MeritValue

JX Luxventure Group Inc.

JXGdata completeness 100%12 fiscal years on file
The thesis, from the filings

JX Luxventure Group Inc. earns about -74% on invested capital, and has bought back 34% of its shares over 5 years. 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$1.34M1$54M2$79.9M3$31.8M3$49.8M3
Net income−$5.67M4−$37.2M5−$73.5M6$3.04M6$3.07M6
Operating cash flow−$6.52M7−$7.78M8−$4.96M9−$4.52M9$7.71M9
Capital expenditure$24,19810$3.32M11$1,00812$44012$396,71012
Free cash flow (derived)−$6.54M7−$11.1M8−$4.96M9−$4.52M9$7.31M9
Total debt$1.15M13$1.18M14——$1.64M15
Cash & equivalents$16.6M16$12.9M17$520,91617$407,31117$1.18M17
Diluted shares3.4M5.9M6.1M6.1M2.2M

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
$93.02
your share of equity
Profit it earned you last year
$13.68
Free cash flow it threw off
$32.54
Debt you’d be carrying
$7.32

10 shares is a claim on $93.02 of net worth that earned you $13.68 and generated $32.54 of cash last year, against $7.32 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-74% avg · 5y
FY20 -2%FY21 -30%FY22 -371%FY23 16%FY24 14%

It earned an average -74% 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
−34% shares · 5y

Share count is down 34% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 43% 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.

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
$13.42
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F/A · period ending 2020-12-31 · accession 0001213900-24-016941 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001213900-24-043254 (Revenue)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-043744 (Revenue)
  4. 20-F/A · period ending 2020-12-31 · accession 0001213900-24-016941 (ProfitLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-043254 (ProfitLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-043744 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F/A · period ending 2020-12-31 · accession 0001213900-24-016941 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-24-043254 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-043744 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F/A · period ending 2020-12-31 · accession 0001213900-24-016941 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-24-043254 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-25-043744 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2020-12-31 · accession 0001213900-22-026185 (Borrowings)
  14. 20-F/A · period ending 2021-12-31 · accession 0001213900-24-016941 (Borrowings)
  15. 20-F · period ending 2024-12-31 · accession 0001213900-25-043744 (Borrowings)
  16. 20-F/A · period ending 2020-12-31 · accession 0001213900-24-016941 (CashAndCashEquivalents)
  17. 20-F · period ending 2021-12-31 · accession 0001213900-25-043744 (CashAndCashEquivalents)