MeritValue

Galenfeha, Inc.

NGHIdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'

The thesis, from the filings

Galenfeha, Inc. earns about -145% on equity, but has diluted owners by 41% over 5 years — worth asking whether the growth reaches owners. 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 2013FY 2014FY 2015FY 2016FY 2017
Revenue$01$280,0631———
Net income−$136,4952−$474,0233−$1.6M4−$1.28M5−$162,5725
Operating cash flow−$130,7386−$671,1677−$1.35M8−$393,2089−$97,3249
Capital expenditure$8,38710$187,91611$73,07612$012—
Free cash flow (derived)−$139,1256−$859,0837−$1.42M8−$393,2089—
Total debt$013$19,25914$195,77114$015—
Cash & equivalents———$129,97316$46916
Diluted shares51.3M77.8M86.1M69.3M72.3M

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
−$0.01
your share of equity
Profit it earned you last year
−$0.02
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$0.01 of net worth that earned you −$0.02 last year.

iii. Is this a good business?
Moat signal · return on equity
-145% avg · 5y
FY13 -156%FY14 -126%FY15 -154%FY16 —FY17 —

It earned an average -145% 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
+41% shares · 5y

Share count is up 41% 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
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 2013-12-31 · accession 0001062993-15-002005 (Revenues)
  2. 10-K · period ending 2013-12-31 · accession 0001062993-15-002005 (NetIncomeLoss)
  3. 10-K · period ending 2014-12-31 · accession 0001062993-16-008593 (NetIncomeLoss)
  4. 10-K · period ending 2015-12-31 · accession 0001062993-17-001588 (NetIncomeLoss)
  5. 10-K · period ending 2016-12-31 · accession 0001062993-18-001373 (NetIncomeLoss)
  6. 10-K · period ending 2013-12-31 · accession 0001062993-15-002005 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2014-12-31 · accession 0001062993-16-008593 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2015-12-31 · accession 0001062993-17-001588 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2016-12-31 · accession 0001062993-18-001373 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2013-12-31 · accession 0001062993-15-002005 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2014-12-31 · accession 0001062993-16-008593 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2015-12-31 · accession 0001062993-17-001588 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2013-12-31 · accession 0001062993-15-002005 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2014-12-31 · accession 0001062993-16-008593 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2016-12-31 · accession 0001062993-17-001588 (LongTermDebtCurrent)
  16. 10-K · period ending 2016-12-31 · accession 0001062993-18-001373 (CashAndCashEquivalentsAtCarryingValue)