Intrinsic value of Pingtan Marine Enterprise Ltd. - PME

Previous Close

$2.31

  Intrinsic Value

$0.41

stock screener

  Rating & Target

str. sell

-82%

Previous close

$2.31

 
Intrinsic value

$0.41

 
Up/down potential

-82%

 
Rating

str. sell

We calculate the intrinsic value of PME 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 0.2

 

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, %
  60.00
  54.50
  49.55
  45.10
  41.09
  37.48
  34.23
  31.31
  28.68
  26.31
  24.18
  22.26
  20.53
  18.98
  17.58
  16.32
  15.19
  14.17
  13.26
  12.43
  11.69
  11.02
  10.42
  9.87
  9.39
  8.95
  8.55
  8.20
  7.88
  7.59
Revenue, $m
  101
  156
  233
  338
  477
  655
  880
  1,155
  1,487
  1,878
  2,332
  2,851
  3,436
  4,088
  4,807
  5,591
  6,441
  7,354
  8,328
  9,364
  10,458
  11,610
  12,819
  14,085
  15,408
  16,786
  18,222
  19,716
  21,269
  22,884
Variable operating expenses, $m
  166
  257
  385
  558
  787
  1,082
  1,453
  1,907
  2,454
  3,100
  3,849
  4,706
  5,673
  6,749
  7,936
  9,231
  10,634
  12,141
  13,750
  15,459
  17,266
  19,168
  21,165
  23,255
  25,438
  27,714
  30,085
  32,551
  35,116
  37,781
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
  166
  257
  385
  558
  787
  1,082
  1,453
  1,907
  2,454
  3,100
  3,849
  4,706
  5,673
  6,749
  7,936
  9,231
  10,634
  12,141
  13,750
  15,459
  17,266
  19,168
  21,165
  23,255
  25,438
  27,714
  30,085
  32,551
  35,116
  37,781
Operating income, $m
  -66
  -101
  -152
  -220
  -310
  -427
  -573
  -752
  -968
  -1,222
  -1,518
  -1,856
  -2,237
  -2,661
  -3,129
  -3,640
  -4,193
  -4,787
  -5,422
  -6,096
  -6,808
  -7,558
  -8,345
  -9,170
  -10,030
  -10,928
  -11,863
  -12,835
  -13,846
  -14,897
EBITDA, $m
  -51
  -79
  -118
  -172
  -242
  -333
  -447
  -587
  -755
  -954
  -1,185
  -1,449
  -1,746
  -2,078
  -2,443
  -2,842
  -3,273
  -3,737
  -4,233
  -4,759
  -5,315
  -5,900
  -6,515
  -7,158
  -7,830
  -8,531
  -9,261
  -10,020
  -10,809
  -11,630
Interest expense (income), $m
  3
  2
  4
  8
  13
  19
  28
  39
  52
  69
  90
  114
  142
  174
  210
  250
  294
  343
  395
  451
  511
  575
  642
  713
  788
  866
  947
  1,032
  1,120
  1,212
  1,308
Earnings before tax, $m
  -68
  -106
  -159
  -233
  -329
  -454
  -611
  -804
  -1,037
  -1,312
  -1,632
  -1,997
  -2,410
  -2,871
  -3,379
  -3,934
  -4,536
  -5,182
  -5,873
  -6,607
  -7,383
  -8,200
  -9,059
  -9,957
  -10,896
  -11,875
  -12,895
  -13,956
  -15,059
  -16,205
Tax expense, $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
Net income, $m
  -68
  -106
  -159
  -233
  -329
  -454
  -611
  -804
  -1,037
  -1,312
  -1,632
  -1,997
  -2,410
  -2,871
  -3,379
  -3,934
  -4,536
  -5,182
  -5,873
  -6,607
  -7,383
  -8,200
  -9,059
  -9,957
  -10,896
  -11,875
  -12,895
  -13,956
  -15,059
  -16,205

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
  322
  498
  744
  1,080
  1,523
  2,094
  2,811
  3,691
  4,749
  5,999
  7,449
  9,107
  10,977
  13,061
  15,357
  17,864
  20,578
  23,494
  26,608
  29,916
  33,412
  37,093
  40,957
  45,001
  49,225
  53,630
  58,218
  62,990
  67,953
  73,111
Adjusted assets (=assets-cash), $m
  322
  498
  744
  1,080
  1,523
  2,094
  2,811
  3,691
  4,749
  5,999
  7,449
  9,107
  10,977
  13,061
  15,357
  17,864
  20,578
  23,494
  26,608
  29,916
  33,412
  37,093
  40,957
  45,001
  49,225
  53,630
  58,218
  62,990
  67,953
  73,111
Revenue / Adjusted assets
  0.314
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
  0.313
Average production assets, $m
  206
  318
  476
  690
  974
  1,338
  1,797
  2,359
  3,035
  3,834
  4,761
  5,821
  7,016
  8,348
  9,815
  11,418
  13,152
  15,016
  17,007
  19,120
  21,355
  23,708
  26,177
  28,762
  31,462
  34,278
  37,210
  40,260
  43,432
  46,729
Working capital, $m
  2
  3
  4
  6
  9
  12
  16
  21
  27
  34
  42
  51
  62
  74
  87
  101
  116
  132
  150
  169
  188
  209
  231
  254
  277
  302
  328
  355
  383
  412
Total debt, $m
  81
  144
  232
  351
  510
  714
  969
  1,284
  1,661
  2,108
  2,625
  3,217
  3,885
  4,629
  5,448
  6,343
  7,312
  8,353
  9,465
  10,646
  11,894
  13,208
  14,588
  16,031
  17,539
  19,112
  20,750
  22,454
  24,225
  26,067
Total liabilities, $m
  115
  178
  266
  385
  544
  748
  1,003
  1,318
  1,695
  2,142
  2,659
  3,251
  3,919
  4,663
  5,482
  6,377
  7,346
  8,387
  9,499
  10,680
  11,928
  13,242
  14,622
  16,065
  17,573
  19,146
  20,784
  22,488
  24,259
  26,101
Total equity, $m
  207
  320
  478
  694
  979
  1,347
  1,807
  2,373
  3,054
  3,857
  4,790
  5,856
  7,058
  8,398
  9,875
  11,486
  13,231
  15,107
  17,109
  19,236
  21,484
  23,851
  26,335
  28,936
  31,652
  34,484
  37,434
  40,503
  43,694
  47,010
Total liabilities and equity, $m
  322
  498
  744
  1,079
  1,523
  2,095
  2,810
  3,691
  4,749
  5,999
  7,449
  9,107
  10,977
  13,061
  15,357
  17,863
  20,577
  23,494
  26,608
  29,916
  33,412
  37,093
  40,957
  45,001
  49,225
  53,630
  58,218
  62,991
  67,953
  73,111
Debt-to-equity ratio
  0.390
  0.450
  0.480
  0.510
  0.520
  0.530
  0.540
  0.540
  0.540
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
  0.550
Adjusted equity ratio
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643
  0.643

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -68
  -106
  -159
  -233
  -329
  -454
  -611
  -804
  -1,037
  -1,312
  -1,632
  -1,997
  -2,410
  -2,871
  -3,379
  -3,934
  -4,536
  -5,182
  -5,873
  -6,607
  -7,383
  -8,200
  -9,059
  -9,957
  -10,896
  -11,875
  -12,895
  -13,956
  -15,059
  -16,205
Depreciation, amort., depletion, $m
  14
  22
  33
  48
  68
  94
  126
  165
  212
  268
  333
  407
  491
  584
  686
  798
  920
  1,050
  1,189
  1,337
  1,493
  1,658
  1,831
  2,011
  2,200
  2,397
  2,602
  2,815
  3,037
  3,268
Funds from operations, $m
  -53
  -84
  -126
  -184
  -261
  -361
  -486
  -639
  -825
  -1,044
  -1,299
  -1,590
  -1,920
  -2,287
  -2,693
  -3,136
  -3,616
  -4,132
  -4,684
  -5,270
  -5,890
  -6,543
  -7,228
  -7,946
  -8,696
  -9,478
  -10,293
  -11,140
  -12,022
  -12,938
Change in working capital, $m
  1
  1
  1
  2
  2
  3
  4
  5
  6
  7
  8
  9
  11
  12
  13
  14
  15
  16
  18
  19
  20
  21
  22
  23
  24
  25
  26
  27
  28
  29
Cash from operations, $m
  -54
  -85
  -128
  -186
  -264
  -364
  -490
  -644
  -831
  -1,051
  -1,307
  -1,600
  -1,930
  -2,299
  -2,706
  -3,150
  -3,631
  -4,148
  -4,701
  -5,288
  -5,909
  -6,563
  -7,250
  -7,969
  -8,720
  -9,503
  -10,318
  -11,167
  -12,050
  -12,967
Maintenance CAPEX, $m
  -9
  -14
  -22
  -33
  -48
  -68
  -94
  -126
  -165
  -212
  -268
  -333
  -407
  -491
  -584
  -686
  -798
  -920
  -1,050
  -1,189
  -1,337
  -1,493
  -1,658
  -1,831
  -2,011
  -2,200
  -2,397
  -2,602
  -2,815
  -3,037
New CAPEX, $m
  -77
  -112
  -158
  -214
  -284
  -365
  -458
  -562
  -676
  -799
  -927
  -1,060
  -1,195
  -1,332
  -1,468
  -1,602
  -1,735
  -1,864
  -1,990
  -2,114
  -2,235
  -2,353
  -2,469
  -2,585
  -2,700
  -2,815
  -2,932
  -3,051
  -3,172
  -3,297
Cash from investing activities, $m
  -86
  -126
  -180
  -247
  -332
  -433
  -552
  -688
  -841
  -1,011
  -1,195
  -1,393
  -1,602
  -1,823
  -2,052
  -2,288
  -2,533
  -2,784
  -3,040
  -3,303
  -3,572
  -3,846
  -4,127
  -4,416
  -4,711
  -5,015
  -5,329
  -5,653
  -5,987
  -6,334
Free cash flow, $m
  -140
  -211
  -307
  -434
  -596
  -797
  -1,041
  -1,332
  -1,672
  -2,062
  -2,502
  -2,992
  -3,533
  -4,121
  -4,757
  -5,439
  -6,164
  -6,932
  -7,742
  -8,591
  -9,481
  -10,410
  -11,377
  -12,384
  -13,431
  -14,518
  -15,647
  -16,820
  -18,037
  -19,301
Issuance/(repayment) of debt, $m
  43
  63
  88
  120
  158
  204
  256
  314
  378
  446
  518
  592
  668
  744
  820
  895
  969
  1,041
  1,112
  1,181
  1,248
  1,314
  1,379
  1,444
  1,508
  1,573
  1,638
  1,704
  1,772
  1,841
Issuance/(repurchase) of shares, $m
  145
  219
  318
  448
  615
  821
  1,072
  1,370
  1,718
  2,115
  2,564
  3,064
  3,613
  4,211
  4,856
  5,546
  6,280
  7,057
  7,875
  8,733
  9,631
  10,568
  11,543
  12,558
  13,612
  14,707
  15,844
  17,025
  18,250
  19,522
Cash from financing (excl. dividends), $m  
  188
  282
  406
  568
  773
  1,025
  1,328
  1,684
  2,096
  2,561
  3,082
  3,656
  4,281
  4,955
  5,676
  6,441
  7,249
  8,098
  8,987
  9,914
  10,879
  11,882
  12,922
  14,002
  15,120
  16,280
  17,482
  18,729
  20,022
  21,363
Total cash flow (excl. dividends), $m
  48
  70
  99
  134
  177
  228
  287
  352
  423
  500
  580
  663
  748
  833
  918
  1,003
  1,085
  1,166
  1,245
  1,323
  1,398
  1,472
  1,545
  1,617
  1,689
  1,762
  1,835
  1,909
  1,985
  2,063
Retained Cash Flow (-), $m
  -145
  -219
  -318
  -448
  -615
  -821
  -1,072
  -1,370
  -1,718
  -2,115
  -2,564
  -3,064
  -3,613
  -4,211
  -4,856
  -5,546
  -6,280
  -7,057
  -7,875
  -8,733
  -9,631
  -10,568
  -11,543
  -12,558
  -13,612
  -14,707
  -15,844
  -17,025
  -18,250
  -19,522
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
  -97
  -148
  -219
  -314
  -437
  -593
  -786
  -1,018
  -1,294
  -1,616
  -1,984
  -2,401
  -2,865
  -3,378
  -3,937
  -4,544
  -5,195
  -5,891
  -6,630
  -7,411
  -8,233
  -9,095
  -9,998
  -10,940
  -11,923
  -12,946
  -14,010
  -15,116
  -16,265
  -17,459
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
  -93
  -136
  -191
  -259
  -339
  -430
  -531
  -636
  -744
  -847
  -942
  -1,024
  -1,089
  -1,134
  -1,156
  -1,155
  -1,130
  -1,085
  -1,021
  -942
  -852
  -755
  -655
  -557
  -464
  -378
  -301
  -234
  -178
  -131
Current shareholders' claim on cash, %
  55.6
  31.8
  18.6
  11.2
  6.9
  4.3
  2.8
  1.8
  1.2
  0.8
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  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

Pingtan Marine Enterprise Ltd. is a marine enterprises company. The Company is primarily engaging in ocean fishing through its operating subsidiary, Fujian Provincial Pingtan County Ocean Fishing Group Co., Ltd. (Pingtan Fishing). The Company harvests a range of fish species with its owned and licensed vessels operating within the Indian Exclusive Economic Zone, Indo-Pacific waters, the Arafura Sea of Indonesia, and international waters of Atlantic and Pacific Oceans. As of December 31, 2016, the Company owned 91 trawlers, 15 drifters, three light luring seine vessels, two squid jigging vessels and had exclusive operating license rights to 20 drifters. As of December 31, 2016, the Company caught approximately 20 different species of fish, including ribbon fish, croaker fish, pomfret, Spanish mackerel, conger eel, squid and red snapper. The Company's fishing vessels transport frozen catch to cold storage warehouses at nearby onshore fishing bases.

FINANCIAL RATIOS  of  Pingtan Marine Enterprise Ltd. (PME)

Valuation Ratios
P/E Ratio -13
Price to Sales 8.7
Price to Book 1.5
Price to Tangible Book
Price to Cash Flow -36.4
Price to Free Cash Flow -30.4
Growth Rates
Sales Growth Rate -65.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -98.2%
Cap. Spend. - 3 Yr. Gr. Rate -67.1%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 17.6%
Total Debt to Equity 48.8%
Interest Coverage -4
Management Effectiveness
Return On Assets -4.8%
Ret/ On Assets - 3 Yr. Avg. 16.1%
Return On Total Capital -7.1%
Ret/ On T. Cap. - 3 Yr. Avg. 15.2%
Return On Equity -10.2%
Return On Equity - 3 Yr. Avg. 27.4%
Asset Turnover 0.1
Profitability Ratios
Gross Margin -42.9%
Gross Margin - 3 Yr. Avg. -4.8%
EBITDA Margin -23.8%
EBITDA Margin - 3 Yr. Avg. 22.5%
Operating Margin -66.7%
Oper. Margin - 3 Yr. Avg. -16%
Pre-Tax Margin -71.4%
Pre-Tax Margin - 3 Yr. Avg. -0.6%
Net Profit Margin -66.7%
Net Profit Margin - 3 Yr. Avg. -0.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio -21.4%

PME stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PME stock intrinsic value calculation we used $63 million for the last fiscal year's total revenue generated by Pingtan Marine Enterprise Ltd.. The default revenue input number comes from 0001 income statement of Pingtan Marine Enterprise Ltd.. 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 PME stock valuation model: a) initial revenue growth rate of 60% 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 PME is calculated based on our internal credit rating of Pingtan Marine Enterprise Ltd., 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 Pingtan Marine Enterprise Ltd..
    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 PME stock the variable cost ratio is equal to 165.1%.

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 PME 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 Pingtan Marine Enterprise Ltd..

Corporate tax rate of 27% is the nominal tax rate for Pingtan Marine Enterprise Ltd.. 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 PME 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 PME are equal to 204.2%.

Life of production assets of 14.3 years is the average useful life of capital assets used in Pingtan Marine Enterprise Ltd. 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 PME is equal to 1.8%. 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 - $129.357297 million for Pingtan Marine Enterprise Ltd. - 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 79.053 million for Pingtan Marine Enterprise Ltd. 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 Pingtan Marine Enterprise Ltd. at the current share price and the inputted number of shares is $0.2 billion.

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