American Heritage International Inc.

AHIIdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

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

Figure	FY 2010	FY 2011	FY 2012	FY 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	—	72.8M	145.5M	99.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

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 v0.1.0

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 →

Sources — the receipts

10-K · period ending 2012-12-31 · accession 0001273511-13-000011 (SalesRevenueGoodsNet)
10-K · period ending 2010-12-31 · accession 0001255294-14-000265 (NetIncomeLoss)
10-K · period ending 2011-12-31 · accession 0001273511-13-000011 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2012-12-31 · accession 0001255294-14-000265 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2012-12-31 · accession 0001255294-14-000265 (LongTermDebt)
10-K · period ending 2010-12-31 · accession 0001273511-13-000011 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2012-12-31 · accession 0001255294-14-000265 (CashAndCashEquivalentsAtCarryingValue)