MeritValue

Pursuit Attractions & Hospitality, Inc.

PRSUdata completeness 100%17 fiscal years on file
The thesis, from the filings

Pursuit Attractions & Hospitality, Inc. earns about -2% on invested capital, below its ~9% cost of capital, but has diluted owners by 39% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $4.56 and $8.27 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$507.3M1$299.3M2$350.3M3$366.5M3$452.4M3
Net income−$92.7M4$23.2M5$16M6$368.5M6$22.7M6
Operating cash flow−$37.9M7$73.4M7$104.7M7$56.9M8$86.2M8
Capital expenditure$57.9M9$56.9M10$62.4M11$56.2M11$75M11
Free cash flow (derived)−$95.8M7$16.5M7$42.2M7$718,0008$11.1M8
Total debt$390.5M12$400.2M13$388.7M14$15M15$99.3M15
Cash & equivalents$61.6M16$59.7M17$27.4M18$49.7M19$31.1M19
Diluted shares20.4M20.6M20.9M21.4M28.4M

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
$204.95
your share of equity
Profit it earned you last year
$7.98
Free cash flow it threw off
$3.92
Debt you’d be carrying
$34.97

10 shares is a claim on $204.95 of net worth that earned you $7.98 and generated $3.92 of cash last year, against $34.97 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 5y
FY21 -16%FY22 1%FY23 4%FY24 -5%FY25 7%

It earned about -2% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+39% shares · 5y

Share count is up 39% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 75% — deleveraging.

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

The 3 estimate methods that apply put fair value between $4.56 and $8.27 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$5.15
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$11.1M
DCF · Growth Exit 5Y
$4.56
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$11.1M
Earnings Power Value
$8.27
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$22.7M
  • growthAssumed0.0%
Graham Number
$19.21
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $4.56
The three cases
Bear0.0%$3.2
Base5.0%$4.56
Bull10.0%$6.18

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-023724 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-040127 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-071582 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-023724 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-040127 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-071582 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-023724 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001193125-26-071582 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-24-023724 (PaymentsToAcquireProductiveAssets)
  10. 10-K · period ending 2022-12-31 · accession 0000950170-25-040127 (PaymentsToAcquireProductiveAssets)
  11. 10-K · period ending 2023-12-31 · accession 0001193125-26-071582 (PaymentsToAcquireProductiveAssets)
  12. 10-K · period ending 2021-12-31 · accession 0000950170-23-005163 (LongTermDebt)
  13. 10-K · period ending 2022-12-31 · accession 0000950170-24-023724 (LongTermDebt)
  14. 10-K · period ending 2023-12-31 · accession 0000950170-25-040127 (LongTermDebt)
  15. 10-K · period ending 2024-12-31 · accession 0001193125-26-071582 (LongTermDebt)
  16. 10-K · period ending 2021-12-31 · accession 0000950170-23-005163 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0000950170-24-023724 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000950170-25-040127 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001193125-26-071582 (CashAndCashEquivalentsAtCarryingValue)