Discounted Cash Flow
Bitventures 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 | $38.9m | $9.2m | $17.4m | 23.5% | $3.69 |
| 2020 | $36.7m (-5.8%) | $15.8m (72.7%) | $18.3m (5.4%) | 43.1% (83.3%) | $6.37 (72.6%) |
| 2021 | $41.3m (12.6%) | $4.7m (-70.4%) | $4.7m (-74.4%) | 11.3% (-73.8%) | $12.08 (89.6%) |
| 2022 | $44.9m (8.5%) | $5.4m (16.5%) | $30.2m (545.0%) | 12.1% (7.3%) | $12.63 (4.6%) |
| 2023 | $2.3m (-94.9%) | $2.8m (-48.8%) | $2.8m (-90.8%) | 122.6% (909.7%) | $0.33 (-97.4%) |
| 2024 | $3.3m (43.0%) | $-110.8k (-104.0%) | $382.3k (-86.3%) | -3.4% (-102.8%) | $-0.01 (-103.0%) |
| 2025 | $0 (-100.0%) | $-800.6k (-622.6%) | $-966.8k (-352.9%) | — | $-0.06 (-500.0%) |
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.