MeritValue

GLOBUS MARITIME LTD

GLBSdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

GLOBUS MARITIME LTD earns about 5% on equity, but has diluted owners by 5% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $2.53 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$43.4M1$61.8M2$31.2M3$34.9M3$44.2M3
Net income$15M4$24.3M5$5.27M6$431,0006−$1.75M6
Operating cash flow$20.8M7$26.9M8−$4.46M9$11.3M9$11.4M9
Capital expenditure$71.6M10$011$012$105.1M12$012
Free cash flow (derived)−$50.9M7$26.9M8−$4.46M9−$93.8M9$11.4M9
Total debt$31.5M13$44.3M13———
Cash & equivalents$45.2M14$52.8M15$74.2M15$46.8M15$26.3M15
Diluted shares20.6M20.6M20.6M20.6M21.6M

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
$81.55
your share of equity
Profit it earned you last year
−$0.81
Free cash flow it threw off
$5.27
Debt you’d be carrying
—

10 shares is a claim on $81.55 of net worth that earned you −$0.81 and generated $5.27 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
5% avg · 5y
FY21 10%FY22 14%FY23 3%FY24 0%FY25 -1%

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

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

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 41% 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 v0.1.0
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
$2.53
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$5.27M
  • 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 · period ending 2021-12-31 · accession 0001104659-24-034994 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-25-023948 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001104659-26-028476 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001104659-24-034994 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001104659-25-023948 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001104659-26-028476 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001104659-24-034994 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001104659-25-023948 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001104659-26-028476 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001104659-24-034994 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001104659-25-023948 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001104659-26-028476 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001104659-23-034445 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001104659-25-023948 (CashAndCashEquivalents)
  15. 20-F · period ending 2022-12-31 · accession 0001104659-26-028476 (CashAndCashEquivalents)