INNEOVA Holdings Ltd
INEOdata completeness 100%4 fiscal years on fileINNEOVA Holdings Ltd earns about 22% on invested capital, far above its ~9% cost of capital, but has diluted owners by 46% over 4 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.68 and $12.96 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $51.4M1 | $62.7M2 | $62.7M2 | $58.4M2 |
| Net income | $1.53M3 | $1.86M4 | $376,0004 | −$397,0004 |
| Operating cash flow | −$2.06M5 | $3.74M6 | $2.53M6 | $4.44M6 |
| Capital expenditure | $283,0007 | $309,0008 | $739,0008 | $10,0008 |
| Free cash flow (derived) | −$2.34M5 | $3.43M6 | $1.8M6 | $4.43M6 |
| Total debt | — | $16.8M9 | $22.3M10 | $18.9M10 |
| Cash & equivalents | — | $690,00011 | $1.79M12 | $1.06M12 |
| Diluted shares | 9.9M | 9.4M | 9.5M | 14.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $3.45 of net worth that earned you −$0.28 and generated $3.08 of cash last year, against $13.14 of debt.
It earned about 22% 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 up 46% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 13% 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.
The 3 estimate methods that apply put fair value between $0.68 and $12.96 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$3.43M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$3.43M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$951,500
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.16 |
| Base | 20.0% | $6.52 |
| Bull | 20.0% | $6.52 |
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.
- 20-F · period ending 2022-12-31 · accession 0001641172-25-010232 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001493152-26-023663 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-010232 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001493152-26-023663 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-010232 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001493152-26-023663 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-010232 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001493152-26-023663 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001641172-25-010232 (LongTermDebt)
- 20-F · period ending 2024-12-31 · accession 0001493152-26-023663 (LongTermDebt)
- 20-F · period ending 2023-12-31 · accession 0001641172-25-010232 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-12-31 · accession 0001493152-26-023663 (CashAndCashEquivalentsAtCarryingValue)