Intrinsic value of Renren Cl A ADR - RENN

Previous Close

$1.52

  Intrinsic Value

$11.58

stock screener

  Rating & Target

str. buy

+662%

Previous close

$1.52

 
Intrinsic value

$11.58

 
Up/down potential

+662%

 
Rating

str. buy

We calculate the intrinsic value of RENN 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 0.0

 

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
  323
  500
  747
  1,084
  1,529
  2,103
  2,822
  3,706
  4,769
  6,023
  7,480
  9,144
  11,022
  13,114
  15,420
  17,937
  20,662
  23,590
  26,717
  30,038
  33,549
  37,245
  41,124
  45,185
  49,427
  53,850
  58,456
  63,248
  68,231
  73,410
Variable operating expenses, $m
  386
  591
  878
  1,270
  1,787
  2,453
  3,288
  4,315
  5,549
  7,006
  8,687
  10,621
  12,802
  15,231
  17,909
  20,833
  23,998
  27,399
  31,030
  34,887
  38,965
  43,258
  47,764
  52,480
  57,407
  62,544
  67,893
  73,459
  79,247
  85,262
Fixed operating expenses, $m
  48
  49
  50
  51
  52
  54
  55
  56
  57
  58
  60
  61
  62
  64
  65
  67
  68
  70
  71
  73
  74
  76
  78
  79
  81
  83
  85
  86
  88
  90
Total operating expenses, $m
  434
  640
  928
  1,321
  1,839
  2,507
  3,343
  4,371
  5,606
  7,064
  8,747
  10,682
  12,864
  15,295
  17,974
  20,900
  24,066
  27,469
  31,101
  34,960
  39,039
  43,334
  47,842
  52,559
  57,488
  62,627
  67,978
  73,545
  79,335
  85,352
Operating income, $m
  -111
  -140
  -181
  -237
  -310
  -403
  -521
  -665
  -837
  -1,041
  -1,267
  -1,537
  -1,842
  -2,181
  -2,555
  -2,962
  -3,404
  -3,878
  -4,384
  -4,922
  -5,490
  -6,089
  -6,717
  -7,374
  -8,061
  -8,776
  -9,522
  -10,297
  -11,104
  -11,942
EBITDA, $m
  -97
  -125
  -164
  -216
  -285
  -374
  -485
  -621
  -784
  -976
  -1,199
  -1,454
  -1,742
  -2,062
  -2,414
  -2,799
  -3,216
  -3,663
  -4,141
  -4,649
  -5,185
  -5,750
  -6,343
  -6,963
  -7,611
  -8,286
  -8,990
  -9,722
  -10,483
  -11,274
Interest expense (income), $m
  0
  13
  77
  171
  302
  480
  717
  1,021
  1,402
  1,871
  2,434
  3,099
  3,872
  4,754
  5,750
  6,859
  8,082
  9,417
  10,861
  12,414
  14,072
  15,833
  17,694
  19,654
  21,711
  23,865
  26,114
  28,459
  30,901
  33,442
  36,084
Earnings before tax, $m
  -123
  -217
  -352
  -539
  -790
  -1,120
  -1,541
  -2,067
  -2,708
  -3,475
  -4,367
  -5,409
  -6,596
  -7,931
  -9,414
  -11,044
  -12,820
  -14,739
  -16,798
  -18,994
  -21,323
  -23,783
  -26,371
  -29,085
  -31,925
  -34,890
  -37,981
  -41,199
  -44,546
  -48,026
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
  -123
  -217
  -352
  -539
  -790
  -1,120
  -1,541
  -2,067
  -2,708
  -3,475
  -4,367
  -5,409
  -6,596
  -7,931
  -9,414
  -11,044
  -12,820
  -14,739
  -16,798
  -18,994
  -21,323
  -23,783
  -26,371
  -29,085
  -31,925
  -34,890
  -37,981
  -41,199
  -44,546
  -48,026

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
  1,913
  2,956
  4,421
  6,415
  9,050
  12,442
  16,701
  21,929
  28,217
  35,641
  44,257
  54,109
  65,220
  77,598
  91,242
  106,136
  122,260
  139,587
  158,090
  177,740
  198,512
  220,384
  243,340
  267,369
  292,467
  318,638
  345,893
  374,250
  403,735
  434,381
Adjusted assets (=assets-cash), $m
  1,913
  2,956
  4,421
  6,415
  9,050
  12,442
  16,701
  21,929
  28,217
  35,641
  44,257
  54,109
  65,220
  77,598
  91,242
  106,136
  122,260
  139,587
  158,090
  177,740
  198,512
  220,384
  243,340
  267,369
  292,467
  318,638
  345,893
  374,250
  403,735
  434,381
Revenue / Adjusted assets
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
  0.169
Average production assets, $m
  88
  136
  204
  296
  418
  574
  771
  1,012
  1,302
  1,644
  2,042
  2,496
  3,009
  3,580
  4,210
  4,897
  5,641
  6,440
  7,294
  8,200
  9,159
  10,168
  11,227
  12,336
  13,494
  14,701
  15,958
  17,267
  18,627
  20,041
Working capital, $m
  -41
  -64
  -96
  -139
  -196
  -269
  -361
  -474
  -610
  -771
  -957
  -1,170
  -1,411
  -1,679
  -1,974
  -2,296
  -2,645
  -3,020
  -3,420
  -3,845
  -4,294
  -4,767
  -5,264
  -5,784
  -6,327
  -6,893
  -7,482
  -8,096
  -8,734
  -9,397
Total debt, $m
  374
  828
  1,465
  2,332
  3,479
  4,954
  6,807
  9,081
  11,817
  15,046
  18,794
  23,080
  27,913
  33,297
  39,232
  45,711
  52,725
  60,263
  68,311
  76,859
  85,895
  95,409
  105,395
  115,847
  126,765
  138,150
  150,006
  162,341
  175,167
  188,498
Total liabilities, $m
  832
  1,286
  1,923
  2,790
  3,937
  5,412
  7,265
  9,539
  12,274
  15,504
  19,252
  23,537
  28,370
  33,755
  39,690
  46,169
  53,183
  60,720
  68,769
  77,317
  86,353
  95,867
  105,853
  116,305
  127,223
  138,608
  150,463
  162,799
  175,625
  188,956
Total equity, $m
  1,081
  1,670
  2,498
  3,624
  5,113
  7,030
  9,436
  12,390
  15,943
  20,137
  25,005
  30,572
  36,849
  43,843
  51,552
  59,967
  69,077
  78,867
  89,321
  100,423
  112,159
  124,517
  137,487
  151,063
  165,244
  180,031
  195,430
  211,451
  228,110
  245,425
Total liabilities and equity, $m
  1,913
  2,956
  4,421
  6,414
  9,050
  12,442
  16,701
  21,929
  28,217
  35,641
  44,257
  54,109
  65,219
  77,598
  91,242
  106,136
  122,260
  139,587
  158,090
  177,740
  198,512
  220,384
  243,340
  267,368
  292,467
  318,639
  345,893
  374,250
  403,735
  434,381
Debt-to-equity ratio
  0.350
  0.500
  0.590
  0.640
  0.680
  0.700
  0.720
  0.730
  0.740
  0.750
  0.750
  0.750
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.760
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
  0.770
Adjusted equity ratio
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565
  0.565

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -123
  -217
  -352
  -539
  -790
  -1,120
  -1,541
  -2,067
  -2,708
  -3,475
  -4,367
  -5,409
  -6,596
  -7,931
  -9,414
  -11,044
  -12,820
  -14,739
  -16,798
  -18,994
  -21,323
  -23,783
  -26,371
  -29,085
  -31,925
  -34,890
  -37,981
  -41,199
  -44,546
  -48,026
Depreciation, amort., depletion, $m
  13
  15
  17
  20
  24
  30
  36
  44
  54
  65
  68
  83
  100
  119
  140
  163
  188
  215
  243
  273
  305
  339
  374
  411
  450
  490
  532
  576
  621
  668
Funds from operations, $m
  -110
  -202
  -335
  -518
  -766
  -1,091
  -1,505
  -2,023
  -2,654
  -3,410
  -4,299
  -5,326
  -6,496
  -7,812
  -9,274
  -10,881
  -12,632
  -14,525
  -16,555
  -18,721
  -21,018
  -23,444
  -25,997
  -28,674
  -31,475
  -34,400
  -37,449
  -40,623
  -43,925
  -47,358
Change in working capital, $m
  -16
  -23
  -32
  -43
  -57
  -73
  -92
  -113
  -136
  -161
  -186
  -213
  -240
  -268
  -295
  -322
  -349
  -375
  -400
  -425
  -449
  -473
  -497
  -520
  -543
  -566
  -590
  -613
  -638
  -663
Cash from operations, $m
  -94
  -180
  -303
  -475
  -709
  -1,017
  -1,413
  -1,910
  -2,518
  -3,250
  -4,112
  -5,113
  -6,256
  -7,544
  -8,978
  -10,559
  -12,284
  -14,150
  -16,155
  -18,296
  -20,569
  -22,971
  -25,500
  -28,154
  -30,932
  -33,834
  -36,859
  -40,010
  -43,287
  -46,695
Maintenance CAPEX, $m
  -2
  -3
  -5
  -7
  -10
  -14
  -19
  -26
  -34
  -43
  -55
  -68
  -83
  -100
  -119
  -140
  -163
  -188
  -215
  -243
  -273
  -305
  -339
  -374
  -411
  -450
  -490
  -532
  -576
  -621
New CAPEX, $m
  -33
  -48
  -68
  -92
  -122
  -156
  -196
  -241
  -290
  -342
  -398
  -455
  -513
  -571
  -629
  -687
  -744
  -799
  -854
  -907
  -958
  -1,009
  -1,059
  -1,109
  -1,158
  -1,207
  -1,257
  -1,308
  -1,360
  -1,414
Cash from investing activities, $m
  -35
  -51
  -73
  -99
  -132
  -170
  -215
  -267
  -324
  -385
  -453
  -523
  -596
  -671
  -748
  -827
  -907
  -987
  -1,069
  -1,150
  -1,231
  -1,314
  -1,398
  -1,483
  -1,569
  -1,657
  -1,747
  -1,840
  -1,936
  -2,035
Free cash flow, $m
  -129
  -231
  -375
  -574
  -840
  -1,188
  -1,629
  -2,177
  -2,842
  -3,636
  -4,565
  -5,635
  -6,851
  -8,215
  -9,727
  -11,386
  -13,191
  -15,137
  -17,223
  -19,445
  -21,800
  -24,285
  -26,898
  -29,637
  -32,502
  -35,491
  -38,607
  -41,850
  -45,223
  -48,730
Issuance/(repayment) of debt, $m
  313
  454
  637
  867
  1,146
  1,475
  1,853
  2,274
  2,735
  3,229
  3,748
  4,285
  4,833
  5,385
  5,935
  6,479
  7,014
  7,537
  8,049
  8,548
  9,036
  9,514
  9,986
  10,453
  10,918
  11,384
  11,856
  12,335
  12,826
  13,331
Issuance/(repurchase) of shares, $m
  530
  806
  1,179
  1,665
  2,279
  3,036
  3,948
  5,021
  6,261
  7,670
  9,235
  10,975
  12,874
  14,925
  17,122
  19,460
  21,930
  24,529
  27,252
  30,096
  33,060
  36,141
  39,341
  42,662
  46,106
  49,677
  53,380
  57,220
  61,205
  65,341
Cash from financing (excl. dividends), $m  
  843
  1,260
  1,816
  2,532
  3,425
  4,511
  5,801
  7,295
  8,996
  10,899
  12,983
  15,260
  17,707
  20,310
  23,057
  25,939
  28,944
  32,066
  35,301
  38,644
  42,096
  45,655
  49,327
  53,115
  57,024
  61,061
  65,236
  69,555
  74,031
  78,672
Total cash flow (excl. dividends), $m
  713
  1,029
  1,442
  1,958
  2,585
  3,324
  4,171
  5,119
  6,154
  7,263
  8,419
  9,625
  10,855
  12,095
  13,330
  14,552
  15,753
  16,929
  18,078
  19,199
  20,295
  21,370
  22,428
  23,477
  24,522
  25,570
  26,629
  27,706
  28,808
  29,942
Retained Cash Flow (-), $m
  -530
  -806
  -1,179
  -1,665
  -2,279
  -3,036
  -3,948
  -5,021
  -6,261
  -7,670
  -9,235
  -10,975
  -12,874
  -14,925
  -17,122
  -19,460
  -21,930
  -24,529
  -27,252
  -30,096
  -33,060
  -36,141
  -39,341
  -42,662
  -46,106
  -49,677
  -53,380
  -57,220
  -61,205
  -65,341
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
  184
  223
  262
  293
  306
  288
  224
  98
  -107
  -406
  -816
  -1,350
  -2,018
  -2,830
  -3,792
  -4,907
  -6,177
  -7,600
  -9,175
  -10,898
  -12,765
  -14,771
  -16,913
  -19,185
  -21,584
  -24,107
  -26,751
  -29,515
  -32,397
  -35,399
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
  176
  204
  228
  242
  237
  209
  151
  61
  -61
  -213
  -388
  -576
  -767
  -950
  -1,113
  -1,247
  -1,344
  -1,400
  -1,413
  -1,385
  -1,320
  -1,226
  -1,108
  -977
  -840
  -703
  -574
  -457
  -354
  -267
Current shareholders' claim on cash, %
  47.1
  22.8
  11.4
  5.8
  3.1
  1.7
  0.9
  0.5
  0.3
  0.2
  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
  0.0
  0.0
  0.0
  0.0
  0.0

Renren Inc. operates a real name social networking Internet platform in China. The Company enables users to connect and communicate with each other, share photos, and various features and services. The Company is developing Internet finance business to leverage its social networking services and user base in China, particularly focusing on the audience of college students and young people in China. The Company operates through two segments: Renren and Internet finance. The Company's Renren segment focuses on online advertising and Internet value-added services (IVAS). The Company's Internet finance segment includes Renren Fenqi, an online platform, which provides credit financing to college students in China through the form of payment by installments; its used automobile financing business, which provides credit financing to used automobile dealers, and Renren Licai, a financing and lending platform.

FINANCIAL RATIOS  of  Renren Cl A ADR (RENN)

Valuation Ratios
P/E Ratio -3.7
Price to Sales 10.8
Price to Book 0.9
Price to Tangible Book
Price to Cash Flow -62.1
Price to Free Cash Flow -62.1
Growth Rates
Sales Growth Rate 53.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -100%
Cap. Spend. - 3 Yr. Gr. Rate -100%
Financial Strength
Quick Ratio 2
Current Ratio 0.2
LT Debt to Equity 21.1%
Total Debt to Equity 26.2%
Interest Coverage 0
Management Effectiveness
Return On Assets -15.1%
Ret/ On Assets - 3 Yr. Avg. -9.5%
Return On Total Capital -17.7%
Ret/ On T. Cap. - 3 Yr. Avg. -10.7%
Return On Equity -22.2%
Return On Equity - 3 Yr. Avg. -12.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 19%
Gross Margin - 3 Yr. Avg. 18.1%
EBITDA Margin -269.8%
EBITDA Margin - 3 Yr. Avg. -251.4%
Operating Margin -279.4%
Oper. Margin - 3 Yr. Avg. -296.7%
Pre-Tax Margin -274.6%
Pre-Tax Margin - 3 Yr. Avg. -275.6%
Net Profit Margin -293.7%
Net Profit Margin - 3 Yr. Avg. -234.2%
Effective Tax Rate -1.7%
Eff/ Tax Rate - 3 Yr. Avg. -16.4%
Payout Ratio 0%

RENN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the RENN stock intrinsic value calculation we used $202.102 million for the last fiscal year's total revenue generated by Renren Cl A ADR. The default revenue input number comes from 0001 income statement of Renren Cl A 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 RENN 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 RENN is calculated based on our internal credit rating of Renren Cl A 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 Renren Cl A 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 RENN stock the variable cost ratio is equal to 121.3%.

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 RENN 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 20.6% for Renren Cl A ADR.

Corporate tax rate of 27% is the nominal tax rate for Renren Cl A 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 RENN 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 RENN are equal to 27.3%.

Life of production assets of 40 years is the average useful life of capital assets used in Renren Cl A 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 RENN is equal to -12.8%. 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 - $674.804 million for Renren Cl A 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 15.489 million for Renren Cl A 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 Renren Cl A ADR at the current share price and the inputted number of shares is $0.0 billion.

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COMPANY NEWS

▶ This Stock's 58% Pop on Tuesday Could Be a Trap   [Sep-12-18 11:41AM  Motley Fool]
▶ Renren Stock Skyrockets on Q2 Earnings Results   [Sep-11-18 12:13PM  InvestorPlace]
▶ Trucker Path Teams with Goodyear   [Aug-09-18 09:11AM  PR Newswire]
▶ Renren Announces Change in Board of Directors   [Jul-27-18 06:00AM  PR Newswire]
▶ SoftBank Finally Finds A Bargain   [Jun-19-18 11:59AM  Forbes]
▶ [$$] Renren asset sale stirs anger of small shareholders   [May-13-18 07:57AM  Financial Times]
▶ Blockchain, Truck Drivers and Renren   [Jan-08-18 01:19AM  Bloomberg]
▶ Here's Why Renren Inc. Stock Is Down 19% Today   [Jan-04-18 03:15PM  Motley Fool]
▶ [$$] Chinese Social Networking Company Buys Social App for Truckers   [Dec-29-17 07:37AM  The Wall Street Journal]
▶ Renren reports 3Q loss   [Dec-15-17 05:30AM  Associated Press]
▶ Why Renren Stock Fell 11.7% in November   [Dec-08-17 02:53PM  Motley Fool]
▶ ETFs with exposure to Renren Inc. : October 30, 2017   [Oct-30-17 12:12PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : October 13, 2017   [Oct-13-17 11:10AM  Capital Cube]
▶ Why Renren Stock Gained 18.8% in September   [Oct-10-17 04:15PM  Motley Fool]
▶ Joe Chen's SoFi Share Snatch   [Oct-03-17 10:01AM  Forbes]
▶ ETFs with exposure to Renren Inc. : September 25, 2017   [Sep-25-17 10:44AM  Capital Cube]
▶ Renren Inc (RENN): Risks You Need To Consider Before Buying   [Sep-15-17 08:31PM  Simply Wall St.]
▶ ETFs with exposure to Renren Inc. : September 14, 2017   [Sep-13-17 08:03PM  Capital Cube]
▶ Renren reports 2Q loss   [Aug-31-17 08:04PM  Associated Press]
▶ ETFs with exposure to Renren Inc. : August 4, 2017   [Aug-04-17 07:50PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : July 10, 2017   [Jul-10-17 03:08PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : June 27, 2017   [Jun-27-17 03:37PM  Capital Cube]
▶ Renren reports 1Q loss   [Jun-21-17 08:59PM  Associated Press]
▶ ETFs with exposure to Renren Inc. : June 16, 2017   [Jun-16-17 04:14PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : June 5, 2017   [Jun-05-17 02:42PM  Capital Cube]
▶ ETFs with exposure to Renren Inc. : May 25, 2017   [May-25-17 12:47PM  Capital Cube]
▶ Renren reports 4Q loss   [May-15-17 06:24PM  Associated Press]
▶ ETFs with exposure to Renren Inc. : April 5, 2017   [Apr-05-17 05:21PM  Capital Cube]
▶ [$$] Why China Cant Get Enough of Elon Musk   [Mar-31-17 12:11AM  The Wall Street Journal]
▶ [$$] Why China Can't Get Enough of Elon Musk   [Mar-30-17 08:59AM  at The Wall Street Journal]
▶ 2 Chinese Stocks That Were Cut in Half in a Year   [Mar-02-17 06:11PM  Motley Fool]
▶ Snapchat Has Big Competition in China   [Feb-17-17 04:51PM  Investopedia]
▶ Why Shares of Renren Inc. Got Cut in Half in 2016   [Feb-07-17 12:41PM  Motley Fool]
▶ [$$] Global Uncertainty Plays to Startup FiscalNote's Hand   [Jan-23-17 07:30AM  The Wall Street Journal]
▶ ETFs with exposure to Renren Inc. : January 19, 2017   [Jan-19-17 01:47PM  Capital Cube]
▶ Renren Announces Plan to Implement ADS Ratio Change   [Jan-06-17 06:00AM  PR Newswire]
▶ Is Renren Inc (RENN) A Good Stock to Buy?   [Dec-16-16 07:38PM  at Insider Monkey]
▶ Renren reports 3Q loss   [05:03AM  AP]
▶ Why Renren Inc. Stock Jumped 13% in September   [Oct-12-16 09:32AM  at Motley Fool]
▶ Should Baidu Follow Renren This Time?   [Oct-10-16 09:17AM  at Motley Fool]
▶ Why Renren Inc. Stock Soared Today   [Oct-04-16 06:01PM  at Motley Fool]
▶ Why Lexmark, Mentor Graphics, and Renren Jumped Today   [Sep-30-16 05:59PM  at Motley Fool]

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