MeritValue

GCL Global Holdings Ltd

GCLdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'interestExpense'

The thesis, from the filings

GCL Global Holdings Ltd earns about 1% on invested capital, but has diluted owners by 17% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.03 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 2023FY 2024FY 2025FY 2026
Revenue$76.8M1$97.5M2$140.6M2$238.8M2
Net income$1.99M3−$1.37M4$5.59M4−$25M4
Operating cash flow−$4.37M5$1.32M6−$10.3M6−$10.5M6
Capital expenditure$538,3617$277,6458$161,4038$1.15M8
Free cash flow (derived)−$4.9M5$1.04M6−$10.5M6−$11.6M6
Total debt—$26.9M9$34.3M10$129.7M10
Cash & equivalents$2.54M11$2.68M12$18.2M12$36.6M12
Diluted shares105.0M105.0M107.2M123.2M

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
$2.99
your share of equity
Profit it earned you last year
−$2.03
Free cash flow it threw off
−$0.95
Debt you’d be carrying
$10.52

10 shares is a claim on $2.99 of net worth that earned you −$2.03 and generated −$0.95 of cash last year, against $10.52 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 4y
FY23 15%FY24 -4%FY25 10%FY26 -16%

It earned an average 1% 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
+17% shares · 4y

Share count is up 17% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 383% 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 v0.5.0
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
$0.03
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$306,307.5
  • growthAssumed0.0%
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/A · period ending 2023-03-31 · accession 0001213900-26-041993 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2024-03-31 · accession 0001213900-26-084021 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F/A · period ending 2023-03-31 · accession 0001213900-26-041993 (NetIncomeLoss)
  4. 20-F · period ending 2024-03-31 · accession 0001213900-26-084021 (NetIncomeLoss)
  5. 20-F/A · period ending 2023-03-31 · accession 0001213900-26-041993 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-03-31 · accession 0001213900-26-084021 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F/A · period ending 2023-03-31 · accession 0001213900-26-041993 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-03-31 · accession 0001213900-26-084021 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F/A · period ending 2024-03-31 · accession 0001213900-26-041993 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2025-03-31 · accession 0001213900-26-084021 (LongTermDebtNoncurrent)
  11. 20-F/A · period ending 2023-03-31 · accession 0001213900-26-041993 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2024-03-31 · accession 0001213900-26-084021 (CashAndCashEquivalentsAtCarryingValue)