ENDI Corp. earns about 93% on equity, but has diluted owners by 52% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $4.36 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 |
|---|---|---|---|
| Revenue | $4.29M1 | $7.64M2 | $9.59M2 |
| Net income | $1.51M3 | $2.38M4 | $2.53M4 |
| Operating cash flow | $1.2M5 | $1.73M6 | $2.71M6 |
| Capital expenditure | — | — | $108,5017 |
| Free cash flow (derived) | — | — | $2.6M6,7 |
| Total debt | — | — | — |
| Cash & equivalents | $1.27M8 | $10.7M9 | $8.98M9 |
| Diluted shares | — | 3.6M | 5.5M |
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 $42.29 of net worth that earned you $4.63 and generated $4.75 of cash last year.
It earned an average 93% on equity over 3 years. Compare that to what it costs to fund the business.
seeing a moat in the numbers →Share count is up 52% over 3 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.
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$2.38M
- Growth assumed0.0%
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MeritValue on the App Store →- 10-K filed 2023-03-30 · period ending 2021-12-31 · accession 0001437749-23-008614 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2024-04-01 · periods ending 2022-12-31, 2023-12-31 · accession 0001493152-24-012465 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K filed 2023-03-30 · period ending 2021-12-31 · accession 0001437749-23-008614 (NetIncomeLoss)
- 10-K filed 2024-04-01 · periods ending 2022-12-31, 2023-12-31 · accession 0001493152-24-012465 (NetIncomeLoss)
- 10-K filed 2023-03-30 · period ending 2021-12-31 · accession 0001437749-23-008614 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-04-01 · periods ending 2022-12-31, 2023-12-31 · accession 0001493152-24-012465 (NetCashProvidedByUsedInOperatingActivities)
- 10-K filed 2024-04-01 · period ending 2023-12-31 · accession 0001493152-24-012465 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K filed 2023-03-30 · period ending 2021-12-31 · accession 0001437749-23-008614 (CashAndCashEquivalentsAtCarryingValue)
- 10-K filed 2024-04-01 · periods ending 2022-12-31, 2023-12-31 · accession 0001493152-24-012465 (CashAndCashEquivalentsAtCarryingValue)