Stock fact sheet · data as of
Mesabi Trust (MSB): fair value, margin of safety and Wheel Score
Basic Materials · Steel · United States · High Yield Income
Is MSB undervalued?
Mesabi Trust (MSB) closed at 18.04 on 16 Oct 2026, close to the GLS average fair value of 16.69 (8.1% above fair value). 3 of the 9 models that produced a number sit above the price, 6 below - the market and our models roughly agree. With little margin of safety either way, the case for or against the stock rests on the quality numbers and the option premium rather than on price.
The 9 models disagree widely: Graham Number gives 3.86 while GLS Growth gives 30.27. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files MSB under High Yield Income: a dividend yield above 4%.
Nine valuation models for MSB
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 | 17.22 | -5% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 3.86 | -79% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 28.28 | +57% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 12.36 | -31% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 30.27 | +68% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 13.31 | -26% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 26.35 | +46% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 13.10 | -27% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 5.49 | -70% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 1.56 | -91% | 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
Financial health is weak: MSB passes 4 of the nine Piotroski tests. Our screens drop the stock at the health rule; a low score is often the reason a stock looks cheap on the valuation models. The GLS Moat score is 5.3 out of 10: a ten-year record that is consistent in some of the metrics the score tracks (revenue, earnings, margins, cash flow, returns on capital) and patchy in others.
Returns on capital are high - ROIC 68.0%, ROE 68.0%, ROA 56.9% - with debt at 0.00 times equity and a free-cash-flow yield of 3.7%.
The dividend yield is high at 4.93% (payout ratio 194%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Royalties From Leases 96%, Royalties From Lease Fees 5% (fiscal year FY2026).
Institutional ownership scores 6/10, insider activity 5/10 and Congressional trading 10/10 on the GLS smart-money scales; the last recorded Congressional buy was on 31 Jul 2026.
| Piotroski F-score | 4 / 9 | ROIC | 68.0% |
|---|---|---|---|
| GLS Moat | 5.3 / 10 | ROE | 68.0% |
| Debt / equity | 0.00 | ROA | 56.9% |
| Free-cash-flow yield | 3.7% | Payout ratio | 194% |
| Institutions | 6 / 10 | Insiders · Congress | 5 · 10 / 10 |
Wheel Score 50: Fair
MSB scores 50 out of 100 on the Wheel Score (Fair band, 50-64): a usable but unremarkable fit for the wheel strategy. The parts: Value 9/25, Health 9/20, Moat 8/15, Premium 18/20, Stability 6/20. Stability (6/20) is where the points are missing.
Implied volatility is 68% on the near-the-money contracts 20-60 days out - above the 60% ceiling of the sweet spot. Premiums are large, but the Wheel Score tapers the Premium points (18 of 20) because volatility this high usually comes with a reason. Chain open interest is thin - 1,355 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 47k shares a day on a market cap of $237M, with a beta of 0.33 - 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 | 9 / 25 | -8% margin of safety | |
| Health | 9 / 20 | Piotroski 4/9 | |
| Moat | 8 / 15 | moat 5.3/10 | |
| Premium | 18 / 20 | implied volatility 68% | |
| Stability | 6 / 20 | 47k shares/day, $237M cap, beta 0.33 |
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 MSB in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Steel
The 12 companies below are the closest to Mesabi Trust by market cap within the Steel 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 |
|---|---|---|---|---|---|
| WEBC Webco Industries, Inc. | 353.00 | 345.40 | -2% | 33No options | $241M |
| HLP Hongli Group Inc. | 3.00 | 0.2893 | -937% | 24No options | $224M |
| FRD Friedman Industries, Incorporated | 41.26 | 27.04 | -53% | 20No options | $298M |
| ASTL Algoma Steel Group Inc. | 4.10 | - | - | 43Weak | $433M |
| LUD Luda Technology Group Limited | 3.89 | 0.3552 | -995% | 3No options | $88M |
| MTUS Metallus Inc. | 20.42 | 6.80 | -200% | 45Weak | $846M |
| SXC SunCoke Energy, Inc. | 10.13 | 10.24 | +1% | 45Weak | $860M |
| SID Companhia Siderúrgica Nacional | 1.21 | 15.90 | +92% | 45Weak | $1.6B |
| WS Worthington Steel, Inc. | 38.75 | 25.54 | -52% | 42Weak | $2.0B |
| SIM Grupo Simec, S.A.B. de C.V. | 26.32 | 198.95 | +87% | 39No options | $4.4B |
| ZKIN ZK International Group Co., Ltd. | 1.71 | - | - | 25No options | $10M |
| HUDI Huadi International Group Co., Ltd. | 0.6717 | - | - | 21No options | $10M |
Screen the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the same eight-rule screen, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about MSB
Is MSB undervalued right now?
Not meaningfully: at 18.04 the stock trades within a few percent of the GLS average fair value of 16.69 (8.1% above fair value, data as of 16 Oct 2026).
What is the Wheel Score of MSB and what does it mean?
MSB scores 50 out of 100 (Fair). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for MSB?
16.69 per share as of 16 Oct 2026 - the simple average of the 9 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 Mesabi Trust report earnings next?
No upcoming earnings date is recorded for MSB in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does MSB have listed options, and how liquid are they?
Yes. The nightly snapshot found 90 listed contracts with 1,355 open interest across all expiries and implied volatility of 68% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.