Discounted Cash Flow
Kingsoft Cloud Holdings Ltd. ADR
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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) |
|---|---|---|---|---|---|
| 2018 | $330.8m | $-150.1m | $-76.9m | -45.4% | $-2.20 |
| 2019 | $589.9m (78.4%) | $-165.7m (-10.4%) | $-156.3m (-103.3%) | -28.1% (38.1%) | $-1.31 (40.5%) |
| 2020 | $150.3m (-74.5%) | $9.1k (100.0%) | $-18.0m (88.5%) | 0.0% (100.0%) | $-0.41 (68.7%) |
| 2021 | $212.0m (41.1%) | $-453.9k (-5090.2%) | $-108.0m (-499.7%) | -0.2% (-3637.8%) | $-0.46 (-12.2%) |
| 2022 | $176.8m (-16.6%) | $-4.5m (-892.2%) | $10.2m (109.5%) | -2.5% (-1089.6%) | $-0.11 (76.1%) |
| 2023 | $1.1b (494.2%) | $-1.1m (75.8%) | $-93.6m (-1017.6%) | -0.1% (95.9%) | $-0.09 (18.2%) |
| 2024 | $1.2b (10.5%) | $-1.8m (-69.2%) | $41.8m (144.6%) | -0.2% (-53.1%) | $-0.07 (22.2%) |
| 2025 | $1.4b (22.8%) | $-1.1m (39.8%) | $526.4m (1160.2%) | -0.1% (51.0%) | $-0.03 (57.1%) |
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.