Discounted Cash Flow
Boqii Holding Ltd. ADR
—
Audit / VIE / HFCA: Chinese ADR (VIE contractual structure, HFCA Act): the PCAOB must inspect the China-based auditor (e.g. Deloitte/EY China) or the ADRs can be delisted; dividends must be repatriated through the WFOE/VIE and can be blocked. The audit relies on contractual VIE control, not equity, adding structural risk.
Sourced live via DEF 14A beneficial_ownership (edgartools proxy) for US filers and 20-F risk_factors (“controls X% of voting power” + VIE/HFCA) for foreign ADRs — cached 12h. A concentrated holder can overrule the DCF’s minority-basis assumptions on dividends, issuance, and delisting.
Average annual growth rates
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
| Dividends | — | — | — |
Endpoint CAGR (better for long term trend)
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
Projected growth rate
—
Historical inputs (10 fiscal years)
| YEAR | Sales | Net Income | Free Cash Flow | Net Margin | EPS (diluted) |
|---|---|---|---|---|---|
| 2019 | $119.9m | $404.8k | $-31.1m | 0.3% | $-10.41 |
| 2020 | $114.9m (-4.2%) | $460.9k (13.8%) | $-24.9m (19.7%) | 0.4% (18.8%) | $-7.91 (24.0%) |
| 2021 | $23.0m (-80.0%) | $27.9k (-94.0%) | $-37.9m (-52.0%) | 0.1% (-69.8%) | $-0.44 (94.4%) |
| 2022 | $176.9m (668.9%) | $-661.0k (-2470.6%) | $-22.5m (40.7%) | -0.4% (-408.3%) | $-1.95 (-343.4%) |
| 2023 | $162.8m (-8.0%) | $-473.7k (28.3%) | $-8.3m (62.9%) | -0.3% (22.1%) | $-1.54 (21.2%) |
| 2024 | $105.8m (-35.0%) | $-780.4k (-64.7%) | $-3.9m (53.5%) | -0.7% (-153.6%) | $-0.64 (58.4%) |
| 2025 | $69.9m (-33.9%) | $-666.7k (14.6%) | $-10.5m (-170.2%) | -1.0% (-29.2%) | $-0.30 (52.5%) |
Base FCF: — (latest fiscal year)
Discount rate: % —
Terminal growth: —
Projection period: — years
Alt A decline yrs:
Alt B total yrs:
SEC filings report in CNY. Values above are converted to USD for comparison with the US-listed share price.
Projected cash flows
| Year | Projected cash flow | Discount Factor | Present Value |
|---|
PV of projected FCF: —
Terminal FCF: —
Terminal value: —
PV of terminal value: —
Enterprise value (DCF): —
Net debt deduction: —
Current price: —
—Alternative DCF Models
| Model | Fair Value | Upside | PV(FCFs) | PV(Terminal) | Total Years |
|---|---|---|---|---|---|
| Standard (10yr→TV) | — | — | — | — | 10 + TV |
| Alt A (Gradual Decline) | — | — | — | — | — |
| Alt B (30yr Hard Stop) | — | — | — | N/A | — |
This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.