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General information

Country: UNITED STATES

Sector: Steel

Mesabi Trust, a royalty trust, engages in the iron ore mining business in the United States. The company was founded in 1961 and is based in New York, New York.
Website: mesabi-trust.com


  • Good financial results growth rate 55.6% (average between last period year over year growth for revenue and EBITDA), there is acceleration compared to average historical growth rates (48.8%)
  • Dividend yield for the last twelve months 5.8%
  • Free cash flow yield 35.2% (LTM)
  • Share price is 1.9% higher than minimum and 55.5% lower than maximum for the last 3 years
  • The company is undervalued by EV / LTM EBITDA multiple compared to target level (2.5x vs 4.4x)
  • Fundamental value created in LTM (estimate)

Key Financials (Download financials)

Ticker: MSB
Share price, USD:  (+0.3%)17.31
year average price 19.32  


year start price 23.59 2023-05-01

max close price 23.59 2023-05-01

min close price 17.05 2024-04-15

current price 17.31 2024-04-29
Common stocks: 13 120 000

Dividend Yield:  5.8%
FCF Yield LTM: 35.2%
EV / LTM EBITDA: 2.5x
EV / EBITDA annualized: 3.4x
Last revenue growth (y/y):  55.6%
Last growth of EBITDA (y/y):  55.6%
Historical revenue growth:  46.8%
Historical growth of EBITDA:  50.8%
EV / Sales: 2.5x
Margin (EBITDA LTM / Revenue): 98.7%

Target EV / EBITDA (hist percentile): 4.4x
Express share price potential:
Fundamental value created in LTM:
EV / LTM EBITDA mutiple calculation
Market Cap ($m): 227
Net Debt ($m): -38
EV (Enterprise Value): 189
EBITDA LTM (млн $): 75
EV / LTM EBITDA: 2.5x
Price to Book: 10.8x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / EBITDA

Potential dynamics

News


2024-02-04Seeking Alpha

Mesabi Trust: Full Production Is Back Despite Cleveland-Cliffs' Ambitions

2023-10-18Seeking Alpha

Mesabi Trust Looks Attractive With Estimated Forward Yield Of 8.2% To 11.4%

2023-04-27Seeking Alpha

Mesabi Trust: Patient Investor's Opportunity Amid Cleveland-Cliffs' Uncertainty
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2022 q2
date 2024-01-31 2023-10-31 2023-07-31 2023-04-30 2023-01-31 2022-10-31 2022-07-31
symbol MSB MSB MSB MSB MSB MSB MSB
reportedCurrency USD USD USD USD USD USD USD
cik 65 172 65 172 65 172 65 172 65 172 65 172 65 172
fillingDate 2024-04-24 2023-12-14 2023-09-13 2023-06-13 2023-04-24 2022-12-13 2022-09-13
acceptedDate 2024-04-24 16:15:59 2023-12-14 16:30:51 2023-09-13 16:30:33 2023-06-13 16:31:27 2023-04-24 16:15:36 2022-12-13 16:30:47 2022-09-13 16:31:06
calendarYear 2024.000 2024.000 2024.000 2024.000 2023.000 2023.000 2023.000
period Q4 Q3 Q2 Q1 Q4 Q3 Q2
revenue 6M 5M 10M 2M -2M 84 681 -4M
costOfRevenue 2M 810 000 705 901 -137 533 0 0 0
grossProfit 5M 4M 9M 2M -2M 84 681 -4M
grossProfitRatio 0.753 0.826 0.929 1.080 1.000 1.000 1.000
researchAndDevelopmentExpenses 0 0 0 0 0 0 0
generalAndAdministrativeExpenses 0 0 0 0 0 0 0
sellingAndMarketingExpenses 0 0 0 0 0 0 0
sellingGeneralAndAdministrativeExpenses 0 810 000 705 901 0 0 0 0
otherExpenses 2M -810 000 -705 901 -825 710 2M -498 373 -490 560
operatingExpenses -1.000 -810 000 705 901 -825 710 2M -498 373 -490 560
costAndExpenses 2M -810 000 705 901 -963 243 2M -498 373 -490 560
interestIncome 241 246 231 974 158 645 137 533 125 977 84 681 34 238
interestExpense 0 0 0 0 -119 678 84 681 34 238
depreciationAndAmortization 0 578 026 -9M 688 177 1M 0 -422 084
ebitda 5M 5M 10M 2M -5M -329 011 -5M
ebitdaratio 0.753 1.000 0.984 1.000 2.036 -3.885 1.096
operatingIncome 5M 4M 9M 1M -6M -329 011 -4M
operatingIncomeRatio 0.753 0.876 0.929 0.598 2.480 -3.885 1.000
totalOtherIncomeExpensesNet 1.000 -810 000 -705 901 -825 710 3M -84 681 -456 322
incomeBeforeTax 5M 4M 9M 1M -3M -413 692 -5M
incomeBeforeTaxRatio 0.753 0.876 0.929 0.598 1.312 -4.885 1.104
incomeTaxExpense 0 -810 000 9M -825 710 -2M 0 422 084
netIncome 5M 4M 9M 2M -1M -413 692 -5M
netIncomeRatio 0.753 0.876 0.929 1.080 0.588 -4.885 1.200
eps 0.360 0.310 0.700 0.140 -0.100 -0.032 -0.400
epsdiluted 0.360 0.310 0.700 0.140 -0.100 -0.032 -0.400
weightedAverageShsOut 13M 13M 13M 13M 13M 13M 13M
weightedAverageShsOutDil 13M 13M 13M 13M 13M 13M 13M
link Link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link Link

Balance Sheet Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2022 q2
date 2024-01-31 2023-10-31 2023-07-31 2023-04-30 2023-01-31 2022-10-31 2022-07-31
symbol MSB MSB MSB MSB MSB MSB MSB
reportedCurrency USD USD USD USD USD USD USD
cik 65 172 65 172 65 172 65 172 65 172 65 172 65 172
fillingDate 2024-04-24 2023-12-14 2023-09-13 2023-06-13 2023-04-24 2022-12-13 2022-09-13
acceptedDate 2024-04-24 16:15:59 2023-12-14 16:30:51 2023-09-13 16:30:33 2023-06-13 16:31:27 2023-04-24 16:15:36 2022-12-13 16:30:47 2022-09-13 16:31:06
calendarYear 2024.000 2024.000 2024.000 2024.000 2023.000 2023.000 2023.000
period Q4 Q3 Q2 Q1 Q4 Q3 Q2
cashAndCashEquivalents 24M 23M 18M 13M 14M 15M 2M
shortTermInvestments 0 0 0 0 0 0 23M
cashAndShortTermInvestments 24M 23M 18M 13M 14M 15M 26M
netReceivables 451 896 3M 4M 1M 23 562 34 460 9476.000
inventory 0 24M 1.000 0 0 0 0
otherCurrentAssets -24M -24M -20M 0 0 210 318 299 485
totalCurrentAssets 27M 26M 22M 15M 14M 15M 26M
propertyPlantEquipmentNet 2.000 2.000 2.000 2.000 2.000 2.000 2.000
goodwill 0 0 0 0 0 0 0
intangibleAssets 1.000 1.000 1.000 1.000 1.000 1.000 1.000
goodwillAndIntangibleAssets 1.000 1.000 1.000 1.000 1.000 1.000 1.000
longTermInvestments 1.000 1.000 1.000 0 0 0 0
taxAssets -2M -2M -2M 0 0 0 0
otherNonCurrentAssets 2M 2M 2M 0 0 0 0
totalNonCurrentAssets 3.000 3.000 3.000 3.000 3.000 3.000 3.000
otherAssets 0 0 0 0 0 0 0
totalAssets 27M 26M 22M 15M 14M 15M 26M
accountPayables 0 0 0 0 0 0 0
shortTermDebt 0 0 0 0 0 0 0
taxPayables 0 0 0 0 0 0 0
deferredRevenue 0 0 0 0 0 0 0
otherCurrentLiabilities 0 5M 256 434 0 0 296 066 11M
totalCurrentLiabilities 6M 5M 256 434 215 479 380 960 296 066 11M
longTermDebt 0 0 0 0 0 0 0
deferredRevenueNonCurrent 0 0 0 2M 2M 0 0
deferredTaxLiabilitiesNonCurrent 0 0 0 0 0 0 0
otherNonCurrentLiabilities 6M 5M 256 434 0 0 0 0
totalNonCurrentLiabilities 6M 5M 256 434 2M 2M 0 0
otherLiabilities -6M -5M -256 434 0 0 0 0
capitalLeaseObligations 0 0 0 0 0 0 0
totalLiabilities 6M 5M 256 434 2M 3M 296 066 11M
preferredStock 0 0 0 0 0 0 0
commonStock 3.000 3.000 3.000 3.000 3.000 3.000 3.000
retainedEarnings 21M 21M 22M 0 11M 14M 0
accumulatedOtherComprehensiveIncomeLoss 0 21M 22M 12M 0 0 15M
othertotalStockholdersEquity 0 -21M -22M 0 0 0 0
totalStockholdersEquity 21M 21M 22M 12M 11M 14M 15M
totalEquity 21M 21M 22M 12M 11M 14M 15M
totalLiabilitiesAndStockholdersEquity 27M 26M 22M 15M 14M 15M 26M
minorityInterest 0 0 0 0 0 0 0
totalLiabilitiesAndTotalEquity 27M 26M 22M 15M 14M 15M 26M
totalInvestments 1.000 1.000 1.000 0 0 0 23M
totalDebt 0 0 0 0 0 0 0
netDebt -24M -23M -18M -13M -14M -15M -2M
link Link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link Link

Cash Flow Statement

Property 2023 q4 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3 2022 q2
date 2024-01-31 2023-10-31 2023-07-31 2023-04-30 2023-01-31 2022-10-31 2022-07-31
symbol MSB MSB MSB MSB MSB MSB MSB
reportedCurrency USD USD USD USD USD USD USD
cik 65 172 65 172 65 172 65 172 65 172 65 172 65 172
fillingDate 2024-04-24 2023-12-14 2023-09-13 2023-06-13 2023-04-24 2022-12-13 2022-09-13
acceptedDate 2024-04-24 16:15:59 2023-12-14 16:30:51 2023-09-13 16:30:33 2023-06-13 16:31:27 2023-04-24 16:15:36 2022-12-13 16:30:47 2022-09-13 16:31:06
calendarYear 2024.000 2024.000 2024.000 2024.000 2023.000 2023.000 2023.000
period Q4 Q3 Q2 Q1 Q4 Q3 Q2
netIncome 5M 4M 9M 1M -3M -413 692 -5M
depreciationAndAmortization 0 0 0 0 0 0 0
deferredIncomeTax 0 0 0 0 0 0 0
stockBasedCompensation 0 0 0 0 0 0 0
changeInWorkingCapital 968 945 1M -5M -2M 2M 149 494 6M
accountsReceivables 475 273 958 749 -2M 0 0 0 0
inventory 0 0 0 0 0 0 0
accountsPayables 0 0 0 0 0 0 0
otherWorkingCapital 493 672 116 991 -2M -2M 0 0 0
otherNonCashItems -475 273 -958 748 2M 0 0 0 0
netCashProvidedByOperatingActivities 6M 5M 5M -863 643 -538 039 -264 198 2M
investmentsInPropertyPlantAndEquipment 0 0 0 0 0 0 0
acquisitionsNet 0 0 0 0 0 0 0
purchasesOfInvestments 0 54M -30M -24M -30M -12M -73M
salesMaturitiesOfInvestments 0 -54M 30M 24M 30M 36M 49M
otherInvestingActivites 0 0 0 0 0 0 0
netCashUsedForInvestingActivites 0 0 0 -24M 0 23M -23M
debtRepayment 0 0 0 0 0 0 0
commonStockIssued 0 0 0 0 0 0 0
commonStockRepurchased 0 0 0 0 0 0 0
dividendsPaid -5M 0 0 0 0 -11M -14M
otherFinancingActivites 0 0 0 0 0 0 0
netCashUsedProvidedByFinancingActivities -5M 0 0 0 0 -11M -14M
effectOfForexChangesOnCash 0 0 0 0 0 0 0
netChangeInCash 1M 5M 5M -863 643 -538 039 12M -35M
cashAtEndOfPeriod 24M 23M 18M 13M 14M 15M 2M
cashAtBeginningOfPeriod 23M 18M 13M 14M 15M 2M 38M
operatingCashFlow 6M 5M 5M -863 643 -538 039 -264 198 2M
capitalExpenditure 0 0 0 0 0 0 0
freeCashFlow 6M 5M 5M -863 643 -538 039 -264 198 2M
link Link Link Link Link Link Link Link
finalLink Link Link Link Link Link Link Link

Earning call transcript

Press-releases

Show financial reports only

2024-04-16 20:05 ET
Mesabi Trust Press Release
2024-01-12 21:05 ET
Mesabi Trust Press Release
2023-10-13 20:05 ET
Mesabi Trust Press Release
2023-07-14 20:05 ET
Mesabi Trust Press Release
2023-05-31 13:00 ET
Mesabi Trust Press Release
2023-04-14 20:05 ET
Mesabi Trust Press Release
2023-01-12 21:05 ET
Mesabi Trust Press Release
2022-10-14 20:20 ET
Mesabi Trust Press Release
2022-07-15 20:05 ET
Mesabi Trust Press Release
2022-05-03 20:15 ET
Mesabi Trust Press Release
2022-04-15 19:00 ET
Mesabi Trust Press Release
2022-01-10 22:35 ET
Mesabi Trust Press Release
2021-10-08 20:46 ET
Mesabi Trust Press Release
2021-07-12 20:15 ET
Mesabi Trust Press Release
2021-05-03 20:15 ET
Mesabi Trust Press Release
2021-04-12 20:05 ET
Mesabi Trust Press Release
2021-01-11 21:15 ET
Mesabi Trust Press Release
2020-10-09 20:15 ET
Mesabi Trust Press Release
2020-07-13 20:37 ET
Mesabi Trust Press Release
2020-05-05 21:15 ET
Mesabi Trust Press Release
2020-04-13 21:30 ET
Mesabi Trust Press Release
2020-01-14 22:00 ET
Mesabi Trust Press Release
2019-12-09 22:15 ET
Mesabi Trust Press Release

SEC forms

Show financial reports only

SEC form 10
2024-04-24 00:00 ET
Mesabi Trust published news for 2023 q4
SEC form 8
2024-04-16 00:00 ET
Mesabi Trust published news for 2024 q1
SEC form 8
2024-04-16 00:00 ET
Mesabi Trust published news for 2024 q1
SEC form 8
2024-02-01 00:00 ET
Mesabi Trust published news for 2023 q4
SEC form 8
2024-01-12 00:00 ET
Mesabi Trust published news for 2023 q4
SEC form 8
2024-01-12 00:00 ET
Mesabi Trust published news for 2023 q4
SEC form 10
2023-12-14 16:30 ET
Mesabi Trust reported for 2023 q3
SEC form 10
2023-12-14 00:00 ET
Mesabi Trust reported for 2023 q3
SEC form 8
2023-11-01 00:00 ET
Mesabi Trust published news for 2023 q3
SEC form 8
2023-10-13 16:17 ET
Mesabi Trust published news for 2023 q3
SEC form 8
2023-10-13 00:00 ET
Mesabi Trust published news for 2023 q3
SEC form 10
2023-09-13 16:30 ET
Mesabi Trust reported for 2023 q2
SEC form 10
2023-09-13 00:00 ET
Mesabi Trust reported for 2023 q2
SEC form 6
2023-08-01 16:30 ET
Mesabi Trust published news for 2023 q2
SEC form 8
2023-08-01 00:00 ET
Mesabi Trust published news for 2023 q2
SEC form 6
2023-07-14 16:30 ET
Mesabi Trust published news for 2023 q2
SEC form 8
2023-07-14 00:00 ET
Mesabi Trust published news for 2023 q2
SEC form 6
2023-06-26 16:30 ET
Mesabi Trust published news for 2023 q1
SEC form 10
2023-06-13 16:31 ET
Mesabi Trust reported for 2023 q1
SEC form 10
2023-06-13 00:00 ET
Mesabi Trust reported for 2023 q1
SEC form 6
2023-05-04 16:15 ET
Mesabi Trust published news for 2023 q1
SEC form 8
2023-05-04 00:00 ET
Mesabi Trust published news for 2023 q1
SEC form 6
2023-04-26 16:30 ET
Mesabi Trust published news for 2023 q1
SEC form 6
2023-04-25 16:30 ET
Mesabi Trust reported for 2023 q1
SEC form 10
2023-04-24 16:15 ET
Mesabi Trust published news for 2022 q4
SEC form 6
2023-04-14 16:32 ET
Mesabi Trust published news for 2023 q1
SEC form 8
2023-04-14 00:00 ET
Mesabi Trust published news for 2023 q1
SEC form 6
2023-02-01 16:30 ET
Mesabi Trust published news for 2022 q4
SEC form 8
2023-02-01 00:00 ET
Mesabi Trust published news for 2022 q4
SEC form 6
2023-01-12 16:17 ET
Mesabi Trust published news for 2022 q4
SEC form 8
2023-01-12 00:00 ET
Mesabi Trust published news for 2022 q4
SEC form 10
2022-12-13 16:30 ET
Mesabi Trust reported for 2022 q3
SEC form 10
2022-12-13 00:00 ET
Mesabi Trust reported for 2022 q3
SEC form 6
2022-11-02 16:30 ET
Mesabi Trust published news for 2022 q3
SEC form 8
2022-11-02 00:00 ET
Mesabi Trust published news for 2022 q3
SEC form 6
2022-10-14 16:47 ET
Mesabi Trust published news for 2022 q3
SEC form 8
2022-10-14 00:00 ET
Mesabi Trust published news for 2022 q3
SEC form 10
2022-09-13 16:31 ET
Mesabi Trust reported for 2022 q2
SEC form 10
2022-09-13 00:00 ET
Mesabi Trust reported for 2022 q2
SEC form 6
2022-08-02 16:31 ET
Mesabi Trust published news for 2022 q2
SEC form 8
2022-08-02 00:00 ET
Mesabi Trust published news for 2022 q2
SEC form 6
2022-07-22 16:43 ET
Mesabi Trust published news for 2022 q2
SEC form 6
2022-07-15 16:26 ET
Mesabi Trust published news for 2022 q2
SEC form 8
2022-07-15 00:00 ET
Mesabi Trust published news for 2022 q2
SEC form 10
2022-06-13 16:30 ET
Mesabi Trust reported for 2022 q1
SEC form 10
2022-06-13 00:00 ET
Mesabi Trust reported for 2022 q1
SEC form 6
2022-05-03 16:39 ET
Mesabi Trust published news for 2022 q1
SEC form 8
2022-05-03 00:00 ET
Mesabi Trust published news for 2022 q1
SEC form 10
2022-04-27 16:49 ET
Mesabi Trust published news for 2021 q4
SEC form 10
2022-04-27 00:00 ET
Mesabi Trust published news for
SEC form 6
2022-04-15 15:41 ET
Mesabi Trust published news for 2022 q1
SEC form 8
2022-04-15 00:00 ET
Mesabi Trust published news for 2022 q1
SEC form 6
2022-02-14 06:42 ET
Mesabi Trust published news for 2021 q4
SEC form 6
2022-02-01 16:30 ET
Mesabi Trust published news for 2021 q4
SEC form 8
2022-02-01 00:00 ET
Mesabi Trust published news for 2021 q4
SEC form 8
2022-01-11 00:00 ET
Mesabi Trust published news for 2021 q4
SEC form 6
2022-01-10 18:19 ET
Mesabi Trust published news for 2021 q4
SEC form 10
2021-12-15 16:30 ET
Mesabi Trust published news for 2021 q3
SEC form 10
2021-12-15 00:00 ET
Mesabi Trust published news for 2021 q3
SEC form 6
2021-11-04 16:16 ET
Mesabi Trust published news for 2021 q3
SEC form 8
2021-11-04 00:00 ET
Mesabi Trust published news for 2021 q3
SEC form 6
2021-10-25 06:57 ET
Mesabi Trust published news for 2021 q3
SEC form 6
2021-10-08 17:18 ET
Mesabi Trust published news for 2021 q3
SEC form 8
2021-10-08 00:00 ET
Mesabi Trust published news for 2021 q3
SEC form 10
2021-09-13 16:11 ET
Mesabi Trust published news for 2021 q2
SEC form 10
2021-09-13 00:00 ET
Mesabi Trust published news for 2021 q2
SEC form 6
2021-08-03 16:36 ET
Mesabi Trust published news for 2021 q2
SEC form 8
2021-08-03 00:00 ET
Mesabi Trust published news for 2021 q2
SEC form 6
2021-07-12 16:53 ET
Mesabi Trust published news for 2021 q2
SEC form 8
2021-07-12 00:00 ET
Mesabi Trust published news for 2021 q2
SEC form 10
2021-06-11 16:31 ET
Mesabi Trust published news for 2021 q1
SEC form 10
2021-06-11 00:00 ET
Mesabi Trust published news for 2021 q1
SEC form 6
2021-05-03 16:54 ET
Mesabi Trust published news for 2021 q1
SEC form 8
2021-05-03 00:00 ET
Mesabi Trust published news for 2021 q1
SEC form 6
2021-04-12 16:28 ET
Mesabi Trust published news for 2021 q1
SEC form 8
2021-04-12 00:00 ET
Mesabi Trust published news for 2021 q1
SEC form 6
2021-02-02 16:30 ET
Mesabi Trust published news for 2020 q4
SEC form 6
2021-01-11 16:52 ET
Mesabi Trust published news for 2020 q4
SEC form 10
2020-12-09 16:16 ET
Mesabi Trust published news for 2020 q3
SEC form 6
2020-11-03 16:15 ET
Mesabi Trust published news for 2020 q3
SEC form 6
2020-10-09 17:04 ET
Mesabi Trust published news for 2020 q3