MeritValue

Amber International Holding Ltd

AMBRdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Amber International Holding Ltd earns about -37% on invested capital, but has diluted owners by 16% 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$254.7M1$307.7M2$46.6M3$36.1M3$32.8M3
Net income−$12.6M4−$13.6M5−$200.9M5−$38.7M5−$29.1M6
Operating cash flow−$19.6M7−$19.7M8$71.1M9−$19.4M9−$21.8M9
Capital expenditure$556,00010$1.39M11$126,00012$83,00012$16,00012
Free cash flow (derived)−$20.2M7−$21.1M8$71M9−$19.5M9−$21.8M9
Total debt—————
Cash & equivalents$52.2M13$41.4M14$43.5M15$14.3M15$19.6M15
Diluted shares39.4M48.2M50.4M51.1M45.8M

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
$2.84
your share of equity
Profit it earned you last year
−$6.35
Free cash flow it threw off
−$4.77
Debt you’d be carrying
—

10 shares is a claim on $2.84 of net worth that earned you −$6.35 and generated −$4.77 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-37% avg · 5y
FY20 -4%FY21 -3%FY22 -100%FY23 -40%FY24 —

It earned an average -37% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+16% shares · 5y

Share count is up 16% 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 0001104659-23-059102 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2021-12-31 · accession 0001410578-24-001029 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001410578-25-000996 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2020-12-31 · accession 0001104659-23-059102 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001410578-24-001029 (NetIncomeLoss)
  6. 20-F · period ending 2024-12-31 · accession 0001410578-25-000996 (ProfitLoss)
  7. 20-F · period ending 2020-12-31 · accession 0001104659-23-059102 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001410578-24-001029 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001410578-25-000996 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001104659-23-059102 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2021-12-31 · accession 0001410578-24-001029 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2022-12-31 · accession 0001410578-25-000996 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2020-12-31 · accession 0001104659-23-059102 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2021-12-31 · accession 0001410578-24-001029 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2022-12-31 · accession 0001410578-25-000996 (CashAndCashEquivalentsAtCarryingValue)