MeritValue

Enlight Renewable Energy Ltd.

ENLTdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Enlight Renewable Energy Ltd. earns about 17% on invested capital, but has diluted owners by 41% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $3.47 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$102.5M1$192.2M2$255.7M3$377.9M3$488.6M3
Net income$11.2M4$24.7M5$70.9M6$44.2M6$132.1M6
Operating cash flow$52M7$90.4M8$191.6M9$255.3M9$282.6M9
Capital expenditure$492.8M10$656.1M11$731M12$899.3M12$1.81B12
Free cash flow (derived)−$440.7M7−$565.8M8−$539.4M9−$644M9−$1.53B9
Total debt—————
Cash & equivalents$265.9M13$193.9M14$403.8M14$387.4M14$528.5M14
Diluted shares93.7M101.6M118.0M118.6M132.1M

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
$127.76
your share of equity
Profit it earned you last year
$10
Free cash flow it threw off
−$115.79
Debt you’d be carrying
—

10 shares is a claim on $127.76 of net worth that earned you $10 and generated −$115.79 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
17% avg · 5y
FY21 17%FY22 13%FY23 18%FY24 17%FY25 22%

It earned an average 17% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+41% shares · 5y

Share count is up 41% over 5 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
$3.47
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$44.2M
  • growthAssumed0.0%
Graham Number
$16.95
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001178913-24-001125 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001178913-25-001094 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001178913-26-001828 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001178913-24-001125 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001178913-25-001094 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001178913-26-001828 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001178913-24-001125 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001178913-25-001094 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001178913-26-001828 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001178913-24-001125 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001178913-25-001094 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001178913-26-001828 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001178913-25-001094 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001178913-26-001828 (CashAndCashEquivalents)