MeritValue

PURPLE BIOTECH LTD.

PPBTdata completeness 75%11 fiscal years on file

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

The thesis, from the filings

PURPLE BIOTECH LTD. earns about -74% on equity, but has diluted owners by 944% 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—————
Net income$17.8M1−$21.7M2−$19.9M3−$7.24M3−$26.4M3
Operating cash flow−$374,0004−$16.7M5−$19.9M6−$14.4M6−$5.66M6
Capital expenditure$115,0007$26,0008$3,0009—$3,0009
Free cash flow (derived)−$489,0004−$16.8M5−$19.9M6—−$5.66M6
Total debt—————
Cash & equivalents$10.9M10$15M11$14.5M11$7.4M11$8.72M11
Diluted shares178.0M184.8M252.4M517.1M1.86B

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
$0.05
your share of equity
Profit it earned you last year
−$0.14
Free cash flow it threw off
−$0.03
Debt you’d be carrying
—

10 shares is a claim on $0.05 of net worth that earned you −$0.14 and generated −$0.03 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-74% avg · 5y
FY21 27%FY22 -46%FY23 -58%FY24 -22%FY25 -272%

It earned an average -74% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+944% shares · 5y

Share count is up 944% over 5 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$0.06
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 0001213900-22-011191 (ProfitLoss)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-022192 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-031365 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-22-011191 (CashFlowsFromUsedInOperatingActivities)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-022192 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-031365 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-020111 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-022192 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-26-031365 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001213900-25-022192 (CashAndCashEquivalents)
  11. 20-F · period ending 2022-12-31 · accession 0001213900-26-031365 (CashAndCashEquivalents)