MeritValue

AMTD IDEA GROUP

AMTDdata completeness 88%5 fiscal years on file

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

The thesis, from the filings

AMTD IDEA GROUP earns about 16% on invested capital. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$87.5M1$105.4M2$130.9M3$80.5M3$101.2M3
Net income$157.2M4$160.5M5$153.4M6$53.6M6$67.3M6
Operating cash flow$55.9M7$26.6M8$40M9$5.16M9$17.8M9
Capital expenditure$010$2,00011$72,00012$8,00012$746,00012
Free cash flow (derived)$55.9M7$26.6M8$39.9M9$5.15M9$17.1M9
Total debt$49.9M13$20.6M13$165.7M14$550.9M15$562.3M15
Cash & equivalents$67.5M16$138.3M17$120.2M18$62.9M18$51.1M18
Diluted shares—————

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

iii. Is this a good business?
Moat signal · return on invested capital
16% avg · 5y
FY21 32%FY22 26%FY23 14%FY24 3%FY25 4%

It earned an average 16% 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
— shares · 5y

Total debt has risen 1027% 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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
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 2021-12-31 · accession 0001193125-24-137347 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-038065 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-049333 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001193125-24-137347 (NetIncomeLoss)
  5. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-038065 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-049333 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001193125-24-137347 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-038065 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-049333 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001193125-24-137347 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-038065 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-049333 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001193125-24-137347 (LongTermDebt)
  14. 20-F/A · period ending 2023-12-31 · accession 0001213900-25-038065 (LongTermDebt)
  15. 20-F · period ending 2024-12-31 · accession 0001213900-26-049333 (LongTermDebt)
  16. 20-F · period ending 2021-12-31 · accession 0001193125-24-137347 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-038065 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2023-12-31 · accession 0001213900-26-049333 (CashAndCashEquivalentsAtCarryingValue)