NOAH HOLDINGS LTD (NOAH)

Investment Advice

Latest Price

$8.14

TTM P/E

35.39

Normalized P/E

35.39

Div Yield

Book Value

P/B Ratio

Valuation metrics

EPS: $0.23

Book value / share: $29.48

Formula: √(22.5 × EPS × BVPS)

Graham Number

$12.35

+52% upside

Norm. op. income: $915M (median of 7yr)

Tax rate: 23%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$23.29

+186% upside

Base FCF: $624M (median of recent 5yr)

Growth: 5%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$34.06

+318% upside

EPS: $0.23

Target P/E: 15×

Formula: EPS × P/E

P/E Fair Value

$3.45

58% downside

7.1% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
FIL Ltd	6.74M	$67.0M	2.02%	+41.5K	2026-06-30
Yiheng Capital Management, L.P.	6.72M	$67.0M	2.01%	--	2026-06-30
FRANKLIN RESOURCES INC	2.02M	$20.0M	0.61%	+50.6K	2026-06-30
Tiger Pacific Capital LP	1.88M	$18.0M	0.56%	--	2026-06-30
BlackRock, Inc.	1.21M	$12.0M	0.36%	-37.9K	2026-06-30
PLATINUM INVESTMENT MANAGEMENT LTD	993.6K	$9.0M	0.30%	--	2026-06-30
Davis Selected Advisers	964.5K	$9.0M	0.29%	-57.1K	2026-06-30
Nuveen, LLC	438.0K	$4.0M	0.13%	-5.7K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	382.7K	$3.0M	0.11%	-85.8K	2026-06-30
STATE STREET CORP	322.2K	$3.0M	0.10%	+8.9K	2026-06-30