Discounted Cash Flow
Vnet Group, Inc. 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) |
|---|---|---|---|---|---|
| 2016 | $78.2m | $-13.6m | $130.4k | -17.4% | $-0.20 |
| 2017 | $77.7m (-0.6%) | $-17.7m (-30.1%) | $50.9m (38922.4%) | -22.8% (-30.9%) | $-0.21 (-5.0%) |
| 2018 | $73.7m (-5.1%) | $-4.4m (74.9%) | $-4.4m (-108.7%) | -6.0% (73.5%) | $-0.04 (81.0%) |
| 2019 | $81.1m (10.0%) | $-3.9m (12.2%) | $-3.9m (12.2%) | -4.8% (20.2%) | $-0.04 (0.0%) |
| 2020 | $33.3m (-59.0%) | $-61.9m (-1485.9%) | $50.0m (1380.2%) | -186.0% (-3766.3%) | $-0.69 (-1625.0%) |
| 2021 | $41.5m (24.6%) | $11.7m (118.9%) | $11.7m (-76.6%) | 28.2% (115.2%) | $0.09 (113.0%) |
| 2022 | $35.3m (-15.0%) | $-16.8m (-243.4%) | $-16.8m (-243.4%) | -47.6% (-268.6%) | $-0.13 (-244.4%) |
| 2023 | $33.7m (-4.5%) | $-55.5m (-231.0%) | $245.3m (1562.6%) | -164.8% (-246.4%) | $-0.41 (-215.4%) |
| 2024 | $45.6m (35.4%) | $3.7m (106.7%) | $3.7m (-98.5%) | 8.2% (105.0%) | $0.02 (104.9%) |
| 2025 | $59.5m (30.5%) | $-5.4m (-243.5%) | $-5.4m (-243.5%) | -9.0% (-210.0%) | $-0.02 (-200.0%) |
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.
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.