MeritValue

KAMADA LTD

KMDAdata completeness 75%11 fiscal years on file

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

The thesis, from the filings

KAMADA LTD earns about 4% on invested capital, but has diluted owners by 29% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.49 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$103.6M1$129.3M2$142.5M3$161M3$180.5M3
Net income−$2.23M4−$2.32M5$8.28M5$14.5M5$20.2M6
Operating cash flow−$8.82M7$28.6M8$4.32M9$47.6M9$25.5M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$3.79M10————
Cash & equivalents$18.6M11$34.3M12$55.6M12$78.4M12$75.5M12
Diluted shares44.8M44.8M57.5M57.5M57.7M

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
$46.64
your share of equity
Profit it earned you last year
$3.5
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $46.64 of net worth that earned you $3.5 last year.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 -1%FY22 -1%FY23 4%FY24 7%FY25 10%

It earned an average 4% 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
+29% shares · 5y

Share count is up 29% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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
$1.49
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$8.28M
  • growthAssumed0.0%
Graham Number
$6.06
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001213900-24-020272 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-020360 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-025934 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-020272 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-020360 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2025-12-31 · accession 0001213900-26-025934 (ProfitLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-020272 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-020360 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-025934 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-23-020114 (Borrowings)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-24-020272 (CashAndCashEquivalents)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-26-025934 (CashAndCashEquivalents)