olivLaw · US equity research
ENIGMATIG LTD EGG
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
ENIGMATIG LTD is a consultancy offering one-stop cross-border licensing and corporate secretarial services, focused on clients in the forex brokerage business, operating mainly in Singapore, Hong Kong and mainland China. Corporate services income in fiscal 2025 was 4.45 mil. USD, while net profit remained modest at 0.56 mil. USD, in a context of intense competition and tightening financial regulation.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ENIGMATIG LTD (EGG) stock was 5.36 USD (+2.49% on the day), with market capitalisation 64.8 m USD, P/E 268.0 on diluted EPS of 0.02 USD over the last 12 months, beta 1.06, 52-week range 2.05–10.85 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 63.4
- strong (55–70)
- Bollinger (20, 2)
- 4.17 – 5.59
- in the upper half of the band · %B 0.84 · band width 29.2%
- SMA 50 / 200
- 3.97 / 5.63
- mixed trend
- MACD (12, 26, 9)
- 0.29 / 0.32
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +5.5% | −1.1% | +6.6 pp | — |
| 3 months | +56.3% | −0.5% | +56.7 pp | — |
| 6 months | −18.2% | +4.4% | −22.6 pp | — |
| Year to date | +2.1% | +12.3% | −10.2 pp | — |
| 1 year | +36.7% | +13.5% | +23.2 pp | −28.1% |
| 3 years | unavailable | +76.4% | unavailable | −28.0% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 1-quarter history (min 290.0, median 290.0, max 290.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 4.6 m | 4.0 m | 4.5 m |
| Revenue YoY | unavailable | −13.9% | +12.2% |
| Net income | 1.1 m | 821.2 k | 559.7 k |
| Net income YoY | unavailable | −27.6% | −31.8% |
| Diluted EPS | 0.05 | 0.03 | 0.02 |
| Diluted EPS YoY | unavailable | −40.0% | −33.3% |
| net % | 24.6% | 20.7% | 12.6% |
| Free cash flow | -62.8 k | -606.1 k | -2.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 13.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 16.0 m USD
- Total assets
- 18.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 8.31x
- ROE
- 6.3%
- ROA
- 5.2%
- FCF margin
- -44.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 4.6 m | 4.0 m | 4.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 1.5 m | 1.3 m | 1.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 3.1 m | 2.7 m | 3.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 1.5 m | 1.0 m | 538.0 k | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 1.4 m | 963.4 k | 855.2 k | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 242.6 k | 142.2 k | 295.5 k | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 1.1 m | 821.2 k | 559.7 k | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 0.05 | 0.03 | 0.02 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 25.0 m | 25.0 m | 25.9 m | SEC (XBRL)· 17 Feb 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.2 m | 1.6 m | 13.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | — | 1.1 m | 1.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | — | 3.4 m | 15.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | — | 731 | 218.5 k | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 4.0 m | 3.5 m | 18.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | — | 328.0 k | 334.9 k | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | — | 1.7 m | 1.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Total liabilities | — | 1.7 m | 2.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 812.7 k † | 1.8 m † | 16.0 m † | SEC (XBRL)· 17 Feb 2026verified |
| Shares outstanding at year end | — | — | 12.1 m | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -58.7 k | -602.9 k | -1.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 4.1 k | 3.2 k | 246.1 k | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | -62.8 k ≈ | -606.1 k ≈ | -2.0 m ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | 451.5 k | 1.9 m | -275.8 k | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | 347.3 k | -1.1 m | 13.7 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 64.8 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
35% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.27 – 0.50 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E0.27 – 0.50 (Mid 0.39)12 companies used · median multiple 19.5x · quartiles 13.4x – 24.8xAERT, BAH, EXPO, FCN, G, HCKT, HURN, ICFI, III, RMR, TSSI, ZTG
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 12.6% | 94 (vs peers) | 18% |
| FCF conversion · Quality | -350.5% | 0 (on a fixed band) | 18% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 8.3x | 100 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | 268.0x | 0 (vs peers) | 29% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.0% | 0 (on a fixed band) | 24% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality47/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation0/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENIGMATIG LTD (EGG). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 4.5 m USD in 2025; YoY growth 12.2%; net margin 12.6%; ROE 6.3%.
The estimated value range is 0.27–0.50 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 0.39 USD, the price of 5.36 USD leaves a potential of -92.7% (value / price − 1) and a margin of safety of -1,272.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.6%
- Current ratio: 8.3x
What contradicts it
- FCF conversion: -350.5%
- P/E (TTM): 268.0x
- FCF yield: -3.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAHBooz Allen Hamilton Holding Corporation | 10.5 bn | 13.7 | 70.0% | 7.1% | −6.4% | +6% / −29% |
| GGenpact Limited | 6.9 bn | 12.1 | 22.4% | 11.1% | +6.6% | −7% / +20% |
| FCNFti Consulting, Inc | 5.4 bn | 24.7 | 15.2% | 5.9% | +2.4% | +22% / −10% |
| EXPOExponent, Inc. | 4.2 bn | 39.2 | 31.2% | 17.7% | +4.2% | +21% / +14% |
| HURNHuron Consulting Group Inc. | 2.7 bn | 25.8 | 25.5% | 6.1% | +11.7% | +5% / +66% |
| ASTHAstrana Health, Inc. | 2.2 bn | 48.3 | 5.1% | 1.1% | +56.4% | +72% / +19% |
| ICFIICF International, Inc. | 1.7 bn | 20.1 | 8.6% | 4.9% | −7.3% | +24% / −31% |
| BWMNBowman Consulting Group Ltd. | 744.2 m | 105.3 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 566.4 m | — | -2.5% | -1.4% | +19.3% | −37% / −48% |
| PPHCPublic Policy Holding Company, Inc. | 381.3 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 289.5 m | 25.2 | 12.7% | 4.7% | −1.2% | +13% / +46% |
| AERTAeries Technology, Inc. | 282.0 m | 20.9 | — | 3.6% | −0.3% | +35% / −68% |
| RMRRmr Group Inc. | 250.5 m | 12.6 | 8.7% | 3.1% | −22.0% | +10% / −30% |
| SUPXSuperx Ai Technology Limited | 209.8 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 193.3 m | 14.1 | 32.0% | 7.4% | +65.9% | −29% / +1,976% |
| GRNQGreenpro Capital Corp. | 122.4 m | — | -26.8% | -169.6% | −40.7% | −57% / −19% |
| AUCAtif Holdings Limited | 109.4 m | — | -90.5% | -723.7% | −74.7% | −12% / −70% |
| ROMARoma Green Finance Limited | 101.0 m | — | -44.2% | -287.8% | −22.2% | +138% / unavailable |
| RTBRTB Digital, INC. | 92.6 m | — | -141.9% | -198.5% | −38.7% | −49% / −94% |
| MHHMastech Digital, Inc. | 74.9 m | 71.0 | 1.3% | 0.7% | −3.8% | −21% / −27% |
| EGGEnigmatig Ltd | 64.8 m | 268.0 | 6.3% | 12.6% | +12.2% | +37% / unavailable |
| CTMCastellum, Inc. | 46.4 m | — | -6.8% | -4.1% | +18.1% | −53% / +123% |
| ACCLAcco Group Holdings Limited | 34.9 m | 119.0 | 7.0% | 5.6% | +5.8% | −38% / unavailable |
| INTJIntelligent Group Limited | 33.5 m | — | -23.5% | -98.3% | −9.0% | −72% / unavailable |
1- and 3-year price returns: for EGG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 7.90 Total return 47% · Per year 47% | 13.91 Total return 160% · Per year 160% | 20.89 Total return 290% · Per year 290% |
| 3 years | 8.90 Total return 66% · Per year 18% | 17.51 Total return 227% · Per year 48% | 28.69 Total return 435% · Per year 75% |
| 5 years | 10.02 Total return 87% · Per year 13% | 22.05 Total return 311% · Per year 33% | 39.41 Total return 635% · Per year 49% |
- Exit P/E± 4.38
- Net margin± 3.06
- Annual revenue growth± 2.34
- Annual dilution± 0.26
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Feb 2026; since then the company filed 6-K (30 Sept 2026), 6-K (07 Aug 2026), 6-K (21 Jul 2026), 6-K (08 Jun 2026).
In brief
ENIGMATIG LTD is a consultancy offering one-stop cross-border licensing and corporate secretarial services, focused on clients in the forex brokerage business, operating mainly in Singapore, Hong Kong and mainland China. Corporate services income in fiscal 2025 was 4.45 mil. USD, while net profit remained modest at 0.56 mil. USD, in a context of intense competition and tightening financial regulation.
SWOT
Strengths
- A broad range of services allows a one-stop offering, which is an advantage over smaller competitors.
- A high gross margin shows that the services are valued and that the cost structure can support profitability.
- Physical presence in several financial centres and relationships with external professional partners support new client acquisition.
Weaknesses
- Reliance on a few large clients makes revenue sensitive to the loss of a major relationship.
- Net profit has declined in recent years while operating expenses have risen, particularly professional fees.
- The company is small and depends on a limited number of key staff, which constrains its ability to scale quickly.
Opportunities
- New offices in Dubai, Taipei and Jakarta could bring clients from growing markets.
- Developing the regulatory technology segment could open recurring revenue from automated KYC and AML checks.
- Growing complexity in financial regulation could generate additional demand for specialised consultancy.
Threats
- Competitive pressure could lead to lower prices or loss of market share.
- Regulatory changes or tougher controls could reduce the number of clients able to obtain licences.
- Geopolitical risks and economic instability in the region could affect client demand and collections.
Risks
- Client concentrationhigh
A small number of clients generates a significant share of revenue. Losing one of them could affect financial results.
- Licensing and compliance across several jurisdictionshigh
The company operates in heavily regulated environments and may need additional authorisations. If it fails to comply with requirements, it could lose the right to operate or face sanctions.
- Competitive pressuremedium
Larger competitors or those with stronger ties in certain countries could reduce the company's market share or force price reductions.
- Revenue volatilitymedium
Revenue and cash flows can fluctuate significantly from year to year because of project timing and economic conditions.
- Rising costslow
Costs of local agents and staff have increased. If they cannot be passed on to clients, they could reduce margins.
Investment thesis
What would need to be true (bull case)
- The company offers an integrated range of services and a high gross margin, which could support profitability if client volumes grow.
- The planned geographic expansion and development of regulatory technology could open new revenue sources.
- Growing complexity in financial regulation could generate sustained demand for the company's specialised consultancy.
What would break the thesis
- Reliance on a few large clients makes performance vulnerable to the loss of a major relationship.
- Net profit declined over the period analysed while expenses rose, which could limit the capacity to reinvest.
- Intense competition and pricing pressure could reduce margins or market share over time.
What to watch
- Revenue trend from the two largest customersnext 10-K
- Opening of offices in Dubai, Taipei and Jakarta2026
- Number of active clients using the regulatory technology applicationnext 10-K
- Trend in professional fees and net profitQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 17 Feb 2026; since then the company filed 6-K (30 Sept 2026), 6-K (07 Aug 2026), 6-K (21 Jul 2026), 6-K (08 Jun 2026).
The business
The company, incorporated in the Cayman Islands, conducts its operations through operating subsidiaries in Singapore, Hong Kong and mainland China, with its principal office in Singapore. Its services range from helping clients incorporate overseas to obtaining, renewing and maintaining financial licences, primarily in London, Cyprus and Belize. According to the report, corporate services income was 4.45 mil. USD in fiscal 2025, with a gross profit margin of 68.8% 1.
The business model relies on close client relationships, mainly with small and medium-sized companies setting up brokerage firms, and on a network of external professional partners such as law and accounting firms. The company says its one-stop offering is its main competitive advantage over smaller peers 1.
Client concentration is an important feature: in fiscal 2025 the two largest customers accounted for 49.9% of total corporate services income, so the company's performance depends on a limited number of commercial relationships 1.
Segments
Licensing services
Licensing and regulatory consultancy have historically generated most of the revenue, although their share has declined over time. The company helps clients obtain licences such as the FCA licence in the UK, the CySEC licence in Cyprus and the IFSC licence in Belize, projects that generally take longer 1.
Regulatory technology and CRM platform
The company has built a proprietary CRM system and, through a Denmark-based partner, offers automated KYC and AML checks. As of 30 September 2025, four clients used this application, and the company intends to expand the segment through acquisitions or partnerships 1.
Market context
The market for offshore licensing and related consultancy services is described as highly competitive, and the company expects competitive pressure to intensify as foreign and local firms enter the market. Demand depends on global economic conditions, M&A activity and legislative changes, factors the company says it cannot control 1.
Financial licensing rules have become stricter in many countries, which increases the complexity of applications and, in turn, demand for specialised consultancy. However, if clients fail to obtain the required licences, demand for related services could decline 1.
Trends
- Stricter financial regulationmixed
Regulators have become more cautious in granting financial licences, which increases the need for specialised consultancy. If clients cannot obtain licences, however, demand for related services could fall.
- Expansion into new jurisdictionstailwind
The company plans new offices in Dubai, Taipei and Jakarta, citing existing client demand and enquiries received. Expansion could support growth but brings regulatory risks and new costs.
- Rising costs of agents and staffheadwind
Inflationary pressures have increased the costs of local agents and labour. If these costs cannot be controlled, margins and profitability could be affected.
- Digitisation of compliance checkstailwind
Demand for automated KYC and AML solutions is growing in the financial sector. The company hopes its regulatory technology platform could become a short to medium term growth driver if it develops or acquires the necessary capabilities.
Competitive position
The company states that the main competitive factors are industry expertise, breadth of services, quality, strength of client relationships, local presence and brand recognition. Smaller competitors offer, according to the company, a narrower range of services and sometimes refer clients to it for areas they cannot cover 1.
Competition includes offshore consultancy firms from various jurisdictions, and some rivals have offices in clients' home markets or stronger ties with them. If these advantages grow, the company could lose clients or be forced to reduce prices 1.
- Offshore consultancy firms in Hong Kong and Singapore
Named as competitors for small and medium-sized clients, with narrower service ranges than the company's.
- Local law and accounting firms
Can provide licensing and compliance services in specific jurisdictions and are in some cases partners of the company.
- International compliance service providers
Compete in regulatory technology and KYC and AML verification services for financial sector clients.
- European-facing offshore consultants
Described in the report as having strong client ties in certain jurisdictions, particularly within the European Union.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)30 Sept 2026
- Current report (foreign issuer)07 Aug 2026
- Current report (foreign issuer)21 Jul 2026
- Current report (foreign issuer)08 Jun 2026
- Current report (foreign issuer)17 Feb 2026
- Annual report (foreign issuer)17 Feb 2026
- Current report (foreign issuer)18 Aug 2025
- Current report (foreign issuer)22 Jul 2025
- Current report (foreign issuer)20 Jun 2025
- Current report (foreign issuer)18 Jun 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / ENIGMATIG LTD · 17 Feb 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.