Discounted Cash Flow

Futu Holdings Ltd. ADR

FUTU · Based on 10 years of SEC filings · Converted from HKD to USD

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)
2017 $311.7m $1.9m $1.9m 0.6% $-0.14
2018 $450.8m (44.6%) $17.7m (832.2%) $17.7m (832.2%) 3.9% (544.6%) $0.09 (164.3%)
2019 $76.6m (-83.0%) $2.7m (-84.6%) $17.2m (-2.9%) 3.5% (-9.6%) $0.17 (88.9%)
2020 $302.5m (294.9%) $21.8m (703.9%) $21.8m (27.1%) 7.2% (103.6%) $1.28 (652.9%)
2021 $589.4m (94.9%) $46.0m (110.8%) $89.3m (309.7%) 7.8% (8.2%) $2.34 (82.8%)
2022 $564.0m (-4.3%) $47.8m (4.1%) $45.3m (-49.3%) 8.5% (8.8%) $2.57 (9.8%)
2023 $572.5m (1.5%) $69.9m (46.1%) $-113.4m (-350.5%) 12.2% (43.9%) $3.88 (51.0%)
2024 $891.3m (55.7%) $89.4m (27.8%) $487.6m (530.0%) 10.0% (-17.9%) $4.93 (27.1%)
2025 $1.6b (78.8%) $185.8m (107.9%) $661.4m (35.6%) 11.7% (16.2%) $10.17 (106.3%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in HKD. 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