CALIFORNIA FIRST LEASING CORP earns about 19% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $8.41 a share. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 |
|---|---|---|---|---|---|
| Revenue | $21.4M1 | $19.7M2 | $23M3 | $27.7M3 | $29.2M3 |
| Net income | $7.35M4 | $7.05M5 | $9.06M6 | $8.65M6 | $11.1M6 |
| Operating cash flow | −$2.7M7 | $6.47M8 | $5.17M9 | $9.69M9 | $44.3M9 |
| Capital expenditure | — | — | — | — | — |
| Free cash flow (derived) | — | — | — | — | — |
| Total debt | — | — | $010 | $011 | $011 |
| Cash & equivalents | $75.5M12 | $40.1M13 | $60.2M13 | $105.1M13 | $96.1M13 |
| Diluted shares | 10.5M | 10.5M | 10.5M | 10.4M | 10.3M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.
10 shares is a claim on $190.8 of net worth that earned you $10.82 last year, against $0 of debt.
It earned an average 19% on invested capital over 5 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is roughly flat over 5 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.
assumptions (8)
- Risk-free rate (10Y Treasury)5.00%
- Equity risk premium5.00%
- Beta (β)1.00
- Equity share of capital85.0%
- Debt spread over risk-free1.50%
- Tax rate21.0%
- Normalized earnings$8.65M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2015-09-25 · period ending 2013-06-30 · accession 0001171843-15-005299 (InterestAndDividendIncomeOperating)
- 10-K filed 2016-09-27 · period ending 2014-06-30 · accession 0001171843-16-012282 (InterestAndDividendIncomeOperating)
- 10-K filed 2017-09-27 · periods ending 2015-06-30, 2016-06-30, 2017-06-30 · accession 0001171843-17-005747 (InterestAndDividendIncomeOperating)
- 10-K filed 2015-09-25 · period ending 2013-06-30 · accession 0001171843-15-005299 (NetIncomeLoss)
- 10-K filed 2016-09-27 · period ending 2014-06-30 · accession 0001171843-16-012282 (NetIncomeLoss)
- 10-K filed 2017-09-27 · periods ending 2015-06-30, 2016-06-30, 2017-06-30 · accession 0001171843-17-005747 (NetIncomeLoss)
- 10-K filed 2015-09-25 · period ending 2013-06-30 · accession 0001171843-15-005299 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2016-09-27 · period ending 2014-06-30 · accession 0001171843-16-012282 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2017-09-27 · periods ending 2015-06-30, 2016-06-30, 2017-06-30 · accession 0001171843-17-005747 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2016-09-27 · period ending 2015-06-30 · accession 0001171843-16-012282 (LongTermDebt)
- 10-K filed 2017-09-27 · periods ending 2016-06-30, 2017-06-30 · accession 0001171843-17-005747 (LongTermDebt)
- 10-K filed 2016-09-27 · period ending 2013-06-30 · accession 0001171843-16-012282 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2017-09-27 · periods ending 2014-06-30, 2015-06-30, 2016-06-30, 2017-06-30 · accession 0001171843-17-005747 (CashAndCashEquivalentsAtCarryingValue)