ASIA PACIFIC WIRE & CABLE CORP LTD
APWCdata completeness 100%14 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'
ASIA PACIFIC WIRE & CABLE CORP LTD earns about 1% on invested capital, below its ~9% cost of capital, but has diluted owners by 49% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $1.74 and $5.91 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|---|
| Revenue | $313.6M1 | $476.7M2 | $433.9M3 | $425.8M3 | $472.7M3 |
| Net income | −$552,0004 | −$2.64M5 | $3.87M6 | $3.87M6 | $3.49M6 |
| Operating cash flow | $16.4M7 | −$41.6M8 | $6.57M9 | −$6.09M9 | $24.3M9 |
| Capital expenditure | $14.5M10 | $8.55M11 | $3.75M12 | $4.25M12 | $4.22M12 |
| Free cash flow (derived) | $1.84M7 | −$50.2M8 | $2.82M9 | −$10.3M9 | $20.1M9 |
| Total debt | $13.8M13 | $65.4M14 | $57.7M15 | $53.7M16 | $29M16 |
| Cash & equivalents | $52.2M17 | $44.5M18 | $54M19 | $38M20 | $34M20 |
| Diluted shares | 13.8M | 13.8M | 20.6M | 20.6M | 20.6M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $75.16 of net worth that earned you $1.69 and generated $9.74 of cash last year, against $14.05 of debt.
It earned about 1% 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 49% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 110% 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.
The 3 estimate methods that apply put fair value between $1.74 and $5.91 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
- fcfGrowth15.3%
- fcfBase$2.82M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth15.3%
- fcfBase$2.82M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$3.49M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.17 |
| Base | 15.3% | $3.91 |
| Bull | 20.0% | $4.64 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 15.3%= 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 2020-12-31 · accession 0001628280-23-012638 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001026980-24-000002 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001026980-25-000002 (Revenue)
- 20-F · period ending 2020-12-31 · accession 0001628280-23-012638 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2021-12-31 · accession 0001026980-24-000002 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2022-12-31 · accession 0001026980-25-000002 (ProfitLossAttributableToOwnersOfParent)
- 20-F · period ending 2020-12-31 · accession 0001628280-23-012638 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001026980-24-000002 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001026980-25-000002 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2020-12-31 · accession 0001628280-23-012638 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2021-12-31 · accession 0001026980-24-000002 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001026980-25-000002 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2020-12-31 · accession 0001564590-22-016587 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0001628280-23-012638 (Borrowings)
- 20-F · period ending 2022-12-31 · accession 0001026980-24-000002 (Borrowings)
- 20-F · period ending 2023-12-31 · accession 0001026980-25-000002 (Borrowings)
- 20-F · period ending 2020-12-31 · accession 0001564590-22-016587 (CashAndCashEquivalents)
- 20-F · period ending 2021-12-31 · accession 0001628280-23-012638 (CashAndCashEquivalents)
- 20-F · period ending 2022-12-31 · accession 0001026980-24-000002 (CashAndCashEquivalents)
- 20-F · period ending 2023-12-31 · accession 0001026980-25-000002 (CashAndCashEquivalents)