Discounted Cash Flow

Xchange Tec.Inc. ADR

XHG · Based on 10 years of SEC filings · Converted from CNY to USD (974 ordinary shares per ADR)

⚠ Cash flow predictability 40/100 (unstable) — FCF YoY std dev 64%, net income 79% (full history)

DCF estimate unavailable — No positive free cash flow in recent history — company has not generated positive FCF

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)
2018 $132.7m $-94.7m $-17.5m -71.4%
2019 $25.7m (-80.6%) $-120.1m (-26.8%) $-20.3m (-16.2%) -466.7% (-553.7%)
2020 $26.5m (3.1%) $-228.7m (-90.4%) $6.0m (129.6%) -862.0% (-84.7%)
2021 $24.0m (-9.6%) $-84.9m (62.9%) $-16.4m (-372.6%) -353.9% (58.9%) $0.00
2022 $13.7m (-43.0%) $122.3m (244.1%) $-5.9m (63.9%) 894.2% (352.7%) $0.00
2023 $596 (-100.0%) $-10.6m (-108.7%) $-5.9m (-0.7%) -1782825.0% (-199472.9%) $0.00
2024 $6.1m (1027200.0%) $-33.8m (-218.1%) $-1.5m (75.5%) -552.0% (100.0%) $0.00
2025 $7.7m (24.9%) $-111.6m (-230.0%) $-1.7m (-19.7%) -1458.6% (-164.3%) $0.00

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

No positive free cash flow in recent history — company has not generated positive FCF

Once the company meets all DCF eligibility criteria (sufficient history, profitability, growth trends), an estimate will become available automatically. No action is needed.