MeritValue

Bitdeer Technologies Group

BTDRdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'operatingCashFlow'

The thesis, from the filings

Bitdeer Technologies Group earns about -37% on invested capital, and has bought back 98% of its shares over 5 years. 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$186.4M1$394.7M2$333.3M3$368.6M3$349.8M3
Net income−$55.8M4$82.6M5−$60.4M6−$56.7M6−$599.2M6
Operating cash flow—————
Capital expenditure$19.9M7$62.9M8$63.2M9$63.3M9$119.5M9
Free cash flow (derived)—————
Total debt—$29.5M10$29.8M11$22.6M12—
Cash & equivalents$44.8M13$372.1M14$231.4M14$144.7M14$476.3M14
Diluted shares12.66B108.7M1112.0M192.3M

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
$14.38
your share of equity
Profit it earned you last year
−$31.15
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $14.38 of net worth that earned you −$31.15 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-37% avg · 5y
FY20 -50%FY21 —FY22 -42%FY23 -18%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
−98% shares · 5y

Share count is down 98% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 23% — deleveraging.

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
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 0001104659-23-052895 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2021-12-31 · accession 0001140361-24-016150 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2022-12-31 · accession 0001140361-25-014766 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001104659-23-052895 (ProfitLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001140361-24-016150 (ProfitLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001140361-25-014766 (ProfitLoss)
  7. 20-F · period ending 2020-12-31 · accession 0001104659-23-052895 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001140361-24-016150 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001140361-25-014766 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-23-052895 (Borrowings)
  11. 20-F · period ending 2022-12-31 · accession 0001140361-24-016150 (Borrowings)
  12. 20-F · period ending 2023-12-31 · accession 0001140361-25-014766 (Borrowings)
  13. 20-F · period ending 2020-12-31 · accession 0001140361-24-016150 (CashAndCashEquivalents)
  14. 20-F · period ending 2021-12-31 · accession 0001140361-25-014766 (CashAndCashEquivalents)