JBDI Holdings Ltd
JBDIdata completeness 100%4 fiscal years on fileData notes: no data for concept 'interestExpense'
JBDI Holdings Ltd earns about 3% on invested capital, below its ~9% cost of capital, but has diluted owners by 105% over 4 years — no moat visible in the numbers. The estimate methods put fair value between $0.74 and $0.79 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 | $11.9M1 | $11.1M2 | $9.39M2 | $8.45M2 |
| Net income | $2.23M3 | $806,0004 | −$977,0004 | −$2.72M4 |
| Operating cash flow | $2.99M5 | $1.66M6 | $1M6 | −$3.37M6 |
| Capital expenditure | $926,0007 | $46,0008 | $81,0008 | $32,0008 |
| Free cash flow (derived) | $2.06M5 | $1.61M6 | $919,0006 | −$3.4M6 |
| Total debt | — | $1.35M9 | $1.82M10 | $708,00010 |
| Cash & equivalents | — | $457,00011 | $190,00012 | $2.73M12 |
| Diluted shares | 9.4M | 18.0M | 18.0M | 19.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $2.06 of net worth that earned you −$1.41 and generated −$1.77 of cash last year, against $0.37 of debt.
It earned about 3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 105% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 48% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $0.74 and $0.79 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
- fcfGrowth0.0%
- fcfBase$919,000
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$919,000
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.79 |
| Base | 0.0% | $0.79 |
| Bull | 5.0% | $0.95 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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 2022-05-31 · accession 0001493152-24-041544 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2023-05-31 · accession 0001493152-25-018061 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 20-F · period ending 2022-05-31 · accession 0001493152-24-041544 (NetIncomeLoss)
- 20-F · period ending 2023-05-31 · accession 0001493152-25-018061 (NetIncomeLoss)
- 20-F · period ending 2022-05-31 · accession 0001493152-24-041544 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-05-31 · accession 0001493152-25-018061 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-05-31 · accession 0001493152-24-041544 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-05-31 · accession 0001493152-25-018061 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-05-31 · accession 0001493152-24-041544 (LongTermDebt)
- 20-F · period ending 2024-05-31 · accession 0001493152-25-018061 (LongTermDebtCurrent)
- 20-F · period ending 2023-05-31 · accession 0001493152-24-041544 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2024-05-31 · accession 0001493152-25-018061 (CashAndCashEquivalentsAtCarryingValue)