MeritValue

ENIGMATIG LTD

EGGdata completeness 88%3 fiscal years on file

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

The thesis, from the filings

ENIGMATIG LTD earns about 229% on invested capital, but has diluted owners by 3% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.33 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$4.61M1$3.97M1$4.45M1
Net income$1.13M2$821,1922$559,6632
Operating cash flow−$58,6773−$602,8713−$1.72M3
Capital expenditure$4,0754$3,2384$246,1114
Free cash flow (derived)−$62,7523−$606,1093−$1.96M3
Total debt———
Cash & equivalents$1.19M5$1.59M6$13.2M6
Diluted shares25.0M25.0M25.9M

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
$6.18
your share of equity
Profit it earned you last year
$0.22
Free cash flow it threw off
−$0.76
Debt you’d be carrying
—

10 shares is a claim on $6.18 of net worth that earned you $0.22 and generated −$0.76 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
229% avg · 3y
FY23 —FY24 438%FY25 20%

It earned an average 229% on invested capital 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
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
$0.33
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$821,192
  • growthAssumed0.0%
Graham Number
$0.53
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-09-30 · accession 0001493152-26-006963 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-09-30 · accession 0001493152-26-006963 (NetIncomeLoss)
  3. 20-F · period ending 2023-09-30 · accession 0001493152-26-006963 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-09-30 · accession 0001493152-26-006963 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2023-09-30 · accession 0001493152-26-006963 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  6. 20-F · period ending 2024-09-30 · accession 0001493152-26-006963 (CashAndCashEquivalentsAtCarryingValue)