MeritValue

FIRST COMMUNITY CORP /SC/

FCCOdata completeness 88%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

FIRST COMMUNITY CORP /SC/ earns about 210% on invested capital, far above its ~9% cost of capital, but has diluted owners by 3% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $19.51 and $42.75 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$977,0001$960,0002$963,0003$952,0003$922,0003
Net income$15.5M4$14.6M5$11.8M6$14M6$19.2M6
Operating cash flow$57.9M7$22.1M8$13M9$11.6M9$18.7M9
Capital expenditure$813,00010$1.22M11$1.07M12$1.1M12$1.11M12
Free cash flow (derived)$57.1M7$20.9M8$11.9M9$10.5M9$17.6M9
Total debt—————
Cash & equivalents$69M13$37.4M14$94.7M14$149.8M14$161.1M14
Diluted shares7.5M7.6M7.6M7.7M7.8M

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
$215.9
your share of equity
Profit it earned you last year
$24.75
Free cash flow it threw off
$22.65
Debt you’d be carrying
—

10 shares is a claim on $215.9 of net worth that earned you $24.75 and generated $22.65 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
210% avg · 5y
FY21 24%FY22 21%FY23 84%FY24 —FY25 712%

It earned about 210% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 5y

Share count is up 3% 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 $19.51 and $42.75 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
$41.09
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$11.9M
DCF · Growth Exit 5Y
$42.75
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$11.9M
Earnings Power Value
$19.51
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$14.6M
  • growthAssumed0.0%
Graham Number
$34.64
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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $42.75
The three cases
Bear0.0%$42.75
Base0.0%$42.75
Bull5.0%$48.07

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

Default growth 0.0%= 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 0001552781-24-000169 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001552781-25-000082 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001552781-26-000126 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001552781-24-000169 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001552781-25-000082 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001552781-26-000126 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001552781-24-000169 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001552781-25-000082 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001552781-26-000126 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001552781-24-000169 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001552781-25-000082 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001552781-26-000126 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001552781-22-000252 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001552781-26-000126 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)