Discounted Cash Flow
Jinkosolar Holding Co., 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) |
|---|---|---|---|---|---|
| 2016 | $459.6m | $39.2m | $-81.1m | 8.5% | — |
| 2017 | $606.7m (32.0%) | $3.2m (-91.7%) | $-54.0m (33.5%) | 0.5% (-93.7%) | — |
| 2018 | $543.1m (-10.5%) | $8.8m (171.4%) | $-39.2m (27.4%) | 1.6% (203.2%) | — |
| 2019 | $637.1m (17.3%) | $19.2m (118.3%) | $-40.4m (-3.1%) | 3.0% (86.1%) | $0.76 |
| 2020 | $802.8m (26.0%) | $5.3m (-72.6%) | $-79.1m (-95.8%) | 0.7% (-78.3%) | $0.20 (-73.7%) |
| 2021 | $955.3m (19.0%) | $16.9m (220.4%) | $16.9m (121.3%) | 1.8% (169.3%) | $0.59 (195.0%) |
| 2022 | $1.8b (88.1%) | $13.4m (-20.5%) | $-1.1b (-6796.9%) | 0.7% (-57.7%) | $0.45 (-23.7%) |
| 2023 | $17.7b (884.7%) | $72.4m (439.7%) | $1.7b (254.1%) | 0.4% (-45.2%) | $2.34 (420.0%) |
| 2024 | $13.8b (-22.3%) | $1.1m (-98.5%) | $2.3b (33.7%) | 0.0% (-98.0%) | $0.04 (-98.3%) |
| 2025 | $9.8b (-29.0%) | $-94.8m (-8605.8%) | $93.4m (-96.0%) | -1.0% (-12080.8%) | $-3.05 (-7725.0%) |
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.
Values abbreviated: b = billions, m = millions, k = thousands.
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.