WF Holding Ltd
WFFdata completeness 100%4 fiscal years on fileData notes: no data for concept 'interestExpense'
WF Holding Ltd earns about -9% on invested capital, below its ~9% cost of capital, and has bought back 79% of its shares over 4 years — no moat visible in the numbers. The estimate methods put fair value between $0.63 and $2.08 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $4.97M1 | $5.73M2 | $4.57M2 | $7.4M2 |
| Net income | $978,8153 | $491,4014 | $111,6034 | −$4.77M4 |
| Operating cash flow | −$166,6315 | $655,7966 | $753,4586 | −$2.44M6 |
| Capital expenditure | $125,8137 | $73,0878 | $51,5198 | $281,7458 |
| Free cash flow (derived) | −$292,4445 | $582,7096 | $701,9396 | −$2.72M6 |
| Total debt | — | $341,8109 | $463,90810 | $377,37810 |
| Cash & equivalents | $689,78711 | $777,12512 | $1.06M12 | $2.3M12 |
| Diluted shares | 22.9M | 4.6M | 4.6M | 4.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $9.64 of net worth that earned you −$9.68 and generated −$5.52 of cash last year, against $0.77 of debt.
It earned about -9% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 79% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 10% 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.
The 3 estimate methods that apply put fair value between $0.63 and $2.08 a share. They rest on different assumptions, so where they diverge is the story.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$582,709
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$582,709
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$301,502
- growthAssumed0.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $2.08 |
| Base | 0.0% | $2.08 |
| Bull | 5.0% | $2.49 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037683 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-050362 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037683 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-050362 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037683 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-050362 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037683 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-050362 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001213900-25-037683 (LongTermDebtNoncurrent)
- 20-F · period ending 2024-12-31 · accession 0001213900-26-050362 (LongTermDebtNoncurrent)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037683 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-050362 (CashAndCashEquivalentsAtCarryingValue)