Intrinsic value of Vipshop Holdings ADR - VIPS

Previous Close

$5.63

  Intrinsic Value

$59.94

stock screener

  Rating & Target

str. buy

+965%

Previous close

$5.63

 
Intrinsic value

$59.94

 
Up/down potential

+965%

 
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 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 2.6

 

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, %
  35.30
  32.27
  29.54
  27.09
  24.88
  22.89
  21.10
  19.49
  18.04
  16.74
  15.56
  14.51
  13.56
  12.70
  11.93
  11.24
  10.61
  10.05
  9.55
  9.09
  8.68
  8.32
  7.98
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
Revenue, $m
  14,911
  19,723
  25,549
  32,470
  40,549
  49,831
  60,347
  72,110
  85,121
  99,369
  114,836
  131,497
  149,324
  168,291
  188,371
  209,542
  231,784
  255,085
  279,440
  304,850
  331,323
  358,874
  387,525
  417,309
  448,260
  480,424
  513,850
  548,596
  584,726
  622,307
Variable operating expenses, $m
  14,175
  18,730
  24,246
  30,799
  38,447
  47,235
  57,190
  68,326
  80,644
  94,133
  108,718
  124,491
  141,369
  159,326
  178,336
  198,378
  219,435
  241,496
  264,553
  288,609
  313,672
  339,755
  366,880
  395,077
  424,379
  454,829
  486,475
  519,370
  553,575
  589,154
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
  14,175
  18,730
  24,246
  30,799
  38,447
  47,235
  57,190
  68,326
  80,644
  94,133
  108,718
  124,491
  141,369
  159,326
  178,336
  198,378
  219,435
  241,496
  264,553
  288,609
  313,672
  339,755
  366,880
  395,077
  424,379
  454,829
  486,475
  519,370
  553,575
  589,154
Operating income, $m
  736
  993
  1,303
  1,672
  2,102
  2,597
  3,157
  3,783
  4,477
  5,236
  6,118
  7,005
  7,955
  8,966
  10,035
  11,163
  12,348
  13,590
  14,887
  16,241
  17,651
  19,119
  20,645
  22,232
  23,881
  25,594
  27,375
  29,226
  31,151
  33,153
EBITDA, $m
  968
  1,280
  1,659
  2,108
  2,632
  3,235
  3,918
  4,681
  5,526
  6,451
  7,455
  8,537
  9,694
  10,926
  12,229
  13,604
  15,048
  16,561
  18,142
  19,791
  21,510
  23,299
  25,159
  27,092
  29,102
  31,190
  33,360
  35,616
  37,961
  40,401
Interest expense (income), $m
  0
  47
  115
  200
  302
  424
  566
  729
  914
  1,121
  1,350
  1,600
  1,872
  2,165
  2,478
  2,812
  3,165
  3,537
  3,928
  4,337
  4,765
  5,212
  5,677
  6,162
  6,665
  7,189
  7,733
  8,298
  8,886
  9,497
  10,132
Earnings before tax, $m
  689
  877
  1,103
  1,369
  1,678
  2,031
  2,428
  2,869
  3,356
  3,886
  4,518
  5,134
  5,790
  6,487
  7,224
  7,999
  8,812
  9,662
  10,550
  11,475
  12,439
  13,442
  14,484
  15,567
  16,692
  17,862
  19,077
  20,340
  21,654
  23,021
Tax expense, $m
  186
  237
  298
  370
  453
  548
  655
  775
  906
  1,049
  1,220
  1,386
  1,563
  1,752
  1,950
  2,160
  2,379
  2,609
  2,848
  3,098
  3,359
  3,629
  3,911
  4,203
  4,507
  4,823
  5,151
  5,492
  5,847
  6,216
Net income, $m
  503
  640
  805
  1,000
  1,225
  1,482
  1,772
  2,095
  2,450
  2,837
  3,298
  3,747
  4,227
  4,736
  5,273
  5,839
  6,432
  7,053
  7,701
  8,377
  9,081
  9,812
  10,573
  11,364
  12,185
  13,039
  13,926
  14,849
  15,808
  16,806

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
  7,766
  10,272
  13,307
  16,912
  21,119
  25,954
  31,431
  37,557
  44,334
  51,755
  59,810
  68,488
  77,773
  87,652
  98,110
  109,136
  120,721
  132,857
  145,542
  158,776
  172,564
  186,913
  201,836
  217,348
  233,469
  250,221
  267,630
  285,727
  304,545
  324,118
Adjusted assets (=assets-cash), $m
  7,766
  10,272
  13,307
  16,912
  21,119
  25,954
  31,431
  37,557
  44,334
  51,755
  59,810
  68,488
  77,773
  87,652
  98,110
  109,136
  120,721
  132,857
  145,542
  158,776
  172,564
  186,913
  201,836
  217,348
  233,469
  250,221
  267,630
  285,727
  304,545
  324,118
Revenue / Adjusted assets
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
  1.920
Average production assets, $m
  1,476
  1,953
  2,529
  3,215
  4,014
  4,933
  5,974
  7,139
  8,427
  9,838
  11,369
  13,018
  14,783
  16,661
  18,649
  20,745
  22,947
  25,253
  27,665
  30,180
  32,801
  35,528
  38,365
  41,314
  44,378
  47,562
  50,871
  54,311
  57,888
  61,608
Working capital, $m
  -432
  -572
  -741
  -942
  -1,176
  -1,445
  -1,750
  -2,091
  -2,469
  -2,882
  -3,330
  -3,813
  -4,330
  -4,880
  -5,463
  -6,077
  -6,722
  -7,397
  -8,104
  -8,841
  -9,608
  -10,407
  -11,238
  -12,102
  -13,000
  -13,932
  -14,902
  -15,909
  -16,957
  -18,047
Total debt, $m
  2,138
  3,704
  5,601
  7,854
  10,483
  13,505
  16,928
  20,757
  24,992
  29,631
  34,665
  40,089
  45,892
  52,066
  58,603
  65,494
  72,734
  80,319
  88,248
  96,519
  105,136
  114,105
  123,431
  133,126
  143,202
  153,672
  164,553
  175,863
  187,624
  199,858
Total liabilities, $m
  4,854
  6,420
  8,317
  10,570
  13,199
  16,221
  19,644
  23,473
  27,709
  32,347
  37,381
  42,805
  48,608
  54,782
  61,319
  68,210
  75,450
  83,036
  90,964
  99,235
  107,852
  116,821
  126,148
  135,843
  145,918
  156,388
  167,269
  178,580
  190,340
  202,574
Total equity, $m
  2,912
  3,852
  4,990
  6,342
  7,920
  9,733
  11,786
  14,084
  16,625
  19,408
  22,429
  25,683
  29,165
  32,869
  36,791
  40,926
  45,270
  49,821
  54,578
  59,541
  64,711
  70,092
  75,689
  81,506
  87,551
  93,833
  100,361
  107,148
  114,204
  121,544
Total liabilities and equity, $m
  7,766
  10,272
  13,307
  16,912
  21,119
  25,954
  31,430
  37,557
  44,334
  51,755
  59,810
  68,488
  77,773
  87,651
  98,110
  109,136
  120,720
  132,857
  145,542
  158,776
  172,563
  186,913
  201,837
  217,349
  233,469
  250,221
  267,630
  285,728
  304,544
  324,118
Debt-to-equity ratio
  0.730
  0.960
  1.120
  1.240
  1.320
  1.390
  1.440
  1.470
  1.500
  1.530
  1.550
  1.560
  1.570
  1.580
  1.590
  1.600
  1.610
  1.610
  1.620
  1.620
  1.620
  1.630
  1.630
  1.630
  1.640
  1.640
  1.640
  1.640
  1.640
  1.640
Adjusted equity ratio
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375
  0.375

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  503
  640
  805
  1,000
  1,225
  1,482
  1,772
  2,095
  2,450
  2,837
  3,298
  3,747
  4,227
  4,736
  5,273
  5,839
  6,432
  7,053
  7,701
  8,377
  9,081
  9,812
  10,573
  11,364
  12,185
  13,039
  13,926
  14,849
  15,808
  16,806
Depreciation, amort., depletion, $m
  232
  288
  356
  436
  530
  639
  761
  898
  1,050
  1,215
  1,337
  1,532
  1,739
  1,960
  2,194
  2,441
  2,700
  2,971
  3,255
  3,551
  3,859
  4,180
  4,514
  4,860
  5,221
  5,596
  5,985
  6,390
  6,810
  7,248
Funds from operations, $m
  735
  928
  1,161
  1,436
  1,755
  2,121
  2,533
  2,993
  3,499
  4,052
  4,635
  5,279
  5,966
  6,696
  7,467
  8,280
  9,132
  10,024
  10,956
  11,928
  12,939
  13,992
  15,087
  16,224
  17,406
  18,634
  19,911
  21,238
  22,618
  24,054
Change in working capital, $m
  -113
  -140
  -169
  -201
  -234
  -269
  -305
  -341
  -377
  -413
  -449
  -483
  -517
  -550
  -582
  -614
  -645
  -676
  -706
  -737
  -768
  -799
  -831
  -864
  -898
  -933
  -969
  -1,008
  -1,048
  -1,090
Cash from operations, $m
  848
  1,068
  1,330
  1,637
  1,990
  2,390
  2,838
  3,334
  3,877
  4,466
  5,084
  5,762
  6,483
  7,246
  8,050
  8,894
  9,777
  10,700
  11,662
  12,665
  13,707
  14,791
  15,917
  17,088
  18,304
  19,567
  20,880
  22,246
  23,666
  25,144
Maintenance CAPEX, $m
  -129
  -174
  -230
  -298
  -378
  -472
  -580
  -703
  -840
  -991
  -1,157
  -1,337
  -1,532
  -1,739
  -1,960
  -2,194
  -2,441
  -2,700
  -2,971
  -3,255
  -3,551
  -3,859
  -4,180
  -4,514
  -4,860
  -5,221
  -5,596
  -5,985
  -6,390
  -6,810
New CAPEX, $m
  -380
  -476
  -577
  -685
  -800
  -919
  -1,041
  -1,165
  -1,288
  -1,411
  -1,531
  -1,649
  -1,765
  -1,878
  -1,988
  -2,096
  -2,202
  -2,307
  -2,411
  -2,516
  -2,621
  -2,728
  -2,837
  -2,949
  -3,064
  -3,184
  -3,309
  -3,440
  -3,577
  -3,721
Cash from investing activities, $m
  -509
  -650
  -807
  -983
  -1,178
  -1,391
  -1,621
  -1,868
  -2,128
  -2,402
  -2,688
  -2,986
  -3,297
  -3,617
  -3,948
  -4,290
  -4,643
  -5,007
  -5,382
  -5,771
  -6,172
  -6,587
  -7,017
  -7,463
  -7,924
  -8,405
  -8,905
  -9,425
  -9,967
  -10,531
Free cash flow, $m
  339
  418
  523
  654
  812
  999
  1,217
  1,466
  1,749
  2,064
  2,395
  2,775
  3,187
  3,629
  4,102
  4,604
  5,135
  5,693
  6,280
  6,894
  7,536
  8,205
  8,901
  9,626
  10,379
  11,162
  11,976
  12,821
  13,699
  14,613
Issuance/(repayment) of debt, $m
  1,267
  1,566
  1,897
  2,253
  2,630
  3,022
  3,423
  3,829
  4,235
  4,638
  5,035
  5,423
  5,803
  6,174
  6,536
  6,891
  7,240
  7,585
  7,928
  8,271
  8,617
  8,968
  9,327
  9,695
  10,075
  10,470
  10,881
  11,311
  11,761
  12,233
Issuance/(repurchase) of shares, $m
  255
  299
  333
  352
  353
  331
  282
  203
  91
  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  
  1,522
  1,865
  2,230
  2,605
  2,983
  3,353
  3,705
  4,032
  4,326
  4,638
  5,035
  5,423
  5,803
  6,174
  6,536
  6,891
  7,240
  7,585
  7,928
  8,271
  8,617
  8,968
  9,327
  9,695
  10,075
  10,470
  10,881
  11,311
  11,761
  12,233
Total cash flow (excl. dividends), $m
  1,861
  2,283
  2,753
  3,259
  3,794
  4,351
  4,921
  5,498
  6,075
  6,702
  7,430
  8,199
  8,990
  9,803
  10,638
  11,495
  12,375
  13,279
  14,208
  15,166
  16,153
  17,173
  18,228
  19,321
  20,454
  21,632
  22,857
  24,132
  25,460
  26,846
Retained Cash Flow (-), $m
  -758
  -940
  -1,138
  -1,352
  -1,578
  -1,813
  -2,054
  -2,297
  -2,541
  -2,783
  -3,021
  -3,254
  -3,482
  -3,704
  -3,922
  -4,135
  -4,344
  -4,551
  -4,757
  -4,963
  -5,170
  -5,381
  -5,596
  -5,817
  -6,045
  -6,282
  -6,529
  -6,786
  -7,056
  -7,340
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
  1,102
  1,344
  1,615
  1,907
  2,216
  2,538
  2,868
  3,201
  3,534
  3,919
  4,409
  4,945
  5,508
  6,099
  6,716
  7,360
  8,031
  8,728
  9,451
  10,203
  10,983
  11,792
  12,632
  13,504
  14,409
  15,350
  16,328
  17,345
  18,404
  19,506
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
  1,057
  1,230
  1,405
  1,570
  1,718
  1,842
  1,937
  2,001
  2,030
  2,054
  2,094
  2,110
  2,094
  2,047
  1,972
  1,870
  1,747
  1,607
  1,455
  1,296
  1,136
  978
  828
  688
  561
  448
  350
  268
  201
  147
Current shareholders' claim on cash, %
  91.1
  84.1
  78.5
  74.2
  71.0
  68.6
  67.0
  66.1
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7
  65.7

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 2.2
Price to Sales 0.1
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 1.6
Price to Free Cash Flow 6.8
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 $11020.6035369 million for the last fiscal year's total revenue generated by Vipshop Holdings ADR. The default revenue input number comes from 0001 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 35.3% 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 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 95.2%.

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%.

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 9.9%.

Life of production assets of 8.5 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 -2.9%. 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 - $2153.95646917 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 466.664 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 $2.6 billion.

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COMPANY NEWS

▶ Is Vipshop Holdings Limited (VIPS) A Good Stock To Buy?   [Dec-14-18 11:45PM  Insider Monkey]
▶ 5 Market-Beating Stocks for Low-Risk Investors   [Nov-21-18 03:00PM  InvestorPlace]
▶ Vipshop Stock Surges on Q3 Earnings Beat   [01:05PM  InvestorPlace]
▶ Stocks Fall on Thursday   [12:27PM  GuruFocus.com]
▶ Vipshop Q3 Earnings Preview   [07:59AM  Benzinga]
▶ 2 Chinese Dot-Com Laggards Have a Lot to Prove This Week   [Nov-13-18 01:02PM  Motley Fool]
▶ Vipshop to Announce Third Quarter 2018 Financial Results   [Nov-06-18 08:00AM  PR Newswire]
▶ 6 Great Stocks Under $6   [Oct-29-18 09:01AM  Motley Fool]
▶ How Much Daily Volume Should You Look For In A Great Stock?   [Oct-16-18 09:00AM  Investor's Business Daily]
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▶ Drug Stocks Rally Midday; Chinese Stocks Take a Hit   [Sep-24-18 03:15PM  Investing.com]
▶ Is Vipshop a Buy at Its Multiyear Low?   [Sep-15-18 08:46PM  Motley Fool]
▶ 3 Reasons Vipshop Holdings Stock Keeps Hitting New Lows   [Sep-10-18 02:06PM  Motley Fool]
▶ Vipshop Stock Can't Seem to Catch a Break   [Aug-20-18 10:00AM  Motley Fool]
▶ 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 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]

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