Coastal Carolina Bancshares, Inc.

CCNBdata completeness 75%3 fiscal years on file

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

The thesis, from the filings

Coastal Carolina Bancshares, Inc. earns about -1% on invested capital, with a roughly flat share count. 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
Revenue	$2.16M¹	$3.2M²	$3.92M²
Net income	−$2.02M³	−$1.28M⁴	$74,485⁴
Operating cash flow	−$1.63M⁵	−$855,553⁶	−$758,287⁶
Capital expenditure	$37,039⁷	$30,431⁸	$495,464⁸
Free cash flow (derived)	−$1.66M⁵	−$885,984⁶	−$1.25M⁶
Total debt	—	—	—
Cash & equivalents	—	—	—
Diluted shares	2.2M	2.2M	2.2M

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

$66.24

your share of equity

Profit it earned you last year

$0.34

Free cash flow it threw off

−$5.73

Debt you’d be carrying

—

10 shares is a claim on $66.24 of net worth that earned you $0.34 and generated −$5.73 of cash last year.

iii. Is this a good business?

Moat signal · return on invested capital

-1% avg · 3y

FY10 -6%FY11 -2%FY12 5%

It earned an average -1% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+0% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback.

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

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

$2.11

assumptions (1)

grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2010-12-31 · accession 0001193125-12-139921 (InterestAndDividendIncomeOperating)
10-K · period ending 2011-12-31 · accession 0001193125-13-132462 (InterestAndDividendIncomeOperating)
10-K · period ending 2010-12-31 · accession 0001193125-12-139921 (NetIncomeLoss)
10-K · period ending 2011-12-31 · accession 0001193125-13-132462 (NetIncomeLoss)
10-K · period ending 2010-12-31 · accession 0001193125-12-139921 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2011-12-31 · accession 0001193125-13-132462 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2010-12-31 · accession 0001193125-12-139921 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2011-12-31 · accession 0001193125-13-132462 (PaymentsToAcquirePropertyPlantAndEquipment)