Trekor Metals Ltd

Where It Passes

Where It Falls Short

• Profitability0% pass✓ 5✗ 30▾

  No clean pass — all 16 investors flag at least one profitability criterion

  Positive EPS (10 years)3/11 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)377.7%

  ✓Graham>= 33% growth

  Net Income Positive (10+ years)3/11 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)3.1%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)3.0% (latest)

  ✓BuffettStable or rising over 10 years

  Free Cash Flow Proxy$59.0M

  ✓BuffettPositive and growing

  Earnings Variance (10-yr CoV)N/A (negative mean EPS)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE-3.9%

  ✗Lynch> 15%

  EBIT / Enterprise Value0.5%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=0.5%, ROC=1.0%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-1.22%

  ✗PiotroskiROA > 0

  ROA Change YoY-0.61% -> -1.22% (delta: -0.60%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=8.88%, ROA=-1.22%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY19.3% -> 22.0%

  ✓PiotroskiImproved YoY

  Pre-Tax Income / Revenue-7.4%

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity-3.9%

  ✗Dreman> 12%

  Margin of SafetyP/B=4.3x

  ✗PabraiP/B < 1.5 or P/E < 15

  Return on Equity4.2% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value-1126.1% (IV=$0.56 vs Price=$6.81)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency3/10 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue3.0%

  ✗Ackman>= 15%

  Net Income / Shareholders Equity-3.9%

  ✗Ackman>= 15%

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend23.8% (2023) -> 3.0% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendgross margin 28.7% -> 22.0%, operating margin 23.8% -> 3.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization-0.88%; #3387/6340 (top 53.4%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets+5.98%; #3054/3702 (top 82.5%)

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity-3.86%; #3149/5226 (top 60.3%)

  ✗AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0279; #1802/5884 (top 30.6%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR-3.9% over 4 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation0% pass✓ 1✗ 27▾

  No clean pass — all 13 investors flag at least one valuation criterion

  Price / 3-yr avg EPS183.9x

  ✗Graham<= 15x

  Price-to-Book Ratio4.3x

  ✗Graham<= 1.5x

  P/E x P/B795.40

  ✗Graham<= 22.5

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value0.5%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=0.5%, ROC=1.0%

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / EPS

  ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price / (CFO / Shares)15.3x

  ✗Dreman< 8x

  Price / Book Value per Share4.3x

  ✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Valuation ReasonablenessOE Yield=2.2%

  ✗MungerP/E < 25 or Owner Earnings Yield > 5%

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  P/B or P/E vs. Historical AverageP/B=4.3x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value-1126.1% (IV=$0.56 vs Price=$6.81)

  ✗Marks>= 20% below intrinsic value

  Price / FCF per Share

  ✗Ackman<= 25

  Price vs. Trailing Low366% of trailing low ($1.86)

  ✗Templeton<= 120% of trailing low (certified split-adjusted live window)

  Net income / market capitalization-0.88%; #3387/6340 (top 53.4%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.2276; #4052/6449 (top 62.8%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per Share4.36x

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change+78.5%

  ✓SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.1967; #3803/5247 (top 72.5%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-6.58%; #3223/6202 (top 52.0%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Efficiency0% pass✗ 11▾

  All 8 investors flag TGB's efficiency

  Current Ratio1.50

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)7.9%

  ✗Buffett> 10%

  ROIC - WACC-2.1%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)1.0%

  ✗Greenblatt> 25%

  Current Ratio Change YoY1.71 -> 1.50

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.28x -> 0.27x

  ✗PiotroskiImproved YoY

  Current Assets / Current Liabilities1.50

  ✗Dreman> 1.5

  Return on Invested Capital1.0%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=9.2%; FY2024: ROIC=6.3%; FY2025: ROIC=1.0%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 1.0%)

  ✗SleepROIC > 12% in a majority of years
• Valuation models0% pass✗ 4▾

  TGB overvalued: all 4 models price fair value below $6.81 (median $0.50)

  Greenblatt fair value$1.32

  ✗Greenblatt-415.9% margin vs $6.81

  Dreman fair value$0.56

  ✗Dreman-1116.1% margin vs $6.81

  Pabrai fair value$0.43

  ✗Pabrai-1483.7% margin vs $6.81

  Templeton fair value$0.44

  ✗Templeton-1447.7% margin vs $6.81
• Growth13% pass✓ 5✗ 8▾

  7 of 8 flag TGB's growth — Lynch, Dreman, Marks +4 more

  EPS Growth (3-yr avg, 10-yr window)377.7%

  ✓Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthInv: 0.8% vs Rev: 16.0%

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction$-0.10 (2016) -> $-0.07 (2025)

  ✗DremanPositive over recent years

  EPS CAGR10.0% CAGR over 6 years

  ✓Dreman> 5% annualized

  Positive Net Income Frequency3/10 years positive

  ✗MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth16.0%

  ✓Ackman>= 5%

  Positive EPS Growth Frequency2/5 years with positive EPS growth

  ✗AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendgross margin 28.7% -> 22.0%, operating margin 23.8% -> 3.0%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR12.8%

  ✓SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR-3.9% over 4 years

  ✗Neff7%-20% annualized
• Verdicts13% pass✓ 2✗ 14▾

  Split decision: 13 FAIL · 2 PASS · 1 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (2/9)✗BuffettFAIL (2/9)✗LynchFAIL (2/7)✗GreenblattRank #1799✓PiotroskiPASS (F-Score 4)✗DremanFAIL (2/11)✗MungerFAIL (0/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✓AckmanPASS (4/9)✗TempletonFAIL (2/8)✗SleepFAIL (2/6)✗AsnessFAIL (Rank #1578/2370 (Top 66.6%))✗NeffFAIL (1/6)✗SchlossFAIL (2/7)•OshaughnessyNEUTRAL (Not ranked)
• Debt & Leverage25% pass✓ 4✗ 11▾

  9 of 12 flag TGB's debt & leverage — Graham, Buffett, Lynch +6 more

  Total Debt / Shareholders' Equity0.96

  ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x

  LT Debt vs Net Current AssetsLT Debt $519.4M vs NCA $83.9M

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 0.96, IC: 0.3x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity0.96

  ✗Lynch< 0.33

  Cash - Long-term Debt$-382.1M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change34.82% -> 28.77%

  ✓PiotroskiDecreased YoY

  Current Assets / Current Liabilities1.50

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Debt Levels0.96

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=0.3x, D/EBITDA=6.1x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity0.96

  ✓Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-0.9593; #3178/4210 (top 75.5%)

  ✗AsnessTop 30% of eligible cross-section
• Cash Flow50% pass✓ 6✗ 6▾

  5 of 10 pass — Dreman, Pabrai, Ackman +2 more object

  Free Cash Flow Proxy$59.0M

  ✓BuffettPositive and growing

  FCF Positive and Growing$115.3M

  ✓LynchPositive and growing

  Operating Cash Flow$160.3M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=8.88%, ROA=-1.22%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)15.3x

  ✗Dreman< 8x

  P/E or FCF Yield

  ✗PabraiP/E < 15 or FCF Yield > 10%

  FCF Positive4/6 years FCF positive

  ✓MarksPositive FCF in majority of recent years

  (OCF - CapEx) / Market Cap

  ✗Ackman>= 4%

  Price / FCF per Share

  ✗Ackman<= 25

  Positive Operating Cash Flow frequency10/10 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section