MeritValue

Hub Cyber Security Ltd.

HUBCdata completeness 100%5 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Hub Cyber Security Ltd. earns about -572% on equity, and has bought back 66% of its shares over 5 years. 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$38,0001$29.5M2$50M3$42.7M3$29.6M3
Net income−$2.76M4−$13M5−$81.6M6−$87.4M6−$39.8M6
Operating cash flow−$2.86M7−$5.28M8−$23.4M9−$16.2M9−$17.1M9
Capital expenditure$20,00010$453,00011$624,00012$297,00012$84,00012
Free cash flow (derived)−$2.88M7−$5.73M8−$24.1M9−$16.5M9−$17.2M9
Total debt—$11.3M13$13.4M14$11.9M15$13.5M15
Cash & equivalents$1.26M16$14M17$3.99M17$3.52M17$3.09M17
Diluted shares—7.8M88.8M968,6002.6M

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
−$305.38
your share of equity
Profit it earned you last year
−$150.28
Free cash flow it threw off
−$64.99
Debt you’d be carrying
$51.16

10 shares is a claim on −$305.38 of net worth that earned you −$150.28 and generated −$64.99 of cash last year, against $51.16 of debt.

iii. Is this a good business?
Moat signal · return on equity
-572% avg · 5y
FY20 -423%FY21 -20%FY22 -1272%FY23 —FY24 —

It earned an average -572% 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
−66% shares · 5y

Share count is down 66% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 20% 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
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 2020-12-31 · accession 0001213900-23-067760 (Revenue)
  2. 20-F/A · period ending 2021-12-31 · accession 0001213900-24-089668 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-038038 (Revenue)
  4. 20-F · period ending 2020-12-31 · accession 0001213900-23-067760 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F/A · period ending 2021-12-31 · accession 0001213900-24-089668 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-038038 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2020-12-31 · accession 0001213900-23-067760 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F/A · period ending 2021-12-31 · accession 0001213900-24-089668 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-038038 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001213900-23-067760 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F/A · period ending 2021-12-31 · accession 0001213900-24-089668 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-25-038038 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001213900-23-067760 (Borrowings)
  14. 20-F/A · period ending 2022-12-31 · accession 0001213900-24-089668 (Borrowings)
  15. 20-F · period ending 2023-12-31 · accession 0001213900-25-038038 (Borrowings)
  16. 20-F/A · period ending 2020-12-31 · accession 0001213900-24-089668 (CashAndCashEquivalents)
  17. 20-F · period ending 2021-12-31 · accession 0001213900-25-038038 (CashAndCashEquivalents)