
  943
  997
  1,053
Depreciation, amort., depletion, $m
  9
  11
  13
  14
  16
  18
  20
  22
  24
  27
  29
  29
  32
  35
  38
  41
  44
  48
  51
  55
  59
  63
  67
  72
  76
  81
  86
  91
  96
  102
  107
Funds from operations, $m
  196
  93
  109
  126
  146
  166
  188
  212
  236
  263
  290
  318
  349
  380
  413
  447
  483
  520
  558
  598
  640
  683
  728
  775
  823
  874
  927
  982
  1,039
  1,099
  1,161
Change in working capital, $m
  39
  -23
  -26
  -29
  -31
  -34
  -36
  -38
  -41
  -43
  -45
  -47
  -49
  -52
  -54
  -56
  -58
  -61
  -63
  -65
  -68
  -71
  -73
  -76
  -80
  -83
  -86
  -90
  -94
  -98
  -102
Cash from operations, $m
  157
  116
  135
  155
  177
  200
  224
  250
  277
  306
  335
  366
  398
  432
  467
  503
  541
  581
  621
  664
  708
  754
  802
  851
  903
  957
  1,013
  1,071
  1,133
  1,196
  1,263
Maintenance CAPEX, $m
  0
  -7
  -8
  -9
  -11
  -13
  -15
  -17
  -19
  -21
  -24
  -26
  -29
  -32
  -35
  -38
  -41
  -44
  -48
  -51
  -55
  -59
  -63
  -67
  -72
  -76
  -81
  -86
  -91
  -96
  -102
New CAPEX, $m
  -7
  -17
  -20
  -21
  -23
  -25
  -27
  -29
  -31
  -32
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -46
  -47
  -49
  -51
  -53
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -73
  -77
Cash from investing activities, $m
  -71
  -24
  -28
  -30
  -34
  -38
  -42
  -46
  -50
  -53
  -58
  -62
  -66
  -71
  -75
  -80
  -85
  -90
  -95
  -100
  -106
  -112
  -118
  -124
  -132
  -138
  -146
  -153
  -161
  -169
  -179
Free cash flow, $m
  86
  92
  107
  124
  142
  162
  182
  204
  228
  252
  278
  304
  332
  361
  392
  423
  456
  491
  526
  563
  602
  642
  683
  727
  772
  819
  867
  918
  971
  1,027
  1,085
Issuance/(repayment) of debt, $m
  0
  40
  48
  52
  57
  62
  66
  70
  75
  79
  83
  87
  91
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  141
  146
  152
  159
  165
  172
  180
  187
Issuance/(repurchase) of shares, $m
  23
  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  
  23
  40
  48
  52
  57
  62
  66
  70
  75
  79
  83
  87
  91
  95
  99
  103
  107
  111
  116
  120
  125
  130
  135
  141
  146
  152
  159
  165
  172
  180
  187
Total cash flow (excl. dividends), $m
  115
  132
  155
  177
  199
  223
  248
  275
  302
  331
  361
  391
  423
  456
  491
  526
  564
  602
  642
  684
  727
  772
  819
  867
  918
  971
  1,026
  1,084
  1,144
  1,206
  1,272
Retained Cash Flow (-), $m
  -122
  -8
  -5
  -6
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -18
  -19
  -20
  -21
Prev. year cash balance distribution, $m
 
  698
  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
 
  823
  150
  171
  193
  216
  241
  267
  294
  322
  351
  381
  413
  446
  480
  515
  552
  590
  629
  670
  713
  757
  804
  852
  902
  954
  1,008
  1,065
  1,124
  1,186
  1,251
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
 
  789
  137
  149
  159
  168
  175
  180
  184
  185
  184
  181
  176
  169
  161
  151
  140
  128
  116
  103
  91
  78
  67
  56
  46
  37
  29
  23
  17
  13
  9
Current shareholders' claim on cash, %
  100
  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

51job, Inc. is a holding company. The Company is a provider of integrated human resource services in China. The Company focuses on online recruitment advertising. The Company operates over three Websites, including www.51job.com, www.yingjiesheng.com and www.51jingying.com, which are utilized by a base of corporate employers, reach an audience of job seekers and aggregate job information from over 100 cities across China. The Company provides a range of human resource services in the categories, such as recruitment advertising services, including online recruitment services provided by its Websites, and other human resource related services, including business process outsourcing, training, campus recruitment, professional assessment tools, salary and other human resource related surveys, human resource conferences and executive search services.

FINANCIAL RATIOS  of  51job ADR (JOBS)

Valuation Ratios
P/E Ratio 42.8
Price to Sales 10.4
Price to Book 4.9
Price to Tangible Book
Price to Cash Flow 22.4
Price to Free Cash Flow 23.4
Growth Rates
Sales Growth Rate 13.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -46.2%
Cap. Spend. - 3 Yr. Gr. Rate -26.2%
Financial Strength
Quick Ratio 5
Current Ratio 0.2
LT Debt to Equity 0%
Total Debt to Equity 25.3%
Interest Coverage 21
Management Effectiveness
Return On Assets 8.4%
Ret/ On Assets - 3 Yr. Avg. 9.4%
Return On Total Capital 9.9%
Ret/ On T. Cap. - 3 Yr. Avg. 11.1%
Return On Equity 12.5%
Return On Equity - 3 Yr. Avg. 13.8%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 71.6%
Gross Margin - 3 Yr. Avg. 72.3%
EBITDA Margin 34%
EBITDA Margin - 3 Yr. Avg. 35.9%
Operating Margin 26%
Oper. Margin - 3 Yr. Avg. 27.4%
Pre-Tax Margin 29.9%
Pre-Tax Margin - 3 Yr. Avg. 32.1%
Net Profit Margin 24.3%
Net Profit Margin - 3 Yr. Avg. 26%
Effective Tax Rate 18.8%
Eff/ Tax Rate - 3 Yr. Avg. 19.2%
Payout Ratio 0%

JOBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the JOBS stock intrinsic value calculation we used $338 million for the last fiscal year's total revenue generated by 51job ADR. The default revenue input number comes from 2016 income statement of 51job 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 JOBS stock valuation model: a) initial revenue growth rate of 20% 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 JOBS is calculated based on our internal credit rating of 51job 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 51job 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 JOBS stock the variable cost ratio is equal to 72.5%.

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 JOBS 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 3.5% for 51job ADR.

Corporate tax rate of 27% is the nominal tax rate for 51job 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 JOBS 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 JOBS are equal to 26%.

Life of production assets of 13.2 years is the average useful life of capital assets used in 51job 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 JOBS is equal to -34.6%. 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 - $719 million for 51job 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 61.402 million for 51job 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 51job ADR at the current share price and the inputted number of shares is $3.6 billion.

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COMPANY NEWS

▶ Wasatch International Growth Fund Buys 4 Stocks   [Dec-07-17 06:19PM  GuruFocus.com]
▶ ETFs with exposure to 51job, Inc. : November 10, 2017   [Nov-10-17 12:38PM  Capital Cube]
▶ 51job Accelerates to Get the Job Done   [10:05AM  Motley Fool]
▶ 51job, Inc. Reports Third Quarter 2017 Financial Results   [Nov-09-17 04:30PM  PR Newswire]
▶ ETFs with exposure to 51job, Inc. : October 25, 2017   [Oct-25-17 10:02AM  Capital Cube]
▶ ETFs with exposure to 51job, Inc. : October 6, 2017   [Oct-06-17 10:55AM  Capital Cube]
▶ 51job, Inc. Announces Strategic Investment in Lagou   [Sep-21-17 06:00PM  PR Newswire]
▶ Why 51job, Inc. (ADR) Stock Jumped Today   [Aug-04-17 01:25PM  Motley Fool]
▶ Trumps big Foxconn announcement will bring jobs and robots   [Jul-26-17 06:31PM  Yahoo Finance]
▶ ETFs with exposure to 51job, Inc. : July 11, 2017   [Jul-11-17 02:44PM  Capital Cube]
▶ ETFs with exposure to 51job, Inc. : June 29, 2017   [Jun-29-17 03:05PM  Capital Cube]
▶ ETFs with exposure to 51job, Inc. : June 9, 2017   [Jun-09-17 01:41PM  Capital Cube]
▶ 51job Keeps Moving to Hire Ground   [May-05-17 08:17AM  Motley Fool]
▶ 51job, Inc. Reports First Quarter 2017 Financial Results   [May-04-17 04:18PM  PR Newswire]
▶ 51job, Inc. Announces Board Change   [04:15PM  PR Newswire]
▶ 51job, Inc. Files Annual Report on Form 20-F   [Mar-31-17 10:00PM  PR Newswire]
▶ 51job Inc. Earnings: Making It Work   [Feb-22-17 07:03PM  Motley Fool]
▶ 51job Inc. Earnings: Making It Work   [07:03PM  at Motley Fool]
▶ Is 51job, Inc. (ADR) (JOBS) A Good Stock To Buy?   [Dec-16-16 01:59PM  Insider Monkey]
▶ Is 51job, Inc. (ADR) (JOBS) A Good Stock To Buy?   [01:59PM  at Insider Monkey]
▶ Is Baytex Energy Corp (USA) (BTE) Worthy of Your Portfolio?   [Dec-14-16 03:05AM  Insider Monkey]
▶ 51job Inc. Earnings: It's a Hire Sale   [Nov-11-16 02:31PM  at Motley Fool]
▶ 51job, Inc. Reports Third Quarter 2016 Financial Results   [Nov-10-16 04:15PM  PR Newswire]
▶ [$$] VC Profile: DCM Finds Exits With East Asia-U.S. Strategy   [Sep-06-16 09:05AM  at The Wall Street Journal]
▶ 51job Inc. Earnings: They're Still Hiring in China   [May-09-16 01:46PM  at Motley Fool]
▶ 51job, Inc. Reports First Quarter 2016 Financial Results   [May-05-16 04:15PM  PR Newswire]
▶ 51job, Inc. Files Annual Report on Form 20-F   [Mar-31-16 06:37AM  PR Newswire]
▶ Quinn: Yahoo's long line of possible suitors   [Dec-09  06:57PM  at San Jose Mercury News]
▶ More and More Top Investors Are Selling Yelp Inc (YELP)   [Nov-28  07:40PM  at Insider Monkey]
▶ What do Hedge Funds Think of Haemonetics Corporation (HAE)?   [Nov-26  05:14AM  at Insider Monkey]
Financial statements of JOBS
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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