Intrinsic value of 58.com Inc. - WUBA

Previous Close

$54.33

  Intrinsic Value

$274.12

stock screener

  Rating & Target

str. buy

+405%

Previous close

$54.33

 
Intrinsic value

$274.12

 
Up/down potential

+405%

 
Rating

str. buy

We calculate the intrinsic value of WUBA 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 8.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  39.20
  35.78
  32.70
  29.93
  27.44
  25.19
  23.18
  21.36
  19.72
  18.25
  16.92
  15.73
  14.66
  13.69
  12.82
  12.04
  11.34
  10.70
  10.13
  9.62
  9.16
  8.74
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
Revenue, $m
  2,119
  2,877
  3,817
  4,960
  6,321
  7,914
  9,748
  11,829
  14,162
  16,747
  19,581
  22,662
  25,984
  29,542
  33,330
  37,344
  41,578
  46,028
  50,692
  55,569
  60,658
  65,960
  71,480
  77,220
  83,188
  89,390
  95,835
  102,532
  109,494
  116,733
Variable operating expenses, $m
  841
  1,049
  1,307
  1,621
  1,994
  2,431
  2,935
  3,506
  4,146
  4,856
  5,374
  6,219
  7,131
  8,107
  9,147
  10,248
  11,410
  12,632
  13,912
  15,250
  16,647
  18,102
  19,617
  21,192
  22,830
  24,532
  26,300
  28,138
  30,049
  32,035
Fixed operating expenses, $m
  600
  613
  627
  640
  654
  669
  684
  699
  714
  730
  746
  762
  779
  796
  814
  831
  850
  868
  888
  907
  927
  947
  968
  990
  1,011
  1,034
  1,056
  1,080
  1,103
  1,128
Total operating expenses, $m
  1,441
  1,662
  1,934
  2,261
  2,648
  3,100
  3,619
  4,205
  4,860
  5,586
  6,120
  6,981
  7,910
  8,903
  9,961
  11,079
  12,260
  13,500
  14,800
  16,157
  17,574
  19,049
  20,585
  22,182
  23,841
  25,566
  27,356
  29,218
  31,152
  33,163
Operating income, $m
  678
  1,214
  1,884
  2,699
  3,672
  4,813
  6,129
  7,625
  9,302
  11,162
  13,462
  15,681
  18,074
  20,639
  23,370
  26,264
  29,318
  32,528
  35,893
  39,412
  43,084
  46,911
  50,895
  55,039
  59,347
  63,825
  68,478
  73,314
  78,342
  83,569
EBITDA, $m
  1,006
  1,568
  2,267
  3,120
  4,137
  5,330
  6,706
  8,269
  10,022
  11,966
  14,099
  16,418
  18,919
  21,600
  24,454
  27,479
  30,670
  34,025
  37,542
  41,219
  45,057
  49,057
  53,220
  57,551
  62,053
  66,733
  71,596
  76,650
  81,904
  87,367
Interest expense (income), $m
  0
  7
  35
  70
  114
  167
  231
  305
  390
  487
  596
  716
  848
  991
  1,146
  1,312
  1,488
  1,675
  1,872
  2,080
  2,297
  2,524
  2,761
  3,008
  3,265
  3,532
  3,810
  4,099
  4,399
  4,711
  5,035
Earnings before tax, $m
  671
  1,180
  1,813
  2,585
  3,505
  4,583
  5,825
  7,235
  8,815
  10,566
  12,746
  14,833
  17,083
  19,492
  22,058
  24,776
  27,642
  30,655
  33,813
  37,115
  40,560
  44,150
  47,887
  51,774
  55,815
  60,015
  64,379
  68,915
  73,631
  78,534
Tax expense, $m
  181
  319
  490
  698
  946
  1,237
  1,573
  1,953
  2,380
  2,853
  3,441
  4,005
  4,612
  5,263
  5,956
  6,689
  7,463
  8,277
  9,130
  10,021
  10,951
  11,921
  12,930
  13,979
  15,070
  16,204
  17,382
  18,607
  19,880
  21,204
Net income, $m
  490
  861
  1,324
  1,887
  2,559
  3,345
  4,252
  5,281
  6,435
  7,713
  9,304
  10,828
  12,470
  14,229
  16,102
  18,086
  20,179
  22,378
  24,684
  27,094
  29,609
  32,230
  34,958
  37,795
  40,745
  43,811
  46,997
  50,308
  53,751
  57,330

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
  5,951
  8,081
  10,723
  13,933
  17,756
  22,229
  27,381
  33,229
  39,782
  47,042
  55,004
  63,657
  72,989
  82,983
  93,625
  104,898
  116,791
  129,292
  142,393
  156,092
  170,386
  185,282
  200,786
  216,911
  233,674
  251,095
  269,198
  288,012
  307,567
  327,900
Adjusted assets (=assets-cash), $m
  5,951
  8,081
  10,723
  13,933
  17,756
  22,229
  27,381
  33,229
  39,782
  47,042
  55,004
  63,657
  72,989
  82,983
  93,625
  104,898
  116,791
  129,292
  142,393
  156,092
  170,386
  185,282
  200,786
  216,911
  233,674
  251,095
  269,198
  288,012
  307,567
  327,900
Revenue / Adjusted assets
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
  0.356
Average production assets, $m
  2,068
  2,808
  3,726
  4,841
  6,169
  7,724
  9,514
  11,545
  13,822
  16,345
  19,111
  22,118
  25,360
  28,833
  32,530
  36,448
  40,580
  44,923
  49,475
  54,235
  59,202
  64,377
  69,764
  75,367
  81,192
  87,245
  93,535
  100,071
  106,866
  113,931
Working capital, $m
  -883
  -1,200
  -1,592
  -2,068
  -2,636
  -3,300
  -4,065
  -4,933
  -5,906
  -6,983
  -8,165
  -9,450
  -10,835
  -12,319
  -13,899
  -15,572
  -17,338
  -19,194
  -21,139
  -23,172
  -25,294
  -27,505
  -29,807
  -32,201
  -34,689
  -37,276
  -39,963
  -42,756
  -45,659
  -48,677
Total debt, $m
  645
  1,299
  2,110
  3,095
  4,269
  5,642
  7,224
  9,019
  11,031
  13,260
  15,704
  18,361
  21,225
  24,294
  27,561
  31,022
  34,673
  38,511
  42,533
  46,738
  51,127
  55,699
  60,459
  65,410
  70,556
  75,904
  81,462
  87,238
  93,241
  99,483
Total liabilities, $m
  1,827
  2,481
  3,292
  4,277
  5,451
  6,824
  8,406
  10,201
  12,213
  14,442
  16,886
  19,543
  22,407
  25,476
  28,743
  32,204
  35,855
  39,693
  43,715
  47,920
  52,309
  56,881
  61,641
  66,592
  71,738
  77,086
  82,644
  88,420
  94,423
  100,665
Total equity, $m
  4,124
  5,600
  7,431
  9,655
  12,305
  15,405
  18,975
  23,027
  27,569
  32,600
  38,118
  44,114
  50,581
  57,507
  64,882
  72,695
  80,936
  89,599
  98,679
  108,171
  118,078
  128,400
  139,145
  150,320
  161,936
  174,009
  186,554
  199,592
  213,144
  227,235
Total liabilities and equity, $m
  5,951
  8,081
  10,723
  13,932
  17,756
  22,229
  27,381
  33,228
  39,782
  47,042
  55,004
  63,657
  72,988
  82,983
  93,625
  104,899
  116,791
  129,292
  142,394
  156,091
  170,387
  185,281
  200,786
  216,912
  233,674
  251,095
  269,198
  288,012
  307,567
  327,900
Debt-to-equity ratio
  0.160
  0.230
  0.280
  0.320
  0.350
  0.370
  0.380
  0.390
  0.400
  0.410
  0.410
  0.420
  0.420
  0.420
  0.420
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
  0.440
Adjusted equity ratio
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693
  0.693

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  490
  861
  1,324
  1,887
  2,559
  3,345
  4,252
  5,281
  6,435
  7,713
  9,304
  10,828
  12,470
  14,229
  16,102
  18,086
  20,179
  22,378
  24,684
  27,094
  29,609
  32,230
  34,958
  37,795
  40,745
  43,811
  46,997
  50,308
  53,751
  57,330
Depreciation, amort., depletion, $m
  329
  353
  384
  421
  465
  517
  577
  644
  720
  804
  637
  737
  845
  961
  1,084
  1,215
  1,353
  1,497
  1,649
  1,808
  1,973
  2,146
  2,325
  2,512
  2,706
  2,908
  3,118
  3,336
  3,562
  3,798
Funds from operations, $m
  818
  1,214
  1,708
  2,308
  3,024
  3,862
  4,829
  5,926
  7,155
  8,518
  9,941
  11,565
  13,316
  15,191
  17,187
  19,301
  21,532
  23,876
  26,333
  28,902
  31,582
  34,376
  37,283
  40,307
  43,451
  46,719
  50,115
  53,644
  57,313
  61,128
Change in working capital, $m
  -249
  -316
  -392
  -476
  -568
  -664
  -765
  -868
  -973
  -1,078
  -1,182
  -1,285
  -1,385
  -1,484
  -1,580
  -1,674
  -1,765
  -1,856
  -1,945
  -2,034
  -2,122
  -2,211
  -2,302
  -2,394
  -2,488
  -2,586
  -2,687
  -2,793
  -2,903
  -3,018
Cash from operations, $m
  1,067
  1,530
  2,100
  2,784
  3,591
  4,527
  5,593
  6,794
  8,128
  9,595
  11,123
  12,850
  14,701
  16,674
  18,766
  20,975
  23,297
  25,732
  28,278
  30,935
  33,704
  36,587
  39,585
  42,701
  45,940
  49,305
  52,802
  56,437
  60,216
  64,146
Maintenance CAPEX, $m
  -50
  -69
  -94
  -124
  -161
  -206
  -257
  -317
  -385
  -461
  -545
  -637
  -737
  -845
  -961
  -1,084
  -1,215
  -1,353
  -1,497
  -1,649
  -1,808
  -1,973
  -2,146
  -2,325
  -2,512
  -2,706
  -2,908
  -3,118
  -3,336
  -3,562
New CAPEX, $m
  -582
  -740
  -918
  -1,115
  -1,328
  -1,554
  -1,790
  -2,032
  -2,277
  -2,523
  -2,766
  -3,007
  -3,242
  -3,473
  -3,697
  -3,917
  -4,132
  -4,343
  -4,552
  -4,759
  -4,967
  -5,175
  -5,387
  -5,603
  -5,824
  -6,053
  -6,290
  -6,537
  -6,795
  -7,065
Cash from investing activities, $m
  -632
  -809
  -1,012
  -1,239
  -1,489
  -1,760
  -2,047
  -2,349
  -2,662
  -2,984
  -3,311
  -3,644
  -3,979
  -4,318
  -4,658
  -5,001
  -5,347
  -5,696
  -6,049
  -6,408
  -6,775
  -7,148
  -7,533
  -7,928
  -8,336
  -8,759
  -9,198
  -9,655
  -10,131
  -10,627
Free cash flow, $m
  435
  722
  1,088
  1,545
  2,102
  2,767
  3,546
  4,445
  5,466
  6,612
  7,812
  9,206
  10,721
  12,356
  14,108
  15,973
  17,950
  20,036
  22,228
  24,526
  26,930
  29,438
  32,052
  34,773
  37,603
  40,546
  43,604
  46,782
  50,085
  53,519
Issuance/(repayment) of debt, $m
  516
  654
  811
  985
  1,174
  1,373
  1,582
  1,795
  2,012
  2,229
  2,444
  2,657
  2,865
  3,068
  3,267
  3,461
  3,651
  3,838
  4,022
  4,205
  4,388
  4,573
  4,760
  4,950
  5,146
  5,348
  5,558
  5,776
  6,004
  6,242
Issuance/(repurchase) of shares, $m
  673
  614
  507
  337
  91
  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  
  1,189
  1,268
  1,318
  1,322
  1,265
  1,373
  1,582
  1,795
  2,012
  2,229
  2,444
  2,657
  2,865
  3,068
  3,267
  3,461
  3,651
  3,838
  4,022
  4,205
  4,388
  4,573
  4,760
  4,950
  5,146
  5,348
  5,558
  5,776
  6,004
  6,242
Total cash flow (excl. dividends), $m
  1,624
  1,990
  2,407
  2,868
  3,366
  4,140
  5,128
  6,240
  7,478
  8,841
  10,256
  11,862
  13,586
  15,425
  17,375
  19,434
  21,601
  23,873
  26,250
  28,732
  31,318
  34,011
  36,812
  39,723
  42,749
  45,894
  49,161
  52,558
  56,089
  59,761
Retained Cash Flow (-), $m
  -1,163
  -1,476
  -1,831
  -2,224
  -2,649
  -3,100
  -3,570
  -4,053
  -4,541
  -5,031
  -5,517
  -5,997
  -6,467
  -6,926
  -7,375
  -7,813
  -8,242
  -8,663
  -9,079
  -9,493
  -9,906
  -10,323
  -10,744
  -11,175
  -11,617
  -12,073
  -12,546
  -13,038
  -13,552
  -14,091
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
  462
  514
  576
  643
  717
  1,040
  1,557
  2,188
  2,937
  3,810
  4,739
  5,866
  7,119
  8,498
  10,000
  11,622
  13,359
  15,210
  17,171
  19,239
  21,412
  23,688
  26,067
  28,548
  31,133
  33,821
  36,616
  39,520
  42,537
  45,671
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
  443
  471
  501
  530
  556
  755
  1,052
  1,367
  1,687
  1,997
  2,250
  2,503
  2,707
  2,853
  2,936
  2,953
  2,907
  2,801
  2,644
  2,445
  2,215
  1,966
  1,708
  1,454
  1,211
  987
  786
  611
  464
  344
Current shareholders' claim on cash, %
  92.3
  87.5
  84.7
  83.3
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0
  83.0

58.com Inc. is a holding company. The Company's business consists of its online classifieds and listing platforms. Its online classifieds and listings platforms enable local merchants and consumers to connect, share information and conduct business in China. These platforms include 58, Ganji and Anjuke. 58 and Ganji are online multi-content category-classified advertising platforms, while Anjuke is an online real estate listing platform. In addition, 58 Daojia Inc., its subsidiary, operates a mobile-based closed-loop transactional platform for home services, which directly connects consumers and individual service providers for local services, such as home cleaning, moving services and manicure services provided at home. Its classifieds and listing platforms contain local information for over 480 cities across various content categories, including jobs, real estate, used goods, automotive and yellow pages. It also offers membership, online marketing services and e-commerce services.

FINANCIAL RATIOS  of  58.com Inc. (WUBA)

Valuation Ratios
P/E Ratio -139.3
Price to Sales 14.3
Price to Book 6.1
Price to Tangible Book
Price to Cash Flow 57.6
Price to Free Cash Flow 65
Growth Rates
Sales Growth Rate 69.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -83%
Cap. Spend. - 3 Yr. Gr. Rate 50.6%
Financial Strength
Quick Ratio 1
Current Ratio 0.2
LT Debt to Equity 0.8%
Total Debt to Equity 11.3%
Interest Coverage 0
Management Effectiveness
Return On Assets -3%
Ret/ On Assets - 3 Yr. Avg. -2.9%
Return On Total Capital -3.9%
Ret/ On T. Cap. - 3 Yr. Avg. -3.7%
Return On Equity -4.3%
Return On Equity - 3 Yr. Avg. -4.2%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 90.7%
Gross Margin - 3 Yr. Avg. 92.8%
EBITDA Margin -5.5%
EBITDA Margin - 3 Yr. Avg. -8.6%
Operating Margin 4.1%
Oper. Margin - 3 Yr. Avg. -3.9%
Pre-Tax Margin -10.8%
Pre-Tax Margin - 3 Yr. Avg. -12.6%
Net Profit Margin -10.3%
Net Profit Margin - 3 Yr. Avg. -12.3%
Effective Tax Rate 5.9%
Eff/ Tax Rate - 3 Yr. Avg. 10.1%
Payout Ratio 0%

WUBA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the WUBA stock intrinsic value calculation we used $1522 million for the last fiscal year's total revenue generated by 58.com Inc.. The default revenue input number comes from 0001 income statement of 58.com Inc.. 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 WUBA stock valuation model: a) initial revenue growth rate of 39.2% 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 WUBA is calculated based on our internal credit rating of 58.com Inc., 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 58.com Inc..
    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 WUBA stock the variable cost ratio is equal to 44.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $587 million in the base year in the intrinsic value calculation for WUBA 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 58.com Inc..

Corporate tax rate of 27% is the nominal tax rate for 58.com Inc.. 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 WUBA 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 WUBA are equal to 97.6%.

Life of production assets of 42 years is the average useful life of capital assets used in 58.com Inc. 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 WUBA is equal to -41.7%. 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 - $2961.52524184 million for 58.com Inc. - 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 148.154 million for 58.com Inc. 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 58.com Inc. at the current share price and the inputted number of shares is $8.0 billion.

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