Intrinsic value of Sea ADR - SE

Previous Close

$13.95

  Intrinsic Value

$0.03

stock screener

  Rating & Target

str. sell

-100%

Previous close

$13.95

 
Intrinsic value

$0.03

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of SE 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 2.4

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  18.30
  16.97
  15.77
  14.70
  13.73
  12.85
  12.07
  11.36
  10.73
  10.15
  9.64
  9.17
  8.76
  8.38
  8.04
  7.74
  7.46
  7.22
  7.00
  6.80
  6.62
  6.46
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.70
  5.63
Revenue, $m
  409
  479
  554
  636
  723
  816
  914
  1,018
  1,128
  1,242
  1,362
  1,487
  1,617
  1,752
  1,893
  2,040
  2,192
  2,350
  2,515
  2,686
  2,863
  3,048
  3,240
  3,441
  3,649
  3,866
  4,093
  4,329
  4,576
  4,833
Variable operating expenses, $m
  525
  614
  710
  814
  925
  1,044
  1,169
  1,302
  1,441
  1,587
  1,737
  1,896
  2,062
  2,235
  2,414
  2,601
  2,796
  2,997
  3,207
  3,425
  3,652
  3,887
  4,133
  4,388
  4,654
  4,931
  5,220
  5,521
  5,836
  6,164
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
  525
  614
  710
  814
  925
  1,044
  1,169
  1,302
  1,441
  1,587
  1,737
  1,896
  2,062
  2,235
  2,414
  2,601
  2,796
  2,997
  3,207
  3,425
  3,652
  3,887
  4,133
  4,388
  4,654
  4,931
  5,220
  5,521
  5,836
  6,164
Operating income, $m
  -116
  -135
  -156
  -178
  -202
  -228
  -255
  -283
  -313
  -345
  -375
  -409
  -445
  -482
  -521
  -562
  -604
  -647
  -692
  -739
  -788
  -839
  -892
  -947
  -1,005
  -1,065
  -1,127
  -1,192
  -1,260
  -1,331
EBITDA, $m
  -104
  -122
  -141
  -162
  -184
  -208
  -233
  -259
  -287
  -316
  -346
  -378
  -411
  -446
  -482
  -519
  -558
  -598
  -640
  -683
  -728
  -776
  -824
  -875
  -928
  -984
  -1,041
  -1,101
  -1,164
  -1,230
Interest expense (income), $m
  0
  0
  4
  9
  14
  20
  26
  32
  39
  46
  53
  61
  69
  78
  87
  96
  106
  116
  126
  137
  148
  160
  172
  184
  197
  211
  225
  240
  256
  272
  289
Earnings before tax, $m
  -116
  -139
  -165
  -192
  -222
  -253
  -287
  -322
  -359
  -398
  -436
  -479
  -523
  -569
  -617
  -667
  -719
  -773
  -829
  -887
  -948
  -1,011
  -1,077
  -1,145
  -1,216
  -1,290
  -1,367
  -1,448
  -1,532
  -1,619
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
  -116
  -139
  -165
  -192
  -222
  -253
  -287
  -322
  -359
  -398
  -436
  -479
  -523
  -569
  -617
  -667
  -719
  -773
  -829
  -887
  -948
  -1,011
  -1,077
  -1,145
  -1,216
  -1,290
  -1,367
  -1,448
  -1,532
  -1,619

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
  575
  672
  779
  893
  1,015
  1,146
  1,284
  1,430
  1,584
  1,744
  1,913
  2,088
  2,271
  2,461
  2,659
  2,865
  3,079
  3,301
  3,532
  3,772
  4,021
  4,281
  4,551
  4,832
  5,125
  5,430
  5,749
  6,080
  6,427
  6,788
Adjusted assets (=assets-cash), $m
  575
  672
  779
  893
  1,015
  1,146
  1,284
  1,430
  1,584
  1,744
  1,913
  2,088
  2,271
  2,461
  2,659
  2,865
  3,079
  3,301
  3,532
  3,772
  4,021
  4,281
  4,551
  4,832
  5,125
  5,430
  5,749
  6,080
  6,427
  6,788
Revenue / Adjusted assets
  0.711
  0.713
  0.711
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
  0.712
Average production assets, $m
  86
  100
  116
  133
  151
  171
  191
  213
  236
  260
  285
  311
  338
  366
  396
  426
  458
  491
  526
  561
  598
  637
  677
  719
  763
  808
  855
  905
  956
  1,010
Working capital, $m
  5
  5
  6
  7
  8
  9
  10
  11
  12
  14
  15
  16
  18
  19
  21
  22
  24
  26
  28
  30
  31
  34
  36
  38
  40
  43
  45
  48
  50
  53
Total debt, $m
  79
  166
  262
  365
  475
  593
  717
  848
  986
  1,131
  1,282
  1,440
  1,605
  1,776
  1,954
  2,140
  2,332
  2,532
  2,740
  2,956
  3,180
  3,414
  3,657
  3,910
  4,174
  4,449
  4,735
  5,034
  5,345
  5,671
Total liabilities, $m
  517
  605
  701
  804
  914
  1,031
  1,156
  1,287
  1,425
  1,570
  1,721
  1,879
  2,044
  2,215
  2,393
  2,578
  2,771
  2,971
  3,179
  3,395
  3,619
  3,853
  4,096
  4,349
  4,613
  4,887
  5,174
  5,472
  5,784
  6,110
Total equity, $m
  57
  67
  78
  89
  102
  115
  128
  143
  158
  174
  191
  209
  227
  246
  266
  286
  308
  330
  353
  377
  402
  428
  455
  483
  513
  543
  575
  608
  643
  679
Total liabilities and equity, $m
  574
  672
  779
  893
  1,016
  1,146
  1,284
  1,430
  1,583
  1,744
  1,912
  2,088
  2,271
  2,461
  2,659
  2,864
  3,079
  3,301
  3,532
  3,772
  4,021
  4,281
  4,551
  4,832
  5,126
  5,430
  5,749
  6,080
  6,427
  6,789
Debt-to-equity ratio
  1.370
  2.470
  3.360
  4.090
  4.680
  5.170
  5.580
  5.930
  6.230
  6.480
  6.710
  6.900
  7.070
  7.220
  7.350
  7.470
  7.570
  7.670
  7.760
  7.840
  7.910
  7.980
  8.040
  8.090
  8.140
  8.190
  8.240
  8.280
  8.320
  8.350
Adjusted equity ratio
  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
  -116
  -139
  -165
  -192
  -222
  -253
  -287
  -322
  -359
  -398
  -436
  -479
  -523
  -569
  -617
  -667
  -719
  -773
  -829
  -887
  -948
  -1,011
  -1,077
  -1,145
  -1,216
  -1,290
  -1,367
  -1,448
  -1,532
  -1,619
Depreciation, amort., depletion, $m
  12
  13
  15
  16
  18
  20
  22
  24
  27
  29
  28
  31
  34
  37
  40
  43
  46
  49
  53
  56
  60
  64
  68
  72
  76
  81
  86
  90
  96
  101
Funds from operations, $m
  -104
  -126
  -150
  -176
  -204
  -233
  -265
  -298
  -333
  -369
  -408
  -447
  -489
  -533
  -578
  -625
  -673
  -724
  -777
  -831
  -888
  -947
  -1,009
  -1,073
  -1,140
  -1,209
  -1,282
  -1,357
  -1,436
  -1,518
Change in working capital, $m
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
Cash from operations, $m
  -105
  -127
  -151
  -177
  -205
  -234
  -266
  -299
  -334
  -371
  -409
  -449
  -491
  -534
  -579
  -626
  -675
  -726
  -778
  -833
  -890
  -949
  -1,011
  -1,075
  -1,142
  -1,212
  -1,284
  -1,360
  -1,439
  -1,521
Maintenance CAPEX, $m
  -7
  -9
  -10
  -12
  -13
  -15
  -17
  -19
  -21
  -24
  -26
  -28
  -31
  -34
  -37
  -40
  -43
  -46
  -49
  -53
  -56
  -60
  -64
  -68
  -72
  -76
  -81
  -86
  -90
  -96
New CAPEX, $m
  -13
  -15
  -16
  -17
  -18
  -19
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -28
  -29
  -31
  -32
  -33
  -34
  -36
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -52
  -54
Cash from investing activities, $m
  -20
  -24
  -26
  -29
  -31
  -34
  -38
  -41
  -44
  -48
  -51
  -54
  -58
  -62
  -66
  -71
  -75
  -79
  -83
  -89
  -93
  -99
  -104
  -110
  -116
  -121
  -128
  -135
  -142
  -150
Free cash flow, $m
  -125
  -150
  -177
  -205
  -236
  -269
  -303
  -340
  -378
  -418
  -460
  -503
  -549
  -596
  -645
  -696
  -749
  -805
  -862
  -921
  -983
  -1,048
  -1,115
  -1,185
  -1,257
  -1,333
  -1,412
  -1,495
  -1,581
  -1,671
Issuance/(repayment) of debt, $m
  79
  88
  95
  103
  110
  117
  124
  131
  138
  145
  151
  158
  165
  171
  178
  185
  192
  200
  208
  216
  225
  234
  243
  253
  264
  275
  286
  299
  312
  325
Issuance/(repurchase) of shares, $m
  126
  149
  175
  204
  234
  266
  301
  337
  375
  414
  453
  496
  541
  588
  637
  688
  740
  795
  852
  911
  973
  1,037
  1,104
  1,173
  1,245
  1,320
  1,399
  1,481
  1,566
  1,656
Cash from financing (excl. dividends), $m  
  205
  237
  270
  307
  344
  383
  425
  468
  513
  559
  604
  654
  706
  759
  815
  873
  932
  995
  1,060
  1,127
  1,198
  1,271
  1,347
  1,426
  1,509
  1,595
  1,685
  1,780
  1,878
  1,981
Total cash flow (excl. dividends), $m
  80
  87
  94
  101
  108
  115
  122
  128
  135
  141
  144
  151
  157
  163
  170
  177
  184
  191
  198
  206
  214
  223
  232
  241
  251
  262
  273
  285
  297
  310
Retained Cash Flow (-), $m
  -126
  -149
  -175
  -204
  -234
  -266
  -301
  -337
  -375
  -414
  -453
  -496
  -541
  -588
  -637
  -688
  -740
  -795
  -852
  -911
  -973
  -1,037
  -1,104
  -1,173
  -1,245
  -1,320
  -1,399
  -1,481
  -1,566
  -1,656
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
  29
  34
  40
  46
  53
  60
  68
  76
  85
  94
  103
  113
  123
  134
  145
  157
  169
  182
  195
  209
  223
  238
  253
  269
  286
  303
  321
  340
  359
  380
Cash available for distribution, $m
  -47
  -62
  -81
  -102
  -126
  -151
  -179
  -208
  -240
  -273
  -309
  -346
  -384
  -425
  -467
  -511
  -557
  -605
  -654
  -705
  -759
  -814
  -872
  -932
  -994
  -1,059
  -1,126
  -1,196
  -1,269
  -1,345
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
  -45
  -57
  -71
  -84
  -98
  -110
  -121
  -130
  -138
  -143
  -147
  -147
  -146
  -143
  -137
  -130
  -121
  -111
  -101
  -90
  -78
  -68
  -57
  -47
  -39
  -31
  -24
  -19
  -14
  -10
Current shareholders' claim on cash, %
  78.8
  62.6
  49.7
  39.4
  31.2
  24.7
  19.6
  15.5
  12.3
  9.7
  7.7
  6.1
  4.9
  3.9
  3.1
  2.4
  1.9
  1.5
  1.2
  1.0
  0.8
  0.6
  0.5
  0.4
  0.3
  0.2
  0.2
  0.2
  0.1
  0.1

Sea Limited, formerly Garena Interactive Holding Limited, is an Internet company. The Company operates through three segments: digital entertainment, e-commerce and digital financial services. The Company has developed an integrated platform consisting of digital entertainment focused on online games, e-commerce, and digital financial services focused on e-wallet services. Its platforms include Garena, Shopee, and AirPay. Garena provides access to engaging mobile and personal computer (PC) online games, live streaming game play, as well as social features such as user chat and online forums. Shopee is an e-commerce marketplace where users come together to browse, shop and sell on-the-go, anytime, anywhere. AirPay App is the Company’s digital financial services business that provides e-wallet services to consumers through the AirPay App and to small businesses through the AirPay counter application.

FINANCIAL RATIOS  of  Sea ADR (SE)

Valuation Ratios
P/E Ratio -20.5
Price to Sales 13.2
Price to Book 57.7
Price to Tangible Book
Price to Cash Flow -39.7
Price to Free Cash Flow -32.6
Growth Rates
Sales Growth Rate 18.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -67.5%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 86
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 2.5%
Interest Coverage 0
Management Effectiveness
Return On Assets -48.7%
Ret/ On Assets - 3 Yr. Avg. -46.9%
Return On Total Capital -273.6%
Ret/ On T. Cap. - 3 Yr. Avg. 108.6%
Return On Equity -277%
Return On Equity - 3 Yr. Avg. 74.5%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 32.7%
Gross Margin - 3 Yr. Avg. 30.7%
EBITDA Margin -45.4%
EBITDA Margin - 3 Yr. Avg. -36%
Operating Margin -59.2%
Oper. Margin - 3 Yr. Avg. -47.4%
Pre-Tax Margin -56.9%
Pre-Tax Margin - 3 Yr. Avg. -46.9%
Net Profit Margin -64.5%
Net Profit Margin - 3 Yr. Avg. -51.5%
Effective Tax Rate -4.1%
Eff/ Tax Rate - 3 Yr. Avg. -7.1%
Payout Ratio 0%

SE stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SE stock intrinsic value calculation we used $346 million for the last fiscal year's total revenue generated by Sea ADR. The default revenue input number comes from 2016 income statement of Sea 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 SE stock valuation model: a) initial revenue growth rate of 18.3% 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 SE is calculated based on our internal credit rating of Sea 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 Sea 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 SE stock the variable cost ratio is equal to 128.4%.

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 SE 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 Sea ADR.

Corporate tax rate of 27% is the nominal tax rate for Sea 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 SE stock is equal to 8.3%.

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 SE are equal to 20.9%.

Life of production assets of 10 years is the average useful life of capital assets used in Sea 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 SE is equal to 1.1%. 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 - $47 million for Sea 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 171 million for Sea 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 Sea ADR at the current share price and the inputted number of shares is $2.4 billion.

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COMPANY NEWS

▶ How to Make Money on YouTube: Ads, Sponsors and Off-Site   [Jul-30-18 03:47PM  TheStreet.com]
▶ Singapore-based Sea prices $500 mln notes issue   [Jun-14-18 04:14AM  Reuters]
▶ Why Do Investors Hate These 3 Asian IPOs?   [May-28-18 11:08AM  Motley Fool]
▶ Did Sea Limited Finally Prove the Bears Wrong?   [May-17-18 04:21PM  Motley Fool]
▶ Why Shares of Sea Ltd Surged Today   [May-16-18 04:38PM  Motley Fool]
▶ Sea Limited Reports First Quarter 2018 Results   [May-15-18 07:00PM  Business Wire]
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▶ Why MLPs Are Getting Pummeled Today   [Mar-15-18 04:20PM  Motley Fool]
▶ Why Shares of Sea Ltd. Slumped Today   [Feb-28-18 04:11PM  Motley Fool]
▶ Enbridge Adjusts Its Growth Plans   [Feb-18-18 02:06PM  Motley Fool]
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▶ 4 of the 5 Biggest IPOs in 2017 Bombed. Here's Who Won   [Jan-10-18 11:11AM  Motley Fool]
▶ Your first trade for Friday, December 29   [Dec-29-17 09:01AM  CNBC]
▶ Why Sea Limited Stock Fell 23.1% in November   [Dec-06-17 09:30AM  Motley Fool]
▶ Sea Limited Reports Third Quarter 2017 Results   [Nov-21-17 06:00PM  PR Newswire]
▶ IPO News This Week: BP Midstream Leads 8 Scheduled IPOs   [Oct-22-17 10:07AM  24/7 Wall St.]
▶ Chinese Internet Giants Back These 2 IPOs Due This Week   [Oct-17-17 01:05PM  Investor's Business Daily]
▶ Cramer: The next big Trump stock is a Canadian company   [Apr-26-17 06:53PM  CNBC Videos]
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