MeritValue

PN Smart Energy Ltd

PNdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

PN Smart Energy Ltd earns about 3% on invested capital, but has diluted owners by 5% over 3 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 2023FY 2024FY 2025
Revenue$50.8M1$49.9M1$63.3M1
Net income$1.1M2$470,9872−$2.7M2
Operating cash flow$549,2613$1.6M3$2.87M3
Capital expenditure$303,4104$239,8204$465,3574
Free cash flow (derived)$245,8513$1.36M3$2.41M3
Total debt———
Cash & equivalents$5.93M5$5.17M6$9.34M6
Diluted shares25.0M25.0M26.2M

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
$7.6
your share of equity
Profit it earned you last year
−$1.03
Free cash flow it threw off
$0.92
Debt you’d be carrying
—

10 shares is a claim on $7.6 of net worth that earned you −$1.03 and generated $0.92 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 3y
FY23 16%FY24 10%FY25 -16%

It earned an average 3% 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
+5% shares · 3y

Share count is up 5% 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 —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-09-30 · accession 0001213900-26-015180 (Revenues)
  2. 20-F · period ending 2023-09-30 · accession 0001213900-26-015180 (NetIncomeLoss)
  3. 20-F · period ending 2023-09-30 · accession 0001213900-26-015180 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-09-30 · accession 0001213900-26-015180 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2023-09-30 · accession 0001213900-26-015180 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  6. 20-F · period ending 2024-09-30 · accession 0001213900-26-015180 (CashAndCashEquivalentsAtCarryingValue)