Alarum Technologies Ltd.
ALARdata completeness 88%10 fiscal years on fileData notes: no data for concept 'totalDebt'
Alarum Technologies Ltd. earns about -58% on invested capital, below its ~9% cost of capital, but has diluted owners by 137% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.3 and $1.4 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $9.65M1 | $18.6M2 | $26.5M3 | $31.8M3 | $40.8M3 |
| Net income | −$13.1M4 | −$13.2M4 | −$5.53M5 | $5.78M5 | $963,0005 |
| Operating cash flow | −$9.11M6 | −$8.05M7 | $4.62M8 | $8.89M8 | −$2.01M8 |
| Capital expenditure | $73,0009 | $49,00010 | $55,00011 | $99,00011 | $143,00011 |
| Free cash flow (derived) | −$9.18M6 | −$8.1M7 | $4.57M8 | $8.79M8 | −$2.16M8 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $3.83M12 | $3.29M13 | $10.9M13 | $15.1M13 | $12.3M13 |
| Diluted shares | 30.3M | 32.6M | 59.7M | 69.1M | 71.8M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $4.47 of net worth that earned you $0.13 and generated −$0.3 of cash last year.
It earned about -58% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 137% 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.
The 2 estimate methods that apply put fair value between $1.3 and $1.4 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$4.57M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$4.57M
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $1.08 |
| Base | 5.0% | $1.3 |
| Bull | 10.0% | $1.56 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001213900-24-022367 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-025287 (Revenue)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-031556 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001213900-23-024972 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-031556 (ProfitLoss)
- 20-F · period ending 2021-12-31 · accession 0001213900-24-022367 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-025287 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-031556 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001213900-24-022367 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-025287 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-031556 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001213900-25-025287 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001213900-26-031556 (CashAndCashEquivalents)