Copper Property CTL Pass Through Trust
CPPTLdata completeness 63%5 fiscal years on fileData notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'
Copper Property CTL Pass Through Trust earns about 7% on equity, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $10.19 and $21.08 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | — | — | — | — | — |
| Net income | $196.7M1 | $87.5M2 | $69.2M3 | $73.8M3 | $47M3 |
| Operating cash flow | $78.4M4 | $89.5M5 | $92.5M6 | $92.2M6 | $79.3M6 |
| Capital expenditure | $07 | $89,0008 | $08 | $08 | — |
| Free cash flow (derived) | $78.4M4 | $89.4M5 | $92.5M6 | $92.2M6 | — |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $627.5M9 | $48.9M10 | $38M11 | $51.9M12 | $37.1M12 |
| Diluted shares | 75.0M | 75.0M | 75.0M | 75.0M | 75.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $124.34 of net worth that earned you $6.27 last year.
It earned about 7% on equity against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
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.
The 3 estimate methods that apply put fair value between $10.19 and $21.08 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth3.2%
- fcfBase$92.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth3.2%
- fcfBase$92.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$73.8M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $18.06 |
| Base | 3.2% | $20.65 |
| Bull | 8.2% | $25.42 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 3.2%= 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.
- 10-K · period ending 2021-12-31 · accession 0001837671-24-000015 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001837671-25-000011 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0001837671-26-000019 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001837671-24-000015 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001837671-25-000011 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0001837671-26-000019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001837671-24-000015 (PaymentsForCapitalImprovements)
- 10-K · period ending 2022-12-31 · accession 0001837671-25-000011 (PaymentsForCapitalImprovements)
- 10-K · period ending 2021-12-31 · accession 0001837671-23-000017 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001837671-24-000015 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0001837671-25-000011 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0001837671-26-000019 (CashAndCashEquivalentsAtCarryingValue)