Intrinsic value of Vipshop Holdings ADR - VIPS

Previous Close

$7.15

  Intrinsic Value

$296.80

stock screener

  Rating & Target

str. buy

+999%

Previous close

$7.15

 
Intrinsic value

$296.80

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of VIPS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.8

 

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, %
  31.60
  28.94
  26.55
  24.39
  22.45
  20.71
  19.14
  17.72
  16.45
  15.31
  14.27
  13.35
  12.51
  11.76
  11.09
  10.48
  9.93
  9.44
  8.99
  8.59
  8.23
  7.91
  7.62
  7.36
  7.12
  6.91
  6.72
  6.55
  6.39
  6.25
Revenue, $m
  10,723
  13,826
  17,496
  21,764
  26,650
  32,169
  38,325
  45,117
  52,539
  60,580
  69,227
  78,468
  88,286
  98,669
  109,607
  121,090
  133,114
  145,674
  158,774
  172,418
  186,615
  201,377
  216,721
  232,666
  249,236
  266,458
  284,360
  302,976
  322,343
  342,499
Variable operating expenses, $m
  10,160
  13,086
  16,546
  20,570
  25,177
  30,380
  36,184
  42,588
  49,585
  57,167
  65,270
  73,981
  83,238
  93,028
  103,341
  114,167
  125,503
  137,346
  149,696
  162,560
  175,945
  189,864
  204,330
  219,364
  234,987
  251,223
  268,102
  285,654
  303,913
  322,917
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
  10,160
  13,086
  16,546
  20,570
  25,177
  30,380
  36,184
  42,588
  49,585
  57,167
  65,270
  73,981
  83,238
  93,028
  103,341
  114,167
  125,503
  137,346
  149,696
  162,560
  175,945
  189,864
  204,330
  219,364
  234,987
  251,223
  268,102
  285,654
  303,913
  322,917
Operating income, $m
  563
  740
  950
  1,194
  1,473
  1,789
  2,141
  2,529
  2,954
  3,413
  3,958
  4,486
  5,048
  5,641
  6,267
  6,923
  7,611
  8,329
  9,078
  9,858
  10,669
  11,513
  12,391
  13,302
  14,250
  15,234
  16,258
  17,322
  18,429
  19,582
EBITDA, $m
  729
  940
  1,189
  1,479
  1,812
  2,187
  2,605
  3,067
  3,571
  4,118
  4,706
  5,334
  6,001
  6,707
  7,450
  8,231
  9,048
  9,902
  10,792
  11,720
  12,685
  13,688
  14,731
  15,815
  16,941
  18,112
  19,329
  20,594
  21,911
  23,281
Interest expense (income), $m
  0
  34
  82
  139
  207
  285
  375
  477
  591
  716
  853
  1,001
  1,160
  1,331
  1,512
  1,703
  1,905
  2,117
  2,338
  2,570
  2,812
  3,063
  3,325
  3,597
  3,880
  4,174
  4,480
  4,797
  5,127
  5,471
  5,828
Earnings before tax, $m
  529
  659
  811
  987
  1,188
  1,414
  1,664
  1,939
  2,238
  2,561
  2,957
  3,326
  3,717
  4,129
  4,563
  5,018
  5,494
  5,990
  6,508
  7,046
  7,606
  8,188
  8,794
  9,422
  10,076
  10,755
  11,461
  12,195
  12,959
  13,754
Tax expense, $m
  143
  178
  219
  267
  321
  382
  449
  523
  604
  691
  798
  898
  1,004
  1,115
  1,232
  1,355
  1,483
  1,617
  1,757
  1,902
  2,054
  2,211
  2,374
  2,544
  2,720
  2,904
  3,094
  3,293
  3,499
  3,714
Net income, $m
  386
  481
  592
  721
  867
  1,032
  1,215
  1,415
  1,633
  1,869
  2,159
  2,428
  2,713
  3,014
  3,331
  3,663
  4,010
  4,373
  4,751
  5,144
  5,553
  5,978
  6,419
  6,878
  7,355
  7,851
  8,366
  8,902
  9,460
  10,041

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
  4,755
  6,131
  7,759
  9,651
  11,818
  14,265
  16,995
  20,007
  23,299
  26,865
  30,700
  34,797
  39,151
  43,756
  48,606
  53,699
  59,030
  64,601
  70,410
  76,460
  82,756
  89,302
  96,107
  103,178
  110,526
  118,163
  126,102
  134,358
  142,946
  151,884
Adjusted assets (=assets-cash), $m
  4,755
  6,131
  7,759
  9,651
  11,818
  14,265
  16,995
  20,007
  23,299
  26,865
  30,700
  34,797
  39,151
  43,756
  48,606
  53,699
  59,030
  64,601
  70,410
  76,460
  82,756
  89,302
  96,107
  103,178
  110,526
  118,163
  126,102
  134,358
  142,946
  151,884
Revenue / Adjusted assets
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
  2.255
Average production assets, $m
  1,158
  1,493
  1,890
  2,350
  2,878
  3,474
  4,139
  4,873
  5,674
  6,543
  7,477
  8,474
  9,535
  10,656
  11,838
  13,078
  14,376
  15,733
  17,148
  18,621
  20,154
  21,749
  23,406
  25,128
  26,918
  28,777
  30,711
  32,721
  34,813
  36,990
Working capital, $m
  -654
  -843
  -1,067
  -1,328
  -1,626
  -1,962
  -2,338
  -2,752
  -3,205
  -3,695
  -4,223
  -4,787
  -5,385
  -6,019
  -6,686
  -7,387
  -8,120
  -8,886
  -9,685
  -10,517
  -11,384
  -12,284
  -13,220
  -14,193
  -15,203
  -16,254
  -17,346
  -18,482
  -19,663
  -20,892
Total debt, $m
  1,512
  2,572
  3,825
  5,282
  6,951
  8,835
  10,937
  13,256
  15,791
  18,536
  21,489
  24,644
  27,997
  31,543
  35,277
  39,199
  43,304
  47,593
  52,066
  56,725
  61,573
  66,613
  71,853
  77,298
  82,956
  88,836
  94,949
  101,306
  107,919
  114,801
Total liabilities, $m
  3,661
  4,721
  5,974
  7,432
  9,100
  10,984
  13,086
  15,406
  17,940
  20,686
  23,639
  26,794
  30,146
  33,692
  37,427
  41,348
  45,453
  49,742
  54,216
  58,874
  63,722
  68,763
  74,002
  79,447
  85,105
  90,985
  97,098
  103,455
  110,068
  116,951
Total equity, $m
  1,094
  1,410
  1,785
  2,220
  2,718
  3,281
  3,909
  4,602
  5,359
  6,179
  7,061
  8,003
  9,005
  10,064
  11,179
  12,351
  13,577
  14,858
  16,194
  17,586
  19,034
  20,540
  22,105
  23,731
  25,421
  27,177
  29,003
  30,902
  32,878
  34,933
Total liabilities and equity, $m
  4,755
  6,131
  7,759
  9,652
  11,818
  14,265
  16,995
  20,008
  23,299
  26,865
  30,700
  34,797
  39,151
  43,756
  48,606
  53,699
  59,030
  64,600
  70,410
  76,460
  82,756
  89,303
  96,107
  103,178
  110,526
  118,162
  126,101
  134,357
  142,946
  151,884
Debt-to-equity ratio
  1.380
  1.820
  2.140
  2.380
  2.560
  2.690
  2.800
  2.880
  2.950
  3.000
  3.040
  3.080
  3.110
  3.130
  3.160
  3.170
  3.190
  3.200
  3.220
  3.230
  3.230
  3.240
  3.250
  3.260
  3.260
  3.270
  3.270
  3.280
  3.280
  3.290
Adjusted equity ratio
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230
  0.230

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  386
  481
  592
  721
  867
  1,032
  1,215
  1,415
  1,633
  1,869
  2,159
  2,428
  2,713
  3,014
  3,331
  3,663
  4,010
  4,373
  4,751
  5,144
  5,553
  5,978
  6,419
  6,878
  7,355
  7,851
  8,366
  8,902
  9,460
  10,041
Depreciation, amort., depletion, $m
  166
  200
  239
  285
  338
  398
  464
  538
  618
  705
  748
  847
  953
  1,066
  1,184
  1,308
  1,438
  1,573
  1,715
  1,862
  2,015
  2,175
  2,341
  2,513
  2,692
  2,878
  3,071
  3,272
  3,481
  3,699
Funds from operations, $m
  552
  680
  831
  1,006
  1,205
  1,430
  1,679
  1,953
  2,251
  2,574
  2,906
  3,275
  3,667
  4,080
  4,515
  4,971
  5,448
  5,946
  6,465
  7,006
  7,568
  8,152
  8,760
  9,391
  10,047
  10,729
  11,437
  12,174
  12,941
  13,740
Change in working capital, $m
  -157
  -189
  -224
  -260
  -298
  -337
  -376
  -414
  -453
  -491
  -528
  -564
  -599
  -633
  -667
  -700
  -733
  -766
  -799
  -832
  -866
  -900
  -936
  -973
  -1,011
  -1,050
  -1,092
  -1,136
  -1,181
  -1,230
Cash from operations, $m
  709
  870
  1,055
  1,267
  1,504
  1,766
  2,054
  2,367
  2,704
  3,064
  3,434
  3,839
  4,266
  4,714
  5,182
  5,672
  6,182
  6,712
  7,264
  7,838
  8,434
  9,053
  9,696
  10,364
  11,058
  11,779
  12,529
  13,310
  14,123
  14,969
Maintenance CAPEX, $m
  -88
  -116
  -149
  -189
  -235
  -288
  -347
  -414
  -487
  -567
  -654
  -748
  -847
  -953
  -1,066
  -1,184
  -1,308
  -1,438
  -1,573
  -1,715
  -1,862
  -2,015
  -2,175
  -2,341
  -2,513
  -2,692
  -2,878
  -3,071
  -3,272
  -3,481
New CAPEX, $m
  -277
  -335
  -396
  -461
  -528
  -596
  -665
  -734
  -802
  -868
  -934
  -998
  -1,060
  -1,121
  -1,181
  -1,240
  -1,298
  -1,357
  -1,415
  -1,474
  -1,533
  -1,594
  -1,657
  -1,722
  -1,790
  -1,860
  -1,933
  -2,011
  -2,092
  -2,177
Cash from investing activities, $m
  -365
  -451
  -545
  -650
  -763
  -884
  -1,012
  -1,148
  -1,289
  -1,435
  -1,588
  -1,746
  -1,907
  -2,074
  -2,247
  -2,424
  -2,606
  -2,795
  -2,988
  -3,189
  -3,395
  -3,609
  -3,832
  -4,063
  -4,303
  -4,552
  -4,811
  -5,082
  -5,364
  -5,658
Free cash flow, $m
  344
  419
  510
  617
  741
  882
  1,042
  1,220
  1,415
  1,628
  1,846
  2,093
  2,358
  2,639
  2,935
  3,248
  3,575
  3,918
  4,276
  4,650
  5,039
  5,443
  5,864
  6,301
  6,755
  7,227
  7,718
  8,228
  8,759
  9,311
Issuance/(repayment) of debt, $m
  881
  1,060
  1,253
  1,457
  1,669
  1,884
  2,102
  2,319
  2,534
  2,746
  2,953
  3,155
  3,353
  3,546
  3,735
  3,921
  4,105
  4,289
  4,473
  4,659
  4,848
  5,041
  5,239
  5,445
  5,658
  5,880
  6,113
  6,357
  6,613
  6,882
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  881
  1,060
  1,253
  1,457
  1,669
  1,884
  2,102
  2,319
  2,534
  2,746
  2,953
  3,155
  3,353
  3,546
  3,735
  3,921
  4,105
  4,289
  4,473
  4,659
  4,848
  5,041
  5,239
  5,445
  5,658
  5,880
  6,113
  6,357
  6,613
  6,882
Total cash flow (excl. dividends), $m
  1,225
  1,478
  1,763
  2,074
  2,409
  2,767
  3,144
  3,539
  3,949
  4,374
  4,798
  5,249
  5,710
  6,184
  6,670
  7,169
  7,681
  8,207
  8,749
  9,309
  9,886
  10,484
  11,103
  11,746
  12,413
  13,108
  13,831
  14,585
  15,372
  16,193
Retained Cash Flow (-), $m
  -261
  -317
  -374
  -435
  -498
  -563
  -628
  -693
  -757
  -820
  -882
  -942
  -1,001
  -1,059
  -1,116
  -1,171
  -1,226
  -1,281
  -1,336
  -1,392
  -1,448
  -1,506
  -1,565
  -1,626
  -1,690
  -1,756
  -1,826
  -1,899
  -1,975
  -2,056
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
  65
  86
  111
  140
  174
  213
  257
  307
  361
  420
  485
  554
  628
  706
  789
  877
  969
  1,065
  1,165
  1,270
  1,379
  1,493
  1,611
  1,734
  1,861
  1,994
  2,132
  2,275
  2,424
  2,579
Cash available for distribution, $m
  965
  1,162
  1,388
  1,639
  1,911
  2,204
  2,516
  2,846
  3,192
  3,554
  3,916
  4,306
  4,709
  5,125
  5,555
  5,997
  6,454
  6,926
  7,413
  7,917
  8,438
  8,978
  9,538
  10,119
  10,723
  11,351
  12,005
  12,686
  13,397
  14,138
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
  925
  1,064
  1,208
  1,349
  1,481
  1,599
  1,700
  1,779
  1,834
  1,863
  1,860
  1,838
  1,790
  1,721
  1,631
  1,524
  1,404
  1,276
  1,141
  1,006
  873
  745
  625
  515
  417
  331
  258
  196
  146
  106
Current shareholders' claim on cash, %
  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
  100.0

Vipshop Holdings Limited is a holding company. The Company is an online discount retailer for brands in China. The Company offers branded products to consumers in China through flash sales mainly on its vip.com Website. The Company's segment is sales, product distribution and offering of goods on its online platforms. The Company conducts its business through its subsidiaries and consolidated affiliated entities in China. Through its flash sales model, the Company sells limited quantities of discounted branded products online for limited periods of time. The Company offers diversified product offerings from over 17,000 domestic and international brands, including apparel for women, men and children, fashion goods, cosmetics, home goods and other lifestyle products. The Company offers a range of products and services for consumers through lefeng.com, specializing in branded cosmetics, apparel, healthcare products, food and other consumer products.

FINANCIAL RATIOS  of  Vipshop Holdings ADR (VIPS)

Valuation Ratios
P/E Ratio 2.8
Price to Sales 0.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 2
Price to Free Cash Flow 8.7
Growth Rates
Sales Growth Rate 40.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -6%
Cap. Spend. - 3 Yr. Gr. Rate 64.6%
Financial Strength
Quick Ratio NaN
Current Ratio 0
LT Debt to Equity 76.5%
Total Debt to Equity 76.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 9%
Ret/ On Assets - 3 Yr. Avg. 8.2%
Return On Total Capital 22.9%
Ret/ On T. Cap. - 3 Yr. Avg. 22.2%
Return On Equity 44%
Return On Equity - 3 Yr. Avg. 45.5%
Asset Turnover 2.5
Profitability Ratios
Gross Margin 24%
Gross Margin - 3 Yr. Avg. 24.5%
EBITDA Margin 6.5%
EBITDA Margin - 3 Yr. Avg. 6.4%
Operating Margin 3.9%
Oper. Margin - 3 Yr. Avg. 3.7%
Pre-Tax Margin 4.7%
Pre-Tax Margin - 3 Yr. Avg. 4.8%
Net Profit Margin 3.6%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 22.5%
Eff/ Tax Rate - 3 Yr. Avg. 22.7%
Payout Ratio 0%

VIPS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VIPS stock intrinsic value calculation we used $8148 million for the last fiscal year's total revenue generated by Vipshop Holdings ADR. The default revenue input number comes from 2016 income statement of Vipshop Holdings 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 VIPS stock valuation model: a) initial revenue growth rate of 31.6% 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 VIPS is calculated based on our internal credit rating of Vipshop Holdings 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 Vipshop Holdings 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 VIPS stock the variable cost ratio is equal to 94.9%.

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 VIPS 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 Vipshop Holdings ADR.

Corporate tax rate of 27% is the nominal tax rate for Vipshop Holdings 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 VIPS stock is equal to 0.8%.

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 VIPS are equal to 10.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Vipshop Holdings 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 VIPS is equal to -6.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $833 million for Vipshop Holdings 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 116 million for Vipshop Holdings 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 Vipshop Holdings ADR at the current share price and the inputted number of shares is $0.8 billion.

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COMPANY NEWS

▶ Huya Stock Still Looks Good, Competition Worries Aside   [Aug-15-18 09:21PM  InvestorPlace]
▶ Company News For Aug 15, 2018   [10:21AM  Zacks]
▶ Why Vipshop Holdings Stock Is Tanking Today   [03:31PM  InvestorPlace]
▶ Who Manufactured Pinduoduos Counterfeit Rally?   [Aug-07-18 02:38PM  IPO-Edge.com]
▶ Pinduoduo: Alibabas Next Challenger or Rural Dollar Store?   [Jul-20-18 04:08PM  RegA Research]
▶ Is Vipshop Holdings an Ecommerce Also-Ran or the Real Deal?   [Jul-05-18 04:24PM  InvestorPlace]
▶ 5 Market-Beating Stocks for Low-Risk Investors   [Jun-07-18 09:54AM  InvestorPlace]
▶ 5 Top Stock Trades for Wednesday Morning   [04:02PM  InvestorPlace]
▶ Vipshop Holdings First-Quarter Earnings Miss, Revenue Beats   [04:51PM  Investor's Business Daily]
▶ Vipshop to Announce First Quarter 2018 Financial Results   [May-08-18 08:00AM  PR Newswire]
▶ Vipshop Filed 2017 Annual Report on Form 20-F   [Apr-19-18 09:01AM  PR Newswire]
▶ Vipshop Investing in a Private Equity Fund   [Mar-30-18 08:00AM  PR Newswire]
▶ Breakout Watch: IPO Stock With 650% Growth Crafts New Buy Point   [Feb-21-18 10:40AM  Investor's Business Daily]
▶ JD.com Raises $2.5 Billion To Expand Logistics Network In China   [Feb-14-18 05:00PM  Investor's Business Daily]
▶ Weibo Earnings, Revenue Top; Parent Sina Reports Strong Top-Line Growth   [Feb-13-18 04:07PM  Investor's Business Daily]
▶ Wall Street Falls Tuesday Morning   [03:48PM  GuruFocus.com]
▶ Vipshop Earnings Preview   [12:18PM  Benzinga]
▶ 3 Things That Can Go Wrong for Vipshop on Tuesday   [Feb-10-18 01:00PM  Motley Fool]
▶ "Fast Money" final trades: INTC, AMD and more   [Jan-25-18 05:59PM  CNBC Videos]
▶ Its Not Time to Buy Vipshop Holdings Ltd ADR Just Yet   [Jan-23-18 01:05PM  InvestorPlace]
▶ YY Takes Flight As China Stocks Get Price Target Increases   [Jan-18-18 04:24PM  Investor's Business Daily]
▶ Vipshop Stock Is Winning Again in 2018   [12:05PM  Motley Fool]
▶ Why Vipshop Stock Soared Today   [03:38PM  Motley Fool]
▶ Stocks With Rising Relative Price Strength: Vipshop   [03:00AM  Investor's Business Daily]
▶ Why Vipshop Holdings Ltd. - ADR Stock Jumped Monday   [Jan-08-18 04:46PM  Motley Fool]
▶ Stocks To Watch: Vipshop Sees RS Rating Jump To 84   [Jan-03-18 03:00AM  Investor's Business Daily]
▶ Stocks With Rising Relative Strength: Vipshop   [Jan-02-18 03:00AM  Investor's Business Daily]
▶ Stocks Showing Improved Relative Strength: Vipshop   [Dec-27-17 03:00AM  Investor's Business Daily]
▶ Can Vipshop Stock Keep Going After Last Week's 45% Pop?   [Dec-24-17 10:39AM  Motley Fool]
▶ Company News For Dec 19, 2017   [10:07AM  Zacks]
▶ [$$] Tencent Teams Up With JD.com to Take on Alibaba   [01:01AM  The Wall Street Journal]
▶ Vipshop Upgraded by Daiwa After Tencent, JD.com Deal   [Dec-18-17 09:34PM  Barrons.com]
▶ Vipshop Soars On $863 Million Investment From Tencent, JD.com   [04:21PM  Investor's Business Daily]
▶ Campbell, Hershey, Humana Lead Frenzy Of Year-End M&A Activity   [04:06PM  Investor's Business Daily]
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