MeritValue

MORGAN GROUP HOLDING CO

MGHLdata completeness 75%13 fiscal years on file

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

The thesis, from the filings

MORGAN GROUP HOLDING CO earns about -71% on equity, and has bought back 99% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.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 2018FY 2019FY 2020FY 2021FY 2022
Revenue$8.3M1$9.04M2$4.36M3$2.95M4$1.94M4
Net income−$20.3M5−$1.91M6−$1.43M7−$1.57M8−$949,1918
Operating cash flow−$246,6219−$2.37M10−$1.84M11−$1.71M12−$603,39612
Capital expenditure$60,25513$014$84215$015—
Free cash flow (derived)−$306,8769−$2.37M10−$1.84M11−$1.71M12—
Total debt—————
Cash & equivalents$11.3M16$6.59M17$4.75M18$2.89M19$2.29M19
Diluted shares54.5M557,338600,090600,090600,090

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
$34.78
your share of equity
Profit it earned you last year
−$15.82
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $34.78 of net worth that earned you −$15.82 last year.

iii. Is this a good business?
Moat signal · return on equity
-71% avg · 5y
FY18 -197%FY19 -32%FY20 -31%FY21 -52%FY22 -45%

It earned an average -71% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

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
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 2018-12-31 · accession 0001140361-20-007734 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2019-12-31 · accession 0001140361-21-011666 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2020-12-31 · accession 0001140361-22-012435 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001140361-23-015466 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2018-12-31 · accession 0001140361-20-007734 (NetIncomeLoss)
  6. 10-K · period ending 2019-12-31 · accession 0001140361-21-011666 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001140361-22-012435 (NetIncomeLoss)
  8. 10-K · period ending 2021-12-31 · accession 0001140361-23-015466 (NetIncomeLoss)
  9. 10-K · period ending 2018-12-31 · accession 0001140361-20-007734 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2019-12-31 · accession 0001140361-21-011666 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2020-12-31 · accession 0001140361-22-012435 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2021-12-31 · accession 0001140361-23-015466 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2018-12-31 · accession 0001140361-20-007734 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2019-12-31 · accession 0001140361-21-011666 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2020-12-31 · accession 0001140361-22-012435 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2018-12-31 · accession 0001140361-20-007734 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2019-12-31 · accession 0001140361-21-011666 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2020-12-31 · accession 0001140361-22-012435 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2021-12-31 · accession 0001140361-23-015466 (CashAndCashEquivalentsAtCarryingValue)