South Manganese Investment Limited

1091.HK · Basic Materials · Other Industrial Metals & Mining · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

70.78M USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

321.50M USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

321.50M USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

237.93M USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

302.52M USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.79×

the ratio the screener ranks by

Margin of Safety

-27.2%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 70.78M USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)435.98M USD
−②Net Debt Today365.20M USD
+③Growth Value0 USD
=Value70.78M USD

EPV of the Operations (NOPAT over WACC)

435.98M USD

Net debt today

-365.20M USD

Growth Value

0 USD

Value

70.78M USD

①EPV (Earnings Power Value)

435.98M USD

②Net Debt Today

365.20M USD

③Growth Value

0 USD

Market value

Market Cap302.52M USD

The price on the date above times the shares.

Value vs market

Margin of Safety-327.4%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 321.50M USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.

The projection was not made (a profit at or below zero in the latest three years), so the value is the book value today, 321.50M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFE

Not in the value

②Equity at Year 15, Today

Not in the value

Market value

Market Cap302.52M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+5.9%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 321.50M USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).

The projection was not made (a change in working capital above half the operating profit in the latest three years), so the value is the book value today, 321.50M USD, as the screener leaves it.

①Present Value of the 15 Years of FCFF

Not in the value

②Invested Capital at Year 15, Today

Not in the value

③Net Debt Today

Not in the value

Market value

Market Cap302.52M USD

The price on the date above times the shares.

Value vs market

Margin of Safety+5.9%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 4.11%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.37×Market Risk Premium 6.00%= 6.74%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 11.82M USDPretax Income 30.28M USD= 39.02%

The tax the interest saves.

Interest Expense =EBIT 48.83M USD−Pretax Income 30.28M USD= 18.55M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 18.55M USDTotal Debt 469.02M USD×(1 − Tax Rate for WACC 39.02%)= 2.41%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 469.02M USDMarket Cap + Total Debt 302.52M USD + 469.02M USD= 60.79%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 39.21%×Cost of Equity 6.74%+Debt Weight 60.79%×Cost of Debt 2.41%= 4.11%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2025-12-31.

Total Assets 1.17B USD − Total Liabilities 848.75M USD = Book Value Today 321.50M USD

Total Debt 469.02M USD − Cash and Short-Term Investments 103.82M USD = Net Debt Today 365.20M USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 144.0%at most 5%does not pass4,936,980,960 / 3,428,459,000
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets14.5%at least -10.0%passes(190.81M USD − 21.49M USD) ÷ 1.17B USD
Price to bookMarket Cap ÷ Book Value Today0.94×at most 3×passes302.52M USD ÷ 321.50M USD
Operating marginOperating Income ÷ Revenue8.2%above 10.0%does not pass66.88M USD ÷ 819.35M USD
Revenue growthRevenue ÷ Revenue a Year Before − 1-51.9%above 10.0%does not pass819.35M USD / 1.70B USD
Net cash(Cash − Total Debt) ÷ Market Cap-120.7%above -30%does not pass(103.82M USD − 469.02M USD) ÷ 302.52M USD
Operating efficiencyOperating Income ÷ Gross Profit48.7%above 25.0%passes66.88M USD ÷ 137.20M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

0.40 HKD

Enterprise value

4.07B HKD

the provider's own figure

EV / EBITDA

3.86×

Price / book

0.59×

the provider's book

Price / earnings

6.67×

Return on equity

13.1%

the provider's figure, not this page's

Profit margin

5.0%

Revenue growth

22.3%

Analyst target, mean

—

Analysts

—

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

2.06B2.20B1.70B819.35M

Gross profit

176.24M119.70M52.40M137.20M

Operating income

82.23M33.13M-23.51M66.88M

EBITDA

operating income before depreciation and amortisation

133.37M97.95M-26.31M100.27M

Pretax income

50.71M14.09M-97.61M30.28M

Net income

43.16M8.22M-93.49M21.49M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

55.61M8.80M-53.51M28.83M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

1.47B1.46B1.13B1.17B

Total liabilities

1.11B1.09B877.98M848.75M

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

406.86M402.63M304.50M375.77M

Total debt

572.83M656.15M508.73M469.02M

Cash and equivalents

150.96M125.01M51.87M103.82M

Net PP&E

fixed assets after depreciation

610.81M602.75M607.32M603.07M

Working capital

current assets less current liabilities

-95.84M-114.21M-213.96M-185.25M
Cash flow (USD)2022202320242025

Operating cash flow

120.19M-40.98M206.01M190.81M

Capital expenditure

paid out, so below zero

-134.55M-69.34M-76.16M-52.58M

Depreciation and amortisation

57.10M57.76M55.83M51.44M

Free cash flow

operating cash flow plus capital expenditure

-14.35M-110.32M129.85M138.23M