MeritValue

QMMM Holdings Ltd

QMMMdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

QMMM Holdings Ltd earns about 94% on invested capital, but has diluted owners by 3% 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 2022FY 2023FY 2024
Revenue$3.4M1$2.81M1$2.7M1
Net income$800,5632−$1.29M2−$1.58M2
Operating cash flow$638,1863−$1.13M3−$6.25M3
Capital expenditure$36,2694$12,3354—
Free cash flow (derived)$601,9173−$1.15M3—
Total debt———
Cash & equivalents—$130,2015$497,9935
Diluted shares15.0M15.0M15.4M

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
$3.43
your share of equity
Profit it earned you last year
−$1.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $3.43 of net worth that earned you −$1.02 last year.

iii. Is this a good business?
Moat signal · return on invested capital
94% avg · 3y
FY22 214%FY23 —FY24 -26%

It earned an average 94% 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
+3% shares · 3y

Share count is up 3% 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 — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 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 2022-09-30 · accession 0001493152-25-003751 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-09-30 · accession 0001493152-25-003751 (NetIncomeLoss)
  3. 20-F · period ending 2022-09-30 · accession 0001493152-25-003751 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2022-09-30 · accession 0001493152-25-003751 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2023-09-30 · accession 0001493152-25-003751 (CashAndCashEquivalentsAtCarryingValue)