MeritValue

Ads-Tec Energy Public Ltd Co

ADSEdata completeness 100%6 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Ads-Tec Energy Public Ltd Co earns about -32% on equity, but has diluted owners by 163533% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2021FY 2022FY 2023FY 2024
Revenue€47.4M1€33M2€26.4M3€107.4M3€110M3
Net income−€10.3M4€87.6M5−€18.9M6−€55.1M6−€98M6
Operating cash flow−€12.6M7−€18.3M8−€57.8M9−€20.7M9−€16.3M9
Capital expenditure€1.06M10€1.58M11€3.48M12€2.3M12€958,00012
Free cash flow (derived)−€13.6M7−€19.9M8−€61.3M9−€23M9−€17.2M9
Total debt——€013€13M14€12M14
Cash & equivalents€18,00015€101.8M16€34.4M16€29.2M16€22.9M16
Diluted shares32,00048.8M48.9M50.6M52.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−€8.18
your share of equity
Profit it earned you last year
−€18.71
Free cash flow it threw off
−€3.29
Debt you’d be carrying
€2.29

10 shares is a claim on −€8.18 of net worth that earned you −€18.71 and generated −€3.29 of cash last year, against €2.29 of debt.

iii. Is this a good business?
Moat signal · return on equity
-32% avg · 5y
FY20 —FY21 90%FY22 -23%FY23 -162%FY24 —

It earned an average -32% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+163533% shares · 5y

Share count is up 163533% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2020-12-31 · accession 0001213900-23-038592 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001213900-24-037903 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-041631 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001213900-22-022308 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-23-038592 (ProfitLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-041631 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2020-12-31 · accession 0001213900-23-038592 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-24-037903 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-041631 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001213900-23-038592 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-24-037903 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-25-041631 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2022-12-31 · accession 0001213900-24-037903 (Borrowings)
  14. 20-F · period ending 2023-12-31 · accession 0001213900-25-041631 (Borrowings)
  15. 20-F · period ending 2020-12-31 · accession 0001213900-24-037903 (CashAndCashEquivalents)
  16. 20-F · period ending 2021-12-31 · accession 0001213900-25-041631 (CashAndCashEquivalents)