MeritValue

Chi Special Acquisition Corp.

GDSTdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'

The thesis, from the filings

Chi Special Acquisition Corp. earns about -1% on equity, but has diluted owners by 1072% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.61 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue—————
Net income−$53,4481$145,5112$1.6M3$109,3664−$414,6794
Operating cash flow−$45,5535−$857,4946−$1.07M7−$1.49M8−$248,8668
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$959,9649$10,76310$30,82311$14,69211$5,61811
Diluted shares157,5345.8M1.8M1.8M1.8M

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
−$43.02
your share of equity
Profit it earned you last year
−$2.25
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$43.02 of net worth that earned you −$2.25 last year.

iii. Is this a good business?
Moat signal · return on equity
-1% avg · 5y
FY22 -1%FY23 —FY24 —FY25 —FY26 —

It earned an average -1% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1072% shares · 5y

Share count is up 1072% 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 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
$0.61
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$109,366
  • 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 · period ending 2022-03-31 · accession 0001213900-23-057123 (NetIncomeLoss)
  2. 10-K · period ending 2023-03-31 · accession 0001213900-24-049138 (NetIncomeLoss)
  3. 10-K · period ending 2024-03-31 · accession 0001213900-25-054825 (NetIncomeLoss)
  4. 10-K · period ending 2025-03-31 · accession 0001213900-26-078438 (NetIncomeLoss)
  5. 10-K · period ending 2022-03-31 · accession 0001213900-23-057123 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-03-31 · accession 0001213900-24-049138 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2024-03-31 · accession 0001213900-25-054825 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2025-03-31 · accession 0001213900-26-078438 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2022-03-31 · accession 0001213900-24-049138 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  10. 10-K · period ending 2023-03-31 · accession 0001213900-25-054825 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2024-03-31 · accession 0001213900-26-078438 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)