MeritValue

Vantage Corp (Singapore)

VNTGdata completeness 88%4 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Vantage Corp (Singapore) earns about 36% on equity, but has diluted owners by 11% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.47 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 2025FY 2026
Revenue$24M1$20M2$18.7M2$17.8M2
Net income$5.86M3$4.95M4$3.84M4−$1.32M4
Operating cash flow$12.9M5−$173,2646$1.9M6−$4.45M6
Capital expenditure$9,4897$36,8558$126,4558$213,4458
Free cash flow (derived)$12.9M5−$210,1196$1.77M6−$4.66M6
Total debt————
Cash & equivalents—$16.6M9$5.95M10$8.86M10
Diluted shares28.0M28.0M28.0M31.0M

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
$2.85
your share of equity
Profit it earned you last year
−$0.42
Free cash flow it threw off
−$1.5
Debt you’d be carrying
—

10 shares is a claim on $2.85 of net worth that earned you −$0.42 and generated −$1.5 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
36% avg · 4y
FY23 60%FY24 65%FY25 —FY26 -15%

It earned an average 36% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+11% shares · 4y

Share count is up 11% over 4 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
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
$1.47
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.4M
  • 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 2023-03-31 · accession 0001641172-25-021092 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2024-03-31 · accession 0001493152-26-034794 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2023-03-31 · accession 0001641172-25-021092 (NetIncomeLoss)
  4. 20-F · period ending 2024-03-31 · accession 0001493152-26-034794 (NetIncomeLoss)
  5. 20-F · period ending 2023-03-31 · accession 0001641172-25-021092 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2024-03-31 · accession 0001493152-26-034794 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2023-03-31 · accession 0001641172-25-021092 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2024-03-31 · accession 0001493152-26-034794 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 20-F · period ending 2024-03-31 · accession 0001641172-25-021092 (CashAndCashEquivalentsAtCarryingValue)
  10. 20-F · period ending 2025-03-31 · accession 0001493152-26-034794 (CashAndCashEquivalentsAtCarryingValue)