MeritValue

G WILLI FOOD INTERNATIONAL LTD

WILCdata completeness 88%4 fiscal years on file

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

The thesis, from the filings

G WILLI FOOD INTERNATIONAL LTD earns about 12% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $11.56 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 2022FY 2023FY 2024FY 2025
Revenue$141.6M1$149.8M2$157.9M3$191.4M4
Net income$11.8M5$8.73M6$19.3M7$28.3M8
Operating cash flow−$7.81M9$566,00010−$7.5M11$18.4M12
Capital expenditure$3.79M13$1.27M14$1.49M15$1.82M16
Free cash flow (derived)−$11.6M9−$704,00010−$8.98M11$16.6M12
Total debt————
Cash & equivalents$41.5M17$37.7M18$38.5M19$38.9M19
Diluted shares13.9M13.9M13.9M13.9M

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
$147.42
your share of equity
Profit it earned you last year
$20.35
Free cash flow it threw off
$11.93
Debt you’d be carrying
—

10 shares is a claim on $147.42 of net worth that earned you $20.35 and generated $11.93 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 4y
FY22 10%FY23 8%FY24 15%FY25 17%

It earned an average 12% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 4y

Share count is roughly flat over 4 years — little dilution, little buyback.

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
$11.56
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$15.5M
  • growthAssumed0.0%
Graham Number
$26.01
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2022-12-31 · accession 0001178913-23-001103 (Revenue)
  2. 20-F · period ending 2023-12-31 · accession 0001178913-24-001024 (Revenue)
  3. 20-F · period ending 2024-12-31 · accession 0001178913-25-000860 (Revenue)
  4. 20-F · period ending 2025-12-31 · accession 0001178913-26-001606 (Revenue)
  5. 20-F · period ending 2022-12-31 · accession 0001178913-23-001103 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001178913-24-001024 (ProfitLoss)
  7. 20-F · period ending 2024-12-31 · accession 0001178913-25-000860 (ProfitLoss)
  8. 20-F · period ending 2025-12-31 · accession 0001178913-26-001606 (ProfitLoss)
  9. 20-F · period ending 2022-12-31 · accession 0001178913-23-001103 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2023-12-31 · accession 0001178913-24-001024 (CashFlowsFromUsedInOperatingActivities)
  11. 20-F · period ending 2024-12-31 · accession 0001178913-25-000860 (CashFlowsFromUsedInOperatingActivities)
  12. 20-F · period ending 2025-12-31 · accession 0001178913-26-001606 (CashFlowsFromUsedInOperatingActivities)
  13. 20-F · period ending 2022-12-31 · accession 0001178913-23-001103 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  14. 20-F · period ending 2023-12-31 · accession 0001178913-24-001024 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  15. 20-F · period ending 2024-12-31 · accession 0001178913-25-000860 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  16. 20-F · period ending 2025-12-31 · accession 0001178913-26-001606 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  17. 20-F · period ending 2022-12-31 · accession 0001178913-24-001024 (CashAndCashEquivalents)
  18. 20-F · period ending 2023-12-31 · accession 0001178913-25-000860 (CashAndCashEquivalents)
  19. 20-F · period ending 2024-12-31 · accession 0001178913-26-001606 (CashAndCashEquivalents)