MeritValue

Horizon Space Acquisition I Corp.

HSPOFdata completeness 63%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

The applicable estimate puts fair value near $9.47 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 2023FY 2024FY 2025
Revenue———
Net income$2.91M1$2.11M2$203,6182
Operating cash flow−$378,1253−$975,4664−$585,9244
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$283,2815$7,8155$35,8945
Diluted shares2.3M2.3M2.3M

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
−$26.16
your share of equity
Profit it earned you last year
$0.88
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$26.16 of net worth that earned you $0.88 last year.

iii. Is this a good business?
Moat signal · return on equity
— avg · 3y

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

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 3y

Share count is roughly flat over 3 years — little dilution, little buyback.

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
$9.47
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.11M
  • 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 2023-12-31 · accession 0001929980-25-000171 (NetIncomeLoss)
  2. 10-K · period ending 2024-12-31 · accession 0001929980-26-000161 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001929980-25-000171 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-12-31 · accession 0001929980-26-000161 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001929980-26-000161 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)