MeritValue

Sports Entertainment Gaming Global Corp

SEGGdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Sports Entertainment Gaming Global Corp earns about -75% on invested capital, and has bought back 86% of its shares over 5 years. 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$16.4M1$6.78M2$7.02M3$958,6454$559,5904
Net income−$53M5−$60M6−$25.6M7−$28.2M8−$20.3M8
Operating cash flow−$23.2M9−$31.3M10−$2.11M11−$1.88M12−$3.43M12
Capital expenditure$27,47413$127,26514———
Free cash flow (derived)−$23.2M9−$31.4M10———
Total debt—————
Cash & equivalents$32.6M15$102,76616$359,82617$68,03518$171,52418
Diluted shares26.0M2.5M2.6M1.4M3.5M

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
$66.21
your share of equity
Profit it earned you last year
−$57.76
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $66.21 of net worth that earned you −$57.76 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-75% avg · 5y
FY21 -47%FY22 -81%FY23 -60%FY24 -113%FY25 -72%

It earned an average -75% 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
−86% shares · 5y

Share count is down 86% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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. 10-K · period ending 2021-12-31 · accession 0001493152-23-021506 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K/A · period ending 2022-12-31 · accession 0001641172-25-003412 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-005663 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0001493152-26-032786 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0001493152-23-021506 (NetIncomeLoss)
  6. 10-K/A · period ending 2022-12-31 · accession 0001641172-25-003412 (NetIncomeLoss)
  7. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-005663 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001493152-26-032786 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001493152-23-021506 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K/A · period ending 2022-12-31 · accession 0001641172-25-003412 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-005663 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001493152-26-032786 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001493152-23-021506 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K/A · period ending 2022-12-31 · accession 0001641172-25-003412 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0001493152-23-021506 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K/A · period ending 2022-12-31 · accession 0001641172-25-003412 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K/A · period ending 2023-12-31 · accession 0001641172-25-005663 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0001493152-26-032786 (CashAndCashEquivalentsAtCarryingValue)