MeritValue

Eco Wave Power Global AB (publ)

WAVEdata completeness 75%7 fiscal years on file

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

The thesis, from the filings

Eco Wave Power Global AB (publ) earns about -528% on invested capital, but has diluted owners by 5% 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$31,0001$26,0002$306,0003$168,0003$38,0003
Net income−$2.35M4−$2.9M5−$1.71M6−$2.08M6−$3.7M6
Operating cash flow−$2.53M7−$2.46M7———
Capital expenditure$13,0008$3,0009$6,00010$33,00010$525,00010
Free cash flow (derived)−$2.54M7−$2.47M7———
Total debt—————
Cash & equivalents$14.6M11$5.3M12$4.28M12$7.85M12$6.02M12
Diluted shares44.4M44.4M44.4M46.7M46.7M

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
$1.17
your share of equity
Profit it earned you last year
−$0.79
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1.17 of net worth that earned you −$0.79 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-528% avg · 5y
FY21 -1655%FY22 -50%FY23 -42%FY24 -366%FY25 —

It earned an average -528% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 5y

Share count is up 5% 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
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
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 0001213900-24-027367 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-019059 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-26-026655 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001213900-24-027367 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001213900-25-019059 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001213900-26-026655 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-23-033331 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-24-027367 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-019059 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001213900-26-026655 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-25-019059 (CashAndCashEquivalents)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-26-026655 (CashAndCashEquivalents)