MeritValue

ZIM Integrated Shipping Services Ltd.

ZIMdata completeness 88%8 fiscal years on file

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

The thesis, from the filings

ZIM Integrated Shipping Services Ltd. earns about 38% on invested capital. The applicable estimate puts fair value near $184.75 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 2024FY 2025
Revenue$10.7B1$12.6B2$5.16B3$8.43B3$6.9B3
Net income$4.64B4$4.62B5−$2.7B6$2.15B6$479.2M6
Operating cash flow$5.97B7$6.11B8$1.02B9$3.75B9$2.3B9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$251.5M10$188M11$121.8M12$107.7M13$90.1M13
Cash & equivalents$1.54B14$1.02B15$921.5M15$1.31B15$1.05B15
Diluted shares000120.4M120.5M

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
$333.78
your share of equity
Profit it earned you last year
$39.78
Free cash flow it threw off
—
Debt you’d be carrying
$7.48

10 shares is a claim on $333.78 of net worth that earned you $39.78 last year, against $7.48 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
38% avg · 5y
FY21 141%FY22 92%FY23 -134%FY24 76%FY25 16%

It earned an average 38% 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
— shares · 5y

Total debt has fallen 64% — deleveraging.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$184.75
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.15B
  • growthAssumed0.0%
Graham Number
$54.67
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001178913-24-000920 (RevenueFromContractsWithCustomers)
  2. 20-F · period ending 2022-12-31 · accession 0001178913-25-000793 (RevenueFromContractsWithCustomers)
  3. 20-F · period ending 2023-12-31 · accession 0001178913-26-000784 (RevenueFromContractsWithCustomers)
  4. 20-F · period ending 2021-12-31 · accession 0001178913-24-000920 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001178913-25-000793 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001178913-26-000784 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001178913-24-000920 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001178913-25-000793 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001178913-26-000784 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F · period ending 2021-12-31 · accession 0001178913-23-000936 (Borrowings)
  11. 20-F · period ending 2022-12-31 · accession 0001178913-24-000920 (Borrowings)
  12. 20-F · period ending 2023-12-31 · accession 0001178913-25-000793 (Borrowings)
  13. 20-F · period ending 2024-12-31 · accession 0001178913-26-000784 (Borrowings)
  14. 20-F · period ending 2021-12-31 · accession 0001178913-25-000793 (CashAndCashEquivalents)
  15. 20-F · period ending 2022-12-31 · accession 0001178913-26-000784 (CashAndCashEquivalents)