MeritValue

Ellomay Capital Ltd.

ELLOdata completeness 88%4 fiscal years on file
The thesis, from the filings

Ellomay Capital Ltd. earns about -4% 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
FigureFY 2021FY 2022FY 2023FY 2024
Revenue$50.7M1$56.9M2$54M3$42.1M4
Net income−$22.9M5$147,0006$693,0007−$6.79M8
Operating cash flow$17.2M9$12.1M10$9.52M11$8.3M12
Capital expenditure$93.7M13$51.8M14$65.1M15$75.9M16
Free cash flow (derived)−$76.5M9−$39.8M10−$55.6M11−$67.6M12
Total debt$218.9M17$273.9M17——
Cash & equivalents$44M18$51.4M19$53.2M20$42.8M20
Diluted shares12.8M12.9M12.9M12.9M

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
$96.07
your share of equity
Profit it earned you last year
−$5.28
Free cash flow it threw off
−$52.61
Debt you’d be carrying
—

10 shares is a claim on $96.07 of net worth that earned you −$5.28 and generated −$52.61 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 4y
FY21 -6%FY22 1%FY23 1%FY24 -11%

It earned an average -4% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 4y

Share count is roughly flat over 4 years — little dilution, little buyback. Total debt has risen 25% 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 · period ending 2021-12-31 · accession 0001178913-22-001328 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001178913-23-001361 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-24-034140 (Revenue)
  4. 20-F · period ending 2024-12-31 · accession 0001213900-25-037643 (Revenue)
  5. 20-F · period ending 2021-12-31 · accession 0001178913-22-001328 (ProfitLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001178913-23-001361 (ProfitLoss)
  7. 20-F · period ending 2023-12-31 · accession 0001213900-24-034140 (ProfitLoss)
  8. 20-F · period ending 2024-12-31 · accession 0001213900-25-037643 (ProfitLossAttributableToOwnersOfParent)
  9. 20-F · period ending 2021-12-31 · accession 0001178913-22-001328 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2022-12-31 · accession 0001178913-23-001361 (CashFlowsFromUsedInOperatingActivities)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-24-034140 (CashFlowsFromUsedInOperatingActivities)
  12. 20-F · period ending 2024-12-31 · accession 0001213900-25-037643 (CashFlowsFromUsedInOperatingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001178913-22-001328 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 20-F · period ending 2022-12-31 · accession 0001178913-23-001361 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 20-F · period ending 2023-12-31 · accession 0001213900-24-034140 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 20-F · period ending 2024-12-31 · accession 0001213900-25-037643 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 20-F · period ending 2021-12-31 · accession 0001178913-23-001361 (Borrowings)
  18. 20-F · period ending 2021-12-31 · accession 0001178913-23-001361 (CashAndCashEquivalents)
  19. 20-F · period ending 2022-12-31 · accession 0001213900-24-034140 (CashAndCashEquivalents)
  20. 20-F · period ending 2023-12-31 · accession 0001213900-25-037643 (CashAndCashEquivalents)