MeritValue

Graphex Group Ltd

GRFXYdata completeness 100%1 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

Graphex Group Ltd earns about -24% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.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 2022
Revenue$43.7M1
Net income−$12.6M2
Operating cash flow$5.46M3
Capital expenditure$55,0004
Free cash flow (derived)$5.41M3
Total debt$189,0005
Cash & equivalents$4.04M6
Diluted shares572.6M

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
$0.79
your share of equity
Profit it earned you last year
−$0.22
Free cash flow it threw off
$0.09
Debt you’d be carrying
$0

10 shares is a claim on $0.79 of net worth that earned you −$0.22 and generated $0.09 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-24% avg · 1y
FY22 -24%

It earned an average -24% on invested capital over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback. Total debt has held roughly steady.

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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 years of net income (need ≥3)
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 2022-12-31 · accession 0001493152-23-016192 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001493152-23-016192 (NetIncomeLoss)
  3. 20-F · period ending 2022-12-31 · accession 0001493152-23-016192 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2022-12-31 · accession 0001493152-23-016192 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2022-12-31 · accession 0001493152-23-016192 (ShortTermBorrowings)
  6. 20-F · period ending 2022-12-31 · accession 0001493152-23-016192 (CashAndCashEquivalentsAtCarryingValue)