Daily Journal Corporation

AI-generated fair value estimate for this company.

Method: Sum-of-the-parts: investment/cash net position of $464.4M (marketable securities fair value $493.0M plus cash $32.1M less total liabilities $60.7M, which reflects deferred tax on cumulative unrealized securities gains, and ties closely to reported stockholders' equity); plus the operating newspaper/Journal Technologies business valued separately at 15x FY2025 consolidated operating income of $9.5M = $142.5M; combined equity value $606.9M divided by 1,377,722 diluted shares.

Reasoning: Daily Journal's tiny operating business makes a standalone cash-flow DCF meaningless next to its large Munger-era marketable-securities portfolio, so the portfolio was valued at fair value separately and the operating business's earnings power was added on top via an approximate earnings multiple given no clean market comp exists.