MeritValue

GRAVITY Co., Ltd.

GRVYdata completeness 88%6 fiscal years on file
The thesis, from the filings

GRAVITY Co., Ltd. earns about -56% 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 2012FY 2013FY 2014FY 2015FY 2016
Revenue$54.3M1$45.2M2$36.6M3$30.5M4$42.7M5
Net income−$11.5M6−$17.6M7−$19.2M8−$14.5M9$207,00010
Operating cash flow−$683,00011−$3.07M12−$5.64M13−$5.11M14$2.02M15
Capital expenditure$1.39M16$588,00017$314,00018$357,00019$148,00020
Free cash flow (derived)−$2.07M11,16−$3.66M12,17−$5.95M13,18−$5.47M14,19$1.87M15,20
Total debt—————
Cash & equivalents$34.5M21$28.6M22$24.3M23$20.7M24$13.9M24
Diluted shares6.9M6.9M6.9M6.9M6.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$36.65
your share of equity
Profit it earned you last year
$0.3
Free cash flow it threw off
$2.69
Debt you’d be carrying
—

10 shares is a claim on $36.65 of net worth that earned you $0.3 and generated $2.69 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-56% avg · 5y
FY12 -26%FY13 -29%FY14 -39%FY15 -197%FY16 12%

It earned an average -56% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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 v0.6.0
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
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$1.57
assumptions (1)
  • Graham multiplier (P/E × P/B)22.5×

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 20-F/A filed 2013-05-10 · period ending 2012-12-31 · accession 0001193125-13-212380 (Revenues)
  2. 20-F filed 2014-04-30 · period ending 2013-12-31 · accession 0001047469-14-004408 (Revenues)
  3. 20-F filed 2015-04-27 · period ending 2014-12-31 · accession 0001047469-15-003935 (Revenues)
  4. 20-F filed 2016-04-20 · period ending 2015-12-31 · accession 0001193125-16-547162 (Revenues)
  5. 20-F filed 2017-04-28 · period ending 2016-12-31 · accession 0001193125-17-145523 (Revenues)
  6. 20-F/A filed 2013-05-10 · period ending 2012-12-31 · accession 0001193125-13-212380 (NetIncomeLoss)
  7. 20-F filed 2014-04-30 · period ending 2013-12-31 · accession 0001047469-14-004408 (NetIncomeLoss)
  8. 20-F filed 2015-04-27 · period ending 2014-12-31 · accession 0001047469-15-003935 (NetIncomeLoss)
  9. 20-F filed 2016-04-20 · period ending 2015-12-31 · accession 0001193125-16-547162 (NetIncomeLoss)
  10. 20-F filed 2017-04-28 · period ending 2016-12-31 · accession 0001193125-17-145523 (NetIncomeLoss)
  11. 20-F/A filed 2013-05-10 · period ending 2012-12-31 · accession 0001193125-13-212380 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F filed 2014-04-30 · period ending 2013-12-31 · accession 0001047469-14-004408 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  13. 20-F filed 2015-04-27 · period ending 2014-12-31 · accession 0001047469-15-003935 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  14. 20-F filed 2016-04-20 · period ending 2015-12-31 · accession 0001193125-16-547162 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  15. 20-F filed 2017-04-28 · period ending 2016-12-31 · accession 0001193125-17-145523 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  16. 20-F/A filed 2013-05-10 · period ending 2012-12-31 · accession 0001193125-13-212380 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F filed 2014-04-30 · period ending 2013-12-31 · accession 0001047469-14-004408 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F filed 2015-04-27 · period ending 2014-12-31 · accession 0001047469-15-003935 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F filed 2016-04-20 · period ending 2015-12-31 · accession 0001193125-16-547162 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F filed 2017-04-28 · period ending 2016-12-31 · accession 0001193125-17-145523 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F filed 2014-04-30 · period ending 2012-12-31 · accession 0001047469-14-004408 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F filed 2015-04-27 · period ending 2013-12-31 · accession 0001047469-15-003935 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F filed 2016-04-20 · period ending 2014-12-31 · accession 0001193125-16-547162 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F filed 2017-04-28 · periods ending 2015-12-31, 2016-12-31 · accession 0001193125-17-145523 (CashAndCashEquivalentsAtCarryingValue)