MeritValue

LANDMARK BANCORP INC

LARKdata completeness 75%17 fiscal years on file

Data notes: no data for concept 'totalDebt'

The thesis, from the filings

LANDMARK BANCORP INC earns about 26% on invested capital, far above its ~9% cost of capital, but has diluted owners by 11% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.02 and $0.03 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$39.8M1$43.2M2$64.7M3$73.9M3$81M3
Net income$18M4$9.88M5$12.2M6$13M6$18.8M6
Operating cash flow$31.2M7$24.8M8$12.6M9$14.2M9$21.6M9
Capital expenditure$1.32M10$876,00011$995,00012$2.32M12$605,00012
Free cash flow (derived)$29.8M7$23.9M8$11.6M9$11.9M9$21M9
Total debt—————
Cash & equivalents—————
Diluted shares5.52B5.78B6.04B6.05B6.12B

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
$0.26
your share of equity
Profit it earned you last year
$0.03
Free cash flow it threw off
$0.03
Debt you’d be carrying
—

10 shares is a claim on $0.26 of net worth that earned you $0.03 and generated $0.03 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
26% avg · 5y
FY21 14%FY22 12%FY23 24%FY24 41%FY25 40%

It earned about 26% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+11% shares · 5y

Share count is up 11% over 5 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

The 3 estimate methods that apply put fair value between $0.02 and $0.03 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$0.03
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$11.9M
DCF · Growth Exit 5Y
$0.03
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$11.9M
Earnings Power Value
$0.02
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$13M
  • growthAssumed0.0%
Graham Number
$1.35
assumptions (1)
  • grahamMultiplier2250.0%

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 years0.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.03
The three cases
Bear0.0%$0.03
Base0.0%$0.03
Bull5.0%$0.03

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

Default growth 0.0%= 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 2021-12-31 · accession 0001493152-24-011513 (InterestAndDividendIncomeOperating)
  2. 10-K · period ending 2022-12-31 · accession 0001641172-25-000643 (InterestAndDividendIncomeOperating)
  3. 10-K · period ending 2023-12-31 · accession 0001493152-26-016495 (InterestAndDividendIncomeOperating)
  4. 10-K · period ending 2021-12-31 · accession 0001493152-24-011513 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001641172-25-000643 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001493152-26-016495 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001493152-24-011513 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001641172-25-000643 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001493152-26-016495 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001493152-24-011513 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001641172-25-000643 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001493152-26-016495 (PaymentsToAcquirePropertyPlantAndEquipment)