MeritValue

IB Acquisition Corp.

IBACdata 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'

The thesis, from the filings

IB Acquisition Corp. earns about 168% on equity, but has diluted owners by 31% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $4.55 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−$6,8441$1.87M2$3.42M2
Operating cash flow−$2073−$820,9594−$1.32M4
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$52,5535$822,7996$428,7006
Diluted shares3.2M4.2M4.2M

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
−$1.6
your share of equity
Profit it earned you last year
$8.04
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$1.6 of net worth that earned you $8.04 last year.

iii. Is this a good business?
Moat signal · return on equity
168% avg · 3y
FY23 —FY24 168%FY25 —

It earned an average 168% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+31% shares · 3y

Share count is up 31% over 3 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
$4.55
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.87M
  • 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 2023-09-30 · accession 0001493152-24-051972 (NetIncomeLoss)
  2. 10-K · period ending 2024-09-30 · accession 0001493152-25-029365 (NetIncomeLoss)
  3. 10-K · period ending 2023-09-30 · accession 0001493152-24-051972 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2024-09-30 · accession 0001493152-25-029365 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-09-30 · accession 0001493152-24-051972 (CashAndCashEquivalentsAtCarryingValue)
  6. 10-K · period ending 2024-09-30 · accession 0001493152-25-029365 (CashAndCashEquivalentsAtCarryingValue)