Discounted Cash Flow

Noah Holdings Ltd. ADR

NOAH · 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 $362.0m $13.7m $12.5m 3.8% $3.29
2017 $434.5m (20.0%) $17.4m (26.5%) $10.8m (-13.2%) 4.0% (5.4%) $4.15 (26.1%)
2018 $478.5m (10.1%) $17.5m (0.6%) $19.4m (79.3%) 3.6% (-8.6%) $4.02 (-3.1%)
2019 $487.2m (1.8%) $17.6m (0.9%) $26.0m (34.0%) 3.6% (-0.9%) $3.90 (-3.0%)
2020 $506.6m (4.0%) $-16.9m (-195.9%) $16.9m (-35.0%) -3.3% (-192.2%) $-3.68 (-194.4%)
2021 $673.7m (33.0%) $30.5m (280.6%) $-17.4m (-203.0%) 4.5% (235.8%) $6.14 (266.8%)
2022 $449.5m (-33.3%) $21.0m (-31.3%) $12.2m (170.3%) 4.7% (2.9%) $4.14 (-32.6%)
2023 $464.0m (3.2%) $21.0m (0.4%) $24.2m (97.7%) 4.5% (-2.7%) $0.41 (-90.1%)
2024 $356.3m (-23.2%) $9.6m (-54.2%) $6.2m (-74.4%) 2.7% (-40.3%) $0.19 (-53.7%)
2025 $373.3m (4.8%) $11.8m (22.7%) $17.8m (188.2%) 3.2% (17.1%) $0.23 (21.1%)

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