MeritValue

NEW PACIFIC METALS CORP

NEWPdata completeness 75%6 fiscal years on file

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

The thesis, from the filings

NEW PACIFIC METALS CORP earns about -5% on invested capital, but has diluted owners by 11% over 5 years — worth asking whether the growth reaches owners. 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$395,5431$220,1122$178,0462——
Net income−$6.57M3−$6.42M4−$8.1M5−$6.02M6−$3.76M6
Operating cash flow−$4.6M7−$4.56M8−$5.51M9−$4.01M10−$3.26M10
Capital expenditure$113,16611$538,54812$92,83513$137,19414$85,12014
Free cash flow (derived)−$4.72M7−$5.1M8−$5.61M9−$4.15M10−$3.35M10
Total debt—————
Cash & equivalents$46.4M15$29.3M16$6.3M17$22M17$16.8M17
Diluted shares154.5M156.6M157.5M171.3M171.9M

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
$7.81
your share of equity
Profit it earned you last year
−$0.22
Free cash flow it threw off
−$0.19
Debt you’d be carrying
—

10 shares is a claim on $7.81 of net worth that earned you −$0.22 and generated −$0.19 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY21 -7%FY22 -6%FY23 -6%FY24 -4%FY25 -3%

It earned an average -5% 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
+11% shares · 5y

Share count is up 11% over 5 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
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
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 40-F · period ending 2021-06-30 · accession 0001176256-22-000266 (Revenue)
  2. 40-F · period ending 2022-06-30 · accession 0001176256-23-000154 (Revenue)
  3. 40-F · period ending 2021-06-30 · accession 0001176256-22-000266 (ProfitLossAttributableToOwnersOfParent)
  4. 40-F · period ending 2022-06-30 · accession 0001176256-23-000154 (ProfitLossAttributableToOwnersOfParent)
  5. 40-F · period ending 2023-06-30 · accession 0001176256-24-000100 (ProfitLossAttributableToOwnersOfParent)
  6. 40-F · period ending 2024-06-30 · accession 0001104659-25-090086 (ProfitLossAttributableToOwnersOfParent)
  7. 40-F · period ending 2021-06-30 · accession 0001176256-22-000266 (CashFlowsFromUsedInOperatingActivities)
  8. 40-F · period ending 2022-06-30 · accession 0001176256-23-000154 (CashFlowsFromUsedInOperatingActivities)
  9. 40-F · period ending 2023-06-30 · accession 0001176256-24-000100 (CashFlowsFromUsedInOperatingActivities)
  10. 40-F · period ending 2024-06-30 · accession 0001104659-25-090086 (CashFlowsFromUsedInOperatingActivities)
  11. 40-F · period ending 2021-06-30 · accession 0001176256-22-000266 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 40-F · period ending 2022-06-30 · accession 0001176256-23-000154 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 40-F · period ending 2023-06-30 · accession 0001176256-24-000100 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 40-F · period ending 2024-06-30 · accession 0001104659-25-090086 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 40-F · period ending 2021-06-30 · accession 0001176256-23-000154 (CashAndCashEquivalents)
  16. 40-F · period ending 2022-06-30 · accession 0001176256-24-000100 (CashAndCashEquivalents)
  17. 40-F · period ending 2023-06-30 · accession 0001104659-25-090086 (CashAndCashEquivalents)