We have recently changed our price estimate for Sina‘s stock from $39.81 to $47.92, which represents a near +20% change. Net cash comprises over 60% of our valuation, owing to the presence of significant cash and cash equivalents (along with both short and long-term investments) in the company’s balance sheet. Additionally, we have also updated our forecasts for revenue, earnings, and capital expenditures to derive at the new valuation for the company. In our current forecasts, we expect Sina’s top-line to rise from $768 million in 2014 to over $1.3 billion by 2021 and we foresee a significant improvement in the EBITDA margin over our forecast period. We expect capital expenditure as a percentage of revenue to come down considerably over the coming years, driven by operating leverage and the non-capital-intensive nature of the company’s business model.