MeritValue

Logistic Properties of the Americas

LPAdata completeness 88%5 fiscal years on file

Data notes: no data for concept 'operatingCashFlow'; no data for concept 'interestExpense'

The thesis, from the filings

Logistic Properties of the Americas earns about 2% on invested capital, and has bought back 81% of its shares over 5 years. The applicable estimate puts fair value near $1.35 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$25.6M1$32M2$39.4M3$43.9M3$50.1M3
Net income$4.13M4$8.03M5$3.14M6−$29.3M6$10.5M6
Operating cash flow—————
Capital expenditure$97,6877$88,4878$126,4769$71,0669$148,5169
Free cash flow (derived)—————
Total debt—$215.8M10$271.3M11$267.2M12$296.8M12
Cash & equivalents$17.4M13$15M14$35.2M14$28.8M14$27.3M14
Diluted shares168.1M28.6M28.6M31.0M31.6M

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
$81.18
your share of equity
Profit it earned you last year
$3.32
Free cash flow it threw off
—
Debt you’d be carrying
$93.86

10 shares is a claim on $81.18 of net worth that earned you $3.32 last year, against $93.86 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
2% avg · 5y
FY21 4%FY22 3%FY23 2%FY24 -2%FY25 3%

It earned an average 2% 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
−81% shares · 5y

Share count is down 81% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 37% over the same window.

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
$1.35
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$4.13M
  • growthAssumed0.0%
Graham Number
$7.76
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001493152-24-016772 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001997711-25-000030 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001997711-26-000045 (Revenue)
  4. 20-F · period ending 2021-12-31 · accession 0001493152-24-016772 (ProfitLossAttributableToOwnersOfParent)
  5. 20-F · period ending 2022-12-31 · accession 0001997711-25-000030 (ProfitLossAttributableToOwnersOfParent)
  6. 20-F · period ending 2023-12-31 · accession 0001997711-26-000045 (ProfitLossAttributableToOwnersOfParent)
  7. 20-F · period ending 2021-12-31 · accession 0001493152-24-016772 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001997711-25-000030 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001997711-26-000045 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  10. 20-F · period ending 2022-12-31 · accession 0001493152-24-016772 (Borrowings)
  11. 20-F · period ending 2023-12-31 · accession 0001997711-25-000030 (Borrowings)
  12. 20-F · period ending 2024-12-31 · accession 0001997711-26-000045 (Borrowings)
  13. 20-F · period ending 2021-12-31 · accession 0001997711-25-000030 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001997711-26-000045 (CashAndCashEquivalents)