California First Leasing Corporation

AI-generated fair value estimate for this company.

Method: 10-year net-income-based DCF (proxy for distributable FCF): $23.57M normalized annual earnings (3-yr avg of FY2023 $16.86M, FY2024 $33.57M, FY2025 $20.28M net income); 4% annual growth years 1-10; 12% discount rate (small-cap illiquid OTC finance/leasing risk); 2.5% terminal growth; ~186,100 diluted shares outstanding (derived from FY2025 EPS of $108.97 on $20.28M net income); net cash/debt not separately modeled due to limited disclosure.

Reasoning: California First Leasing is a profitable niche equipment/lease financing company for municipalities, healthcare, and nonprofits with a 45+ year operating history and a very low, stable share count, so using net income as a proxy for owner earnings in a standard DCF is reasonable; growth assumptions are modest given the historically lumpy but generally rising earnings trend.