Intrinsic value of ZTO Express (Cayman) ADR - ZTO

Previous Close

$16.88

  Intrinsic Value

$59.96

stock screener

  Rating & Target

str. buy

+255%

Previous close

$16.88

 
Intrinsic value

$59.96

 
Up/down potential

+255%

 
Rating

str. buy

We calculate the intrinsic value of ZTO 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 5.1

 

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, %
  40.10
  36.59
  33.43
  30.59
  28.03
  25.73
  23.65
  21.79
  20.11
  18.60
  17.24
  16.01
  14.91
  13.92
  13.03
  12.23
  11.50
  10.85
  10.27
  9.74
  9.27
  8.84
  8.46
  8.11
  7.80
  7.52
  7.27
  7.04
  6.84
  6.65
Revenue, $m
  2,766
  3,778
  5,040
  6,582
  8,427
  10,595
  13,101
  15,956
  19,164
  22,728
  26,646
  30,914
  35,524
  40,470
  45,743
  51,336
  57,241
  63,454
  69,970
  76,786
  83,902
  91,320
  99,042
  107,075
  115,427
  124,107
  133,127
  142,500
  152,243
  162,372
Variable operating expenses, $m
  1,908
  2,574
  3,405
  4,419
  5,632
  7,059
  8,707
  10,585
  12,695
  15,040
  17,528
  20,335
  23,367
  26,620
  30,089
  33,768
  37,653
  41,739
  46,025
  50,509
  55,190
  60,069
  65,149
  70,433
  75,926
  81,636
  87,569
  93,735
  100,143
  106,806
Fixed operating expenses, $m
  21
  22
  22
  23
  23
  24
  24
  25
  26
  26
  27
  27
  28
  28
  29
  30
  30
  31
  32
  32
  33
  34
  35
  35
  36
  37
  38
  39
  39
  40
Total operating expenses, $m
  1,929
  2,596
  3,427
  4,442
  5,655
  7,083
  8,731
  10,610
  12,721
  15,066
  17,555
  20,362
  23,395
  26,648
  30,118
  33,798
  37,683
  41,770
  46,057
  50,541
  55,223
  60,103
  65,184
  70,468
  75,962
  81,673
  87,607
  93,774
  100,182
  106,846
Operating income, $m
  836
  1,182
  1,613
  2,140
  2,771
  3,513
  4,370
  5,346
  6,443
  7,663
  9,092
  10,552
  12,129
  13,821
  15,625
  17,538
  19,558
  21,684
  23,913
  26,245
  28,679
  31,217
  33,859
  36,607
  39,464
  42,434
  45,520
  48,727
  52,060
  55,526
EBITDA, $m
  1,013
  1,391
  1,863
  2,439
  3,129
  3,940
  4,877
  5,944
  7,144
  8,477
  9,942
  11,538
  13,262
  15,111
  17,083
  19,175
  21,384
  23,707
  26,144
  28,693
  31,354
  34,129
  37,017
  40,021
  43,145
  46,391
  49,765
  53,270
  56,914
  60,703
Interest expense (income), $m
  2
  2
  16
  33
  55
  81
  113
  150
  193
  241
  296
  357
  424
  498
  576
  661
  751
  847
  948
  1,055
  1,166
  1,283
  1,405
  1,532
  1,664
  1,802
  1,945
  2,093
  2,248
  2,408
  2,575
Earnings before tax, $m
  834
  1,166
  1,580
  2,086
  2,690
  3,400
  4,220
  5,153
  6,202
  7,366
  8,735
  10,127
  11,631
  13,244
  14,964
  16,787
  18,711
  20,736
  22,858
  25,079
  27,396
  29,812
  32,327
  34,943
  37,663
  40,489
  43,427
  46,479
  49,652
  52,951
Tax expense, $m
  225
  315
  427
  563
  726
  918
  1,139
  1,391
  1,675
  1,989
  2,358
  2,734
  3,140
  3,576
  4,040
  4,532
  5,052
  5,599
  6,172
  6,771
  7,397
  8,049
  8,728
  9,435
  10,169
  10,932
  11,725
  12,549
  13,406
  14,297
Net income, $m
  609
  851
  1,154
  1,523
  1,964
  2,482
  3,081
  3,762
  4,527
  5,377
  6,376
  7,393
  8,491
  9,668
  10,923
  12,254
  13,659
  15,137
  16,686
  18,307
  19,999
  21,763
  23,599
  25,508
  27,494
  29,557
  31,702
  33,930
  36,246
  38,654

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
  3,968
  5,420
  7,232
  9,444
  12,090
  15,201
  18,796
  22,892
  27,495
  32,609
  38,230
  44,353
  50,967
  58,063
  65,628
  73,652
  82,126
  91,039
  100,387
  110,167
  120,376
  131,018
  142,098
  153,623
  165,605
  178,059
  191,000
  204,448
  218,426
  232,958
Adjusted assets (=assets-cash), $m
  3,968
  5,420
  7,232
  9,444
  12,090
  15,201
  18,796
  22,892
  27,495
  32,609
  38,230
  44,353
  50,967
  58,063
  65,628
  73,652
  82,126
  91,039
  100,387
  110,167
  120,376
  131,018
  142,098
  153,623
  165,605
  178,059
  191,000
  204,448
  218,426
  232,958
Revenue / Adjusted assets
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
  0.697
Average production assets, $m
  1,684
  2,301
  3,070
  4,009
  5,132
  6,452
  7,979
  9,717
  11,671
  13,842
  16,228
  18,827
  21,634
  24,646
  27,857
  31,263
  34,860
  38,644
  42,612
  46,763
  51,096
  55,614
  60,317
  65,209
  70,295
  75,581
  81,074
  86,783
  92,716
  98,885
Working capital, $m
  -534
  -729
  -973
  -1,270
  -1,626
  -2,045
  -2,529
  -3,079
  -3,699
  -4,387
  -5,143
  -5,966
  -6,856
  -7,811
  -8,828
  -9,908
  -11,048
  -12,247
  -13,504
  -14,820
  -16,193
  -17,625
  -19,115
  -20,666
  -22,277
  -23,953
  -25,693
  -27,503
  -29,383
  -31,338
Total debt, $m
  289
  609
  1,010
  1,499
  2,084
  2,771
  3,566
  4,471
  5,488
  6,618
  7,861
  9,214
  10,675
  12,244
  13,916
  15,689
  17,561
  19,531
  21,597
  23,759
  26,015
  28,367
  30,815
  33,362
  36,010
  38,763
  41,623
  44,595
  47,684
  50,896
Total liabilities, $m
  877
  1,198
  1,598
  2,087
  2,672
  3,359
  4,154
  5,059
  6,076
  7,207
  8,449
  9,802
  11,264
  12,832
  14,504
  16,277
  18,150
  20,120
  22,186
  24,347
  26,603
  28,955
  31,404
  33,951
  36,599
  39,351
  42,211
  45,183
  48,272
  51,484
Total equity, $m
  3,091
  4,222
  5,633
  7,357
  9,418
  11,841
  14,642
  17,833
  21,419
  25,402
  29,781
  34,551
  39,703
  45,231
  51,124
  57,375
  63,976
  70,920
  78,202
  85,820
  93,773
  102,063
  110,694
  119,672
  129,007
  138,708
  148,789
  159,265
  170,154
  181,475
Total liabilities and equity, $m
  3,968
  5,420
  7,231
  9,444
  12,090
  15,200
  18,796
  22,892
  27,495
  32,609
  38,230
  44,353
  50,967
  58,063
  65,628
  73,652
  82,126
  91,040
  100,388
  110,167
  120,376
  131,018
  142,098
  153,623
  165,606
  178,059
  191,000
  204,448
  218,426
  232,959
Debt-to-equity ratio
  0.090
  0.140
  0.180
  0.200
  0.220
  0.230
  0.240
  0.250
  0.260
  0.260
  0.260
  0.270
  0.270
  0.270
  0.270
  0.270
  0.270
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
  0.280
Adjusted equity ratio
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779
  0.779

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  609
  851
  1,154
  1,523
  1,964
  2,482
  3,081
  3,762
  4,527
  5,377
  6,376
  7,393
  8,491
  9,668
  10,923
  12,254
  13,659
  15,137
  16,686
  18,307
  19,999
  21,763
  23,599
  25,508
  27,494
  29,557
  31,702
  33,930
  36,246
  38,654
Depreciation, amort., depletion, $m
  177
  210
  250
  299
  358
  427
  507
  598
  700
  814
  850
  986
  1,133
  1,290
  1,459
  1,637
  1,825
  2,023
  2,231
  2,448
  2,675
  2,912
  3,158
  3,414
  3,680
  3,957
  4,245
  4,544
  4,854
  5,177
Funds from operations, $m
  786
  1,061
  1,404
  1,822
  2,322
  2,909
  3,588
  4,360
  5,228
  6,191
  7,226
  8,379
  9,624
  10,959
  12,382
  13,891
  15,484
  17,160
  18,917
  20,756
  22,675
  24,675
  26,757
  28,923
  31,174
  33,514
  35,946
  38,473
  41,100
  43,831
Change in working capital, $m
  -153
  -195
  -244
  -298
  -356
  -418
  -484
  -551
  -619
  -688
  -756
  -824
  -890
  -955
  -1,018
  -1,079
  -1,140
  -1,199
  -1,258
  -1,316
  -1,373
  -1,432
  -1,490
  -1,550
  -1,612
  -1,675
  -1,741
  -1,809
  -1,880
  -1,955
Cash from operations, $m
  939
  1,256
  1,647
  2,119
  2,678
  3,328
  4,071
  4,911
  5,847
  6,879
  7,982
  9,202
  10,513
  11,913
  13,400
  14,970
  16,624
  18,359
  20,175
  22,071
  24,048
  26,106
  28,247
  30,473
  32,786
  35,190
  37,687
  40,283
  42,981
  45,786
Maintenance CAPEX, $m
  -63
  -88
  -120
  -161
  -210
  -269
  -338
  -418
  -509
  -611
  -725
  -850
  -986
  -1,133
  -1,290
  -1,459
  -1,637
  -1,825
  -2,023
  -2,231
  -2,448
  -2,675
  -2,912
  -3,158
  -3,414
  -3,680
  -3,957
  -4,245
  -4,544
  -4,854
New CAPEX, $m
  -483
  -616
  -769
  -939
  -1,124
  -1,320
  -1,526
  -1,738
  -1,954
  -2,171
  -2,386
  -2,599
  -2,808
  -3,012
  -3,211
  -3,406
  -3,597
  -3,784
  -3,968
  -4,151
  -4,334
  -4,517
  -4,703
  -4,892
  -5,086
  -5,286
  -5,493
  -5,708
  -5,933
  -6,169
Cash from investing activities, $m
  -546
  -704
  -889
  -1,100
  -1,334
  -1,589
  -1,864
  -2,156
  -2,463
  -2,782
  -3,111
  -3,449
  -3,794
  -4,145
  -4,501
  -4,865
  -5,234
  -5,609
  -5,991
  -6,382
  -6,782
  -7,192
  -7,615
  -8,050
  -8,500
  -8,966
  -9,450
  -9,953
  -10,477
  -11,023
Free cash flow, $m
  393
  552
  758
  1,020
  1,344
  1,739
  2,207
  2,755
  3,384
  4,098
  4,871
  5,754
  6,720
  7,769
  8,898
  10,106
  11,391
  12,750
  14,184
  15,689
  17,266
  18,914
  20,632
  22,423
  24,286
  26,223
  28,237
  30,329
  32,504
  34,763
Issuance/(repayment) of debt, $m
  251
  321
  400
  489
  585
  687
  795
  905
  1,017
  1,130
  1,242
  1,353
  1,462
  1,568
  1,672
  1,773
  1,873
  1,970
  2,066
  2,161
  2,256
  2,352
  2,449
  2,547
  2,648
  2,752
  2,860
  2,972
  3,089
  3,212
Issuance/(repurchase) of shares, $m
  278
  280
  258
  200
  98
  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  
  529
  601
  658
  689
  683
  687
  795
  905
  1,017
  1,130
  1,242
  1,353
  1,462
  1,568
  1,672
  1,773
  1,873
  1,970
  2,066
  2,161
  2,256
  2,352
  2,449
  2,547
  2,648
  2,752
  2,860
  2,972
  3,089
  3,212
Total cash flow (excl. dividends), $m
  922
  1,152
  1,416
  1,709
  2,028
  2,426
  3,002
  3,660
  4,402
  5,228
  6,114
  7,107
  8,182
  9,337
  10,570
  11,879
  13,263
  14,720
  16,250
  17,850
  19,522
  21,266
  23,081
  24,970
  26,934
  28,975
  31,097
  33,301
  35,593
  37,975
Retained Cash Flow (-), $m
  -887
  -1,131
  -1,411
  -1,723
  -2,062
  -2,423
  -2,801
  -3,190
  -3,586
  -3,984
  -4,379
  -4,769
  -5,153
  -5,527
  -5,893
  -6,251
  -6,601
  -6,944
  -7,282
  -7,618
  -7,953
  -8,290
  -8,631
  -8,978
  -9,334
  -9,701
  -10,081
  -10,476
  -10,889
  -11,321
Prev. year cash balance distribution, $m
  1,036
  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
  1,071
  21
  5
  -14
  -34
  3
  201
  470
  816
  1,244
  1,735
  2,337
  3,029
  3,809
  4,676
  5,628
  6,663
  7,777
  8,967
  10,232
  11,569
  12,975
  14,450
  15,992
  17,600
  19,274
  21,016
  22,825
  24,704
  26,654
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
  1,027
  20
  4
  -12
  -27
  2
  136
  293
  468
  652
  824
  997
  1,152
  1,279
  1,373
  1,430
  1,450
  1,432
  1,381
  1,300
  1,197
  1,077
  947
  814
  685
  562
  451
  353
  270
  201
Current shareholders' claim on cash, %
  92.6
  87.6
  84.4
  82.5
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9
  81.9

ZTO Express (Cayman) Inc. is an express delivery company in China. The Company provides express delivery service through its nationwide network, as well as other value-added logistics services. The Company provides its services for a range of online merchants and consumers transacting on the Chinese e-commerce platforms, such as Alibaba and JD.com. The Company leverages its network partners to provide pickup and last-mile delivery services, while it controls the line-haul transportation and sorting network within the express delivery service value chain. The Company offers fee sharing mechanism, in which the pickup and delivery outlets share the delivery service fees of each delivery order. As of October 26, 2016, the Company had centralized control and management of 74 sorting hubs and a fleet of over 3,300 trucks. It also offers route planning and optimization, as well as waybill tracking system and transportation management system.

FINANCIAL RATIOS  of  ZTO Express (Cayman) ADR (ZTO)

Valuation Ratios
P/E Ratio 64
Price to Sales 14
Price to Book 10.9
Price to Tangible Book
Price to Cash Flow 45.7
Price to Free Cash Flow 220.5
Growth Rates
Sales Growth Rate 55.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 87.7%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio 8
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 3.8%
Interest Coverage 128
Management Effectiveness
Return On Assets 17.3%
Ret/ On Assets - 3 Yr. Avg. 11.2%
Return On Total Capital 22.7%
Ret/ On T. Cap. - 3 Yr. Avg. 15.1%
Return On Equity 23.8%
Return On Equity - 3 Yr. Avg. 16%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 34.3%
Gross Margin - 3 Yr. Avg. 21.1%
EBITDA Margin 31.6%
EBITDA Margin - 3 Yr. Avg. 16.2%
Operating Margin 25.2%
Oper. Margin - 3 Yr. Avg. 13.5%
Pre-Tax Margin 28.7%
Pre-Tax Margin - 3 Yr. Avg. 14.7%
Net Profit Margin 21.9%
Net Profit Margin - 3 Yr. Avg. 10.8%
Effective Tax Rate 23.7%
Eff/ Tax Rate - 3 Yr. Avg. 19%
Payout Ratio 0%

ZTO stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ZTO stock intrinsic value calculation we used $1974.01345224 million for the last fiscal year's total revenue generated by ZTO Express (Cayman) ADR. The default revenue input number comes from 0001 income statement of ZTO Express (Cayman) 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 ZTO stock valuation model: a) initial revenue growth rate of 40.1% 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 ZTO is calculated based on our internal credit rating of ZTO Express (Cayman) 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 ZTO Express (Cayman) 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 ZTO stock the variable cost ratio is equal to 70.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $21 million in the base year in the intrinsic value calculation for ZTO 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 ZTO Express (Cayman) ADR.

Corporate tax rate of 27% is the nominal tax rate for ZTO Express (Cayman) 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 ZTO 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 ZTO are equal to 60.9%.

Life of production assets of 19.1 years is the average useful life of capital assets used in ZTO Express (Cayman) 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 ZTO is equal to -19.3%. 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 - $3239.92034462 million for ZTO Express (Cayman) 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 304.632 million for ZTO Express (Cayman) 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 ZTO Express (Cayman) ADR at the current share price and the inputted number of shares is $5.1 billion.

RELATED COMPANIES Price Int.Val. Rating
ZTO ZTO Express (C 16.88 61.41  str.buy
FDX FedEx 227.81 185.45  sell
UPS United Parcel 110.45 116.53  hold
ATSG Air Transport 19.23 10.64  sell
AIRT Air T 34.00 120.73  str.buy

COMPANY NEWS

▶ ZTO Express Gets a Quant Upgrade to Buy and Charts Confirm   [Nov-02-18 03:14PM  TheStreet.com]
▶ Dow Jones Futures Sell Off As China Stock Meltdown Continues   [Aug-15-18 08:17AM  Investor's Business Daily]
▶ Roku Stock Blasts Off On Earnings; Nasdaq Closes In On All-Time High   [Aug-09-18 02:57PM  Investor's Business Daily]
▶ This No. 1 Logistics Firm, Backed By Alibaba, Is Set To Report   [03:50PM  Investor's Business Daily]
▶ ZTO Express (ZTO) Catches Eye: Stock Jumps 8.8%   [Jul-17-18 08:39AM  Zacks]
▶ Why ZTO Express Inc's Shares Plunged 11% Today   [Mar-09-18 03:52PM  Motley Fool]
▶ ZTO Announces Management Change   [05:00PM  PR Newswire]
▶ ZTO Express Announces Management Changes   [Feb-05-18 07:54AM  PR Newswire]
▶ ZTO Express Joins Elite List Of Stocks With 95-Plus Composite Rating   [Jan-18-18 03:00AM  Investor's Business Daily]
▶ About half of ZTO's parcels are handled by machines   [Jan-08-18 06:39PM  CNBC Videos]
▶ Stocks Showing Rising Market Leadership: ZTO Express Earns 80 RS Rating   [Nov-02-17 03:00AM  Investor's Business Daily]
▶ ZTO Express Announces Board Changes   [Oct-24-17 07:00AM  PR Newswire]
▶ ZTO Joins Consortium to Establish Logistics Insurer   [Oct-17-17 06:00AM  PR Newswire]

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