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Changyou.com

DB:0CYA
Snowflake Description

Adequate balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
0CYA
DB
$819M
Market Cap
  1. Home
  2. DE
  3. Media
Company description

Changyou.com Limited develops and operates online games in the People’s Republic of China. The last earnings update was 26 days ago. More info.


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  • Changyou.com has significant price volatility in the past 3 months.
0CYA Share Price and Events
7 Day Returns
-2.8%
DB:0CYA
0.8%
DE Entertainment
1.5%
DE Market
1 Year Returns
-42.5%
DB:0CYA
10.2%
DE Entertainment
-6.2%
DE Market
0CYA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Changyou.com (0CYA) -2.8% -10% -10.9% -42.5% -18.8% -30%
DE Entertainment 0.8% 6.3% 12.5% 10.2% 35.2% 74.6%
DE Market 1.5% 6% 8.5% -6.2% 10.7% 15.3%
1 Year Return vs Industry and Market
  • 0CYA underperformed the Entertainment industry which returned 10.2% over the past year.
  • 0CYA underperformed the Market in Germany which returned -6.2% over the past year.
Price Volatility
0CYA
Industry
5yr Volatility vs Market
Related Companies

0CYA Value

 Is Changyou.com undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Changyou.com to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Changyou.com.

DB:0CYA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.1%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:0CYA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Entertainment Unlevered Beta Simply Wall St/ S&P Global 0.96
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.962 (1 + (1- 25%) (105.33%))
1.484
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.48
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (1.484 * 5.96%)
9.07%

Discounted Cash Flow Calculation for DB:0CYA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Changyou.com is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

DB:0CYA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.07%)
2019 110.00 Analyst x1 100.85
2020 112.00 Analyst x1 94.14
2021 95.93 Est @ -14.35% 73.92
2022 86.35 Est @ -9.98% 61.01
2023 80.38 Est @ -6.92% 52.07
2024 76.54 Est @ -4.77% 45.46
2025 74.04 Est @ -3.27% 40.31
2026 72.39 Est @ -2.22% 36.14
2027 71.32 Est @ -1.49% 32.64
2028 70.62 Est @ -0.97% 29.63
Present value of next 10 years cash flows $566.19
DB:0CYA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $70.62 × (1 + 0.23%) ÷ (9.07% – 0.23%)
$800.32
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $800.32 ÷ (1 + 9.07%)10
$335.82
DB:0CYA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $566.19 + $335.82
$902.01
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $902.01 / 51.89
$17.38
DB:0CYA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:0CYA represents 0.90436x of NasdaqGS:CYOU
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.90436x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 17.38 x 0.90436
€15.72
Value per share (EUR) From above. €15.72
Current discount Discount to share price of €13.90
= -1 x (€13.90 - €15.72) / €15.72
11.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Changyou.com is available for.
Intrinsic value
12%
Share price is €13.9 vs Future cash flow value of €15.72
Current Discount Checks
For Changyou.com to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Changyou.com's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Changyou.com's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Changyou.com's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Changyou.com's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:0CYA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in USD $1.59
NasdaqGS:CYOU Share Price ** NasdaqGS (2019-04-23) in USD $15.37
Germany Entertainment Industry PE Ratio Median Figure of 10 Publicly-Listed Entertainment Companies 19.82x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.6x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Changyou.com.

DB:0CYA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:CYOU Share Price ÷ EPS (both in USD)

= 15.37 ÷ 1.59

9.68x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Changyou.com is good value based on earnings compared to the DE Entertainment industry average.
  • Changyou.com is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Changyou.com's expected growth come at a high price?
Raw Data
DB:0CYA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.68x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
3.9%per year
Europe Entertainment Industry PEG Ratio Median Figure of 30 Publicly-Listed Entertainment Companies 1.67x
Germany Market PEG Ratio Median Figure of 269 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

DB:0CYA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.68x ÷ 3.9%

2.49x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Changyou.com is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Changyou.com's assets?
Raw Data
DB:0CYA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in USD $15.99
NasdaqGS:CYOU Share Price * NasdaqGS (2019-04-23) in USD $15.37
Germany Entertainment Industry PB Ratio Median Figure of 14 Publicly-Listed Entertainment Companies 1.56x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:0CYA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:CYOU Share Price ÷ Book Value per Share (both in USD)

= 15.37 ÷ 15.99

0.96x

* Primary Listing of Changyou.com.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Changyou.com is good value based on assets compared to the DE Entertainment industry average.
X
Value checks
We assess Changyou.com's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Entertainment industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Entertainment industry average (and greater than 0)? (1 check)
  5. Changyou.com has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

0CYA Future Performance

 How is Changyou.com expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Changyou.com expected to grow at an attractive rate?
  • Changyou.com's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Changyou.com's earnings growth is positive but not above the Germany market average.
  • Changyou.com's revenues are expected to decrease over the next 1-3 years, this is below the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:0CYA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:0CYA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts 3.9%
DB:0CYA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -4.9%
Germany Entertainment Industry Earnings Growth Rate Market Cap Weighted Average 23%
Germany Entertainment Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:0CYA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:0CYA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 422 83 1
2020-12-31 440 127 108 4
2019-12-31 462 125 112 5
DB:0CYA Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-12-31 486 200 84
2018-09-30 512 108
2018-06-30 560 46
2018-03-31 598 66
2017-12-31 580 201 109
2017-09-30 566 116
2017-06-30 537 161
2017-03-31 515 143
2016-12-31 525 206 145
2016-09-30 557 142
2016-06-30 610 185
2016-03-31 683 197

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Changyou.com's earnings are expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
  • Changyou.com's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:0CYA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Changyou.com Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:0CYA Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.51 1.51 1.51 1.00
2020-12-31 2.04 2.97 1.51 4.00
2019-12-31 2.10 2.86 1.51 5.00
DB:0CYA Past Financials Data
Date (Data in USD Millions) EPS *
2018-12-31 1.59
2018-09-30 2.05
2018-06-30 0.88
2018-03-31 1.25
2017-12-31 2.07
2017-09-30 2.20
2017-06-30 3.07
2017-03-31 2.72
2016-12-31 2.77
2016-09-30 2.73
2016-06-30 3.54
2016-03-31 3.76

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Changyou.com is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Changyou.com's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Changyou.com has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

0CYA Past Performance

  How has Changyou.com performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Changyou.com's growth in the last year to its industry (Entertainment).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Changyou.com's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Changyou.com's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Changyou.com's 1-year earnings growth is negative, it can't be compared to the DE Entertainment industry average.
Earnings and Revenue History
Changyou.com's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Changyou.com Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:0CYA Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 485.76 84.33 84.42 124.17
2018-09-30 512.45 108.39 94.77 124.63
2018-06-30 560.06 46.38 102.53 131.17
2018-03-31 597.60 65.82 108.38 138.42
2017-12-31 580.26 108.83 108.08 131.03
2017-09-30 566.33 115.65 98.82 128.52
2017-06-30 536.62 161.13 105.55 122.58
2017-03-31 515.42 142.52 106.46 117.97
2016-12-31 525.39 144.95 107.10 121.62
2016-09-30 556.77 142.39 121.14 134.94
2016-06-30 609.79 184.81 122.38 144.57
2016-03-31 682.78 196.79 150.81 155.41
2015-12-31 761.64 212.78 172.62 170.61
2015-09-30 815.64 185.22 211.98 149.24
2015-06-30 807.58 107.42 255.40 162.68
2015-03-31 783.21 64.40 292.15 169.76
2014-12-31 755.27 -3.38 348.76 194.11
2014-09-30 734.20 28.72 361.44 214.80
2014-06-30 736.45 98.22 322.52 192.11
2014-03-31 741.04 171.50 262.05 169.42
2013-12-31 737.88 268.64 186.02 119.91
2013-09-30 716.57 300.80 128.10 98.37
2013-06-30 699.28 300.90 111.24 80.44
2013-03-31 664.25 294.80 101.77 76.60
2012-12-31 623.43 282.40 94.15 73.76
2012-09-30 603.65 283.75 87.28 67.94
2012-06-30 558.75 267.16 87.85 61.90

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Changyou.com has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Changyou.com used its assets less efficiently than the DE Entertainment industry average last year based on Return on Assets.
  • Changyou.com's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Changyou.com's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Entertainment industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Changyou.com has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

0CYA Health

 How is Changyou.com's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Changyou.com's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Changyou.com is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Changyou.com's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Changyou.com's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Changyou.com Company Filings, last reported 3 months ago.

DB:0CYA Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 831.64 862.97 644.60
2018-09-30 816.99 0.00 620.16
2018-06-30 810.72 0.00 566.79
2018-03-31 1,346.29 0.00 1,051.16
2017-12-31 1,315.36 396.19 975.72
2017-09-30 1,261.82 0.00 881.15
2017-06-30 1,269.98 0.00 819.88
2017-03-31 1,189.11 0.00 836.37
2016-12-31 1,148.16 378.68 830.68
2016-09-30 1,143.33 0.00 848.22
2016-06-30 1,103.63 0.00 686.99
2016-03-31 1,090.97 0.00 652.90
2015-12-31 1,059.25 528.74 744.43
2015-09-30 1,038.95 344.50 690.94
2015-06-30 1,044.71 370.00 551.36
2015-03-31 988.49 370.00 450.12
2014-12-31 942.70 370.00 412.37
2014-09-30 941.92 370.00 386.81
2014-06-30 886.07 257.00 393.22
2014-03-31 884.29 257.00 409.47
2013-12-31 913.52 410.33 551.31
2013-09-30 851.07 354.00 525.64
2013-06-30 780.90 322.96 470.45
2013-03-31 761.88 270.50 462.31
2012-12-31 669.70 239.35 418.36
2012-09-30 581.86 239.18 340.62
2012-06-30 706.60 20.53 464.95
  • Changyou.com's level of debt (103.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (44.7% vs 103.8% today).
  • Debt is well covered by operating cash flow (23.1%, greater than 20% of total debt).
  • Changyou.com earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Changyou.com's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Changyou.com has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

0CYA Dividends

 What is Changyou.com's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Changyou.com dividends. Estimated to be 0% next year.
If you bought €2,000 of Changyou.com shares you are expected to receive €0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Changyou.com's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Changyou.com's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:0CYA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Germany Entertainment Industry Average Dividend Yield Market Cap Weighted Average of 5 Stocks 1.5%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:0CYA Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.00 1.00
2020-12-31 0.00 2.00
2019-12-31 0.00 3.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Changyou.com has not reported any payouts.
  • Unable to verify if Changyou.com's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Changyou.com's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Changyou.com has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Changyou.com's dividends in 3 years as they are not expected to pay a notable one for Germany.
X
Income/ dividend checks
We assess Changyou.com's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Changyou.com afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Changyou.com has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

0CYA Management

 What is the CEO of Changyou.com's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dewen Chen
COMPENSATION $0
AGE 42
TENURE AS CEO 2.7 years
CEO Bio

Mr. Dewen Chen has been the Chairman and Acting Chief Executive Officer at 7Road.com Limited. since May 2013. Mr. Chen has been the Chief Executive Officer of Changyou.com Limited since August 5, 2016. He served as the Co-Chief Executive Officer at Changyou.com (HK) Limited. Mr. Chen served as Co-Chief Executive Officer of Changyou.com Limited since November 3, 2014 until August 5, 2016 and served as its President since February 2010. Mr. Chen has over 11 years of experience in the information technology industry. He served as the Chief Operating Officer at Changyou.com Limited until January 2013. He joined Sohu in 2005 as a Business Manager, responsible for building its sales team for games products and starting May 2006, he was in charge of the overall marketing, promotion, sales and channel distribution of Sohu’s games products. Mr. Chen was the Director of Marketing & operations of the MMORPG business of Sohu. From April 2000 to April 2005, he worked at Shanghai Hua Teng Software System Co. Ltd. as a pre-sale technology consultant and sale manager of its business with banks. Mr. Chen worked with Fujian Shi Da Computer Group as a software engineer, project manager and later the Director of the Technology Department at its Shanghai branch office. He has been a Director of Changyou.com Limited since June 24, 2016. Mr. Chen received a bachelor’s degree in Computer Engineering from Xi’an Jiaotong University.

CEO Compensation
  • Insufficient data for Dewen to compare compensation growth.
  • Dewen's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Changyou.com management team in years:

2.9
Average Tenure
42
Average Age
  • The tenure for the Changyou.com management team is about average.
Management Team

Dewen Chen

TITLE
CEO & Director
AGE
42
TENURE
2.7 yrs

Xiaojian Hong

TITLE
Chief Operating Officer
AGE
40
TENURE
6.3 yrs

Yaobin Wang

TITLE
Chief Financial Officer
AGE
45
TENURE
1.6 yrs

Yujia Zhao

TITLE
Head of Investor Relations

Qing Wei

TITLE
Chief Games Development Officer
TENURE
3.2 yrs
Board of Directors Tenure

Average tenure and age of the Changyou.com board of directors in years:

6.1
Average Tenure
54
Average Age
  • The tenure for the Changyou.com board of directors is about average.
Board of Directors

Chi Zhang

TITLE
Chairman
AGE
54

Dewen Chen

TITLE
CEO & Director
AGE
42
TENURE
2.8 yrs

Dave De Yang

TITLE
Independent Director
AGE
52
TENURE
10 yrs

Xiao Chen

TITLE
Independent Director
AGE
55
TENURE
6.7 yrs

Charles Chan

TITLE
Independent Director
AGE
64
TENURE
5.6 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Changyou.com's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Changyou.com has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

0CYA News

Simply Wall St News

0CYA Company Info

Description

Changyou.com Limited develops and operates online games in the People’s Republic of China. The company operates through Online Game, Platform Channel, and Cinema Advertising segments. It develops, operates, and licenses online games, including interactive online games that are accessed and played simultaneously by various game players through personal computers; and mobile games played on mobile devices. The company also operates 17173.com Website, an information portal that provides news, electronic forums, online videos, and other information services on online games to game players; and offers various software applications for PCs and mobile devices, as well as purchases pre-film cinema advertising slots from movie theater operators for advertisers. As of December 31, 2018, it had approximately 4.9 million total average monthly active accounts; and 1.6 million total active paying accounts. The company was founded in 2003 and is headquartered in Beijing, the People’s Republic of China. Changyou.com Limited is a subsidiary of Sohu.com Limited.

Details
Name: Changyou.com Limited
0CYA
Exchange: DB
Founded: 2003
$731,121,331
51,885,710
Website: http://www.changyou.com
Address: Changyou.com Limited
Changyou Building,
Raycom Creative Industrial Park,
Beijing,
100043,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS CYOU SPON ADS REP 2 CL A SHS Nasdaq Global Select US USD 02. Apr 2009
DB 0CYA SPON ADS REP 2 CL A SHS Deutsche Boerse AG DE EUR 02. Apr 2009
Number of employees
Current staff
Staff numbers
2,131
Changyou.com employees.
Industry
Interactive Home Entertainment
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/23 21:22
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/03/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.