MeritValue

First America Resources Corp

FSTJdata completeness 88%16 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'

The thesis, from the filings

The applicable estimate puts fair value near $0 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 2022FY 2023FY 2024FY 2024FY 2025
Revenue$01$02$3,9202$16.2M3$18.8M3
Net income−$17,2034$81,3795−$40,8315$211,1126$2,7656
Operating cash flow−$17,2037−$19,1218−$62,4198$458,9219$79,5179
Capital expenditure———$106,29110$2,72910
Free cash flow (derived)———$352,6309$76,7889
Total debt—————
Cash & equivalents$15,84711$97,22611$34,80712$470,27313$276,85513
Diluted shares8.0M8.0M8.0M88.0M88.0M

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
−$0.18
your share of equity
Profit it earned you last year
$0
Free cash flow it threw off
$0.01
Debt you’d be carrying
—

10 shares is a claim on −$0.18 of net worth that earned you $0 and generated $0.01 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
+1005% shares · 5y

Share count is up 1005% 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$0
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2,765
  • 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/A · period ending 2022-06-30 · accession 0001477932-24-002043 (Revenues)
  2. 10-K · period ending 2023-06-30 · accession 0001477932-24-006019 (Revenues)
  3. 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (Revenues)
  4. 10-K/A · period ending 2022-06-30 · accession 0001477932-24-002043 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001477932-24-006019 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (NetIncomeLoss)
  7. 10-K/A · period ending 2022-06-30 · accession 0001477932-24-002043 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-06-30 · accession 0001477932-24-006019 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K/A · period ending 2022-06-30 · accession 0001477932-24-002043 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2024-06-30 · accession 0001477932-24-006019 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  13. 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)