MeritValue

SCHMID Group N.V.

SHMDdata completeness 75%4 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

SCHMID Group N.V. earns about 147% on invested capital, but has diluted owners by 22% over 4 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 2021FY 2022FY 2023FY 2024
Revenue€39.5M1€95.1M2€90.2M2€60.8M2
Net income−€24.5M3€1.55M4€36.9M4−€84.1M4
Operating cash flow−€10.3M5€280,0006€9.9M6−€2.58M6
Capital expenditure————
Free cash flow (derived)————
Total debt—€162.9M7€48.2M7—
Cash & equivalents€18.4M8€8.33M8€5.71M8€3.79M8
Diluted shares—28.7M28.7M34.9M

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
−€17.49
your share of equity
Profit it earned you last year
−€24.08
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −€17.49 of net worth that earned you −€24.08 last year.

iii. Is this a good business?
Moat signal · return on invested capital
147% avg · 4y
FY21 —FY22 21%FY23 273%FY24 —

It earned an average 147% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+22% shares · 4y

Share count is up 22% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 70% — 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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 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 2021-12-31 · accession 0001104659-24-062029 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-26-014740 (Revenue)
  3. 20-F · period ending 2021-12-31 · accession 0001104659-24-062029 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2022-12-31 · accession 0001104659-26-014740 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001104659-24-062029 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001104659-26-014740 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-24-062029 (Borrowings)
  8. 20-F · period ending 2021-12-31 · accession 0001104659-26-014740 (CashAndCashEquivalents)