MeritValue

MAN AHL DIVERSIFIED I LP

MADLdata completeness 38%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'netIncome'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2018FY 2019FY 2020FY 2021FY 2022
Revenue—————
Net income—————
Operating cash flow$13.3M1$23.8M2$11.3M3$5.36M3$5.41M3
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$04$05$05$05$05
Diluted shares00000

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

0
iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

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 v0.5.0
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
only 0 years of net income (need ≥3)
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 2018-12-31 · accession 0001193125-21-100624 (NetCashProvidedByUsedInOperatingActivities)
  2. 10-K · period ending 2019-12-31 · accession 0001193125-22-090327 (NetCashProvidedByUsedInOperatingActivities)
  3. 10-K · period ending 2020-12-31 · accession 0001193125-23-082300 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2018-12-31 · accession 0001193125-22-090327 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  5. 10-K · period ending 2019-12-31 · accession 0001193125-23-082300 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)