MeritValue

CAPITAL PROPERTIES INC /RI/

CPTPdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'epsDiluted'

The thesis, from the filings

CAPITAL PROPERTIES INC /RI/ earns about 34% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $3.11 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 2020FY 2021FY 2022FY 2023FY 2024
Revenue$4.59M1$4.81M1———
Net income$1.98M2$1.84M3$1.79M4$2.33M5$2M5
Operating cash flow$2.07M6$1.75M7$2.1M8$2.3M9$2.48M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.64M10$1.44M11$1.48M12$652,00013$850,00013
Diluted shares6.6M6.6M6.6M6.6M6.6M

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
$11.74
your share of equity
Profit it earned you last year
$3.03
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $11.74 of net worth that earned you $3.03 last year.

iii. Is this a good business?
Moat signal · return on invested capital
34% avg · 5y
FY20 36%FY21 32%FY22 36%FY23 34%FY24 34%

It earned an average 34% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 5y

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.

iv. What it’s worth — engine v0.1.0
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
$3.11
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.98M
  • growthAssumed0.0%
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 2020-12-31 · accession 0001564590-22-006244 (Revenues)
  2. 10-K · period ending 2020-12-31 · accession 0001564590-22-006244 (NetIncomeLoss)
  3. 10-K · period ending 2021-12-31 · accession 0000950170-23-003216 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0000950170-24-016334 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0000950170-25-016420 (NetIncomeLoss)
  6. 10-K · period ending 2020-12-31 · accession 0001564590-22-006244 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-23-003216 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-24-016334 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000950170-25-016420 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001564590-22-006244 (CashAndCashEquivalentsAtCarryingValue)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-003216 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-016334 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-016420 (CashAndCashEquivalentsAtCarryingValue)