Sohu Is Undervalued as Its Business Improves From a Very Low Base
We plan to maintain our fair value estimate for no-moat Sohu at $48.50 per share as our fourth-quarter estimates are broadly in line with guidance. We maintain our view that the company will not be able to make a profit on a net basis until 2021. Sohu appears undervalued, as we think reduced content costs and head count will eventually help the company to reach profitability, although this will take time as it needs to improve the mobile apps and the existing advertising system. Sohu's revenue i...
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