CL Workshop Group Ltd
NWGLdata completeness 100%4 fiscal years on fileCL Workshop Group Ltd earns about -3% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $0.33 and $0.65 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue | $47.7M1 | $55.3M2 | $25.5M2 | $21.5M2 |
| Net income | $1.33M3 | $4.78M4 | −$11.9M4 | −$8.73M4 |
| Operating cash flow | $3.25M5 | $5.87M6 | −$239,2286 | $2.32M6 |
| Capital expenditure | $2.53M7 | $1.2M8 | $116,4048 | $754,7598 |
| Free cash flow (derived) | $718,2585 | $4.67M6 | −$355,6326 | $1.56M6 |
| Total debt | — | $12.8M9 | $12.8M10 | $10.4M10 |
| Cash & equivalents | $3.55M11 | $5.08M11 | $3.98M11 | $2.96M11 |
| Diluted shares | — | — | 132.4M | 132.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $0.69 of net worth that earned you −$0.66 and generated $0.12 of cash last year, against $0.78 of debt.
It earned about -3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is roughly flat over 4 years — little dilution, little buyback. Total debt has fallen 19% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $0.33 and $0.65 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$1.56M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$1.56M
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.11 |
| Base | 20.0% | $0.33 |
| Bull | 20.0% | $0.33 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2021-12-31 · accession 0001493152-24-015976 (Revenue)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-008047 (Revenue)
- 20-F · period ending 2021-12-31 · accession 0001493152-24-015976 (ProfitLoss)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-008047 (ProfitLoss)
- 20-F · period ending 2021-12-31 · accession 0001493152-24-015976 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-008047 (CashFlowsFromUsedInOperatingActivities)
- 20-F · period ending 2021-12-31 · accession 0001493152-24-015976 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001641172-25-008047 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
- 20-F · period ending 2022-12-31 · accession 0001493152-24-015976 (Borrowings)
- 20-F · period ending 2023-12-31 · accession 0001641172-25-008047 (Borrowings)
- 20-F · period ending 2021-12-31 · accession 0001641172-25-008047 (CashAndCashEquivalents)