First America Resources Corp
FSTJdata completeness 88%16 fiscal years on fileData notes: no data for concept 'totalDebt'
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
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2024 | FY 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 shares | 8.0M | 8.0M | 8.0M | 88.0M | 88.0M |
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 v0.1.0
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)
- riskFreeRate4.7%
- 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
- 10-K/A · period ending 2022-06-30 · accession 0001477932-24-002043 (Revenues)
- 10-K · period ending 2023-06-30 · accession 0001477932-24-006019 (Revenues)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (Revenues)
- 10-K/A · period ending 2022-06-30 · accession 0001477932-24-002043 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0001477932-24-006019 (NetIncomeLoss)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (NetIncomeLoss)
- 10-K/A · period ending 2022-06-30 · accession 0001477932-24-002043 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-06-30 · accession 0001477932-24-006019 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2022-06-30 · accession 0001477932-24-002043 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-06-30 · accession 0001477932-24-006019 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2024-12-31 · accession 0001477932-26-001906 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)