MeritValue

Moolec Science SA

MLECdata completeness 88%3 fiscal years on file

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

The thesis, from the filings

Moolec Science SA earns about -563% on invested capital, but has diluted owners by 2% 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 2022FY 2023FY 2024
Revenue—$905,0491$5.63M1
Net income−$4.53M2−$51.8M2−$7.31M2
Operating cash flow−$1.89M3−$7.51M3−$9.33M3
Capital expenditure—$14,8244$158,2834
Free cash flow (derived)—−$7.53M3−$9.49M3
Total debt———
Cash & equivalents$1.08M5$2.53M6$5.39M6
Diluted shares—37.6M38.4M

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
$1.77
your share of equity
Profit it earned you last year
−$1.9
Free cash flow it threw off
−$2.47
Debt you’d be carrying
—

10 shares is a claim on $1.77 of net worth that earned you −$1.9 and generated −$2.47 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-563% avg · 3y
FY22 -684%FY23 -542%FY24 -463%

It earned an average -563% 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
+2% shares · 3y

Share count is up 2% 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 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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. 20-F · period ending 2023-06-30 · accession 0001213900-24-092168 (Revenue)
  2. 20-F · period ending 2022-06-30 · accession 0001213900-24-092168 (ProfitLoss)
  3. 20-F · period ending 2022-06-30 · accession 0001213900-24-092168 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F · period ending 2023-06-30 · accession 0001213900-24-092168 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 20-F/A · period ending 2022-06-30 · accession 0001213900-23-082664 (CashAndCashEquivalents)
  6. 20-F · period ending 2023-06-30 · accession 0001213900-24-092168 (CashAndCashEquivalents)