SHINHAN FINANCIAL GROUP CO LTD earns about 11% on invested capital, but has diluted owners by 3% 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.
| Figure | FY 2009 | FY 2010 |
|---|---|---|
| Revenue | $10.8B1 | $11.5B2 |
| Net income | $974.4M3 | $2.52B4 |
| Operating cash flow | $1.47B5 | $5.66B6 |
| Capital expenditure | $328.5M7 | $250.4M8 |
| Free cash flow (derived) | $1.14B5,7 | $5.4B6,8 |
| Total debt | $46.8B9,10 | $48.3B11,12 |
| Cash & equivalents | $3.86B13 | $5.03B13 |
| Diluted shares | 476.2M | 488.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $412.38 of net worth that earned you $51.46 and generated $110.54 of cash last year, against $987.15 of debt.
It earned an average 11% on invested capital over 2 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 3% over 2 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
Different models answer different questions — which to trust when →
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- 20-F/A filed 2011-07-15 · period ending 2010-12-31 · accession 0001193125-11-188821 (InterestAndDividendIncomeOperating)
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- 20-F/A filed 2011-07-15 · periods ending 2009-12-31, 2010-12-31 · accession 0001193125-11-188821 (CashAndCashEquivalentsAtCarryingValue)