MeritValue

METALINK LTD

MTLKdata completeness 63%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

METALINK LTD earns about 6% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $0.51 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 2024FY 2025
Revenue—————
Net income−$40,0001$15,0002$62,0003$78,0003$86,0003
Operating cash flow−$40,0004−$15,0005−$18,0006−$2,0006$59,0006
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$13,0007$18,0008$17,0009$57,00010$37,00010
Diluted shares1.3M1.3M1.3M1.3M1.3M

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
$15.67
your share of equity
Profit it earned you last year
$0.68
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $15.67 of net worth that earned you $0.68 last year.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 -2%FY22 4%FY23 9%FY24 11%FY25 10%

It earned an average 6% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
$0.51
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$62,000
  • 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 0001096906-24-000890 (NetIncomeLoss)
  2. 20-F/A · period ending 2022-12-31 · accession 0001096906-25-000607 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001096906-26-000634 (NetIncomeLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001096906-24-000890 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F/A · period ending 2022-12-31 · accession 0001096906-25-000607 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001096906-26-000634 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001096906-23-000926 (CashAndCashEquivalentsAtCarryingValue)
  8. 20-F · period ending 2022-12-31 · accession 0001096906-24-000890 (CashAndCashEquivalentsAtCarryingValue)
  9. 20-F/A · period ending 2023-12-31 · accession 0001096906-25-000607 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2024-12-31 · accession 0001096906-26-000634 (CashAndCashEquivalentsAtCarryingValue)