MeritValue

Fifth District Bancorp, Inc.

FDSBdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Fifth District Bancorp, Inc. earns about 14% on invested capital. The applicable estimate puts fair value near $1.61 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 2023FY 2024FY 2025
Revenue$614,0001$619,0002$605,0002
Net income$797,0003−$1.08M4$4.09M4
Operating cash flow$796,0005−$1.05M6$1.33M6
Capital expenditure$1.91M7$510,0008$384,0008
Free cash flow (derived)−$1.11M5−$1.56M6$942,0006
Total debt———
Cash & equivalents$19.3M9$37.9M10$33.9M10
Diluted shares05.1M5.1M

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
$253.33
your share of equity
Profit it earned you last year
$7.98
Free cash flow it threw off
$1.84
Debt you’d be carrying
—

10 shares is a claim on $253.33 of net worth that earned you $7.98 and generated $1.84 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 3y
FY23 16%FY24 8%FY25 17%

It earned an average 14% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 3y

Not enough history to read capital allocation.

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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$1.61
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$797,000
  • growthAssumed0.0%
Graham Number
$21.35
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001558370-25-003713 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001104659-26-033945 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-003713 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-033945 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001558370-25-003713 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001104659-26-033945 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-003713 (PaymentsToAcquirePropertyPlantAndEquipment)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-033945 (PaymentsToAcquirePropertyPlantAndEquipment)
  9. 10-K · period ending 2023-12-31 · accession 0001558370-25-003713 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-12-31 · accession 0001104659-26-033945 (CashAndCashEquivalentsAtCarryingValue)