MeritValue

Bancorp 34, Inc.

BCTFdata completeness 88%8 fiscal years on file
The thesis, from the filings

Bancorp 34, Inc. earns about 327% on invested capital, and has bought back 3% of its shares over 5 years. 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 2018FY 2019FY 2022FY 2023FY 2024
Revenue$16.9M1$18.9M1$23.8M2$28.1M3$50.8M3
Net income$1.07M4$710,1794$1.33M5−$3.4M6$1.69M6
Operating cash flow−$7.24M7$32M7$9.76M8$910,0009$2.97M9
Capital expenditure$197,67810$20,04410$684,00011$226,00012$500,00012
Free cash flow (derived)−$7.44M7$32M7$9.08M8$684,0009$2.47M9
Total debt———$54M13$28.5M14
Cash & equivalents$11.8M15$29.5M15$16.9M16$28.9M16$113.6M16
Diluted shares3.2M3.1M———

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

iii. Is this a good business?
Moat signal · return on invested capital
327% avg · 5y
FY18 12%FY19 36%FY22 20%FY23 8%FY24 1556%

It earned an average 327% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−3% shares · 5y

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 47% — deleveraging.

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
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2018-12-31 · accession 0001437749-20-002924 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001552781-24-000084 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001552781-25-000058 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2018-12-31 · accession 0001437749-20-002924 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001552781-24-000084 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001552781-25-000058 (NetIncomeLoss)
  7. 10-K · period ending 2018-12-31 · accession 0001437749-20-002924 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001552781-24-000084 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001552781-25-000058 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2018-12-31 · accession 0001437749-20-002924 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001552781-24-000084 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001552781-25-000058 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001552781-24-000084 (LongTermDebt)
  14. 10-K · period ending 2024-12-31 · accession 0001552781-25-000058 (LongTermDebt)
  15. 10-K · period ending 2018-12-31 · accession 0001437749-20-002924 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0001552781-25-000058 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)