MeritValue

American Heritage International Inc.

AHIIdata completeness 63%4 fiscal years on file
The thesis, from the filings

American Heritage International Inc. earns about -963% on equity, but has diluted owners by 36% over 4 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below. 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 2010FY 2011FY 2012FY 2013
Revenue——$54,3961—
Net income−$12,2302−$31,0732−$99,7302−$168,7612
Operating cash flow—−$20,4003−$84,3694−$120,5304
Capital expenditure————
Free cash flow (derived)————
Total debt——$50,0005—
Cash & equivalents$1,2706$1,8706$07$07
Diluted shares—72.8M145.5M99.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$0
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0 of net worth that earned you −$0.02 last year.

iii. Is this a good business?
Moat signal · return on equity
-963% avg · 4y
FY10 -963%FY11 —FY12 —FY13 —

It earned an average -963% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+36% shares · 4y

Share count is up 36% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

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 v0.6.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2013-03-04 · period ending 2012-12-31 · accession 0001273511-13-000011 (SalesRevenueGoodsNet)
  2. 10-K filed 2014-03-31 · periods ending 2010-12-31, 2011-12-31, 2012-12-31, 2013-12-31 · accession 0001255294-14-000265 (NetIncomeLoss)
  3. 10-K filed 2013-03-04 · period ending 2011-12-31 · accession 0001273511-13-000011 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K filed 2014-03-31 · periods ending 2012-12-31, 2013-12-31 · accession 0001255294-14-000265 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K filed 2014-03-31 · period ending 2012-12-31 · accession 0001255294-14-000265 (LongTermDebt)
  6. 10-K filed 2013-03-04 · periods ending 2010-12-31, 2011-12-31 · accession 0001273511-13-000011 (CashAndCashEquivalentsAtCarryingValue)
  7. 10-K filed 2014-03-31 · periods ending 2012-12-31, 2013-12-31 · accession 0001255294-14-000265 (CashAndCashEquivalentsAtCarryingValue)