MeritValue

Burford Capital Ltd

BURdata completeness 100%8 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$152.2M1$319.2M2$1.09B3$546.1M3$413.4M3
Net income−$28.8M4$30.5M5$610.5M6$146.5M6$62.6M6
Operating cash flow−$585.4M7−$466.1M8−$274.7M9$216.7M9−$29M9
Capital expenditure$285,00010$407,00011$3.21M12$661,00012$284,00012
Free cash flow (derived)−$585.6M7−$466.5M8−$277.9M9$216.1M9−$29.3M9
Total debt$1.04B13$1.27B13$1.53B14$1.76B15$2.13B15
Cash & equivalents$180.3M16$107.7M17$220.5M18$469.9M19$566.4M19
Diluted shares219.0M221.8M223.0M223.2M224.6M

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
You’d own
0.0000045%
of the whole company
Your share of last year’s profit
$2.79
Your share of its debt
$94.75
Your share of free cash flow
−$1.3
iii. 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
$2.94
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$62.6M
  • growthAssumed0.0%
Graham Number
$8.29
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001558370-22-004552 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001714174-25-000055 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001714174-26-000007 (Revenues)
  4. 20-F · period ending 2021-12-31 · accession 0001714174-24-000046 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001714174-25-000055 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001714174-26-000007 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001714174-24-000046 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001714174-25-000055 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001714174-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001714174-24-000046 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001714174-25-000055 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001714174-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-12-31 · accession 0001714174-24-000046 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0001714174-25-000055 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001714174-26-000007 (LongTermDebt)
  16. 20-F · period ending 2021-12-31 · accession 0001714174-23-000037 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2022-12-31 · accession 0001714174-24-000046 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001714174-25-000055 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001714174-26-000007 (CashAndCashEquivalentsAtCarryingValue)