MeritValue

YY Group Holding Ltd.

YYGHdata completeness 100%4 fiscal years on file

Data notes: no data for concept 'interestExpense'

The thesis, from the filings

YY Group Holding Ltd. earns about -1% on invested capital, but has diluted owners by 17% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.17 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 2021FY 2022FY 2023FY 2024
Revenue$17.5M1$20M2$31.8M2$41.1M2
Net income$362,8603$761,6284$852,3344−$4.84M4
Operating cash flow$424,0795$935,2736$51,7086−$1.5M6
Capital expenditure$241,1677$112,1138$224,1858$101,2458
Free cash flow (derived)$182,9125$823,1606−$172,4776−$1.6M6
Total debt—$2.74M9$3.46M10$4.61M10
Cash & equivalents$65,99311$161,02211$467,23511$836,90711
Diluted shares28.8M30.7M33.3M33.8M

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
$1.82
your share of equity
Profit it earned you last year
−$1.43
Free cash flow it threw off
−$0.47
Debt you’d be carrying
$1.36

10 shares is a claim on $1.82 of net worth that earned you −$1.43 and generated −$0.47 of cash last year, against $1.36 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 4y
FY21 —FY22 22%FY23 12%FY24 -36%

It earned an average -1% 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
+17% shares · 4y

Share count is up 17% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 68% 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
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
$0.17
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$562,244
  • 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 2021-12-31 · accession 0001213900-24-042977 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-25-029527 (Revenue)
  3. 20-F · period ending 2021-12-31 · accession 0001213900-24-042977 (ProfitLossAttributableToOwnersOfParent)
  4. 20-F · period ending 2022-12-31 · accession 0001213900-25-029527 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2021-12-31 · accession 0001213900-24-042977 (CashFlowsFromUsedInOperatingActivities)
  6. 20-F · period ending 2022-12-31 · accession 0001213900-25-029527 (CashFlowsFromUsedInOperatingActivities)
  7. 20-F · period ending 2021-12-31 · accession 0001213900-24-042977 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001213900-25-029527 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2022-12-31 · accession 0001213900-24-042977 (Borrowings)
  10. 20-F · period ending 2023-12-31 · accession 0001213900-25-029527 (Borrowings)
  11. 20-F · period ending 2021-12-31 · accession 0001213900-25-029527 (CashAndCashEquivalents)