MeritValue

Telix Pharmaceuticals Ltd

TLXdata completeness 100%3 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

Telix Pharmaceuticals Ltd earns about 9% on invested capital, but has diluted owners by 6% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.13 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 2023FY 2024FY 2025
Revenue$333M1$516.6M1$803.8M1
Net income$4.21M2$33.7M2−$7.13M2
Operating cash flow$14.3M3$27.5M3−$17.3M3
Capital expenditure$6.31M4$9.12M4$25.7M4
Free cash flow (derived)$7.97M3$18.4M3−$43M3
Total debt—$353.6M5$405M5
Cash & equivalents$84.3M6$440M6$141.9M6
Diluted shares319.2M334.7M338.8M

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
$12.26
your share of equity
Profit it earned you last year
−$0.21
Free cash flow it threw off
−$1.27
Debt you’d be carrying
$11.96

10 shares is a claim on $12.26 of net worth that earned you −$0.21 and generated −$1.27 of cash last year, against $11.96 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
9% avg · 3y
FY23 14%FY24 13%FY25 -1%

It earned an average 9% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+6% shares · 3y

Share count is up 6% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 15% over the same window.

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
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$7.97M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$7.97M
Earnings Power Value
$0.13
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.21M
  • 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 0001628280-26-009943 (Revenue)
  2. 20-F · period ending 2023-12-31 · accession 0001628280-26-009943 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2023-12-31 · accession 0001628280-26-009943 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F · period ending 2023-12-31 · accession 0001628280-26-009943 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 20-F · period ending 2024-12-31 · accession 0001628280-26-009943 (Borrowings)
  6. 20-F · period ending 2023-12-31 · accession 0001628280-26-009943 (CashAndCashEquivalents)