MeritValue

LSEB Creative Corp.

LSEBdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

LSEB Creative Corp. earns about -193% on invested capital, but has diluted owners by 53% over 5 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue———$3,9891$20,5371
Net income−$45,6412−$142,4233−$144,3714−$163,5535−$160,0115
Operating cash flow−$94,0816−$38,6967−$274,0978−$133,5479−$152,7169
Capital expenditure$35310————
Free cash flow (derived)−$94,4346————
Total debt—————
Cash & equivalents$14,49411$57,49711$2,71012$4,44813$85813
Diluted shares10.7M12.0M13.6M15.0M16.4M

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
$0.02
your share of equity
Profit it earned you last year
−$0.1
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $0.02 of net worth that earned you −$0.1 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-193% avg · 5y
FY21 -88%FY22 —FY23 -143%FY24 -212%FY25 -327%

It earned an average -193% 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
+53% shares · 5y

Share count is up 53% over 5 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 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2024-03-31 · accession 0001199835-25-000233 (Revenues)
  2. 10-K · period ending 2021-03-31 · accession 0001199835-22-000398 (NetIncomeLoss)
  3. 10-K · period ending 2022-03-31 · accession 0001199835-23-000361 (NetIncomeLoss)
  4. 10-K · period ending 2023-03-31 · accession 0001199835-24-000251 (NetIncomeLoss)
  5. 10-K · period ending 2024-03-31 · accession 0001199835-25-000233 (NetIncomeLoss)
  6. 10-K · period ending 2021-03-31 · accession 0001199835-22-000398 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-03-31 · accession 0001199835-23-000361 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001199835-24-000251 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001199835-25-000233 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-03-31 · accession 0001199835-22-000398 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-03-31 · accession 0001199835-23-000361 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2023-03-31 · accession 0001199835-24-000251 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2024-03-31 · accession 0001199835-25-000233 (CashAndCashEquivalentsAtCarryingValue)