MeritValue

Global Indemnity Group, LLC

GBLIdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'capex'

The thesis, from the filings

Global Indemnity Group, LLC earns about 4% on invested capital, and has bought back 3% of its shares over 5 years. The applicable estimate puts fair value near $18.48 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$678.3M1$628.5M2$528.1M3$441.2M3$450.1M3
Net income$29.4M4−$850,0005$25.4M6$43.2M6$25.3M6
Operating cash flow$90.8M7$44.2M8$42.9M9$38.8M9$9.07M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt$126.4M10$010———
Cash & equivalents$78.3M11$38.8M12$38M13$17M14$65.5M14
Diluted shares14.7M14.5M13.7M13.7M14.3M

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
$495.49
your share of equity
Profit it earned you last year
$17.76
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $495.49 of net worth that earned you $17.76 last year.

iii. Is this a good business?
Moat signal · return on invested capital
4% avg · 5y
FY21 5%FY22 0%FY23 4%FY24 6%FY25 4%

It earned an average 4% on invested capital over 5 years. Compare that to what it costs to fund the business.

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

Share count is down 3% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

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
$18.48
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$25.4M
  • growthAssumed0.0%
Graham Number
$44.17
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-031980 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-037300 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-100467 (Revenues)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-031980 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-037300 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-100467 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-031980 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-037300 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-100467 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-23-008195 (LongTermDebt)
  11. 10-K · period ending 2021-12-31 · accession 0000950170-23-008195 (CashAndCashEquivalentsAtCarryingValue)
  12. 10-K · period ending 2022-12-31 · accession 0000950170-24-031980 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2023-12-31 · accession 0000950170-25-037300 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2024-12-31 · accession 0001193125-26-100467 (CashAndCashEquivalentsAtCarryingValue)