MeritValue

Multi Ways Holdings Ltd

MWGdata completeness 88%6 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Multi Ways Holdings Ltd earns about 20% on invested capital, and has bought back 85% of its shares over 5 years. The applicable estimate puts fair value near $2.64 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$33.4M1$38.4M2$36M3$31.1M3$44.8M3
Net income$1.8M4$978,0005$1.79M6−$2.85M6−$433,0006
Operating cash flow$5.63M7$910,0008$55,0009−$12.9M9$6.35M9
Capital expenditure—$817,00010$1.96M11$598,00011$202,00011
Free cash flow (derived)—$93,0008−$1.9M9−$13.5M9$6.15M9
Total debt—————
Cash & equivalents$1.53M12$1M13$7.07M14$3.26M15$1.89M15
Diluted shares24.8M24.8M2.9M3.2M3.8M

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
$59.03
your share of equity
Profit it earned you last year
−$1.13
Free cash flow it threw off
$16.02
Debt you’d be carrying
—

10 shares is a claim on $59.03 of net worth that earned you −$1.13 and generated $16.02 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY21 64%FY22 29%FY23 19%FY24 -15%FY25 5%

It earned an average 20% 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
−85% shares · 5y

Share count is down 85% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
$2.64
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$978,000
  • 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 0001493152-24-019380 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-012321 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-021982 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-019380 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-012321 (NetIncomeLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-021982 (NetIncomeLoss)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-019380 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-012321 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-021982 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2022-12-31 · accession 0001641172-25-012321 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2023-12-31 · accession 0001493152-26-021982 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-12-31 · accession 0001493152-23-017434 (CashAndCashEquivalentsAtCarryingValue)
  13. 20-F · period ending 2022-12-31 · accession 0001493152-24-019380 (CashAndCashEquivalentsAtCarryingValue)
  14. 20-F · period ending 2023-12-31 · accession 0001641172-25-012321 (CashAndCashEquivalentsAtCarryingValue)
  15. 20-F · period ending 2024-12-31 · accession 0001493152-26-021982 (CashAndCashEquivalentsAtCarryingValue)