MeritValue

Captivision Inc.

CPTAFdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Captivision Inc. earns about -217% on equity, but has diluted owners by 211% over 3 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 2021FY 2022FY 2023
Revenue$9.42M1$20.2M1$14.6M1
Net income−$60.1M2−$5.89M2−$74.7M2
Operating cash flow−$4.99M3−$5.5M3−$10.5M3
Capital expenditure$181,4084$04$191,2154
Free cash flow (derived)−$5.17M3−$5.5M3−$10.7M3
Total debt—$18.6M5$22M5
Cash & equivalents$239,3426$196,6276$476,7156
Diluted shares5.9M14.3M18.5M

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
−$25.14
your share of equity
Profit it earned you last year
−$40.5
Free cash flow it threw off
−$5.78
Debt you’d be carrying
$11.9

10 shares is a claim on −$25.14 of net worth that earned you −$40.5 and generated −$5.78 of cash last year, against $11.9 of debt.

iii. Is this a good business?
Moat signal · return on equity
-217% avg · 3y
FY21 —FY22 -217%FY23 —

It earned an average -217% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+211% shares · 3y

Share count is up 211% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 18% 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/A · period ending 2021-12-31 · accession 0000950170-24-064670 (Revenue)
  2. 20-F/A · period ending 2021-12-31 · accession 0000950170-24-064670 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F/A · period ending 2021-12-31 · accession 0000950170-24-064670 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F/A · period ending 2021-12-31 · accession 0000950170-24-064670 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 20-F/A · period ending 2022-12-31 · accession 0000950170-24-064670 (Borrowings)
  6. 20-F/A · period ending 2021-12-31 · accession 0000950170-24-064670 (CashAndCashEquivalents)