Discounted Cash Flow
Kanzhun 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 | $148.9m | $-74.9m | $-15.8m | -50.3% | — |
| 2020 | $289.9m (94.7%) | $-140.4m (-87.6%) | $55.8m (452.7%) | -48.4% (3.6%) | — |
| 2021 | $635.1m (119.1%) | $-159.7m (-13.7%) | $244.4m (338.3%) | -25.1% (48.1%) | — |
| 2022 | $672.6m (5.9%) | $16.0m (110.0%) | $131.3m (-46.3%) | 2.4% (109.5%) | — |
| 2023 | $887.5m (31.9%) | $1.3k (-100.0%) | $391.8m (198.3%) | 0.0% (-100.0%) | — |
| 2024 | $1.1b (23.6%) | $2.6m (195877.8%) | $449.6m (14.7%) | 0.2% (158480.3%) | — |
| 2025 | $1.2b (12.4%) | $6.7m (154.4%) | $676.7m (50.5%) | 0.5% (126.4%) | — |
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.