Globavend Holdings Ltd earns about 87% on invested capital, far above its ~9% cost of capital, and has bought back 97% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $19.15 and $25.19 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $13.3M1 | $24M2 | $18.6M2 | $16.5M2 | $23.6M3 |
| Net income | $564,7584 | $810,2275 | $1.08M6 | $1.34M6 | $682,9826 |
| Operating cash flow | $875,0867 | $783,0458 | $2.02M9 | $326,0899 | $240,3559 |
| Capital expenditure | $1,19210 | $9,24711 | $7,45512 | $592,58512 | $8,33312 |
| Free cash flow (derived) | $873,8947,10 | $773,7988,11 | $2.01M9,12 | −$266,4969,12 | $232,0229,12 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | — | $557,73513 | $554,13214 | $2.3M15 | $7.51M15 |
| Diluted shares | 13.1M | 13.1M | 65,625 | 72,798 | 423,124 |
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.
10 shares is a claim on $237.2 of net worth that earned you $16.14 and generated $5.48 of cash last year.
It earned about 87% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.
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 $19.15 and $25.19 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a conservative ceiling on what a defensive investor should pay, not a target.
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period10 years
- FCF growth0.0%
- Starting free cash flow$232,022
assumptions (10)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Terminal growth2.50%
- Projection period5 years
- FCF growth0.0%
- Starting free cash flow$232,022
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$810,227
- Growth assumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $25.19 |
| Base | 0.0% | $25.19 |
| Bull | 5.0% | $26.98 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
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See pricing →Follow GVH and keep your own price beside the value. The same engine, with the same receipts.
MeritValue on the App Store →- 20-F filed 2024-01-30 · period ending 2021-09-30 · accession 0001493152-24-004309 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F filed 2025-02-12 · periods ending 2022-09-30, 2023-09-30, 2024-09-30 · accession 0001493152-25-006117 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F filed 2026-02-13 · period ending 2025-09-30 · accession 0001213900-26-016589 (Revenues)
- 20-F filed 2024-01-30 · period ending 2021-09-30 · accession 0001493152-24-004309 (NetIncomeLoss)
- 20-F filed 2025-02-12 · period ending 2022-09-30 · accession 0001493152-25-006117 (NetIncomeLoss)
- 20-F filed 2026-02-13 · periods ending 2023-09-30, 2024-09-30, 2025-09-30 · accession 0001213900-26-016589 (NetIncomeLoss)
- 20-F filed 2024-01-30 · period ending 2021-09-30 · accession 0001493152-24-004309 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2025-02-12 · period ending 2022-09-30 · accession 0001493152-25-006117 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2026-02-13 · periods ending 2023-09-30, 2024-09-30, 2025-09-30 · accession 0001213900-26-016589 (NetCashProvidedByUsedInOperatingActivities)
- 20-F filed 2024-01-30 · period ending 2021-09-30 · accession 0001493152-24-004309 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2025-02-12 · period ending 2022-09-30 · accession 0001493152-25-006117 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2026-02-13 · periods ending 2023-09-30, 2024-09-30, 2025-09-30 · accession 0001213900-26-016589 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F filed 2024-01-30 · period ending 2022-09-30 · accession 0001493152-24-004309 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2025-02-12 · period ending 2023-09-30 · accession 0001493152-25-006117 (CashAndCashEquivalentsAtCarryingValue)
- 20-F filed 2026-02-13 · periods ending 2024-09-30, 2025-09-30 · accession 0001213900-26-016589 (CashAndCashEquivalentsAtCarryingValue)