Discounted Cash Flow
Beone Medicines 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 | $159.1k | $-17.7m | $-16.8m | -11141.8% | $-0.30 |
| 2017 | $35.4m (22179.2%) | $-13.8m (21.9%) | $-5.0m (70.2%) | -39.1% (99.6%) | $-2.23 (-643.3%) |
| 2018 | $29.5m (-16.8%) | $-100.2m (-623.7%) | $-91.9m (-1738.1%) | -339.9% (-770.3%) | $-12.15 (-444.8%) |
| 2019 | $63.7m (116.0%) | $-141.1m (-40.8%) | $-124.9m (-35.9%) | -221.5% (34.8%) | $-15.80 (-30.0%) |
| 2020 | $45.9m (-27.9%) | $-237.4m (-68.3%) | $-208.3m (-66.8%) | -517.0% (-133.4%) | $-19.13 (-21.1%) |
| 2021 | $174.9m (280.8%) | $-210.2m (11.5%) | $-232.2m (-11.5%) | -120.2% (76.8%) | $-1.17 (93.9%) |
| 2022 | $210.5m (20.4%) | $-297.9m (-41.8%) | $-270.9m (-16.7%) | -141.5% (-17.8%) | $-1.49 (-27.4%) |
| 2023 | $365.6m (73.7%) | $-131.1m (56.0%) | $-255.7m (5.6%) | -35.9% (74.7%) | $-0.65 (56.4%) |
| 2024 | $566.5m (55.0%) | $-95.9m (26.9%) | $-94.2m (63.2%) | -16.9% (52.8%) | $-0.47 (27.7%) |
| 2025 | $794.5m (40.2%) | $42.7m (144.5%) | $140.0m (248.7%) | 5.4% (131.7%) | $0.20 (142.6%) |
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.