Intrinsic value of YY Inc. - YY

Previous Close

$86.17

  Intrinsic Value

$842.25

stock screener

  Rating & Target

str. buy

+877%

Previous close

$86.17

 
Intrinsic value

$842.25

 
Up/down potential

+877%

 
Rating

str. buy

We calculate the intrinsic value of YY 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 7.0

 

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, %
  48.40
  44.06
  40.15
  36.64
  33.47
  30.63
  28.06
  25.76
  23.68
  21.81
  20.13
  18.62
  17.26
  16.03
  14.93
  13.94
  13.04
  12.24
  11.51
  10.86
  10.28
  9.75
  9.27
  8.85
  8.46
  8.12
  7.80
  7.52
  7.27
  7.04
Revenue, $m
  2,601
  3,748
  5,252
  7,177
  9,579
  12,513
  16,025
  20,153
  24,925
  30,363
  36,476
  43,267
  50,734
  58,867
  67,655
  77,084
  87,137
  97,801
  109,062
  120,909
  133,334
  146,332
  159,903
  174,049
  188,776
  204,097
  220,025
  236,579
  253,781
  271,658
Variable operating expenses, $m
  1,883
  2,700
  3,772
  5,144
  6,857
  8,948
  11,451
  14,393
  17,795
  21,671
  26,000
  30,841
  36,163
  41,961
  48,225
  54,945
  62,111
  69,712
  77,739
  86,184
  95,040
  104,305
  113,979
  124,062
  134,560
  145,480
  156,833
  168,633
  180,895
  193,638
Fixed operating expenses, $m
  88
  90
  92
  94
  96
  98
  100
  102
  105
  107
  109
  112
  114
  117
  119
  122
  124
  127
  130
  133
  136
  139
  142
  145
  148
  151
  155
  158
  162
  165
Total operating expenses, $m
  1,971
  2,790
  3,864
  5,238
  6,953
  9,046
  11,551
  14,495
  17,900
  21,778
  26,109
  30,953
  36,277
  42,078
  48,344
  55,067
  62,235
  69,839
  77,869
  86,317
  95,176
  104,444
  114,121
  124,207
  134,708
  145,631
  156,988
  168,791
  181,057
  193,803
Operating income, $m
  631
  958
  1,388
  1,939
  2,627
  3,467
  4,474
  5,657
  7,026
  8,585
  10,367
  12,315
  14,457
  16,790
  19,311
  22,017
  24,901
  27,961
  31,193
  34,592
  38,158
  41,888
  45,782
  49,842
  54,069
  58,465
  63,037
  67,787
  72,724
  77,855
EBITDA, $m
  686
  1,024
  1,470
  2,040
  2,752
  3,623
  4,665
  5,890
  7,306
  8,921
  10,736
  12,753
  14,970
  17,386
  19,997
  22,797
  25,784
  28,952
  32,297
  35,817
  39,508
  43,370
  47,402
  51,605
  55,980
  60,532
  65,265
  70,183
  75,295
  80,606
Interest expense (income), $m
  0
  5
  18
  35
  58
  87
  124
  168
  221
  284
  357
  439
  532
  635
  748
  872
  1,005
  1,148
  1,301
  1,463
  1,633
  1,813
  2,002
  2,199
  2,405
  2,620
  2,843
  3,076
  3,318
  3,569
  3,830
Earnings before tax, $m
  626
  940
  1,353
  1,881
  2,540
  3,344
  4,306
  5,436
  6,741
  8,228
  9,927
  11,783
  13,822
  16,042
  18,440
  21,012
  23,753
  26,660
  29,730
  32,959
  36,344
  39,886
  43,583
  47,437
  51,449
  55,622
  59,961
  64,470
  69,156
  74,025
Tax expense, $m
  169
  254
  365
  508
  686
  903
  1,163
  1,468
  1,820
  2,222
  2,680
  3,181
  3,732
  4,331
  4,979
  5,673
  6,413
  7,198
  8,027
  8,899
  9,813
  10,769
  11,767
  12,808
  13,891
  15,018
  16,189
  17,407
  18,672
  19,987
Net income, $m
  457
  686
  988
  1,373
  1,854
  2,441
  3,143
  3,968
  4,921
  6,007
  7,247
  8,601
  10,090
  11,711
  13,461
  15,338
  17,340
  19,462
  21,703
  24,060
  26,531
  29,117
  31,816
  34,629
  37,558
  40,604
  43,771
  47,063
  50,484
  54,038

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
  1,632
  2,351
  3,295
  4,502
  6,010
  7,850
  10,053
  12,643
  15,637
  19,048
  22,883
  27,144
  31,828
  36,931
  42,444
  48,359
  54,666
  61,355
  68,420
  75,852
  83,647
  91,802
  100,315
  109,190
  118,429
  128,041
  138,033
  148,418
  159,210
  170,425
Adjusted assets (=assets-cash), $m
  1,632
  2,351
  3,295
  4,502
  6,010
  7,850
  10,053
  12,643
  15,637
  19,048
  22,883
  27,144
  31,828
  36,931
  42,444
  48,359
  54,666
  61,355
  68,420
  75,852
  83,647
  91,802
  100,315
  109,190
  118,429
  128,041
  138,033
  148,418
  159,210
  170,425
Revenue / Adjusted assets
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
  1.594
Average production assets, $m
  414
  596
  835
  1,141
  1,523
  1,990
  2,548
  3,204
  3,963
  4,828
  5,800
  6,879
  8,067
  9,360
  10,757
  12,256
  13,855
  15,550
  17,341
  19,224
  21,200
  23,267
  25,425
  27,674
  30,015
  32,451
  34,984
  37,616
  40,351
  43,194
Working capital, $m
  -486
  -701
  -982
  -1,342
  -1,791
  -2,340
  -2,997
  -3,769
  -4,661
  -5,678
  -6,821
  -8,091
  -9,487
  -11,008
  -12,652
  -14,415
  -16,295
  -18,289
  -20,395
  -22,610
  -24,933
  -27,364
  -29,902
  -32,547
  -35,301
  -38,166
  -41,145
  -44,240
  -47,457
  -50,800
Total debt, $m
  328
  651
  1,073
  1,614
  2,290
  3,114
  4,101
  5,261
  6,603
  8,131
  9,849
  11,758
  13,856
  16,142
  18,612
  21,262
  24,087
  27,085
  30,249
  33,579
  37,071
  40,724
  44,539
  48,514
  52,654
  56,959
  61,436
  66,089
  70,923
  75,948
Total liabilities, $m
  731
  1,053
  1,476
  2,017
  2,692
  3,517
  4,504
  5,664
  7,005
  8,534
  10,252
  12,160
  14,259
  16,545
  19,015
  21,665
  24,490
  27,487
  30,652
  33,982
  37,474
  41,127
  44,941
  48,917
  53,056
  57,362
  61,839
  66,491
  71,326
  76,351
Total equity, $m
  901
  1,298
  1,819
  2,485
  3,317
  4,333
  5,549
  6,979
  8,632
  10,515
  12,631
  14,983
  17,569
  20,386
  23,429
  26,694
  30,175
  33,868
  37,768
  41,870
  46,173
  50,675
  55,374
  60,273
  65,373
  70,678
  76,194
  81,927
  87,884
  94,075
Total liabilities and equity, $m
  1,632
  2,351
  3,295
  4,502
  6,009
  7,850
  10,053
  12,643
  15,637
  19,049
  22,883
  27,143
  31,828
  36,931
  42,444
  48,359
  54,665
  61,355
  68,420
  75,852
  83,647
  91,802
  100,315
  109,190
  118,429
  128,040
  138,033
  148,418
  159,210
  170,426
Debt-to-equity ratio
  0.360
  0.500
  0.590
  0.650
  0.690
  0.720
  0.740
  0.750
  0.760
  0.770
  0.780
  0.780
  0.790
  0.790
  0.790
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.800
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
Adjusted equity ratio
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  457
  686
  988
  1,373
  1,854
  2,441
  3,143
  3,968
  4,921
  6,007
  7,247
  8,601
  10,090
  11,711
  13,461
  15,338
  17,340
  19,462
  21,703
  24,060
  26,531
  29,117
  31,816
  34,629
  37,558
  40,604
  43,771
  47,063
  50,484
  54,038
Depreciation, amort., depletion, $m
  55
  66
  82
  101
  125
  155
  191
  232
  281
  336
  369
  438
  514
  596
  685
  781
  882
  990
  1,105
  1,224
  1,350
  1,482
  1,619
  1,763
  1,912
  2,067
  2,228
  2,396
  2,570
  2,751
Funds from operations, $m
  512
  753
  1,069
  1,474
  1,979
  2,596
  3,334
  4,201
  5,202
  6,343
  7,616
  9,040
  10,604
  12,307
  14,146
  16,119
  18,222
  20,453
  22,807
  25,284
  27,882
  30,599
  33,435
  36,392
  39,469
  42,671
  46,000
  49,459
  53,054
  56,790
Change in working capital, $m
  -159
  -214
  -281
  -360
  -449
  -549
  -657
  -772
  -892
  -1,017
  -1,143
  -1,270
  -1,396
  -1,521
  -1,643
  -1,763
  -1,880
  -1,994
  -2,106
  -2,215
  -2,323
  -2,431
  -2,538
  -2,645
  -2,754
  -2,865
  -2,979
  -3,096
  -3,217
  -3,343
Cash from operations, $m
  670
  967
  1,351
  1,834
  2,429
  3,145
  3,991
  4,972
  6,095
  7,359
  8,760
  10,310
  12,000
  13,828
  15,790
  17,882
  20,102
  22,447
  24,913
  27,500
  30,205
  33,029
  35,973
  39,037
  42,223
  45,536
  48,978
  52,555
  56,271
  60,133
Maintenance CAPEX, $m
  -18
  -26
  -38
  -53
  -73
  -97
  -127
  -162
  -204
  -252
  -307
  -369
  -438
  -514
  -596
  -685
  -781
  -882
  -990
  -1,105
  -1,224
  -1,350
  -1,482
  -1,619
  -1,763
  -1,912
  -2,067
  -2,228
  -2,396
  -2,570
New CAPEX, $m
  -135
  -182
  -239
  -306
  -382
  -466
  -558
  -656
  -759
  -865
  -972
  -1,080
  -1,187
  -1,293
  -1,397
  -1,499
  -1,598
  -1,696
  -1,790
  -1,884
  -1,976
  -2,067
  -2,158
  -2,249
  -2,342
  -2,436
  -2,533
  -2,632
  -2,735
  -2,842
Cash from investing activities, $m
  -153
  -208
  -277
  -359
  -455
  -563
  -685
  -818
  -963
  -1,117
  -1,279
  -1,449
  -1,625
  -1,807
  -1,993
  -2,184
  -2,379
  -2,578
  -2,780
  -2,989
  -3,200
  -3,417
  -3,640
  -3,868
  -4,105
  -4,348
  -4,600
  -4,860
  -5,131
  -5,412
Free cash flow, $m
  517
  759
  1,074
  1,475
  1,974
  2,581
  3,305
  4,154
  5,132
  6,242
  7,480
  8,860
  10,375
  12,021
  13,796
  15,698
  17,723
  19,869
  22,132
  24,512
  27,005
  29,612
  32,333
  35,168
  38,119
  41,188
  44,379
  47,694
  51,140
  54,720
Issuance/(repayment) of debt, $m
  239
  322
  423
  541
  675
  825
  987
  1,160
  1,341
  1,528
  1,718
  1,909
  2,099
  2,286
  2,470
  2,650
  2,826
  2,997
  3,165
  3,330
  3,492
  3,653
  3,814
  3,976
  4,139
  4,306
  4,477
  4,653
  4,835
  5,024
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  
  239
  322
  423
  541
  675
  825
  987
  1,160
  1,341
  1,528
  1,718
  1,909
  2,099
  2,286
  2,470
  2,650
  2,826
  2,997
  3,165
  3,330
  3,492
  3,653
  3,814
  3,976
  4,139
  4,306
  4,477
  4,653
  4,835
  5,024
Total cash flow (excl. dividends), $m
  756
  1,081
  1,497
  2,016
  2,649
  3,406
  4,292
  5,314
  6,473
  7,771
  9,198
  10,769
  12,473
  14,307
  16,266
  18,348
  20,549
  22,866
  25,297
  27,841
  30,497
  33,266
  36,147
  39,144
  42,258
  45,494
  48,855
  52,347
  55,974
  59,744
Retained Cash Flow (-), $m
  -294
  -397
  -521
  -666
  -832
  -1,016
  -1,216
  -1,429
  -1,653
  -1,883
  -2,117
  -2,352
  -2,586
  -2,817
  -3,043
  -3,265
  -3,481
  -3,693
  -3,900
  -4,103
  -4,303
  -4,501
  -4,700
  -4,899
  -5,100
  -5,305
  -5,516
  -5,733
  -5,957
  -6,191
Prev. year cash balance distribution, $m
  997
  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
  1,459
  684
  975
  1,349
  1,817
  2,390
  3,076
  3,885
  4,820
  5,888
  7,081
  8,417
  9,887
  11,490
  13,223
  15,083
  17,067
  19,173
  21,398
  23,739
  26,195
  28,764
  31,448
  34,245
  37,158
  40,189
  43,339
  46,614
  50,017
  53,554
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
  1,399
  626
  849
  1,111
  1,409
  1,734
  2,078
  2,428
  2,769
  3,087
  3,363
  3,592
  3,759
  3,857
  3,882
  3,833
  3,714
  3,531
  3,295
  3,016
  2,709
  2,387
  2,061
  1,744
  1,446
  1,173
  930
  721
  546
  403
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

YY Inc. (YY) is a social platform that engages users in real-time online group activities through voice, video and text on personal computers and mobile devices. The Company's segments include YY IVAS and others, Huya broadcasting, and 100 Education. YY enables users to create and organize groups of varying sizes to discover and participate in a range of online activities, including music shows, online games, dating shows, live game broadcasting and e-learning. YY offers users an entertainment experience through its social community. It owns the domain names of YY.com, Duowan.com, 100.com, Huya.com, Edu24ol.com and Zhiniu8.com. The Company's YY platform, including YY.com, is jointly operated by personnel from Guangzhou Huaduo and Zhuhai Duowan. Its product, YY Client, enables users to engage in live interactions online. Its Web-based YY enables users to conduct real-time interactions through Web browsers without requiring any downloads or installations.

FINANCIAL RATIOS  of  YY Inc. (YY)

Valuation Ratios
P/E Ratio 434.6
Price to Sales 80.6
Price to Book 130.8
Price to Tangible Book
Price to Cash Flow 273.2
Price to Free Cash Flow 302.6
Growth Rates
Sales Growth Rate 39.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -89.3%
Cap. Spend. - 3 Yr. Gr. Rate 27.7%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 54.9%
Interest Coverage 0
Management Effectiveness
Return On Assets 17.8%
Ret/ On Assets - 3 Yr. Avg. 18.3%
Return On Total Capital 22.2%
Ret/ On T. Cap. - 3 Yr. Avg. 23%
Return On Equity 36.4%
Return On Equity - 3 Yr. Avg. 37.1%
Asset Turnover 1
Profitability Ratios
Gross Margin 37.8%
Gross Margin - 3 Yr. Avg. 42.3%
EBITDA Margin 25.1%
EBITDA Margin - 3 Yr. Avg. 27.8%
Operating Margin 21.6%
Oper. Margin - 3 Yr. Avg. 23.5%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 24.8%
Net Profit Margin 18.5%
Net Profit Margin - 3 Yr. Avg. 21.6%
Effective Tax Rate 15.9%
Eff/ Tax Rate - 3 Yr. Avg. 14.8%
Payout Ratio 0%

YY stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the YY stock intrinsic value calculation we used $1753 million for the last fiscal year's total revenue generated by YY Inc.. The default revenue input number comes from 0001 income statement of YY 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 YY stock valuation model: a) initial revenue growth rate of 48.4% 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 YY is calculated based on our internal credit rating of YY 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 YY 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 YY stock the variable cost ratio is equal to 72.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $86 million in the base year in the intrinsic value calculation for YY 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 YY Inc..

Corporate tax rate of 27% is the nominal tax rate for YY 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 YY 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 YY are equal to 15.9%.

Life of production assets of 15.7 years is the average useful life of capital assets used in YY 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 YY is equal to -18.7%. 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 - $1603.8626058 million for YY 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 81.117 million for YY 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 YY Inc. at the current share price and the inputted number of shares is $7.0 billion.

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