MeritValue

MingZhu Logistics Holdings Ltd

YGMZFdata completeness 100%7 fiscal years on file
The thesis, from the filings

MingZhu Logistics Holdings Ltd earns about -0% on invested capital, and has bought back 51% of its shares over 5 years. 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$18.8M1$17.4M2$63.5M3$89M3$40.4M3
Net income$782,2964−$938,4135$1.9M6−$9.58M6−$6.19M6
Operating cash flow−$890,2097−$23.8M8−$3.95M9−$10.1M9−$2.59M9
Capital expenditure$156,02910$199,48111$12,24312—$103,97212
Free cash flow (derived)−$1.05M7−$24M8−$3.97M9—−$2.7M9
Total debt$6.92M13$8.17M14$11M15$7.83M16$7.42M16
Cash & equivalents$2.11M17$78,46118$3.85M19$3.68M20$698,23920
Diluted shares9.6M15.2M2.6M3.2M4.7M

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
$94.54
your share of equity
Profit it earned you last year
−$13.07
Free cash flow it threw off
−$5.7
Debt you’d be carrying
$15.67

10 shares is a claim on $94.54 of net worth that earned you −$13.07 and generated −$5.7 of cash last year, against $15.67 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY20 4%FY21 2%FY22 1%FY23 1%FY24 -9%

It earned an average -0% 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
−51% shares · 5y

Share count is down 51% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. 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
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 2020-12-31 · accession 0001213900-23-040523 (Revenues)
  2. 20-F · period ending 2021-12-31 · accession 0001213900-24-043662 (Revenues)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-044189 (Revenues)
  4. 20-F · period ending 2020-12-31 · accession 0001213900-23-040523 (NetIncomeLoss)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-043662 (NetIncomeLoss)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-044189 (NetIncomeLoss)
  7. 20-F · period ending 2020-12-31 · accession 0001213900-23-040523 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2021-12-31 · accession 0001213900-24-043662 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-25-044189 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2020-12-31 · accession 0001213900-23-040523 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-24-043662 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-25-044189 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F/A · period ending 2020-12-31 · accession 0001213900-23-021891 (LongTermDebt)
  14. 20-F · period ending 2021-12-31 · accession 0001213900-23-040523 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2022-12-31 · accession 0001213900-24-043662 (LongTermDebtNoncurrent)
  16. 20-F · period ending 2023-12-31 · accession 0001213900-25-044189 (LongTermDebtNoncurrent)
  17. 20-F · period ending 2020-12-31 · accession 0001213900-21-034430 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2021-12-31 · accession 0001213900-23-040523 (CashAndCashEquivalentsAtCarryingValue)
  19. 20-F · period ending 2022-12-31 · accession 0001213900-24-043662 (CashAndCashEquivalentsAtCarryingValue)
  20. 20-F · period ending 2023-12-31 · accession 0001213900-25-044189 (CashAndCashEquivalentsAtCarryingValue)