MeritValue

WF International Ltd.

WXMdata completeness 75%4 fiscal years on file

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

The thesis, from the filings

WF International Ltd. earns about 7% on invested capital, but has diluted owners by 13% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.8 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$11.3M1$15.3M2$15.5M2$13.4M2
Net income−$4,2223$1.51M4$962,7404−$3.29M4
Operating cash flow$968,1905−$810,7436$826,5376−$1.14M6
Capital expenditure——$121,7157—
Free cash flow (derived)——$704,8226—
Total debt———$762,5478
Cash & equivalents————
Diluted shares5.5M5.5M5.5M6.2M

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
$7.68
your share of equity
Profit it earned you last year
−$5.31
Free cash flow it threw off
—
Debt you’d be carrying
$1.23

10 shares is a claim on $7.68 of net worth that earned you −$5.31 last year, against $1.23 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
7% avg · 4y
FY22 -0%FY23 50%FY24 22%FY25 -43%

It earned an average 7% 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
+13% shares · 4y

Share count is up 13% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0.8
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$479,259
  • 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 2022-09-30 · accession 0001731122-25-000239 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-09-30 · accession 0001731122-26-000158 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F · period ending 2022-09-30 · accession 0001731122-25-000239 (NetIncomeLoss)
  4. 20-F · period ending 2023-09-30 · accession 0001731122-26-000158 (NetIncomeLoss)
  5. 20-F · period ending 2022-09-30 · accession 0001731122-25-000239 (NetCashProvidedByUsedInOperatingActivities)
  6. 20-F · period ending 2023-09-30 · accession 0001731122-26-000158 (NetCashProvidedByUsedInOperatingActivities)
  7. 20-F · period ending 2024-09-30 · accession 0001731122-26-000158 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 20-F · period ending 2025-09-30 · accession 0001731122-26-000158 (LongTermDebtCurrent)