Kandal M Venture Ltd
FMFCdata completeness 100%3 fiscal years on fileData notes: no data for concept 'interestExpense'
Kandal M Venture Ltd earns about 10% on invested capital, barely covering its ~9% cost of capital, with a roughly flat share count. The estimate methods put fair value between $0.48 and $2.29 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 | $13.5M1 | $14M1 | $17.2M1 |
| Net income | $744,4992 | $1.12M2 | $209,6732 |
| Operating cash flow | $2.17M3 | $3.14M3 | $2.13M3 |
| Capital expenditure | $9,9814 | $22,9724 | $16,7104 |
| Free cash flow (derived) | $2.16M3 | $3.12M3 | $2.12M3 |
| Total debt | — | $7.18M5 | $5.09M5 |
| Cash & equivalents | $361,4716 | $235,3486 | $102,6976 |
| Diluted shares | 16.0M | 16.0M | 16.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $0.24 of net worth that earned you $0.13 and generated $1.32 of cash last year, against $3.18 of debt.
It earned about 10% on invested capital against a ~9% cost of capital — roughly what it costs to fund the business, so the numbers show no clear edge.
seeing a moat in the numbers →Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has fallen 29% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $0.48 and $2.29 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$2.16M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$2.16M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$744,499
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $1.62 |
| Base | 5.0% | $2.09 |
| Bull | 10.0% | $2.65 |
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 2023-03-31 · accession 0001213900-25-069288 (Revenue)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-069288 (ProfitLoss)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-069288 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-069288 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2024-03-31 · accession 0001213900-25-069288 (Borrowings)
- 20-F · period ending 2023-03-31 · accession 0001213900-25-069288 (CashAndCashEquivalents)