MeritValue

NewcelX Ltd.

NCELdata completeness 88%8 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

NewcelX Ltd. earns about -5726% on equity, and has bought back 68% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.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−$11.9M1−$16.5M2−$3.33M3−$7.2M3−$8.3M3
Operating cash flow−$14.9M4−$13.9M5−$3.44M6−$1.07M6−$2.77M6
Capital expenditure$39,5607—$6,0008$6,0008$8,0008
Free cash flow (derived)−$15M4—−$3.45M6−$1.07M6−$2.77M6
Total debt———$7.73M9$355,0009
Cash & equivalents$5.43M10$8.95M11$1.15M12$650,00012$2.2M12
Diluted shares11.9M492,0663.0M3.0M3.8M

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
$18.86
your share of equity
Profit it earned you last year
−$21.59
Free cash flow it threw off
−$7.22
Debt you’d be carrying
$0.92

10 shares is a claim on $18.86 of net worth that earned you −$21.59 and generated −$7.22 of cash last year, against $0.92 of debt.

iii. Is this a good business?
Moat signal · return on equity
-5726% avg · 5y
FY21 -2202%FY22 -14861%FY23 —FY24 —FY25 -114%

It earned an average -5726% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−68% shares · 5y

Share count is down 68% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 95% — deleveraging.

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
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$9.57
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001213900-24-043570 (NetIncomeLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-044868 (NetIncomeLoss)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-049307 (NetIncomeLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-043570 (NetCashProvidedByUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-044868 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-049307 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-043570 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-26-049307 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-26-049307 (DebtCurrent)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-23-036920 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-24-043570 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2023-12-31 · accession 0001213900-26-049307 (CashAndCashEquivalentsAtCarryingValue)