MeritValue

ETOILES CAPITAL GROUP CO., LTD

EFTYdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

ETOILES CAPITAL GROUP CO., LTD earns about 66% on equity, but has diluted owners by 3% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.02 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 2023FY 2024FY 2025
Revenue$63,8631$2.53M1$3.22M1
Net income$32,6962$852,4992−$153,6602
Operating cash flow$63,9453$1.62M3−$910,6813
Capital expenditure—$75,2154$687,0594
Free cash flow (derived)—$1.55M3−$1.6M3
Total debt———
Cash & equivalents$70,4765$1.44M6$5.43M6
Diluted shares18.5M18.5M19.1M

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
$3.03
your share of equity
Profit it earned you last year
−$0.08
Free cash flow it threw off
−$0.84
Debt you’d be carrying
—

10 shares is a claim on $3.03 of net worth that earned you −$0.08 and generated −$0.84 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
66% avg · 3y
FY23 103%FY24 96%FY25 -3%

It earned an average 66% 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
+3% shares · 3y

Share count is up 3% over 3 years — owners have been diluted. Worth asking what they got for it.

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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.02
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$32,696
  • 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 2023-12-31 · accession 0001213900-26-056086 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-056086 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-056086 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2024-12-31 · accession 0001213900-26-056086 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-26-056086 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  6. 20-F · period ending 2024-12-31 · accession 0001213900-26-056086 (CashAndCashEquivalentsAtCarryingValue)