MeritValue

Anghami Inc

ANGHdata completeness 88%5 fiscal years on file
The thesis, from the filings

Anghami Inc earns about -106% on equity, but has diluted owners by 4514734% 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$30.5M1$35.5M2$48.5M3$41.4M3$78.1M3
Net income$5.74M4−$17.8M5−$61M6−$15.8M6−$63.6M6
Operating cash flow$171,1577−$16.2M8$84,6639−$3.81M9−$47.8M9
Capital expenditure$80,48810$164,01411$2.13M12$98,53412$45,75612
Free cash flow (derived)$90,6697−$16.4M8−$2.04M9−$3.91M9−$47.9M9
Total debt$12.7M13$18.5M14———
Cash & equivalents$5.61M15$632,54016$3.11M16$6.23M16$14.1M16
Diluted shares1,4811,55226.0M29.7M66.9M

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
$8.95
your share of equity
Profit it earned you last year
−$9.5
Free cash flow it threw off
−$7.16
Debt you’d be carrying
—

10 shares is a claim on $8.95 of net worth that earned you −$9.5 and generated −$7.16 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-106% avg · 5y
FY20 —FY21 —FY22 —FY23 —FY24 -106%

It earned an average -106% 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
+4514734% shares · 5y

Share count is up 4514734% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 45% 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 · period ending 2020-12-31 · accession 0001213900-23-040516 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001213900-24-037137 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-037734 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001213900-23-040516 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-037137 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-037734 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2020-12-31 · accession 0001213900-23-040516 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-24-037137 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-037734 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001213900-22-026509 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-24-037137 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-25-037734 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2020-12-31 · accession 0001213900-22-026509 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001213900-23-040516 (Borrowings)
  15. 20-F · period ending 2020-12-31 · accession 0001213900-24-037137 (CashAndCashEquivalents)
  16. 20-F · period ending 2021-12-31 · accession 0001213900-25-037734 (CashAndCashEquivalents)