MeritValue

BLADEX, INC.

BLXdata completeness 100%16 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

BLADEX, INC. earns about 10% on equity, but has diluted owners by 92547% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $25.72 a share.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$99.2M1$104.2M2$166.7M3$266.1M3$303.6M3
Net income$63.6M4$62.7M5$92M6$166.2M6$205.9M6
Operating cash flow$1.25B7−$871.7M8−$769.7M9$1.06B9−$122.7M9
Capital expenditure$997,00010$453,00011$1.65M12$761,00012$1.81M12
Free cash flow (derived)$1.25B7−$872.2M8−$771.3M9$1.06B9−$124.5M9
Total debt$1.97B13$3.3B14$4.42B14$4.35B14$4.35B14
Cash & equivalents$863.8M15$1.25B15$1.24B16$2.05B17$1.96B17
Diluted shares39,65638.8M36.3M36.5M36.7M

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
$363.97
your share of equity
Profit it earned you last year
$56.04
Free cash flow it threw off
−$33.88
Debt you’d be carrying
$1,184.63

10 shares is a claim on $363.97 of net worth that earned you $56.04 and generated −$33.88 of cash last year, against $1,184.63 of debt.

iii. Is this a good business?
Moat signal · return on equity
10% avg · 5y
FY20 6%FY21 6%FY22 9%FY23 14%FY24 15%

It earned an average 10% 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
+92547% shares · 5y

Share count is up 92547% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 121% 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 v0.5.0
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
$25.72
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$92M
  • growthAssumed0.0%
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 0001628280-23-014194 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001628280-24-018245 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001628280-25-017888 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001628280-23-014194 (ProfitLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001628280-24-018245 (ProfitLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001628280-25-017888 (ProfitLoss)
  7. 20-F · period ending 2020-12-31 · accession 0001628280-23-014194 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001628280-24-018245 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001628280-25-017888 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001628280-23-014194 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001628280-24-018245 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001628280-25-017888 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2020-12-31 · accession 0001628280-24-018245 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001628280-25-017888 (Borrowings)
  15. 20-F · period ending 2020-12-31 · accession 0001628280-23-014194 (CashAndCashEquivalents)
  16. 20-F · period ending 2022-12-31 · accession 0001628280-24-018245 (CashAndCashEquivalents)
  17. 20-F · period ending 2023-12-31 · accession 0001628280-25-017888 (CashAndCashEquivalents)