MeritValue

MoneyHero Ltd

MNYdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

MoneyHero Ltd earns about -912% on invested capital, but has diluted owners by 18607% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $11.19 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 2024
Revenue$61.9M1$68.1M2$80.7M2$79.5M2
Net income$30.9M3$49.4M4$172.6M4$37.8M4
Operating cash flow−$14.4M5−$14.6M6−$17M6−$24.9M6
Capital expenditure$281,8327$254,9258$117,3378$337,5088
Free cash flow (derived)−$14.7M5−$14.9M6−$17.2M6−$25.2M6
Total debt——$10,0009$10,00010
Cash & equivalents$9.19M11$24.1M11$68.6M11$42.5M11
Diluted shares215,983482,6899.6M40.4M

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
$11.94
your share of equity
Profit it earned you last year
$9.35
Free cash flow it threw off
−$6.24
Debt you’d be carrying
$0

10 shares is a claim on $11.94 of net worth that earned you $9.35 and generated −$6.24 of cash last year, against $0 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-912% avg · 4y
FY21 —FY22 —FY23 -1304%FY24 -521%

It earned an average -912% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+18607% shares · 4y

Share count is up 18607% over 4 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$11.19
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$43.6M
  • growthAssumed0.0%
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 2021-12-31 · accession 0001213900-24-037152 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-040169 (Revenue)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-037152 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2022-12-31 · accession 0001213900-25-040169 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-037152 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-040169 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-037152 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-040169 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-24-037152 (Borrowings)
  10. 20-F · period ending 2024-12-31 · accession 0001213900-25-040169 (Borrowings)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-25-040169 (CashAndCashEquivalents)