MeritValue

Antelope Enterprise Holdings Ltd

AEHLdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

Antelope Enterprise Holdings Ltd earns about -18% on invested capital, but has diluted owners by 345% over 3 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 2022FY 2023FY 2024
Revenue$42.6M1$72.1M2$98.8M2
Net income−$8.61M3−$2.03M4−$10.5M4
Operating cash flow−$2.3M5−$8.52M6−$15.5M6
Capital expenditure$3,0007$71,0008$4.2M8
Free cash flow (derived)−$2.3M5−$8.59M6−$19.7M6
Total debt—$2.19M9$5.46M10
Cash & equivalents—$538,00011$1.05M12
Diluted shares8.1M3.1M35.8M

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
$7.33
your share of equity
Profit it earned you last year
−$2.94
Free cash flow it threw off
−$5.5
Debt you’d be carrying
$1.52

10 shares is a claim on $7.33 of net worth that earned you −$2.94 and generated −$5.5 of cash last year, against $1.52 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-18% avg · 3y
FY22 —FY23 -9%FY24 -27%

It earned an average -18% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+345% shares · 3y

Share count is up 345% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 149% over the same window.

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/A · period ending 2022-12-31 · accession 0001641172-25-022290 (Revenue)
  2. 20-F · period ending 2023-12-31 · accession 0001493152-26-004260 (Revenue)
  3. 20-F/A · period ending 2022-12-31 · accession 0001641172-25-022290 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2023-12-31 · accession 0001493152-26-004260 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F/A · period ending 2022-12-31 · accession 0001641172-25-022290 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-004260 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F/A · period ending 2022-12-31 · accession 0001641172-25-022290 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001493152-26-004260 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F/A · period ending 2023-12-31 · accession 0001641172-25-022290 (Borrowings)
  10. 20-F · period ending 2024-12-31 · accession 0001493152-26-004260 (Borrowings)
  11. 20-F/A · period ending 2023-12-31 · accession 0001641172-25-022290 (CashAndCashEquivalents)
  12. 20-F · period ending 2024-12-31 · accession 0001493152-26-004260 (CashAndCashEquivalents)