MeritValue

Integrated Media Technology Ltd

IMTEdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Integrated Media Technology Ltd earns about -14% on invested capital, but has diluted owners by 115% over 5 years — worth asking whether the growth reaches owners. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$144,3111$364,4051$85,4542$60,4712$71,5802
Net income−$4.73M3−$9.97M3−$1.4M4−$1.37M4−$268,3774
Operating cash flow−$5.17M5−$17.2M5−$913,3236−$1.07M6−$9,9946
Capital expenditure$53,1377$11,4147$3508——
Free cash flow (derived)−$5.22M5−$17.2M5−$913,6736——
Total debt—————
Cash & equivalents$199,5549$53,93610$675,78110$10,15410$16010
Diluted shares1.6M1.6M2.4M3.4M3.4M

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
$42.13
your share of equity
Profit it earned you last year
−$0.78
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $42.13 of net worth that earned you −$0.78 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-14% avg · 5y
FY21 -28%FY22 -30%FY23 -10%FY24 -5%FY25 3%

It earned an average -14% 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
+115% shares · 5y

Share count is up 115% over 5 years — owners have been diluted. Worth asking what they got for it.

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 2021-12-31 · accession 0001213900-24-089557 (Revenue)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-010827 (Revenue)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-089557 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-010827 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-089557 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-010827 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-089557 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-010827 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-24-089557 (CashAndCashEquivalents)
  10. 20-F · period ending 2022-12-31 · accession 0001213900-26-010827 (CashAndCashEquivalents)