MeritValue

Phoenix Asia Holdings Ltd

PHOEdata completeness 88%3 fiscal years on file

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

The thesis, from the filings

Phoenix Asia Holdings Ltd earns about 108% on invested capital, but has diluted owners by 13% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.59 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 2023FY 2024FY 2025
Revenue$2.23M1$5.76M1$7.37M1
Net income$351,0652$1.06M2$1.03M2
Operating cash flow−$57,1123$540,3323$1.18M3
Capital expenditure$22,6074—$41,0864
Free cash flow (derived)−$79,7193—$1.14M3
Total debt———
Cash & equivalents—$890,5785$2.38M5
Diluted shares16.1M16.1M18.1M

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
$1.72
your share of equity
Profit it earned you last year
$0.57
Free cash flow it threw off
$0.63
Debt you’d be carrying
—

10 shares is a claim on $1.72 of net worth that earned you $0.57 and generated $0.63 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
108% avg · 3y
FY23 54%FY24 129%FY25 140%

It earned an average 108% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+13% shares · 3y

Share count is up 13% over 3 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
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.59
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.03M
  • growthAssumed0.0%
Graham Number
$0.48
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-03-31 · accession 0001641172-25-023128 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-03-31 · accession 0001641172-25-023128 (NetIncomeLoss)
  3. 20-F · period ending 2023-03-31 · accession 0001641172-25-023128 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-03-31 · accession 0001641172-25-023128 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2024-03-31 · accession 0001641172-25-023128 (CashAndCashEquivalentsAtCarryingValue)