MeritValue

COMMUNITY BANCORP /VT

CMTVdata completeness 88%16 fiscal years on file
The thesis, from the filings

COMMUNITY BANCORP /VT earns about 15% on equity, comfortably above its ~9% cost of capital, but has diluted owners by 5% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $24.84 and $72.16 a share.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$34.8M1$37.1M2$46.9M3$55M4$60.9M4
Net income$13.1M5$13.7M6$13.4M7$12.8M8$17M8
Operating cash flow$14M9$15.7M10$14.9M11$15.8M12$16M12
Capital expenditure$895,73913$615,54914$633,46215$791,79016$780,77316
Free cash flow (derived)$13.1M9$15.1M10$14.3M11$15M12$15.3M12
Total debt—————
Cash & equivalents$110.4M17$71.1M17$20.4M18$110.9M18$128.1M18
Diluted shares5.3M5.4M5.5M5.6M5.6M

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
shares
Net assets behind them
$202.91
your share of equity
Profit it earned you last year
$30.28
Free cash flow it threw off
$27.25
Debt you’d be carrying
—

10 shares is a claim on $202.91 of net worth that earned you $30.28 and generated $27.25 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
15% avg · 5y
FY21 16%FY22 18%FY23 15%FY24 13%FY25 15%

It earned about 15% on equity against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

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

Share count is up 5% over 5 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

The 3 estimate methods that apply put fair value between $24.84 and $72.16 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$72.16
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth4.4%
  • fcfBase$15M
DCF · Growth Exit 5Y
$69.16
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth4.4%
  • fcfBase$15M
Earnings Power Value
$24.84
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$13.4M
  • growthAssumed0.0%
Graham Number
$37.07
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years4.4%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $69.16
The three cases
Bear0.0%$61.05
Base4.4%$69.16
Bull9.4%$80.01

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 4.4%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001654954-23-003557 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001654954-24-003915 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001654954-25-003447 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2024-12-31 · accession 0001654954-26-002870 (InterestAndDividendIncomeOperating)
  5. 10-K · period ending 2021-12-31 · accession 0001654954-23-003557 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001654954-24-003915 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001654954-25-003447 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001654954-26-002870 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001654954-23-003557 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001654954-24-003915 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001654954-25-003447 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001654954-26-002870 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001654954-23-003557 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001654954-24-003915 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001654954-25-003447 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001654954-26-002870 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001654954-23-003557 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001654954-26-002870 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)