MeritValue

IBEX Ltd

IBEXdata completeness 88%8 fiscal years on file
The thesis, from the filings

IBEX Ltd earns about 33% on invested capital, far above its ~9% cost of capital, and has bought back 14% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $20.81 and $103.55 a share.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$443.4M1$492.9M2$523.1M3$508.6M3$558.3M3
Net income$13.1M4$21.5M5$31.6M6$33.7M6$36.9M6
Operating cash flow$16.1M7$40M8$41.9M9$35.9M9$45.7M9
Capital expenditure$20.8M10$25.9M11$19M12$8.86M12$18.4M12
Free cash flow (derived)−$4.75M7$14.1M8$22.9M9$27M9$27.3M9
Total debt$6.21M13$3.83M13———
Cash & equivalents$57.8M14$48.8M15$57.4M16$62.7M17$15.4M17
Diluted shares18.4M18.7M18.9M18.3M15.7M

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
$85.41
your share of equity
Profit it earned you last year
$23.44
Free cash flow it threw off
$17.36
Debt you’d be carrying
—

10 shares is a claim on $85.41 of net worth that earned you $23.44 and generated $17.36 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
33% avg · 5y
FY21 34%FY22 30%FY23 35%FY24 33%FY25 31%

It earned about 33% 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 →
Management signal · capital allocation
−14% shares · 5y

Share count is down 14% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 38% — deleveraging.

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

The 3 estimate methods that apply put fair value between $20.81 and $103.55 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$103.55
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$27M
DCF · Growth Exit 5Y
$57.05
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$27M
Earnings Power Value
$20.81
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$31.6M
  • growthAssumed0.0%
Graham Number
$21.3
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $57.05
The three cases
Bear0.0%$25.55
Base20.0%$57.05
Bull20.0%$57.05

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= 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.

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001720420-23-000013 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-06-30 · accession 0001720420-24-000042 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-06-30 · accession 0001720420-25-000027 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-06-30 · accession 0001720420-23-000013 (NetIncomeLoss)
  5. 10-K · period ending 2022-06-30 · accession 0001720420-24-000042 (NetIncomeLoss)
  6. 10-K · period ending 2023-06-30 · accession 0001720420-25-000027 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001720420-23-000013 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001720420-24-000042 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001720420-25-000027 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-06-30 · accession 0001720420-23-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-06-30 · accession 0001720420-24-000042 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-06-30 · accession 0001720420-25-000027 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2021-06-30 · accession 0001558370-22-014803 (Borrowings)
  14. 10-K · period ending 2021-06-30 · accession 0001720420-24-000042 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2022-06-30 · accession 0001720420-23-000013 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-06-30 · accession 0001720420-24-000042 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2024-06-30 · accession 0001720420-25-000027 (CashAndCashEquivalentsAtCarryingValue)