MeritValue

Invesco CurrencyShares Australian Dollar Trust

FXAdata completeness 63%17 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'stockholdersEquity'; no data for concept 'pretaxIncome'

The thesis, from the filings

The applicable estimate puts fair value near $6.91 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$01$187,4062$1.09M3$1.36M4$1.18M4
Net income−$548,2555−$180,0236$796,2707$1.08M8$878,8828
Operating cash flow−$564,2799−$250,99710$727,12711$1.1M12$892,71612
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$97.4M13$87.3M14$77.7M15$64.4M15$89.2M15
Diluted shares1.8M1.3M1.1M1.1M1.2M

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
—
your share of equity
Profit it earned you last year
$7.36
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares of this business that earned you $7.36 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
−35% shares · 5y

Share count is down 35% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
$6.91
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$796,270
  • growthAssumed0.0%
Graham Number
not applicable
book value / share count missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001564590-23-002359 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-24-019069 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0000950170-25-027258 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001193125-26-083544 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001564590-23-002359 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000950170-24-019069 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000950170-25-027258 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-083544 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001564590-23-002359 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-24-019069 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000950170-25-027258 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001193125-26-083544 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-24-019069 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-25-027258 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  15. 10-K · period ending 2023-12-31 · accession 0001193125-26-083544 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)