Discounted Cash Flow

Noah Holdings Ltd. ADR

NOAH · Based on 10 years of SEC filings · Converted from CNY to USD (4 ordinary shares per ADR)

⚠ Cash flow predictability 49/100 (moderate) — FCF YoY std dev 75%, net income 53% (full history)

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income
Dividends

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $54.0m $13.8m $12.6m 25.6% $3.29
2017 $64.8m (20.0%) $17.5m (26.5%) $10.9m (-13.2%) 27.0% (5.4%) $4.15 (26.1%)
2018 $71.3m (10.1%) $17.6m (0.6%) $19.5m (79.3%) 24.7% (-8.6%) $4.02 (-3.1%)
2019 $72.6m (1.8%) $17.8m (0.9%) $26.2m (34.0%) 24.4% (-0.9%) $3.90 (-3.0%)
2020 $75.5m (4.0%) $-17.0m (-195.9%) $17.0m (-35.0%) -22.5% (-192.2%) $-3.68 (-194.4%)
2021 $100.5m (33.0%) $30.7m (280.6%) $-17.5m (-203.0%) 30.6% (235.8%) $6.14 (266.8%)
2022 $67.0m (-33.3%) $21.1m (-31.3%) $12.3m (170.3%) 31.5% (2.9%) $4.14 (-32.6%)
2023 $494.7m (638.1%) $21.2m (0.4%) $24.4m (97.7%) 4.3% (-86.4%) $0.41 (-90.1%)
2024 $390.9m (-21.0%) $9.7m (-54.2%) $6.2m (-74.4%) 2.5% (-42.0%) $0.19 (-53.7%)
2025 $392.1m (0.3%) $11.9m (22.7%) $18.0m (188.2%) 3.0% (22.3%) $0.23 (21.1%)

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):

DCF price per share:

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.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model