PN Smart Energy Ltd
PNdata completeness 88%3 fiscal years on fileData notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'
PN Smart Energy Ltd earns about 3% on invested capital, below its ~9% cost of capital, but has diluted owners by 5% over 3 years — no moat visible in the numbers. The estimate methods put fair value between $0.19 and $1.36 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2023 | FY 2024 | FY 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 shares | 25.0M | 25.0M | 26.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $7.6 of net worth that earned you −$1.03 and generated $0.92 of cash last year.
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 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.
The 3 estimate methods that apply put fair value between $0.19 and $1.36 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
- fcfGrowth5.0%
- fcfBase$1.36M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth5.0%
- fcfBase$1.36M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$470,987
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $1.1 |
| Base | 5.0% | $1.28 |
| Bull | 10.0% | $1.49 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 5.0%= 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 2023-09-30 · accession 0001213900-26-015180 (Revenues)
- 20-F · period ending 2023-09-30 · accession 0001213900-26-015180 (NetIncomeLoss)
- 20-F · period ending 2023-09-30 · accession 0001213900-26-015180 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-09-30 · accession 0001213900-26-015180 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-09-30 · accession 0001213900-26-015180 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 20-F · period ending 2024-09-30 · accession 0001213900-26-015180 (CashAndCashEquivalentsAtCarryingValue)