MeritValue

KHEOBA Ltd

KHOBFdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

KHEOBA Ltd earns about -447% on invested capital, but has diluted owners by 33% over 3 years — worth asking whether the growth reaches owners. 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 2023FY 2024FY 2025
Revenue$16,0001$41,0551$1.16M1
Net income−$472−$34,2952$430,0732
Operating cash flow−$11,1273−$23,1313$676,7353
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$16,7784$1,0975$683,4835
Diluted shares6.1M8.1M8.1M

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
$0.54
your share of equity
Profit it earned you last year
$0.53
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.54 of net worth that earned you $0.53 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-447% avg · 3y
FY23 -1%FY24 -892%FY25 —

It earned an average -447% 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
+33% shares · 3y

Share count is up 33% over 3 years — owners have been diluted. Worth asking what they got for it.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.25
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-10-31 · accession 0001683168-26-001358 (Revenues)
  2. 20-F · period ending 2023-10-31 · accession 0001683168-26-001358 (NetIncomeLoss)
  3. 20-F · period ending 2023-10-31 · accession 0001683168-26-001358 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-10-31 · accession 0001683168-26-001358 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  5. 20-F · period ending 2024-10-31 · accession 0001683168-26-001358 (CashAndCashEquivalentsAtCarryingValue)