WF International Limited Ordinary Shares

WXM

IndustrialsEngineering & ConstructionNASDAQ

$0.47

Market Cap: $2.94M

WF International Limited Ordinary Shares (WXM) Valuation Summary

Updated May 11, 2026 01:25

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	$0.04 – $6.66	$0.21	-56.3%
Revenue DCF 10Y	$0.04 – $5.80	$0.27	-43.3%
▸ Trading Multiples
EV/Revenue	$0.15 – $2.12	$1.24	+160.7%

Valuation History

DCF Analysis

WF International Limited Ordinary Shares (WXM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.27

Market Price

$0.48

Upside / Downside

-43.3%

Verdict

Overvalued

Using a Revenue DCF model with operating margin convergence from -21.4% to a target of 10.3% over 5 years, discounted at a WACC of 6.3%, WF International Limited Ordinary Shares (WXM) has an intrinsic value of $0.27 per share (range: $0.04 – $5.80).

Key Assumptions

Current Operating Margin

-21.4%

Target Operating Margin

10.3%

WACC

6.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.5%

Target CapEx/Rev

6.0%

D&A/Revenue

0.3%

Tax Rate

26.8%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	13	-2.7%	-15.1%	-2	-2	(0)	-2	-0	-0
2027	13	-2.1%	-8.7%	-1	-1	(0)	-0	-1	-1
2028	13	-1.6%	-2.4%	-0	-0	(0)	-0	-1	-1
2029	12	-1.0%	4.0%	0	0	(0)	-0	-0	-0
2030	12	-0.4%	10.3%	1	1	(0)	-0	1	0
2031	12	0.1%	10.3%	1	1	(1)	0	0	0
2032	12	0.7%	10.3%	1	1	(1)	0	0	0
2033	13	1.3%	10.3%	1	1	(1)	0	0	0
2034	13	1.9%	10.3%	1	1	(1)	0	0	0
2035	13	2.4%	10.3%	1	1	(1)	0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-1

Terminal Value (Gordon Growth at 3.0%)6

PV of Terminal Value3

Enterprise Value3

(–) Net Debt1

Equity Value2

(÷) Shares Outstanding7

Fair Value per Share$0.27

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
4.3%	$-1	$-0	$1	$4	$6
5.3%	$-1	$-0	$1	$2	$3
6.3%	$-1	$-0	$0	$1	$2
7.3%	$-1	$-0	$0	$1	$2
8.3%	$-1	$-0	$0	$1	$1

Current price: $0.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 13.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

WF International Limited Ordinary Shares (WXM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.21

Market Price

$0.48

Upside / Downside

-56.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-21.4%

Target Operating Margin

10.3%

WACC

6.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.5%

Target CapEx/Rev

6.0%

D&A/Revenue

0.3%

Tax Rate

26.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	13	-2.2%	-15.1%	-2	-2	(0)	-2	-1	-1
2027	13	-1.2%	-8.7%	-1	-1	(0)	-0	-2	-1
2028	13	-0.1%	-2.4%	-0	-0	(1)	-0	-1	-1
2029	13	0.9%	4.0%	1	0	(1)	0	-0	-0
2030	13	1.9%	10.3%	1	1	(1)	0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-3

Terminal Value (Gordon Growth at 3.0%)6

PV of Terminal Value5

Enterprise Value2

(–) Net Debt1

Equity Value2

(÷) Shares Outstanding7

Fair Value per Share$0.21

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
4.3%	$-1	$-1	$1	$4	$7
5.3%	$-1	$-1	$1	$2	$4
6.3%	$-1	$-1	$0	$1	$2
7.3%	$-1	$-1	$0	$1	$2
8.3%	$-1	$-1	$-0	$1	$1

Current price: $0.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 13.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.24

Market Price

$0.48

Upside / Downside

+160.7%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), WF International Limited Ordinary Shares (WXM) has a fair value of $1.24 based on 7 comparable companies in the Engineering & Construction industry.

EV/Revenue Valuation — Engineering & Construction

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
WF International Limited Ordinary SharesWXM	3	0.3x	—
GEE Group, Inc.JOB	28	0.1x	0.1x
LiqTech International, Inc.LIQT	23	2.1x	2.0x
Tungray Technologies Inc Class A Ordinary SharesTRSG	21	1.2x	—
Toppoint Holdings Inc.TOPP	20	1.2x	—
Xos, Inc.XOS	17	0.5x	0.4x
Armlogi Holding Corp. common stockBTOC	13	0.7x	0.7x
Megan Holdings Limited Ordinary SharesMGN	3	0.0x	—
Industry Median		0.7x	0.6x
(*) Revenue		13
= Enterprise Value		10
(-) Net Debt		1
Equity Value		9
(/) Outstanding shares		7
Fair Price		$1

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

$0.04 – $6.66

$0.21

-56.3%

Revenue DCF 10Y

$0.04 – $5.80

$0.27

-43.3%

▸ Trading Multiples

EV/Revenue

$0.15 – $2.12

$1.24

+160.7%

DCF Analysis

WF International Limited Ordinary Shares (WXM) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$0.27

Market Price

$0.48

Upside / Downside

-43.3%

Verdict

Overvalued

Key Assumptions

Current Operating Margin

-21.4%

Target Operating Margin

10.3%

WACC

6.3%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

1.5%

Target CapEx/Rev

6.0%

D&A/Revenue

0.3%

Tax Rate

26.8%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	13	-2.7%	-15.1%	-2	-2	(0)	-2	-0	-0
2027	13	-2.1%	-8.7%	-1	-1	(0)	-0	-1	-1
2028	13	-1.6%	-2.4%	-0	-0	(0)	-0	-1	-1
2029	12	-1.0%	4.0%	0	0	(0)	-0	-0	-0
2030	12	-0.4%	10.3%	1	1	(0)	-0	1	0
2031	12	0.1%	10.3%	1	1	(1)	0	0	0
2032	12	0.7%	10.3%	1	1	(1)	0	0	0
2033	13	1.3%	10.3%	1	1	(1)	0	0	0
2034	13	1.9%	10.3%	1	1	(1)	0	0	0
2035	13	2.4%	10.3%	1	1	(1)	0	0	0

Enterprise Value Bridge

Sum of PV(FCFF)-1

Terminal Value (Gordon Growth at 3.0%)6

PV of Terminal Value3

Enterprise Value3

(–) Net Debt1

Equity Value2

(÷) Shares Outstanding7

Fair Value per Share$0.27

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	4.3%	7.3%	10.3%	13.3%	16.3%
4.3%	$-1	$-0	$1	$4	$6
5.3%	$-1	$-0	$1	$2	$3
6.3%	$-1	$-0	$0	$1	$2
7.3%	$-1	$-0	$0	$1	$2
8.3%	$-1	$-0	$0	$1	$1

Current price: $0.47. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 13.0% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.24

Market Price

$0.48

Upside / Downside

+160.7%

Verdict

Undervalued

EV/Revenue Valuation — Engineering & Construction

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
WF International Limited Ordinary SharesWXM	3	0.3x	—
GEE Group, Inc.JOB	28	0.1x	0.1x
LiqTech International, Inc.LIQT	23	2.1x	2.0x
Tungray Technologies Inc Class A Ordinary SharesTRSG	21	1.2x	—
Toppoint Holdings Inc.TOPP	20	1.2x	—
Xos, Inc.XOS	17	0.5x	0.4x
Armlogi Holding Corp. common stockBTOC	13	0.7x	0.7x
Megan Holdings Limited Ordinary SharesMGN	3	0.0x	—
Industry Median		0.7x	0.6x
(*) Revenue		13
= Enterprise Value		10
(-) Net Debt		1
Equity Value		9
(/) Outstanding shares		7
Fair Price		$1