Intrinsic value of Sina - SINA

Previous Close

$63.22

  Intrinsic Value

$2,546

stock screener

  Rating & Target

str. buy

+999%

Previous close

$63.22

 
Intrinsic value

$2,546

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of SINA 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 4.5

 

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, %
  53.60
  48.74
  44.37
  40.43
  36.89
  33.70
  30.83
  28.25
  25.92
  23.83
  21.95
  20.25
  18.73
  17.35
  16.12
  15.01
  14.01
  13.11
  12.29
  11.57
  10.91
  10.32
  9.79
  9.31
  8.88
  8.49
  8.14
  7.83
  7.54
  7.29
Revenue, $m
  2,433
  3,619
  5,224
  7,336
  10,042
  13,426
  17,565
  22,526
  28,365
  35,125
  42,833
  51,507
  61,152
  71,764
  83,331
  95,836
  109,259
  123,577
  138,771
  154,820
  171,708
  189,425
  207,962
  227,318
  247,496
  268,506
  290,363
  313,087
  336,704
  361,247
Variable operating expenses, $m
  1,041
  1,543
  2,222
  3,117
  4,262
  5,695
  7,448
  9,549
  12,021
  14,883
  18,136
  21,809
  25,893
  30,387
  35,284
  40,579
  46,262
  52,325
  58,758
  65,554
  72,705
  80,206
  88,055
  96,251
  104,795
  113,691
  122,946
  132,567
  142,568
  152,959
Fixed operating expenses, $m
  538
  549
  561
  574
  586
  599
  613
  626
  640
  654
  668
  683
  698
  713
  729
  745
  761
  778
  795
  813
  831
  849
  868
  887
  906
  926
  947
  967
  989
  1,010
Total operating expenses, $m
  1,579
  2,092
  2,783
  3,691
  4,848
  6,294
  8,061
  10,175
  12,661
  15,537
  18,804
  22,492
  26,591
  31,100
  36,013
  41,324
  47,023
  53,103
  59,553
  66,367
  73,536
  81,055
  88,923
  97,138
  105,701
  114,617
  123,893
  133,534
  143,557
  153,969
Operating income, $m
  855
  1,527
  2,440
  3,646
  5,193
  7,131
  9,505
  12,352
  15,705
  19,588
  24,028
  29,015
  34,561
  40,664
  47,318
  54,512
  62,235
  70,474
  79,217
  88,453
  98,173
  108,369
  119,039
  130,180
  141,795
  153,889
  166,470
  179,552
  193,148
  207,277
EBITDA, $m
  912
  1,606
  2,551
  3,796
  5,396
  7,399
  9,851
  12,793
  16,258
  20,270
  24,848
  30,001
  35,732
  42,038
  48,913
  56,346
  64,326
  72,839
  81,873
  91,416
  101,459
  111,995
  123,019
  134,531
  146,532
  159,028
  172,028
  185,544
  199,592
  214,191
Interest expense (income), $m
  8
  61
  118
  198
  306
  448
  630
  858
  1,137
  1,471
  1,864
  2,319
  2,838
  3,422
  4,072
  4,786
  5,565
  6,407
  7,311
  8,275
  9,298
  10,379
  11,516
  12,709
  13,957
  15,260
  16,619
  18,033
  19,505
  21,035
  22,625
Earnings before tax, $m
  794
  1,409
  2,242
  3,340
  4,745
  6,501
  8,647
  11,215
  14,234
  17,724
  21,709
  26,177
  31,139
  36,593
  42,532
  48,947
  55,828
  63,163
  70,942
  79,155
  87,794
  96,854
  106,330
  116,223
  126,535
  137,270
  148,437
  160,047
  172,113
  184,652
Tax expense, $m
  214
  380
  605
  902
  1,281
  1,755
  2,335
  3,028
  3,843
  4,785
  5,861
  7,068
  8,408
  9,880
  11,484
  13,216
  15,074
  17,054
  19,154
  21,372
  23,704
  26,151
  28,709
  31,380
  34,164
  37,063
  40,078
  43,213
  46,470
  49,856
Net income, $m
  580
  1,028
  1,637
  2,438
  3,464
  4,746
  6,312
  8,187
  10,391
  12,938
  15,848
  19,109
  22,731
  26,713
  31,048
  35,731
  40,754
  46,109
  51,788
  57,783
  64,090
  70,703
  77,621
  84,843
  92,370
  100,207
  108,359
  116,834
  125,642
  134,796

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
  5,006
  7,446
  10,749
  15,095
  20,663
  27,626
  36,142
  46,351
  58,365
  72,273
  88,133
  105,982
  125,828
  147,663
  171,464
  197,194
  224,813
  254,274
  285,536
  318,559
  353,310
  389,763
  427,905
  467,732
  509,251
  552,481
  597,454
  644,211
  692,807
  743,306
Adjusted assets (=assets-cash), $m
  5,006
  7,446
  10,749
  15,095
  20,663
  27,626
  36,142
  46,351
  58,365
  72,273
  88,133
  105,982
  125,828
  147,663
  171,464
  197,194
  224,813
  254,274
  285,536
  318,559
  353,310
  389,763
  427,905
  467,732
  509,251
  552,481
  597,454
  644,211
  692,807
  743,306
Revenue / Adjusted assets
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
  0.486
Average production assets, $m
  433
  644
  930
  1,306
  1,787
  2,390
  3,127
  4,010
  5,049
  6,252
  7,624
  9,168
  10,885
  12,774
  14,833
  17,059
  19,448
  21,997
  24,701
  27,558
  30,564
  33,718
  37,017
  40,463
  44,054
  47,794
  51,685
  55,729
  59,933
  64,302
Working capital, $m
  -793
  -1,180
  -1,703
  -2,392
  -3,274
  -4,377
  -5,726
  -7,344
  -9,247
  -11,451
  -13,964
  -16,791
  -19,936
  -23,395
  -27,166
  -31,243
  -35,618
  -40,286
  -45,239
  -50,471
  -55,977
  -61,753
  -67,796
  -74,106
  -80,684
  -87,533
  -94,658
  -102,066
  -109,766
  -117,767
Total debt, $m
  2,183
  3,661
  5,663
  8,297
  11,671
  15,890
  21,051
  27,238
  34,518
  42,946
  52,558
  63,374
  75,401
  88,633
  103,056
  118,649
  135,385
  153,239
  172,184
  192,196
  213,255
  235,346
  258,460
  282,595
  307,755
  333,953
  361,206
  389,541
  418,990
  449,593
Total liabilities, $m
  3,034
  4,512
  6,514
  9,147
  12,522
  16,741
  21,902
  28,088
  35,369
  43,797
  53,409
  64,225
  76,252
  89,484
  103,907
  119,500
  136,236
  154,090
  173,035
  193,047
  214,106
  236,197
  259,311
  283,446
  308,606
  334,804
  362,057
  390,392
  419,841
  450,444
Total equity, $m
  1,972
  2,934
  4,235
  5,947
  8,141
  10,885
  14,240
  18,262
  22,996
  28,475
  34,725
  41,757
  49,576
  58,179
  67,557
  77,694
  88,576
  100,184
  112,501
  125,512
  139,204
  153,567
  168,595
  184,286
  200,645
  217,678
  235,397
  253,819
  272,966
  292,863
Total liabilities and equity, $m
  5,006
  7,446
  10,749
  15,094
  20,663
  27,626
  36,142
  46,350
  58,365
  72,272
  88,134
  105,982
  125,828
  147,663
  171,464
  197,194
  224,812
  254,274
  285,536
  318,559
  353,310
  389,764
  427,906
  467,732
  509,251
  552,482
  597,454
  644,211
  692,807
  743,307
Debt-to-equity ratio
  1.110
  1.250
  1.340
  1.400
  1.430
  1.460
  1.480
  1.490
  1.500
  1.510
  1.510
  1.520
  1.520
  1.520
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.530
  1.540
Adjusted equity ratio
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394
  0.394

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  580
  1,028
  1,637
  2,438
  3,464
  4,746
  6,312
  8,187
  10,391
  12,938
  15,848
  19,109
  22,731
  26,713
  31,048
  35,731
  40,754
  46,109
  51,788
  57,783
  64,090
  70,703
  77,621
  84,843
  92,370
  100,207
  108,359
  116,834
  125,642
  134,796
Depreciation, amort., depletion, $m
  57
  80
  110
  151
  203
  267
  347
  442
  553
  683
  820
  986
  1,170
  1,374
  1,595
  1,834
  2,091
  2,365
  2,656
  2,963
  3,286
  3,626
  3,980
  4,351
  4,737
  5,139
  5,557
  5,992
  6,444
  6,914
Funds from operations, $m
  637
  1,108
  1,747
  2,589
  3,667
  5,013
  6,659
  8,629
  10,944
  13,621
  16,668
  20,095
  23,902
  28,086
  32,643
  37,566
  42,846
  48,474
  54,444
  60,746
  67,376
  74,329
  81,601
  89,194
  97,107
  105,346
  113,916
  122,826
  132,087
  141,710
Change in working capital, $m
  -277
  -387
  -523
  -689
  -882
  -1,103
  -1,349
  -1,617
  -1,904
  -2,203
  -2,513
  -2,828
  -3,144
  -3,460
  -3,771
  -4,077
  -4,376
  -4,668
  -4,953
  -5,232
  -5,506
  -5,776
  -6,043
  -6,310
  -6,578
  -6,849
  -7,125
  -7,408
  -7,699
  -8,001
Cash from operations, $m
  913
  1,495
  2,271
  3,277
  4,549
  6,116
  8,008
  10,246
  12,848
  15,825
  19,180
  22,923
  27,046
  31,546
  36,414
  41,642
  47,221
  53,142
  59,397
  65,978
  72,882
  80,104
  87,645
  95,504
  103,685
  112,195
  121,042
  130,234
  139,786
  149,711
Maintenance CAPEX, $m
  -30
  -47
  -69
  -100
  -140
  -192
  -257
  -336
  -431
  -543
  -672
  -820
  -986
  -1,170
  -1,374
  -1,595
  -1,834
  -2,091
  -2,365
  -2,656
  -2,963
  -3,286
  -3,626
  -3,980
  -4,351
  -4,737
  -5,139
  -5,557
  -5,992
  -6,444
New CAPEX, $m
  -152
  -211
  -286
  -376
  -482
  -602
  -737
  -883
  -1,039
  -1,203
  -1,372
  -1,544
  -1,717
  -1,889
  -2,059
  -2,226
  -2,389
  -2,549
  -2,704
  -2,857
  -3,006
  -3,154
  -3,300
  -3,445
  -3,592
  -3,740
  -3,890
  -4,045
  -4,204
  -4,369
Cash from investing activities, $m
  -182
  -258
  -355
  -476
  -622
  -794
  -994
  -1,219
  -1,470
  -1,746
  -2,044
  -2,364
  -2,703
  -3,059
  -3,433
  -3,821
  -4,223
  -4,640
  -5,069
  -5,513
  -5,969
  -6,440
  -6,926
  -7,425
  -7,943
  -8,477
  -9,029
  -9,602
  -10,196
  -10,813
Free cash flow, $m
  731
  1,237
  1,916
  2,801
  3,927
  5,322
  7,014
  9,027
  11,377
  14,078
  17,136
  20,559
  24,344
  28,486
  32,982
  37,821
  42,998
  48,502
  54,327
  60,466
  66,913
  73,664
  80,719
  88,078
  95,743
  103,719
  112,012
  120,632
  129,590
  138,898
Issuance/(repayment) of debt, $m
  1,060
  1,479
  2,002
  2,634
  3,374
  4,220
  5,161
  6,186
  7,281
  8,428
  9,612
  10,816
  12,027
  13,232
  14,423
  15,593
  16,737
  17,854
  18,945
  20,012
  21,059
  22,091
  23,114
  24,135
  25,160
  26,198
  27,253
  28,335
  29,449
  30,603
Issuance/(repurchase) of shares, $m
  109
  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  
  1,169
  1,479
  2,002
  2,634
  3,374
  4,220
  5,161
  6,186
  7,281
  8,428
  9,612
  10,816
  12,027
  13,232
  14,423
  15,593
  16,737
  17,854
  18,945
  20,012
  21,059
  22,091
  23,114
  24,135
  25,160
  26,198
  27,253
  28,335
  29,449
  30,603
Total cash flow (excl. dividends), $m
  1,900
  2,716
  3,918
  5,435
  7,301
  9,541
  12,175
  15,213
  18,658
  22,507
  26,748
  31,375
  36,370
  41,719
  47,405
  53,414
  59,735
  66,356
  73,272
  80,477
  87,971
  95,755
  103,834
  112,213
  120,903
  129,916
  139,265
  148,967
  159,039
  169,500
Retained Cash Flow (-), $m
  -688
  -961
  -1,302
  -1,712
  -2,194
  -2,743
  -3,355
  -4,022
  -4,734
  -5,480
  -6,249
  -7,032
  -7,819
  -8,603
  -9,377
  -10,138
  -10,882
  -11,608
  -12,317
  -13,011
  -13,692
  -14,363
  -15,028
  -15,692
  -16,358
  -17,033
  -17,719
  -18,422
  -19,147
  -19,897
Prev. year cash balance distribution, $m
  2,316
  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
  3,528
  1,754
  2,616
  3,723
  5,107
  6,798
  8,820
  11,191
  13,924
  17,027
  20,499
  24,343
  28,551
  33,116
  38,027
  43,276
  48,853
  54,748
  60,955
  67,466
  74,280
  81,393
  88,806
  96,521
  104,545
  112,883
  121,546
  130,545
  139,892
  149,604
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
  3,382
  1,606
  2,277
  3,065
  3,959
  4,934
  5,958
  6,995
  7,999
  8,927
  9,734
  10,388
  10,856
  11,117
  11,164
  10,997
  10,630
  10,082
  9,385
  8,573
  7,683
  6,753
  5,820
  4,916
  4,067
  3,293
  2,609
  2,020
  1,527
  1,126
Current shareholders' claim on cash, %
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7
  93.7

Sina Corporation is an online media company serving China and the global Chinese communities. The Company's digital media network of SINA.com (portal), SINA mobile (mobile portal and mobile applications) and Weibo (social media) enables Internet users to access professional media and user generated content (UGCs) in multi-media formats from personal computers and mobile devices, and share their interests with friends and acquaintances. The Company's segments include Portal advertising, Weibo Corporation (Weibo) and Others. SINA.com is an online media property, which provides professional digital contents to users and offers online brand advertising and marketing solutions to customers. Weibo is a social media platform for people to create, distribute and discover Chinese-language content. It offers eReading, a shop for book reviews, as well as complimentary and fee-based online book reading. It offers SINA Blog, a Website in China for bloggers to publish and read original writings.

FINANCIAL RATIOS  of  Sina (SINA)

Valuation Ratios
P/E Ratio 19.9
Price to Sales 4.3
Price to Book 1.7
Price to Tangible Book
Price to Cash Flow 10.1
Price to Free Cash Flow 11
Growth Rates
Sales Growth Rate 17%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -15.6%
Cap. Spend. - 3 Yr. Gr. Rate -17.3%
Financial Strength
Quick Ratio 54
Current Ratio 0.3
LT Debt to Equity 5.7%
Total Debt to Equity 6.9%
Interest Coverage 39
Management Effectiveness
Return On Assets 5.4%
Ret/ On Assets - 3 Yr. Avg. 3.9%
Return On Total Capital 7.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 8.6%
Return On Equity - 3 Yr. Avg. 6.8%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 65.6%
Gross Margin - 3 Yr. Avg. 63.2%
EBITDA Margin 33.2%
EBITDA Margin - 3 Yr. Avg. 24.1%
Operating Margin 2.8%
Oper. Margin - 3 Yr. Avg. -1.6%
Pre-Tax Margin 29.6%
Pre-Tax Margin - 3 Yr. Avg. 18.9%
Net Profit Margin 21.8%
Net Profit Margin - 3 Yr. Avg. 15.9%
Effective Tax Rate 9.2%
Eff/ Tax Rate - 3 Yr. Avg. 11.7%
Payout Ratio 0%

SINA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SINA stock intrinsic value calculation we used $1583.884 million for the last fiscal year's total revenue generated by Sina. The default revenue input number comes from 0001 income statement of Sina. 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 SINA stock valuation model: a) initial revenue growth rate of 53.6% 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 SINA is calculated based on our internal credit rating of Sina, 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 Sina.
    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 SINA stock the variable cost ratio is equal to 43%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $526 million in the base year in the intrinsic value calculation for SINA 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 Sina.

Corporate tax rate of 27% is the nominal tax rate for Sina. 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 SINA 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 SINA are equal to 17.8%.

Life of production assets of 9.3 years is the average useful life of capital assets used in Sina 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 SINA is equal to -32.6%. 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 - $3599.729 million for Sina - 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 71.47 million for Sina 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 Sina at the current share price and the inputted number of shares is $4.5 billion.

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COMPANY NEWS

▶ Sina Stock Up As Quarterly Earnings Beat On Strong Ad Growth   [Nov-28-18 05:20PM  Investor's Business Daily]
▶ Weibo Stock Pops As Quarterly Results Top Estimates   [04:55PM  Investor's Business Daily]
▶ Tweedy Browne Global Value Buys 4 Companies in 3rd Quarter   [Oct-10-18 05:46PM  GuruFocus.com]
▶ Is Weibo Stock Worth a Buy? 3 Pros and 3 Cons   [Sep-06-18 12:43PM  InvestorPlace]
▶ At US$72.07, Is SINA Corporation (NASDAQ:SINA) A Buy?   [Aug-29-18 08:14AM  Simply Wall St.]
▶ Weibo: China's Social Media Giant   [Aug-28-18 03:40PM  GuruFocus.com]
▶ Chinas Tech Growth Is Getting More Expensive   [Aug-26-18 07:00PM  Bloomberg]
▶ 3 Stocks That Are Absurdly Cheap Right Now   [Aug-22-18 12:48PM  Motley Fool]
▶ Why SINAs Stock Stumbled -- and Why It Should Recover   [Aug-12-18 04:30PM  Motley Fool]
▶ SINA Drops After Another Solid Quarter   [Aug-08-18 04:28PM  Motley Fool]
▶ Sina Stock Takes A Tumble Despite Quarterly Earnings Beat   [04:06PM  Investor's Business Daily]
▶ Weibo Stock Wavers Despite Earnings Beat, Growing User Base   [04:03PM  Investor's Business Daily]
▶ SINA Corp. to Host Earnings Call   [06:10AM  ACCESSWIRE]
▶ Q2 Earnings Outlook For SINA   [Aug-07-18 03:09PM  Benzinga]
▶ The Real Reason SINA Is Struggling This Year   [Jul-24-18 09:00AM  Motley Fool]
▶ Are SINA and Weibo Getting Too Cheap to Ignore?   [Jul-01-18 06:00PM  Motley Fool]
▶ [$$] Chinese Fintech Company Pintec Snares $103 Million   [Jun-05-18 03:07PM  The Wall Street Journal]
▶ Why Did the Bears Pounce on Weibo and SINA?   [May-13-18 08:00AM  Motley Fool]
▶ SINA Corp. Starts 2018 Strong (and Falls Anyway)   [May-09-18 07:37PM  Motley Fool]
▶ Weibo-Parent Sina Tops Earnings Estimates   [04:08PM  Investor's Business Daily]
▶ Why SINA Corp. Stock Fell 10% Today   [04:02PM  Motley Fool]
▶ Day Ahead: Top 3 Things to Watch   [May-08-18 07:36PM  Investing.com]
▶ The Safer Way to Play Alibaba Group Holding Ltd Stock   [May-03-18 05:28PM  InvestorPlace]
▶ JD.com Partners With SINA to Tackle Alibaba   [Apr-19-18 10:31AM  Motley Fool]
▶ Here's Why Sina Corporation's Shares Slid 11% in March   [Apr-11-18 02:29PM  Motley Fool]
▶ Where Will SINA Corporation Be in 5 Years?   [Feb-23-18 06:32PM  Motley Fool]
▶ Here's Why the Best Is Yet to Come for Weibo Corporation   [Feb-17-18 10:37AM  Motley Fool]
▶ In China, Ads Are Cool Again   [Feb-13-18 10:26PM  Bloomberg]
▶ SINA Finishes 2017 on a High Note   [06:36PM  Motley Fool]
▶ Weibo, Portal Ad Revenues To Drive Sina's Q4   [Feb-12-18 02:52PM  Forbes]
▶ Weibo's Growth Could be Derailed by Chinese Regulators   [Feb-02-18 11:35AM  Motley Fool]
▶ Chinese Censors Put Weibo Portals in Time Out   [Jan-29-18 09:45AM  Investopedia]
▶ Why SINA Corp. Stock Soared 65% in 2017   [Jan-17-18 09:00AM  Motley Fool]
▶ Alibaba Leads 5 Top Chinese Internet Stocks Setting Up In Bases   [Jan-08-18 04:01PM  Investor's Business Daily]
▶ Don't Get Greedy with Weibo Corporation Stock (Yet)   [Jan-06-18 11:31AM  Motley Fool]

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