Intrinsic value of NQ Mobile ADR - NQ

Previous Close

$4.30

  Intrinsic Value

$6.73

stock screener

  Rating & Target

str. buy

+57%

Previous close

$4.30

 
Intrinsic value

$6.73

 
Up/down potential

+57%

 
Rating

str. buy

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

We calculate the intrinsic value of NQ 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 0.4

 

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, %
  -15.72
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  343
  350
  358
  367
  377
  389
  401
  415
  430
  446
  463
  481
  501
  522
  544
  567
  592
  618
  646
  676
  707
  739
  774
  810
  849
  889
  932
  976
  1,023
  1,073
  1,125
Variable operating expenses, $m
 
  343
  351
  359
  369
  379
  391
  403
  417
  431
  447
  441
  459
  478
  499
  520
  543
  567
  593
  620
  648
  678
  710
  743
  778
  815
  854
  895
  939
  984
  1,032
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
  470
  343
  351
  359
  369
  379
  391
  403
  417
  431
  447
  441
  459
  478
  499
  520
  543
  567
  593
  620
  648
  678
  710
  743
  778
  815
  854
  895
  939
  984
  1,032
Operating income, $m
  -127
  6
  7
  8
  9
  10
  11
  12
  13
  14
  16
  40
  42
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
EBITDA, $m
  -113
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  43
  45
  47
  49
  51
  54
  56
  59
  61
  64
  67
  70
  74
  77
  81
  85
  89
  93
  97
Interest expense (income), $m
  7
  7
  8
  8
  9
  9
  10
  10
  11
  12
  12
  13
  14
  15
  16
  17
  18
  20
  21
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  41
  43
Earnings before tax, $m
  -134
  -1
  -1
  0
  0
  0
  1
  1
  2
  3
  3
  27
  27
  28
  29
  30
  31
  32
  33
  34
  35
  36
  37
  39
  40
  42
  43
  45
  46
  48
  50
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  1
  1
  1
  7
  7
  8
  8
  8
  8
  9
  9
  9
  9
  10
  10
  10
  11
  11
  12
  12
  13
  13
  14
Net income, $m
  -128
  -1
  -1
  0
  0
  0
  1
  1
  1
  2
  2
  19
  20
  20
  21
  22
  22
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  318
  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
  854
  547
  559
  574
  590
  608
  627
  649
  672
  697
  723
  752
  782
  815
  850
  886
  925
  966
  1,010
  1,056
  1,104
  1,155
  1,209
  1,266
  1,326
  1,389
  1,456
  1,526
  1,599
  1,677
  1,758
Adjusted assets (=assets-cash), $m
  536
  547
  559
  574
  590
  608
  627
  649
  672
  697
  723
  752
  782
  815
  850
  886
  925
  966
  1,010
  1,056
  1,104
  1,155
  1,209
  1,266
  1,326
  1,389
  1,456
  1,526
  1,599
  1,677
  1,758
Revenue / Adjusted assets
  0.640
  0.640
  0.640
  0.639
  0.639
  0.640
  0.640
  0.639
  0.640
  0.640
  0.640
  0.640
  0.641
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
  0.640
Average production assets, $m
  28
  28
  29
  29
  30
  31
  32
  33
  34
  36
  37
  39
  40
  42
  43
  45
  47
  49
  52
  54
  57
  59
  62
  65
  68
  71
  75
  78
  82
  86
  90
Working capital, $m
  336
  21
  22
  22
  23
  24
  24
  25
  26
  27
  28
  29
  31
  32
  33
  35
  36
  38
  39
  41
  43
  45
  47
  49
  52
  54
  57
  60
  62
  65
  69
Total debt, $m
  210
  216
  227
  240
  254
  269
  286
  305
  325
  347
  370
  395
  421
  449
  479
  511
  545
  581
  618
  658
  700
  745
  792
  841
  893
  948
  1,005
  1,066
  1,130
  1,197
  1,268
Total liabilities, $m
  468
  474
  485
  498
  512
  527
  544
  563
  583
  605
  628
  653
  679
  707
  737
  769
  803
  839
  876
  916
  958
  1,003
  1,050
  1,099
  1,151
  1,206
  1,263
  1,324
  1,388
  1,455
  1,526
Total equity, $m
  386
  72
  74
  76
  78
  80
  83
  86
  89
  92
  95
  99
  103
  108
  112
  117
  122
  128
  133
  139
  146
  152
  160
  167
  175
  183
  192
  201
  211
  221
  232
Total liabilities and equity, $m
  854
  546
  559
  574
  590
  607
  627
  649
  672
  697
  723
  752
  782
  815
  849
  886
  925
  967
  1,009
  1,055
  1,104
  1,155
  1,210
  1,266
  1,326
  1,389
  1,455
  1,525
  1,599
  1,676
  1,758
Debt-to-equity ratio
  0.544
  3.000
  3.080
  3.170
  3.260
  3.360
  3.460
  3.560
  3.670
  3.770
  3.870
  3.980
  4.080
  4.180
  4.270
  4.370
  4.460
  4.550
  4.640
  4.720
  4.810
  4.880
  4.960
  5.030
  5.100
  5.170
  5.230
  5.290
  5.350
  5.410
  5.460
Adjusted equity ratio
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132
  0.132

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -128
  -1
  -1
  0
  0
  0
  1
  1
  1
  2
  2
  19
  20
  20
  21
  22
  22
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  33
  34
  35
  37
Depreciation, amort., depletion, $m
  14
  24
  24
  24
  24
  24
  24
  24
  24
  24
  24
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
Funds from operations, $m
  -92
  23
  23
  24
  24
  24
  25
  25
  26
  26
  27
  21
  22
  22
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
  39
  41
Change in working capital, $m
  -51
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
Cash from operations, $m
  -41
  22
  23
  23
  23
  24
  24
  24
  25
  25
  26
  20
  21
  21
  22
  22
  23
  24
  25
  25
  26
  27
  28
  29
  30
  31
  32
  34
  35
  36
  38
Maintenance CAPEX, $m
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
New CAPEX, $m
  -1
  0
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -1
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
Cash from investing activities, $m
  -18
  -1
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -4
  -5
  -6
  -6
  -6
  -6
  -6
  -6
  -7
  -8
  -8
  -8
Free cash flow, $m
  -59
  21
  21
  21
  21
  21
  22
  22
  22
  22
  23
  17
  17
  18
  18
  18
  19
  19
  20
  21
  21
  22
  23
  23
  24
  25
  26
  27
  27
  28
  29
Issuance/(repayment) of debt, $m
  35
  9
  11
  12
  14
  16
  17
  19
  20
  22
  23
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
Issuance/(repurchase) of shares, $m
  0
  2
  2
  2
  2
  2
  2
  2
  2
  1
  1
  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  
  40
  11
  13
  14
  16
  18
  19
  21
  22
  23
  24
  25
  26
  28
  30
  32
  34
  36
  38
  40
  42
  44
  47
  49
  52
  55
  58
  61
  64
  67
  71
Total cash flow (excl. dividends), $m
  -27
  32
  34
  36
  37
  39
  40
  42
  44
  45
  47
  42
  44
  46
  48
  50
  53
  55
  58
  60
  63
  66
  69
  73
  76
  80
  83
  87
  91
  96
  100
Retained Cash Flow (-), $m
  78
  -2
  -2
  -2
  -2
  -2
  -3
  -3
  -3
  -3
  -4
  -4
  -4
  -4
  -5
  -5
  -5
  -5
  -6
  -6
  -6
  -7
  -7
  -8
  -8
  -8
  -9
  -9
  -10
  -10
  -11
Prev. year cash balance distribution, $m
 
  315
  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
 
  345
  32
  33
  35
  37
  38
  39
  41
  42
  43
  38
  40
  42
  43
  45
  48
  50
  52
  54
  57
  60
  62
  65
  68
  71
  75
  78
  82
  85
  89
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
 
  331
  29
  29
  29
  28
  28
  27
  25
  24
  23
  18
  17
  16
  15
  13
  12
  11
  10
  8
  7
  6
  5
  4
  3
  3
  2
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  97.2
  94.4
  91.8
  89.5
  87.4
  85.6
  84.0
  82.6
  81.5
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6
  80.6

NQ Mobile Inc. is a global provider of mobile Internet services. The Company provides a portfolio of offerings, including mobile game publishing platforms, mobile advertising platforms, mobile entertainment applications and platforms, mobile security and productivity applications, as well as other mobile applications. It operates through two segments: consumer and enterprise. The consumer segment primarily consists of mobile value added services, which includes mobile security services, mobile games and live mobile social video platform, advertising services and other services. The enterprise segment mainly consists of technology and software development services and hardware sales aggregated under enterprise mobility revenues. It offers a range of products and services to consumers and enterprises. Its product and service offerings provide mobile privacy and productivity, and also offer additional mobile value added services, such as mobile games and other mobile applications.

FINANCIAL RATIOS  of  NQ Mobile ADR (NQ)

Valuation Ratios
P/E Ratio -16.4
Price to Sales 6.1
Price to Book 5.4
Price to Tangible Book
Price to Cash Flow -51.3
Price to Free Cash Flow -50.1
Growth Rates
Sales Growth Rate -15.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 0%
Cap. Spend. - 3 Yr. Gr. Rate -12.9%
Financial Strength
Quick Ratio 106
Current Ratio 0.2
LT Debt to Equity 53.6%
Total Debt to Equity 54.4%
Interest Coverage -18
Management Effectiveness
Return On Assets -14.6%
Ret/ On Assets - 3 Yr. Avg. -8.2%
Return On Total Capital -20.7%
Ret/ On T. Cap. - 3 Yr. Avg. -11.3%
Return On Equity -30.1%
Return On Equity - 3 Yr. Avg. -16.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 23.9%
Gross Margin - 3 Yr. Avg. 25.7%
EBITDA Margin -32.9%
EBITDA Margin - 3 Yr. Avg. -13.6%
Operating Margin -37%
Oper. Margin - 3 Yr. Avg. -20.5%
Pre-Tax Margin -39.1%
Pre-Tax Margin - 3 Yr. Avg. -19.6%
Net Profit Margin -37.3%
Net Profit Margin - 3 Yr. Avg. -20.3%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 0%

NQ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NQ stock intrinsic value calculation we used $343 million for the last fiscal year's total revenue generated by NQ Mobile ADR. The default revenue input number comes from 2016 income statement of NQ Mobile 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 NQ stock valuation model: a) initial revenue growth rate of 2% 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 NQ is calculated based on our internal credit rating of NQ Mobile 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 NQ Mobile 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 NQ stock the variable cost ratio is equal to 98.3%.

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 NQ 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 3.6% for NQ Mobile ADR.

Corporate tax rate of 27% is the nominal tax rate for NQ Mobile 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 NQ 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 NQ are equal to 8%.

Life of production assets of 21.4 years is the average useful life of capital assets used in NQ Mobile 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 NQ is equal to 6.1%. 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 - $386 million for NQ Mobile 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 97.719 million for NQ Mobile 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 NQ Mobile ADR at the current share price and the inputted number of shares is $0.4 billion.

RELATED COMPANIES Price Int.Val. Rating
SINA Sina 98.20 305.74  str.buy
BIDU Baidu ADR 232.73 214.89  hold
CMCM Cheetah Mobile 11.20 6.52  sell
YY YY ADR 106.31 263.67  str.buy

COMPANY NEWS

▶ Why NQ Mobile Stock Jumped Today   [Nov-09-17 05:12PM  Motley Fool]
▶ Is NQ Mobile Incs (NQ) Balance Sheet A Threat To Its Future?   [Oct-30-17 05:41PM  Simply Wall St.]
▶ Closing Bell: LIVE MARKETS BLOG   [Oct-10-17 04:03PM  TheStreet.com]
▶ Trian to Contest P&G Vote: LIVE MARKETS BLOG   [12:45PM  TheStreet.com]
▶ Opening Bell: LIVE MARKETS BLOG   [09:35AM  TheStreet.com]
▶ Earnings Calendar: LIVE MARKETS BLOG   [08:17AM  TheStreet.com]
▶ ETFs with exposure to NQ Mobile, Inc. : October 3, 2017   [Oct-03-17 11:27AM  Capital Cube]
▶ ETFs with exposure to NQ Mobile, Inc. : June 12, 2017   [Jun-12-17 02:17PM  Capital Cube]
▶ ETFs with exposure to NQ Mobile, Inc. : May 16, 2017   [May-16-17 12:57PM  Capital Cube]
▶ ETFs with exposure to NQ Mobile, Inc. : May 3, 2017   [May-03-17 04:10PM  Capital Cube]
▶ NQ Mobile Inc. Files Form 20-F for Year 2016   [Apr-26-17 06:18AM  PR Newswire]
▶ NQ Mobile reports 4Q loss   [Apr-06-17 06:48PM  Associated Press]
▶ Why NQ Mobile Inc. Stock Popped Today   [Mar-30-17 01:52PM  Motley Fool]
▶ Why NQ Mobile Inc. Stock Popped Today   [01:52PM  at Motley Fool]
▶ NQ Mobile Inc. Announces Appointment of New Director   [Jan-20-17 05:15AM  PR Newswire]
▶ ETFs with exposure to NQ Mobile, Inc. : January 19, 2017   [Jan-19-17 01:34PM  Capital Cube]
▶ Is NQ Mobile Inc (ADR) (NQ) Going to Burn These Hedge Funds?   [Dec-12-16 11:47AM  at Insider Monkey]
▶ NQ Mobile reports 3Q loss   [05:12PM  AP]
▶ NQ Mobile posts 2Q profit   [05:06PM  AP]
▶ [$$] Morgan Stanley to Pay $8.6 Million to Retiree in Arbitration Award   [Jun-04-16 12:51AM  at The Wall Street Journal]
▶ [$$] Morgan Stanley to Pay $8.6 Million to Retiree   [Jun-03-16 02:25PM  at The Wall Street Journal]
▶ Common Investing Mistake: Too Little Or Too Much Money In One Stock   [May-18-16 01:49PM  at Investor's Business Daily]
▶ Why NQ Mobile Shares Popped Today   [12:25PM  at Motley Fool]
▶ Call buyers are dialing into NQ Mobile   [Apr-08-16 07:47AM  optionMONSTER]
▶ NQ Mobile Inc. Files Form 20-F for Year 2015   [Apr-06-16 05:49PM  PR Newswire]
Financial statements of NQ
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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