MeritValue

Prenetics Global Ltd

PREdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Prenetics Global Ltd earns about -71% on invested capital, with a roughly flat share count. 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$65.2M1$12.5M2$13.2M2$21.7M2$30.6M3
Net income−$1.94M4−$174M5−$190.5M6−$62.7M6−$46.3M6
Operating cash flow−$2.88M7$13.4M8$14.5M9−$13.8M9−$28.9M9
Capital expenditure$2.86M10$8.55M11$4.95M12$345,00012$1.01M12
Free cash flow (derived)−$5.74M7$4.87M8$9.57M9−$14.1M9−$29.9M9
Total debt—————
Cash & equivalents$14.5M13$35.3M14$146.7M14$45.7M14$52.3M14
Diluted shares13.2M973,134137.0M12.2M13.0M

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
$131.22
your share of equity
Profit it earned you last year
−$35.66
Free cash flow it threw off
−$23.01
Debt you’d be carrying
—

10 shares is a claim on $131.22 of net worth that earned you −$35.66 and generated −$23.01 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-71% avg · 5y
FY20 -19%FY21 —FY22 -197%FY23 -28%FY24 -39%

It earned an average -71% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2020-12-31 · accession 0001193125-23-130403 (Revenue)
  2. 20-F · period ending 2021-12-31 · accession 0001628280-24-019411 (Revenue)
  3. 20-F · period ending 2024-12-31 · accession 0001628280-25-021127 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2020-12-31 · accession 0001193125-23-130403 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001628280-24-019411 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2022-12-31 · accession 0001628280-25-021127 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2020-12-31 · accession 0001193125-23-130403 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001628280-24-019411 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001628280-25-021127 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001193125-23-130403 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001628280-24-019411 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001628280-25-021127 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2020-12-31 · accession 0001628280-24-019411 (CashAndCashEquivalents)
  14. 20-F · period ending 2021-12-31 · accession 0001628280-25-021127 (CashAndCashEquivalents)