MeritValue

JBDI Holdings Ltd

JBDIdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'interestExpense'

The thesis, from the filings

JBDI Holdings Ltd earns about 3% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $0.13 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$11.9M1$11.1M2$9.39M3$8.45M3$8.52M3
Net income$2.23M4$806,0005−$977,0006−$2.72M6$120,0006
Operating cash flow$2.99M7$1.66M8$1M9−$3.37M9−$367,0009
Capital expenditure$926,00010$46,00011$81,00012$32,00012$95,00012
Free cash flow (derived)$2.06M7$1.61M8$919,0009−$3.4M9−$462,0009
Total debt—$1.35M13$1.82M14$708,00015—
Cash & equivalents—$457,00016$190,00017$2.73M18$1.96M18
Diluted shares9.4M18.0M9.0M9.6M9.5M

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
$4.04
your share of equity
Profit it earned you last year
$0.13
Free cash flow it threw off
−$0.49
Debt you’d be carrying
—

10 shares is a claim on $4.04 of net worth that earned you $0.13 and generated −$0.49 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY22 131%FY23 34%FY24 -43%FY25 -111%FY26 6%

It earned an average 3% 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
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. 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.

iv. What it’s worth — engine v0.5.0
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
$0.13
assumptions (8)
  • riskFreeRate5.0%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$120,000
  • growthAssumed0.0%
Graham Number
$0.21
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-05-31 · accession 0001493152-24-041544 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-05-31 · accession 0001493152-25-018061 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2024-05-31 · accession 0001493152-26-041241 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2022-05-31 · accession 0001493152-24-041544 (NetIncomeLoss)
  5. 20-F · period ending 2023-05-31 · accession 0001493152-25-018061 (NetIncomeLoss)
  6. 20-F · period ending 2024-05-31 · accession 0001493152-26-041241 (NetIncomeLoss)
  7. 20-F · period ending 2022-05-31 · accession 0001493152-24-041544 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2023-05-31 · accession 0001493152-25-018061 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2024-05-31 · accession 0001493152-26-041241 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-05-31 · accession 0001493152-24-041544 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-05-31 · accession 0001493152-25-018061 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2024-05-31 · accession 0001493152-26-041241 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2023-05-31 · accession 0001493152-24-041544 (LongTermDebt)
  14. 20-F · period ending 2024-05-31 · accession 0001493152-25-018061 (LongTermDebtCurrent)
  15. 20-F · period ending 2025-05-31 · accession 0001493152-26-041241 (LongTermDebtCurrent)
  16. 20-F · period ending 2023-05-31 · accession 0001493152-24-041544 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2024-05-31 · accession 0001493152-25-018061 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2025-05-31 · accession 0001493152-26-041241 (CashAndCashEquivalentsAtCarryingValue)