MeritValue

Brera Holdings PLC

SLMTdata completeness 75%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

Brera Holdings PLC earns about 133% on equity, with a roughly flat share count. The applicable estimate puts fair value near €15.6 a share.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 2020FY 2021FY 2022FY 2023FY 2024
Revenue———€1.15M1€291,1412
Net income€2,5083−€87,0564€1.23M5€4.44M5€4.43M5
Operating cash flow€28,9056€26,8497−€917,4368−€2.42M8−€3.12M8
Capital expenditure—€16,3539€1,20910€199,94710€199,17510
Free cash flow (derived)—€10,4967−€918,6458−€2.62M8−€3.32M8
Total debt—————
Cash & equivalents———€2.48M11—
Diluted shares————815,000

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
€46.85
your share of equity
Profit it earned you last year
€54.33
Free cash flow it threw off
−€40.74
Debt you’d be carrying
—

10 shares is a claim on €46.85 of net worth that earned you €54.33 and generated −€40.74 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
133% avg · 5y
FY20 —FY21 —FY22 —FY23 151%FY24 116%

It earned an average 133% 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
−0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback.

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
€15.6
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings€1.23M
  • growthAssumed0.0%
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 0001213900-24-062719 (Revenue)
  2. 20-F/A · period ending 2024-12-31 · accession 0001213900-25-048029 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2020-12-31 · accession 0001213900-23-034754 (ProfitLoss)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-062719 (ProfitLoss)
  5. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-048029 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2020-12-31 · accession 0001213900-23-034754 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-062719 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-048029 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2021-12-31 · accession 0001213900-24-062719 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F/A · period ending 2022-12-31 · accession 0001213900-25-048029 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2023-12-31 · accession 0001213900-24-062719 (CashAndCashEquivalents)