Baidu

On valuation, the picture is expensive. The owner-earnings multiple stands at 367.1×; owner earnings: the cash an owner could take out each year. The implied growth embedded in that price is around 47% a year, against analyst forecasts of 6%. The market is pricing in far more than analysts expect: heroic expectations.

Growth is moderate; the safety picture is adequate. The company scores 8/20 on our value-creation score: creating some value.

Flags to be aware of: Some accounting patterns deserve a closer look. As always: this describes the company's numbers; it is not a recommendation.