MeritValue

SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST

SPPPdata completeness 63%10 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

SPROTT PHYSICAL PLATINUM & PALLADIUM TRUST earns about -7% on equity, but has diluted owners by 378% over 5 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 2024FY 2025
Revenue—————
Net income−$31.6M1−$5.35M2−$36M3−$23.3M4$290.3M4
Operating cash flow−$1.12M5−$1.85M6−$1.09M7−$1.21M8$5.52M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$892,0009$375,00010$594,00011$311,00011$12M11
Diluted shares9.1M9.6M10.9M18.3M43.6M

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
$177.29
your share of equity
Profit it earned you last year
$66.64
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $177.29 of net worth that earned you $66.64 last year.

iii. Is this a good business?
Moat signal · return on equity
-7% avg · 5y
FY21 -24%FY22 -4%FY23 -31%FY24 -14%FY25 38%

It earned an average -7% 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
+378% shares · 5y

Share count is up 378% over 5 years — owners have been diluted. Worth asking what they got for it.

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. 40-F · period ending 2021-12-31 · accession 0001387131-23-003844 (ProfitLoss)
  2. 40-F · period ending 2022-12-31 · accession 0001999371-24-003927 (ProfitLoss)
  3. 40-F · period ending 2023-12-31 · accession 0001999371-25-002919 (ProfitLoss)
  4. 40-F · period ending 2024-12-31 · accession 0001999371-26-005825 (ProfitLoss)
  5. 40-F · period ending 2021-12-31 · accession 0001387131-23-003844 (CashFlowsFromUsedInOperatingActivities)
  6. 40-F · period ending 2022-12-31 · accession 0001999371-24-003927 (CashFlowsFromUsedInOperatingActivities)
  7. 40-F · period ending 2023-12-31 · accession 0001999371-25-002919 (CashFlowsFromUsedInOperatingActivities)
  8. 40-F · period ending 2024-12-31 · accession 0001999371-26-005825 (CashFlowsFromUsedInOperatingActivities)
  9. 40-F · period ending 2021-12-31 · accession 0001999371-24-003927 (CashAndCashEquivalents)
  10. 40-F · period ending 2022-12-31 · accession 0001999371-25-002919 (CashAndCashEquivalents)
  11. 40-F · period ending 2023-12-31 · accession 0001999371-26-005825 (CashAndCashEquivalents)