Fenbo Holdings Ltd
FEBOdata completeness 75%3 fiscal years on fileData notes: no data for concept 'cash'; no data for concept 'totalDebt'; no data for concept 'interestExpense'
Fenbo Holdings Ltd earns about -16% on invested capital, below its ~9% cost of capital, but has diluted owners by 10% over 3 years — no moat visible in the numbers. The estimate methods put fair value between $0.31 and $0.34 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $15.2M1 | $17.1M2 | $10.9M3 |
| Net income | −$188,0004 | −$1.99M5 | −$1.37M6 |
| Operating cash flow | $1.24M7 | −$2.75M8 | $204,0009 |
| Capital expenditure | $36,00010 | $52,00011 | $8,00012 |
| Free cash flow (derived) | $1.21M7 | −$2.8M8 | $196,0009 |
| Total debt | — | — | — |
| Cash & equivalents | — | — | — |
| Diluted shares | 10.1M | 11.1M | 11.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $4.13 of net worth that earned you −$1.23 and generated $0.18 of cash last year.
It earned about -16% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 10% 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.
The 2 estimate methods that apply put fair value between $0.31 and $0.34 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$196,000
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$196,000
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.25 |
| Base | 5.0% | $0.31 |
| Bull | 10.0% | $0.39 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2023-12-31 · accession 0001493152-24-016826 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2024-12-31 · accession 0001641172-25-010075 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2025-12-31 · accession 0001493152-26-023280 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001493152-24-016826 (NetIncomeLoss)
- 20-F · period ending 2024-12-31 · accession 0001641172-25-010075 (NetIncomeLoss)
- 20-F · period ending 2025-12-31 · accession 0001493152-26-023280 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001493152-24-016826 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2024-12-31 · accession 0001641172-25-010075 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2025-12-31 · accession 0001493152-26-023280 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001493152-24-016826 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-12-31 · accession 0001641172-25-010075 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2025-12-31 · accession 0001493152-26-023280 (PaymentsToAcquirePropertyPlantAndEquipment)