MeritValue

PTL Ltd

PTLEdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

PTL Ltd earns about 189% on invested capital, but has diluted owners by 200% over 4 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 2022FY 2023FY 2024FY 2025
Revenue$74.8M1$102.1M2$98.1M2$71.6M2
Net income$391,1093$936,1204−$4.98M4−$1.18M4
Operating cash flow−$642,3395$1.09M6−$764,7586−$12.2M6
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$92,0427$1.14M7$4.79M7$1.09M7
Diluted shares11.3M11.3M11.5M33.7M

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
$2.64
your share of equity
Profit it earned you last year
−$0.35
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $2.64 of net worth that earned you −$0.35 last year.

iii. Is this a good business?
Moat signal · return on invested capital
189% avg · 4y
FY22 122%FY23 456%FY24 —FY25 -12%

It earned an average 189% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+200% shares · 4y

Share count is up 200% over 4 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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
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 2022-12-31 · accession 0001213900-25-044282 (Revenues)
  2. 20-F · period ending 2023-12-31 · accession 0001213900-26-050289 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-044282 (NetIncomeLoss)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-26-050289 (NetIncomeLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-044282 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-050289 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-26-050289 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)