MeritValue

Semilux International Ltd.

SELXFdata completeness 100%2 fiscal years on file
The thesis, from the filings

Semilux International Ltd. earns about -293% on invested capital, but has diluted owners by 25% over 2 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 2023FY 2024
Revenue$1.07M1$3.67M2
Net income−$1.63M3−$3.68M4
Operating cash flow−$1.24M5$66,0006
Capital expenditure$773,0007$644,0008
Free cash flow (derived)−$2.02M5−$578,0006
Total debt$4.35M9$3.68M10
Cash & equivalents$6.61M11$3.59M12
Diluted shares30.2M37.6M

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
$0.15
your share of equity
Profit it earned you last year
−$0.98
Free cash flow it threw off
−$0.15
Debt you’d be carrying
$0.98

10 shares is a claim on $0.15 of net worth that earned you −$0.98 and generated −$0.15 of cash last year, against $0.98 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-293% avg · 2y
FY23 -30%FY24 -556%

It earned an average -293% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+25% shares · 2y

Share count is up 25% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 15% — deleveraging.

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
only 2 years of net income (need ≥3)
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 2023-12-31 · accession 0001213900-24-043666 (Revenues)
  2. 20-F · period ending 2024-12-31 · accession 0001213900-25-108334 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-24-043666 (NetIncomeLoss)
  4. 20-F · period ending 2024-12-31 · accession 0001213900-25-108334 (NetIncomeLoss)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-24-043666 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-12-31 · accession 0001213900-25-108334 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-12-31 · accession 0001213900-24-043666 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-12-31 · accession 0001213900-25-108334 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2023-12-31 · accession 0001213900-24-043666 (LongTermDebtNoncurrent)
  10. 20-F · period ending 2024-12-31 · accession 0001213900-25-108334 (LongTermDebtNoncurrent)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-24-043666 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2024-12-31 · accession 0001213900-25-108334 (CashAndCashEquivalentsAtCarryingValue)