MeritValue

Everbright Digital Holding Ltd.

EDHLdata completeness 75%4 fiscal years on file
The thesis, from the filings

Everbright Digital Holding Ltd. earns about 43% on invested capital, far above its ~9% cost of capital, and has bought back 35% of its shares over 4 years — the marks of a durable business run for its owners. The estimate methods put fair value between $1.81 and $2.44 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 2022FY 2023FY 2024FY 2025
Revenue$815,0901$2.83M2$2.76M2$1.86M2
Net income$419,4783$925,5634$379,4304−$2.25M4
Operating cash flow$180,4785$640,9176−$280,1096−$2.29M6
Capital expenditure$5,4277$2,2058$87,5968—
Free cash flow (derived)$175,0515,7$638,7126,8−$367,7056,8—
Total debt————
Cash & equivalents$1,7579$399,30010$389,65111$3,16711
Diluted shares2.5M157,812165,4881.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$26.11
your share of equity
Profit it earned you last year
−$13.75
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $26.11 of net worth that earned you −$13.75 last year.

iii. Is this a good business?
Moat signal · return on invested capital
43% avg · 4y
FY22 101%FY23 98%FY24 22%FY25 -48%

It earned about 43% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
−35% shares · 4y

Share count is down 35% over 4 years — management has been buying back stock, quietly handing owners a bigger slice.

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 v0.6.0

The 3 estimate methods that apply put fair value between $1.81 and $2.44 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$1.96
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period10 years
  • FCF growth5.00%
  • Starting free cash flow$175,051
DCF · Growth Exit 5Y
$1.81
assumptions (10)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Terminal growth2.50%
  • Projection period5 years
  • FCF growth5.00%
  • Starting free cash flow$175,051
Earnings Power Value
$2.44
assumptions (8)
  • Risk-free rate (10Y Treasury)5.00%
  • Equity risk premium5.00%
  • Beta (β)1.00
  • Equity share of capital85.0%
  • Debt spread over risk-free1.50%
  • Tax rate21.0%
  • Normalized earnings$399,454
  • Growth assumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)9.27%
Terminal growth2.5%
At your growth, a share is worth $1.81
The three cases
Bear0.0%$1.46
Base5.0%$1.81
Bull10.0%$2.23

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= 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.

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Sources — the receipts
  1. 20-F filed 2025-05-16 · period ending 2022-12-31 · accession 0001213900-25-044501 (Revenues)
  2. 20-F filed 2026-05-04 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-051572 (Revenues)
  3. 20-F filed 2025-05-16 · period ending 2022-12-31 · accession 0001213900-25-044501 (NetIncomeLoss)
  4. 20-F filed 2026-05-04 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-051572 (NetIncomeLoss)
  5. 20-F filed 2025-05-16 · period ending 2022-12-31 · accession 0001213900-25-044501 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F filed 2026-05-04 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001213900-26-051572 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F filed 2025-05-16 · period ending 2022-12-31 · accession 0001213900-25-044501 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F filed 2026-05-04 · periods ending 2023-12-31, 2024-12-31 · accession 0001213900-26-051572 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F filed 2026-05-04 · period ending 2022-12-31 · accession 0001213900-26-051572 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 20-F filed 2025-05-16 · period ending 2023-12-31 · accession 0001213900-25-044501 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F filed 2026-05-04 · periods ending 2024-12-31, 2025-12-31 · accession 0001213900-26-051572 (CashAndCashEquivalentsAtCarryingValue)