MeritValue

BPGC Acquisition Corp.

ROSSdata completeness 50%5 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$8.18M1$14.9M1$4.5M2$4.22M3−$15.5M3
Operating cash flow−$391,8084−$1.1M4−$21,2835−$99,0406−$279,1736
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents$1.13M7$31,7048$10,4209$09$09
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

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 v0.5.0
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
not applicable
no diluted share count
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 2021-12-31 · accession 0001140361-23-017028 (NetIncomeLoss)
  2. 10-K/A · period ending 2023-12-31 · accession 0001185185-26-000047 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001185185-26-001198 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001140361-23-017028 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K/A · period ending 2023-12-31 · accession 0001185185-26-000047 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001185185-26-001198 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001140361-23-017028 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  8. 10-K/A · period ending 2022-12-31 · accession 0001185185-26-000047 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  9. 10-K · period ending 2023-12-31 · accession 0001185185-26-001198 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)