MeritValue

MESABI TRUST

MSBdata completeness 75%16 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

MESABI TRUST earns about 180% on equity, with a roughly flat share count. The applicable estimate puts fair value near $18.49 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$26M1$71.5M2$7.74M2$22.9M3$98.6M3
Net income$23.4M4$68.8M5$5.31M5$19M6$93.3M6
Operating cash flow$20.8M7$62.8M8$13.9M8$14.6M9$93.9M9
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$12.5M10$47.7M10$14M11$24M11$100.2M11
Diluted shares13.1M13.1M13.1M13.1M13.1M

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
$17.78
your share of equity
Profit it earned you last year
$71.09
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $17.78 of net worth that earned you $71.09 last year.

iii. Is this a good business?
Moat signal · return on equity
180% avg · 5y
FY21 142%FY22 223%FY23 46%FY24 91%FY25 400%

It earned an average 180% 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
−0% 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
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
$18.49
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$23.4M
  • 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 2021-01-31 · accession 0001558370-23-006525 (Revenues)
  2. 10-K · period ending 2022-01-31 · accession 0001558370-24-005598 (Revenues)
  3. 10-K · period ending 2024-01-31 · accession 0001558370-25-005426 (Revenues)
  4. 10-K · period ending 2021-01-31 · accession 0001558370-23-006525 (NetIncomeLoss)
  5. 10-K · period ending 2022-01-31 · accession 0001558370-24-005598 (NetIncomeLoss)
  6. 10-K · period ending 2024-01-31 · accession 0001558370-25-005426 (NetIncomeLoss)
  7. 10-K · period ending 2021-01-31 · accession 0001558370-23-006525 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-01-31 · accession 0001558370-24-005598 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-01-31 · accession 0001558370-25-005426 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-01-31 · accession 0001558370-24-005598 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  11. 10-K · period ending 2023-01-31 · accession 0001558370-25-005426 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)