Here Group Ltd
HEREdata completeness 100%3 fiscal years on fileData notes: no data for concept 'interestExpense'
Here Group Ltd earns about 23% on equity, far above its ~9% cost of capital, but has diluted owners by 59% over 3 years — a real edge showing up in the numbers. The estimate methods put fair value between $3.14 and $4.39 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue | $424.9M1 | $522.3M2 | $380.5M3 |
| Net income | −$15M4 | $53.1M5 | $50.1M6 |
| Operating cash flow | $32.5M7 | $38.9M8 | $25.7M9 |
| Capital expenditure | $794,00010 | $501,00011 | $432,00012 |
| Free cash flow (derived) | $31.7M7 | $38.4M8 | $25.2M9 |
| Total debt | — | — | $1.55M13 |
| Cash & equivalents | $105.2M14 | $108.9M15 | $115.9M15 |
| Diluted shares | 103.9M | 170.0M | 165.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $6.84 of net worth that earned you $3.03 and generated $1.53 of cash last year, against $0.09 of debt.
It earned about 23% on equity, 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 up 59% over 3 years — owners have been diluted. Worth asking what they got for it. 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.
The 3 estimate methods that apply put fair value between $3.14 and $4.39 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth5.0%
- fcfBase$31.7M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$31.7M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$50.1M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $3.43 |
| Base | 5.0% | $4.1 |
| Bull | 10.0% | $4.89 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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.
- 20-F · period ending 2023-06-30 · accession 0001013762-23-007052 (Revenues)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-073574 (Revenues)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-104390 (Revenues)
- 20-F · period ending 2023-06-30 · accession 0001013762-23-007052 (NetIncomeLoss)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-073574 (NetIncomeLoss)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-104390 (NetIncomeLoss)
- 20-F · period ending 2023-06-30 · accession 0001013762-23-007052 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-073574 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-104390 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-06-30 · accession 0001013762-23-007052 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2024-06-30 · accession 0001213900-24-073574 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-104390 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2025-06-30 · accession 0001213900-25-104390 (ShortTermBorrowings)
- 20-F · period ending 2023-06-30 · accession 0001213900-24-073574 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-06-30 · accession 0001213900-25-104390 (CashAndCashEquivalentsAtCarryingValue)