MeritValue

Masonglory Ltd

MSGYdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

Masonglory Ltd earns about 83% on invested capital, but has diluted owners by 7% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.08 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 2023FY 2024FY 2025
Revenue$7.95M1$20.6M1$23.3M1
Net income$332,3542$1.3M2$1.28M2
Operating cash flow−$1.45M3−$1.67M3$3.39M3
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$171,1624$189,4745$2.37M5
Diluted shares11.5M11.5M12.3M

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
$2.81
your share of equity
Profit it earned you last year
$1.04
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2.81 of net worth that earned you $1.04 last year.

iii. Is this a good business?
Moat signal · return on invested capital
83% avg · 3y
FY23 60%FY24 71%FY25 117%

It earned an average 83% 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
+7% shares · 3y

Share count is up 7% 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 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
$1.08
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.28M
  • growthAssumed0.0%
Graham Number
$0.8
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-03-31 · accession 0001213900-25-069393 (Revenues)
  2. 20-F · period ending 2023-03-31 · accession 0001213900-25-069393 (NetIncomeLoss)
  3. 20-F · period ending 2023-03-31 · accession 0001213900-25-069393 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-03-31 · accession 0001213900-25-069393 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  5. 20-F · period ending 2024-03-31 · accession 0001213900-25-069393 (CashAndCashEquivalentsAtCarryingValue)