Baidu FVE Reduced 19% to $262, but Shares Still Look Undervalued
In light of the weaker economy in China, trade war tensions and weaker demand for advertising, we are reducing our fair value estimate for Baidu by 19% to $262 per share. Wide-moat Baidu’s shares continue to be undervalued for long-term investors. Its monthly active user base of 990 million across Baidu’s family of apps poses a strong network effect and is difficult to displace. We expect revenue growth to reach 26% in 2018 and decelerate to 18% in 2019 and 15% in 2020 due to slowing economy bef...
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