MeritValue

JEWETT CAMERON TRADING CO LTD

JCTCdata completeness 88%15 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

JEWETT CAMERON TRADING CO LTD earns about -4% on invested capital, below its ~9% cost of capital, with a roughly flat share count — no moat visible in the numbers. The estimate methods put fair value between $2.13 and $29.5 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$57.5M1$62.9M2$54.3M3$47.1M4$41.3M4
Net income$3.45M5$1.16M6−$20,6267$721,7538−$4.13M8
Operating cash flow−$4.42M9−$3.44M10$5.6M11$6.03M12−$6.61M12
Capital expenditure$1.16M13$1.26M14$223,91615$110,54016$115,01216
Free cash flow (derived)−$5.59M9−$4.7M10$5.37M11$5.92M12−$6.73M12
Total debt—————
Cash & equivalents$1.18M17$484,46318$83,69619$4.85M20$226,21320
Diluted shares3.5M3.5M3.5M3.5M3.5M

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
$59.15
your share of equity
Profit it earned you last year
−$11.76
Free cash flow it threw off
−$19.16
Debt you’d be carrying
—

10 shares is a claim on $59.15 of net worth that earned you −$11.76 and generated −$19.16 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-4% avg · 5y
FY21 —FY22 —FY23 1%FY24 4%FY25 -15%

It earned about -4% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 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

The 3 estimate methods that apply put fair value between $2.13 and $29.5 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$29.5
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$5.37M
DCF · Growth Exit 5Y
$27.2
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$5.37M
Earnings Power Value
$2.13
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$721,753
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $27.2
The three cases
Bear0.0%$21.91
Base5.0%$27.2
Bull10.0%$33.53

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-08-31 · accession 0001553350-22-000979 (Revenues)
  2. 10-K · period ending 2022-08-31 · accession 0001079973-23-001665 (Revenues)
  3. 10-K · period ending 2023-08-31 · accession 0001079973-24-001598 (Revenues)
  4. 10-K · period ending 2024-08-31 · accession 0001553350-25-000164 (Revenues)
  5. 10-K · period ending 2021-08-31 · accession 0001553350-22-000979 (NetIncomeLoss)
  6. 10-K · period ending 2022-08-31 · accession 0001079973-23-001665 (NetIncomeLoss)
  7. 10-K · period ending 2023-08-31 · accession 0001079973-24-001598 (NetIncomeLoss)
  8. 10-K · period ending 2024-08-31 · accession 0001553350-25-000164 (NetIncomeLoss)
  9. 10-K · period ending 2021-08-31 · accession 0001553350-22-000979 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-08-31 · accession 0001079973-23-001665 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-08-31 · accession 0001079973-24-001598 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-08-31 · accession 0001553350-25-000164 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-08-31 · accession 0001553350-22-000979 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-08-31 · accession 0001079973-23-001665 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-08-31 · accession 0001079973-24-001598 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-08-31 · accession 0001553350-25-000164 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-08-31 · accession 0001553350-22-000979 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-08-31 · accession 0001079973-23-001665 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-08-31 · accession 0001079973-24-001598 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-08-31 · accession 0001553350-25-000164 (CashAndCashEquivalentsAtCarryingValue)