MeritValue

Concorde International Group Ltd.

YOOVdata completeness 100%3 fiscal years on file
The thesis, from the filings

Concorde International Group Ltd. earns about -317% on invested capital, but has diluted owners by 16358% over 3 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 2022FY 2023FY 2024
Revenue$5.01M1$10.7M1$10.5M1
Net income−$783,0372$960,6862−$83.6M2
Operating cash flow−$931,0283$790,9443−$564,1873
Capital expenditure—$407,2034$1.05M4
Free cash flow (derived)—$383,7413−$1.62M3
Total debt—$3.97M5$6.03M5
Cash & equivalents$441,2786$956,9756$1M6
Diluted shares100,000100,00016.5M

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
$1.28
your share of equity
Profit it earned you last year
−$50.82
Free cash flow it threw off
−$0.98
Debt you’d be carrying
$3.66

10 shares is a claim on $1.28 of net worth that earned you −$50.82 and generated −$0.98 of cash last year, against $3.66 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-317% avg · 3y
FY22 -49%FY23 20%FY24 -922%

It earned an average -317% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+16358% shares · 3y

Share count is up 16358% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 52% 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.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
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 2022-12-31 · accession 0001213900-25-044376 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-044376 (ProfitLossAttributableToOwnersOfParent)
  3. 20-F · period ending 2022-12-31 · accession 0001213900-25-044376 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F · period ending 2023-12-31 · accession 0001213900-25-044376 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  5. 20-F · period ending 2023-12-31 · accession 0001213900-25-044376 (Borrowings)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-044376 (CashAndCashEquivalents)