Discounted Cash Flow
Ehang Holdings 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) |
|---|---|---|---|---|---|
| 2017 | $4.7m | $127.9k | $127.9k | 2.7% | — |
| 2018 | $9.9m (109.8%) | $-201.3k (-257.3%) | $-201.3k (-257.3%) | -2.0% (-175.0%) | — |
| 2019 | $18.2m (83.2%) | $82.2k (140.8%) | $-8.7m (-4215.4%) | 0.5% (122.3%) | — |
| 2020 | $26.9m (47.8%) | $-659.4k (-902.5%) | $-659.4k (92.4%) | -2.5% (-642.8%) | — |
| 2021 | $8.5m (-68.5%) | $-9.4k (98.6%) | $-20.5m (-3004.3%) | -0.1% (95.5%) | — |
| 2022 | $6.6m (-22.0%) | $165.5k (1861.9%) | $165.5k (100.8%) | 2.5% (2358.5%) | — |
| 2023 | $17.5m (165.0%) | $95.6k (-42.3%) | $-14.4m (-8770.5%) | 0.5% (-78.2%) | — |
| 2024 | $68.0m (288.5%) | $38.2k (-60.1%) | $17.7m (223.6%) | 0.1% (-89.7%) | — |
| 2025 | $62.3m (-8.4%) | $64.7k (69.5%) | $-48.8m (-375.1%) | 0.1% (85.0%) | — |
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.