MeritValue

Kentucky First Federal Bancorp

KFFBdata completeness 75%15 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

Kentucky First Federal Bancorp earns about 14% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $1.19 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$12.2M1$10.9M2$12.8M2——
Net income$1.82M3$1.59M4$933,0005−$1.72M6$181,0006
Operating cash flow$1.58M7$2.64M8$1.15M9−$1.45M10−$86,00010
Capital expenditure$101,00011$151,00012$127,00013$66,00014$149,00014
Free cash flow (derived)$1.48M7$2.49M8$1.03M9−$1.52M10−$235,00010
Total debt—————
Cash & equivalents$21.6M15$25.8M16$8.17M17$18.3M18$19.5M18
Diluted shares8.2M8.2M8.1M8.1M8.1M

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
$59.72
your share of equity
Profit it earned you last year
$0.22
Free cash flow it threw off
−$0.29
Debt you’d be carrying
—

10 shares is a claim on $59.72 of net worth that earned you $0.22 and generated −$0.29 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
14% avg · 5y
FY21 12%FY22 11%FY23 9%FY24 13%FY25 23%

It earned an average 14% 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
−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
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$1.19
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$933,000
  • growthAssumed0.0%
Graham Number
$1.64
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001213900-22-059709 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-06-30 · accession 0001213900-23-080514 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2021-06-30 · accession 0001213900-22-059709 (NetIncomeLoss)
  4. 10-K · period ending 2022-06-30 · accession 0001213900-23-080514 (NetIncomeLoss)
  5. 10-K · period ending 2023-06-30 · accession 0001213900-24-085121 (NetIncomeLoss)
  6. 10-K · period ending 2024-06-30 · accession 0001213900-25-093967 (NetIncomeLoss)
  7. 10-K · period ending 2021-06-30 · accession 0001213900-22-059709 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-06-30 · accession 0001213900-23-080514 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001213900-24-085121 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-06-30 · accession 0001213900-25-093967 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-06-30 · accession 0001213900-21-050183 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-06-30 · accession 0001213900-23-080514 (PaymentsToAcquireProductiveAssets)
  13. 10-K · period ending 2023-06-30 · accession 0001213900-24-085121 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-06-30 · accession 0001213900-25-093967 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-06-30 · accession 0001213900-22-059709 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-06-30 · accession 0001213900-23-080514 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-06-30 · accession 0001213900-24-085121 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-06-30 · accession 0001213900-25-093967 (CashAndCashEquivalentsAtCarryingValue)