MeritValue

MASTERBEEF GROUP

MBdata completeness 100%1 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

MASTERBEEF GROUP earns about 115% on equity, with a roughly flat share count. 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 2024
Revenue$64.9M1
Net income$4.24M2
Operating cash flow$7.75M3
Capital expenditure$1.54M4
Free cash flow (derived)$6.2M3
Total debt$8.01M5
Cash & equivalents$15.1M6
Diluted shares15.0M

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
$2.45
your share of equity
Profit it earned you last year
$2.82
Free cash flow it threw off
$4.13
Debt you’d be carrying
$5.34

10 shares is a claim on $2.45 of net worth that earned you $2.82 and generated $4.13 of cash last year, against $5.34 of debt.

iii. Is this a good business?
Moat signal · return on equity
115% avg · 1y
FY24 115%

It earned an average 115% on equity over 1 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 1y

Share count is roughly flat over 1 years — little dilution, little buyback. 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 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
only 1 years of net income (need ≥3)
Graham Number
$1.35
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-12-31 · accession 0001641172-25-010685 (Revenue)
  2. 20-F · period ending 2024-12-31 · accession 0001641172-25-010685 (ProfitLoss)
  3. 20-F · period ending 2024-12-31 · accession 0001641172-25-010685 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F · period ending 2024-12-31 · accession 0001641172-25-010685 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 20-F · period ending 2024-12-31 · accession 0001641172-25-010685 (Borrowings)
  6. 20-F · period ending 2024-12-31 · accession 0001641172-25-010685 (CashAndCashEquivalents)