MeritValue

NAM TAI PROPERTY INC.

NTPIFdata completeness 75%17 fiscal years on file
The thesis, from the filings

NAM TAI PROPERTY INC. earns about -6% on invested capital, but has diluted owners by 55% 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$62.4M1$50.1M1$83.2M2$5M3$03
Net income−$53.4M4−$52.9M4−$50.4M5$29.1M5$110,0005
Operating cash flow−$65.8M6−$12.1M6−$32.3M7−$114.9M7−$23.9M7
Capital expenditure—————
Free cash flow (derived)—————
Total debt$195.2M8$196.1M8$188.9M8$198M9$182.5M9
Cash & equivalents—————
Diluted shares39.2M39.5M52.1M59.7M60.9M

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
$29.83
your share of equity
Profit it earned you last year
$0.02
Free cash flow it threw off
—
Debt you’d be carrying
$29.98

10 shares is a claim on $29.83 of net worth that earned you $0.02 last year, against $29.98 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-6% avg · 5y
FY21 -9%FY22 -14%FY23 -15%FY24 6%FY25 0%

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
+55% shares · 5y

Share count is up 55% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.35
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 0001193125-26-029314 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2023-12-31 · accession 0001193125-26-190806 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2024-12-31 · accession 0001193125-26-190806 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 20-F · period ending 2021-12-31 · accession 0001193125-26-029314 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001193125-26-190806 (NetIncomeLoss)
  6. 20-F · period ending 2021-12-31 · accession 0001193125-26-029314 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001193125-26-190806 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001193125-26-029314 (LongTermDebtCurrent)
  9. 20-F · period ending 2024-12-31 · accession 0001193125-26-190806 (LongTermDebtCurrent)