Discounted Cash Flow

Joyy Inc. ADR

JOYY · Based on 10 years of SEC filings · Converted from CNY to USD

Average annual growth rates

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

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 $1.2b $32.5m $32.5m 2.7% $0.19
2017 $1.8b (50.8%) $56.7m (74.6%) $541.3m (1566.3%) 3.2% (15.8%) $0.32 (68.4%)
2018 $2.3b (28.7%) $92.5m (63.2%) $653.6m (20.7%) 4.0% (26.8%) $0.19 (-40.6%)
2019 $3.7b (60.2%) $-76.5m (-182.6%) $657.1m (0.5%) -2.1% (-151.6%) $0.31 (63.2%)
2020 $2.0b (-44.8%) $-15.6m (79.7%) $-15.6m (-102.4%) -0.8% (63.1%) $0.92 (196.8%)
2021 $2.6b (29.2%) $2.0m (113.0%) $20.7m (232.8%) 0.1% (110.1%) $-0.06 (-106.5%)
2022 $2.4b (-7.9%) $4.0m (99.6%) $36.6m (77.3%) 0.2% (116.7%) $0.08 (233.3%)
2023 $2.3b (-6.0%) $4.4m (7.6%) $31.7m (-13.5%) 0.2% (14.4%) $0.27 (237.5%)
2024 $2.2b (-1.3%) $14.3m (227.9%) $33.3m (5.1%) 0.6% (232.3%) $-0.13 (-148.1%)
2025 $2.1b (-5.1%) $1.7m (-88.4%) $23.6m (-29.2%) 0.1% (-87.7%) $1.99 (1630.8%)

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