MeritValue

Zenta Group Co Ltd

ZTGdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

Zenta Group Co Ltd earns about 290% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $0.82 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 2023FY 2024FY 2025
Revenue$863,2281$2.03M1$3.16M1
Net income$419,5582$798,7162$1M2
Operating cash flow$568,4053−$340,5013−$3.66M3
Capital expenditure$5,4214——
Free cash flow (derived)$562,9843——
Total debt———
Cash & equivalents$524,3835$327,1115$1.04M5
Diluted shares10.0M10.1M10.1M

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
$6.81
your share of equity
Profit it earned you last year
$0.99
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $6.81 of net worth that earned you $0.99 last year.

iii. Is this a good business?
Moat signal · return on invested capital
290% avg · 3y
FY23 794%FY24 60%FY25 17%

It earned an average 290% 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
+1% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback.

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
$0.82
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$798,716
  • growthAssumed0.0%
Graham Number
$1.24
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2023-09-30 · accession 0001493152-26-002776 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2023-09-30 · accession 0001493152-26-002776 (NetIncomeLoss)
  3. 20-F · period ending 2023-09-30 · accession 0001493152-26-002776 (NetCashProvidedByUsedInOperatingActivities)
  4. 20-F · period ending 2023-09-30 · accession 0001493152-26-002776 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 20-F · period ending 2023-09-30 · accession 0001493152-26-002776 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)