OCONEE FINANCIAL CORP

OSBKdata completeness 75%2 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

OCONEE FINANCIAL CORP earns about -7% on equity, with a roughly flat share count. 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

Figure	FY 2010	FY 2011
Revenue	—	—
Net income	−$1.07M¹	−$2.12M¹
Operating cash flow	$3.59M²	$2.34M²
Capital expenditure	$103,429³	$78,127³
Free cash flow (derived)	$3.49M²	$2.26M²
Total debt	—	—
Cash & equivalents	$30M⁴	$18.2M⁴
Diluted shares	899,815	899,815

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

Net assets behind them

$246.52

your share of equity

Profit it earned you last year

−$23.61

Free cash flow it threw off

$25.14

Debt you’d be carrying

—

10 shares is a claim on $246.52 of net worth that earned you −$23.61 and generated $25.14 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-7% avg · 2y

FY10 -5%FY11 -10%

It earned an average -7% on equity over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−0% shares · 2y

Share count is roughly flat over 2 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 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

only 2 years of net income (need ≥3)

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

10-K · period ending 2010-12-31 · accession 0001019687-12-001135 (NetIncomeLoss)
10-K · period ending 2010-12-31 · accession 0001019687-12-001135 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2010-12-31 · accession 0001019687-12-001135 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2010-12-31 · accession 0001019687-12-001135 (CashAndCashEquivalentsAtCarryingValue)