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Entree Resources Ltd.

ERLFFdata completeness 50%26 fiscal years on file
i. The business — what you’d actually own
FigureFY 2018FY 2019FY 2020FY 2021FY 2022
Revenue—————
Net income−$5.2M1−$5.52M1———
Operating cash flow−$777,0002−$1.82M3−$1.5M4−$2.15M4−$2.32M4
Capital expenditure$6,0005——$33,0006—
Free cash flow (derived)−$783,0002,5——−$2.19M4,6—
Total debt—————
Cash & equivalents$6.15M7$5.38M8$7.26M8$7.09M8$6.41M8
Diluted shares174.8M175.5M186.5M192.7M198.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$2.9
your share of equity
Profit it earned you last year
—
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$2.9 of net worth.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+13% shares · 5y

Share count is up 13% 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 v0.6.0
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 →

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Sources — the receipts
  1. 20-F filed 2020-03-16 · periods ending 2018-12-31, 2019-12-31 · accession 0001193125-20-074963 (ProfitLoss)
  2. 20-F filed 2021-03-31 · period ending 2018-12-31 · accession 0001193125-21-102474 (CashFlowsFromUsedInOperatingActivities)
  3. 40-F filed 2022-03-25 · period ending 2019-12-31 · accession 0001193125-22-085316 (CashFlowsFromUsedInOperatingActivities)
  4. 40-F filed 2023-03-31 · periods ending 2020-12-31, 2021-12-31, 2022-12-31 · accession 0001193125-23-086857 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F filed 2021-03-31 · period ending 2018-12-31 · accession 0001193125-21-102474 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  6. 40-F filed 2023-03-31 · period ending 2021-12-31 · accession 0001193125-23-086857 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  7. 40-F filed 2022-03-25 · period ending 2018-12-31 · accession 0001193125-22-085316 (CashAndCashEquivalents)
  8. 40-F filed 2023-03-31 · periods ending 2019-12-31, 2020-12-31, 2021-12-31, 2022-12-31 · accession 0001193125-23-086857 (CashAndCashEquivalents)