1895 Bancorp of Wisconsin, Inc. /MD/

BCOWdata completeness 63%4 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'cash'; no data for concept 'totalDebt'

The thesis, from the filings

1895 Bancorp of Wisconsin, Inc. /MD/ earns about 3% on invested capital, but has diluted owners by 18% 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 2020	FY 2021	FY 2022	FY 2023
Revenue	$15.5M¹	$14.2M²	$16.4M³	$20.9M³
Net income	$1.32M⁴	$85,000⁵	−$148,000⁶	−$6.79M⁶
Operating cash flow	$1.27M⁷	$2.78M⁸	$2.59M⁹	−$709,000⁹
Capital expenditure	—	—	—	—
Free cash flow (derived)	—	—	—	—
Total debt	—	—	—	—
Cash & equivalents	—	—	—	—
Diluted shares	4.7M	6.2M	5.8M	5.5M

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

$131.48

your share of equity

Profit it earned you last year

−$12.27

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $131.48 of net worth that earned you −$12.27 last year.

iii. Is this a good business?

Moat signal · return on invested capital

3% avg · 4y

FY20 5%FY21 2%FY22 2%FY23 2%

It earned an average 3% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+18% shares · 4y

Share count is up 18% over 4 years — owners have been diluted. Worth asking what they got for it.

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 2020-12-31 · accession 0001193125-22-087321 (InterestAndDividendIncomeOperating)
10-K · period ending 2021-12-31 · accession 0000950170-23-010894 (InterestAndDividendIncomeOperating)
10-K · period ending 2022-12-31 · accession 0000950170-24-038577 (InterestAndDividendIncomeOperating)
10-K · period ending 2020-12-31 · accession 0001193125-22-087321 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0000950170-23-010894 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0000950170-24-038577 (NetIncomeLoss)
10-K · period ending 2020-12-31 · accession 0001193125-22-087321 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0000950170-23-010894 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0000950170-24-038577 (NetCashProvidedByUsedInOperatingActivities)