Stock fact sheet · data as of
Black Spade Acquisition III Co (BIII): fair value, margin of safety and Wheel Score
Financial Services · Shell Companies · Hong Kong SAR China · Speculative / Distressed
Is BIII undervalued?
At 10.06 (close of 16 Oct 2026), BIII trades 687% over the GLS average fair value of 1.28, with 0 of 5 models above the price. The stock earns none of the Wheel Score's Value points at this price. That is a statement about price against trailing fundamentals, not about the company's prospects - the Wall Street View and the Growth tab on the Quote page carry the forward numbers.
There is a wide gap between GLS Growth (0.2354) and Graham Number (3.64). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files BIII under Speculative / Distressed - negative earnings or a Piotroski score of 3 or less - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan.
Nine valuation models for BIII
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 3.64 | -64% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 1.30 | -87% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 0.3216 | -97% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 0.2354 | -98% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 0.8934 | -91% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -0.0194 | -100% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Black Spade Acquisition III Co scores only 0 of 9 on the Piotroski F-score, which fails the Sunday Scan's "6 or more" rule. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 0.0/10 is a weak reading: the ten-year history the score grades (revenue, EPS, book value, margins, cash flow, share count, ROIC) has not been steady, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC -138.0%, ROE 140.7%, ROA -2.4% - with debt at -2.02 times equity and negative free cash flow.
Black Spade Acquisition III Co pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain.
| Piotroski F-score | 0 / 9 | ROIC | -138.0% |
|---|---|---|---|
| GLS Moat | 0.0 / 10 | ROE | 140.7% |
| Debt / equity | -2.02 | ROA | -2.4% |
| Free-cash-flow yield | -0.2% | Payout ratio | 0% |
| Institutions | - / 10 | Insiders · Congress | - · - / 10 |
Wheel Score 6: No options
No options are listed on Black Spade Acquisition III Co in our nightly snapshot. The Wheel Score is therefore capped at 39 (it reads 6) and the stock is left out of every options screen; the fair value and health figures above are still useful for a plain stock position.
Volume runs at 3k shares a day on a market cap of $231M, with a beta of 0.09 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 6 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 0 / 25 | -687% margin of safety | |
| Health | 0 / 20 | Piotroski 0/9 | |
| Moat | 0 / 15 | moat 0.0/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 6 / 20 | 3k shares/day, $231M cap, beta 0.09 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for BIII in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Shell Companies
The 12 companies below are the closest to Black Spade Acquisition III Co by market cap within the Shell Companies industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| ADAC American Drive Acquisition Company Class A Ordinary Shares | 10.06 | 1.42 | -608% | 6No options | $231M |
| SVCC Stellar V Capital Corp. Class A Ordinary Shares | 10.71 | 9.54 | -12% | 24No options | $231M |
| ITHA ITHAX Acquisition Corp III | 10.07 | 2.29 | -341% | 6No options | $232M |
| SVIV Spring Valley Acquisition Corp. IV Class A Ordinary Shares | 10.08 | 1.83 | -451% | 7No options | $232M |
| TMTS Spartacus Acquisition Corp. II | 10.00 | - | - | 23No options | $230M |
| LPCV Launchpad Cadenza Acquisition Corp I Class A Ordinary Share | 10.13 | 1.23 | -724% | 6No options | $233M |
| FGII FG Imperii Acquisition Corp. Class A Ordinary Shares | 10.03 | 0.6566 | -1428% | 6No options | $233M |
| CAQ Cambridge Acquisition Corp. Class A Ordinary Shares | 10.01 | 1.77 | -465% | 6No options | $235M |
| IRHO Iron Horse Acquisitions II Corp. Common Stock | 10.07 | 2.65 | -280% | 15No options | $236M |
| AACO Abony Acquisition Corp. I Class A Ordinary Share | 9.99 | 1.22 | -717% | 8No options | $237M |
| SVAQ Silicon Valley Acquisition Corp. Class A Ordinary Shares | 10.16 | 1.79 | -467% | 11No options | $225M |
| AEAQ Activate Energy Acquisition Corp. | 10.08 | 1.17 | -758% | 6No options | $238M |
⚖ Compare BIII with 7 of them All Financial Services stocks →
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Start free See the Sunday ScanQuestions about BIII
Is BIII undervalued right now?
No: at 10.06 the stock trades 687% above the GLS average fair value of 1.28 (data as of 16 Oct 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of BIII and what does it mean?
BIII has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for BIII?
1.28 per share as of 16 Oct 2026 - the simple average of the 5 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Black Spade Acquisition III Co report earnings next?
No upcoming earnings date is recorded for BIII in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does BIII have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on BIII, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.