MeritValue

Telvantis, Inc.

RDARdata completeness 63%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Telvantis, Inc. earns about -44% on equity, but has diluted owners by 11% 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 2011FY 2012FY 2013FY 2014FY 2015
Revenue——$327,9511$82,0552—
Net income−$16,1233−$128,4754−$3.47M5−$1.98M6−$9.18M6
Operating cash flow−$15,5637−$154,6128−$1.78M9−$671,68010−$392,68910
Capital expenditure——$72,08211——
Free cash flow (derived)——−$1.86M9——
Total debt—————
Cash & equivalents$1,37812$418,10413$142,02914$46,19214$15,50314
Diluted shares99.5M99.5M102.6M103.3M110.2M

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
−$0.35
your share of equity
Profit it earned you last year
−$0.83
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.35 of net worth that earned you −$0.83 last year.

iii. Is this a good business?
Moat signal · return on equity
-44% avg · 5y
FY11 —FY12 -44%FY13 —FY14 —FY15 —

It earned an average -44% 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
+11% shares · 5y

Share count is up 11% 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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 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. 10-K · period ending 2013-12-31 · accession 0001393905-15-000477 (Revenues)
  2. 10-K · period ending 2014-12-31 · accession 0001393905-16-000844 (Revenues)
  3. 10-K · period ending 2011-12-31 · accession 0001393905-13-000133 (NetIncomeLoss)
  4. 10-K · period ending 2012-12-31 · accession 0001393905-14-000197 (NetIncomeLoss)
  5. 10-K · period ending 2013-12-31 · accession 0001393905-15-000477 (NetIncomeLoss)
  6. 10-K · period ending 2014-12-31 · accession 0001393905-16-000844 (NetIncomeLoss)
  7. 10-K · period ending 2011-12-31 · accession 0001393905-13-000133 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2012-12-31 · accession 0001393905-14-000197 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2013-12-31 · accession 0001393905-15-000477 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2014-12-31 · accession 0001393905-16-000844 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2013-12-31 · accession 0001393905-15-000477 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2011-12-31 · accession 0001393905-14-000197 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2012-12-31 · accession 0001393905-15-000477 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2013-12-31 · accession 0001393905-16-000844 (CashAndCashEquivalentsAtCarryingValue)