MeritValue

Masonglory Ltd

MSGYdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Masonglory Ltd earns about 43% on invested capital, but has diluted owners by 25% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.58 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 2025FY 2026
Revenue$7.95M1$20.6M2$23.3M2$23.6M2
Net income$332,3543$1.3M4$1.28M4−$8M4
Operating cash flow−$1.45M5−$1.67M6$3.39M6−$3.81M6
Capital expenditure———$1.97M7
Free cash flow (derived)———−$5.79M6
Total debt————
Cash & equivalents$171,1628$189,4749$2.37M10$315,72110
Diluted shares11.5M11.5M12.3M14.4M

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
$5.83
your share of equity
Profit it earned you last year
−$5.58
Free cash flow it threw off
−$4.03
Debt you’d be carrying
—

10 shares is a claim on $5.83 of net worth that earned you −$5.58 and generated −$4.03 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
43% avg · 4y
FY23 60%FY24 71%FY25 117%FY26 -76%

It earned an average 43% 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
+25% shares · 4y

Share count is up 25% over 4 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 v0.5.0
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
$0.58
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$804,118
  • growthAssumed0.0%
Graham Number
$2.49
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 2024-03-31 · accession 0001213900-26-083085 (Revenues)
  3. 20-F · period ending 2023-03-31 · accession 0001213900-25-069393 (NetIncomeLoss)
  4. 20-F · period ending 2024-03-31 · accession 0001213900-26-083085 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001213900-25-069393 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-03-31 · accession 0001213900-26-083085 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2026-03-31 · accession 0001213900-26-083085 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-03-31 · accession 0001213900-26-083085 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  9. 20-F · period ending 2024-03-31 · accession 0001213900-25-069393 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2025-03-31 · accession 0001213900-26-083085 (CashAndCashEquivalentsAtCarryingValue)