Discounted Cash Flow

ZTO Express (Cayman) Inc. ADR

ZTO · 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 $1.4b $43.8m $11.7m 3.1% $0.42
2017 $2.0b (42.4%) $71.9m (64.2%) $24.1m (105.2%) 3.6% (15.3%) $0.68 (61.9%)
2018 $2.6b (27.6%) $94.3m (31.3%) $23.3m (-3.4%) 3.7% (2.9%) $0.85 (25.0%)
2019 $3.2b (24.0%) $120.6m (27.9%) $35.5m (52.5%) 3.8% (3.1%) $1.04 (22.4%)
2020 $3.9b (21.7%) $97.8m (-18.9%) $-51.9m (-246.2%) 2.5% (-33.4%) $0.83 (-20.2%)
2021 $4.8b (23.5%) $110.4m (12.9%) $-26.5m (48.9%) 2.3% (-8.6%) $0.91 (9.6%)
2022 $5.1b (7.5%) $146.1m (32.3%) $146.1m (651.7%) 2.8% (23.1%) $1.22 (34.1%)
2023 $5.4b (5.5%) $182.4m (24.8%) $182.4m (24.8%) 3.4% (18.3%) $1.53 (25.4%)
2024 $6.1b (12.1%) $178.8m (-2.0%) $1.6b (769.6%) 2.9% (-12.6%) $1.50 (-2.0%)
2025 $7.0b (15.7%) $192.2m (7.5%) $1.7b (4.7%) 2.7% (-7.1%) $1.63 (8.7%)

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.

Values abbreviated: b = billions, m = millions, k = thousands.

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