MeritValue

Chain Bridge I

CBRRFdata completeness 50%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'dilutedShares'; no data for concept 'sharesOutstanding'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'depreciationAmortization'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'pretaxIncome'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$4.96M1$10.7M2$7.62M3−$1.42M4−$1.33M4
Operating cash flow−$868,4925−$904,3196−$935,7217−$925,5358−$763,5818
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$740,6399$116,32010$3,89810$129,59811$390,25511
Diluted shares—————

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 equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

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 v0.5.0
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
no diluted share count
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
  1. 10-K · period ending 2021-12-31 · accession 0001104659-23-033841 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001410578-24-000350 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001213900-25-056165 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001213900-26-038489 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001104659-23-033841 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001410578-24-000350 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-056165 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-038489 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001104659-23-033841 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2022-12-31 · accession 0001410578-24-000350 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2024-12-31 · accession 0001213900-26-038489 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)