MeritValue

Skyline Builders Group Holding Ltd

KAZRdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Skyline Builders Group Holding Ltd earns about 30% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $0.32 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 2023FY 2024FY 2025
Revenue$44.6M1$48.8M1$46M1
Net income$879,5542$929,9122$727,4472
Operating cash flow$2.1M3−$6.51M3−$3.01M3
Capital expenditure$195,7094$59,7174—
Free cash flow (derived)$1.91M3−$6.57M3—
Total debt—$10.9M5$12M5
Cash & equivalents$1.56M6$323,5957$718,6257
Diluted shares28.5M28.5M28.8M

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
$2.98
your share of equity
Profit it earned you last year
$0.25
Free cash flow it threw off
—
Debt you’d be carrying
$4.18

10 shares is a claim on $2.98 of net worth that earned you $0.25 last year, against $4.18 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
30% avg · 3y
FY23 81%FY24 7%FY25 4%

It earned an average 30% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback. Total debt has risen 10% 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.32
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$879,554
  • growthAssumed0.0%
Graham Number
$0.41
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-03-31 · accession 0001213900-25-073107 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-25-073107 (NetIncomeLoss)
  3. 20-F · period ending 2023-03-31 · accession 0001213900-25-073107 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-03-31 · accession 0001213900-25-073107 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2024-03-31 · accession 0001213900-25-073107 (LongTermDebtCurrent)
  6. 20-F · period ending 2023-03-31 · accession 0001213900-25-073107 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  7. 20-F · period ending 2024-03-31 · accession 0001213900-25-073107 (CashAndCashEquivalentsAtCarryingValue)