EMERGENT METALS CORP.

EGMCFdata completeness 63%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

EMERGENT METALS CORP. earns about -139% on invested capital, with a roughly flat share count. 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

Figure	FY 2015	FY 2016	FY 2017
Revenue	—	—	—
Net income	−$474,953¹	−$272,193¹	$314,338¹
Operating cash flow	−$36,910²	−$334,461²	−$54,085²
Capital expenditure	—	—	—
Free cash flow (derived)	—	—	—
Total debt	—	—	—
Cash & equivalents	$3,226³	$73,470³	$18,572³
Diluted shares	7.8M	7.9M	8.0M

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

Net assets behind them

$0.44

your share of equity

Profit it earned you last year

$0.39

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $0.44 of net worth that earned you $0.39 last year.

iii. Is this a good business?

Moat signal · return on invested capital

-139% avg · 3y

FY15 -214%FY16 —FY17 -64%

It earned an average -139% 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

+2% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback.

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 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

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

20-F · period ending 2015-12-31 · accession 0001137171-18-000059 (ProfitLoss)
20-F · period ending 2015-12-31 · accession 0001137171-18-000059 (CashFlowsFromUsedInOperatingActivities)
20-F · period ending 2015-12-31 · accession 0001137171-18-000059 (CashAndCashEquivalents)