Discounted Cash Flow
Huya Inc. 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) |
|---|---|---|---|---|---|
| 2016 | $118.8m | $-93.3m | $-62.7m | -78.5% | $-6.26 |
| 2017 | $325.8m (174.2%) | $-12.1m (87.1%) | $30.6m (148.8%) | -3.7% (95.3%) | $-1.01 (83.9%) |
| 2018 | $101.1m (-69.0%) | $-288.9m (-2293.2%) | $105.4m (244.2%) | -285.7% (-7608.7%) | $-15.02 (-1387.1%) |
| 2019 | $179.4m (77.4%) | $69.8m (124.2%) | $288.8m (174.1%) | 38.9% (113.6%) | $0.31 (102.1%) |
| 2020 | $249.4m (39.1%) | $131.8m (88.9%) | $183.6m (-36.4%) | 52.9% (35.8%) | $0.60 (93.5%) |
| 2021 | $265.6m (6.5%) | $87.0m (-34.0%) | $47.9m (-73.9%) | 32.8% (-38.0%) | $0.38 (-36.7%) |
| 2022 | $199.3m (-25.0%) | $-72.6m (-183.4%) | $-68.6m (-243.1%) | -36.4% (-211.1%) | $-0.29 (-176.3%) |
| 2023 | $1.0b (423.2%) | $-30.5m (58.0%) | $-7.4m (89.3%) | -2.9% (92.0%) | $-0.12 (58.6%) |
| 2024 | $906.5m (-13.1%) | $-7.2m (76.6%) | $10.3m (239.1%) | -0.8% (73.0%) | $-0.03 (75.0%) |
| 2025 | $969.6m (7.0%) | $-16.8m (-134.8%) | $-29.8m (-391.1%) | -1.7% (-119.5%) | $-0.07 (-133.3%) |
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.