MeritValue

Keen Vision Acquisition Corp.

KVACdata completeness 63%4 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

Keen Vision Acquisition Corp. earns about -3% on equity, but has diluted owners by 18% over 4 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $3.95 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 2025
Revenue————
Net income−$6931$1.45M2$7.41M3$1.91M3
Operating cash flow−$3,2914−$705,9035−$1.14M6−$784,1376
Capital expenditure————
Free cash flow (derived)————
Total debt————
Cash & equivalents$77,7097$631,7538$54,5489$11,2069
Diluted shares3.7M4.4M4.4M4.4M

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
−$15.88
your share of equity
Profit it earned you last year
$4.33
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$15.88 of net worth that earned you $4.33 last year.

iii. Is this a good business?
Moat signal · return on equity
-3% avg · 4y
FY22 -3%FY23 —FY24 —FY25 —

It earned an average -3% on equity over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+18% shares · 4y

Share count is up 18% over 4 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
$3.95
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.68M
  • 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 2022-12-31 · accession 0001213900-24-027973 (NetIncomeLoss)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-021314 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-034147 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001213900-24-027973 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2023-12-31 · accession 0001213900-25-021314 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-034147 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2022-12-31 · accession 0001213900-25-021314 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 10-K · period ending 2023-12-31 · accession 0001213900-25-021314 (CashAndCashEquivalentsAtCarryingValue)
  9. 10-K · period ending 2024-12-31 · accession 0001213900-26-034147 (CashAndCashEquivalentsAtCarryingValue)