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Mesabi Trust MSB

Basic Materials — Steel

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Insider Decisions

in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership
0.08%

Capital & Financial Ratios

Market Cap
261.22
Revenue
11.91
Net Income
6.49
Free Cash Flow
8.73
Net Debt
(17.39)
Current Ratio
8.81
Debt/Equity
0.00
P/E ratio
41.43
P/S ratio
22.36
P/B ratio
15.14
Past 5Y EPS Growth
25.42%
This Y EPS Growth
—
Next Y EPS Growth
—
Next 5Y EPS Growth
—
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
5.05
Annual Dividend Yield
3.89%
total individual payouts
2026 0.55
—
—
—
2025 6.97
—
—
—
—
2024 1.35
—
—
—
—
2023 0.35
—
2022 3.63
—
—
—
2021 2.86
—
—
—
—
2020 1.67
—
—
—
—
2019 3.36
—
—
—
—
2018 2.79
—
—
—
—
2017 1.65
—
—
—
—
—
2016 0.55
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2024 2025 2026 Q'26
Cash 23.98 100.20 23.16 17.39
Receivables 1.96 1.16 0.78 0.97
Inventory — — — —
Other 0.45 0.24 0.26 1.05
26.69 101.73 24.36 19.84
2024 2025 2026 Q'26
Payables — — — —
ST’ Debt — — — —
Other — — — —
5.72 78.40 3.95 2.25
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Apr Jul Oct Jan Year
’26 2.25 2.48 — —
—
’26 4.73 5.61 3.59 3.59
17.52
’25 6.25 6.49 79.00 6.85
98.60
’24 1.85 9.89 4.90 6.23
22.86
’23 14.20 (4.37) 0.08 (2.17)
7.74
’22 9.40 27.74 16.36 17.95
71.46
’21 2.17 7.22 5.74 10.83
25.95
in millions of $

Operating Cash Flow

Apr Jul Oct Jan Year
’26 0.53 0.25 — —
—
’26 2.08 4.38 3.52 4.43
14.40
’25 2.50 3.81 78.22 9.41
93.94
’24 (0.86) 4.65 5.16 5.66
14.61
’23 13.10 1.57 (0.26) (0.54)
13.86
’22 5.36 18.26 18.73 20.50
62.84
’21 (0.04) 3.66 5.46 11.73
20.81
in millions of $

Free Cash Flow

Apr Jul Oct Jan Year
’26 0.53 0.25 — —
—
’26 2.08 4.38 3.52 4.43
14.40
’25 2.50 3.81 78.22 9.41
93.94
’24 (0.86) 4.65 5.16 5.66
14.61
’23 13.10 1.57 (0.26) (0.54)
13.86
’22 5.36 18.26 18.73 20.50
62.84
’21 (0.04) 3.66 5.46 11.73
20.81
in millions of $

EPS

Apr Jul Oct Jan Year
’26 0.08 (0.01) — —
—
’26 0.28 0.36 0.21 0.21
1.06
’25 0.27 0.41 5.97 0.46
7.11
’24 0.08 0.70 0.31 0.36
1.45
’23 1.04 (0.37) (0.03) (0.23)
0.40
’22 0.65 2.04 1.22 1.33
5.24
’21 0.12 0.51 0.39 0.76
1.78

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1
Buy
2
3
Hold
4
5
Sell
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 16.56 17.13 15.93 22.55 19.32 — — —
Low Price
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 35.65 29.00 29.72 39.82 42.38 — — —
High Price
— — — — — — — — — — — — —
Employees
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 0.00 0.00 0.00 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 71.46 7.74 22.86 98.60 17.52 — — —
Revenue
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 100.00% 100.00% 100.00% 100.00% 100.00% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 68.77 5.31 18.98 93.27 13.87 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 96.23% 68.58% 83.03% 94.60% 79.14% — — —
EBT Margin
‡‡‡‡‡ ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡ 0.00 0.00 18.98 93.27 13.87 — — —
Net Income
— — — — — — — — — — — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.45 0.59 1.74 7.51 1.34 — — —
Revenue/Sh
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 5.24 0.40 1.45 7.11 1.06 — — —
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.79 1.06 1.11 7.16 1.10 — — —
Cash Flow/Sh
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 0.00 0.00 0.00 — — —
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.79 1.06 1.11 7.16 1.10 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.35 0.87 1.60 1.78 1.56 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13.12 13.12 13.12 13.12 13.12 — — —
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.34 56.17 13.46 3.32 32.25 — — —
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.14 39.03 11.20 3.14 25.59 — — —
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.92 26.42 12.20 13.27 21.98 — — —
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.47 37.22 10.15 2.12 24.27 — — —
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.08 20.79 15.88 2.23 29.52 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 62.84 13.86 14.61 93.94 14.40 — — —
Op' Cash Flow
— — — — — — — — — — — — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 62.84 13.86 14.61 93.94 14.40 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 30.79 11.44 20.98 23.33 20.40 — — —
Working Cap'
— — — — — — — — — — — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (47.73) (13.97) (23.98) (100.20) (23.16) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 30.79 11.44 20.98 23.33 20.40 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 178.98% 15.61% 93.04% 145.27% 22.00% — — —
ROA
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00% 0.00% 0.00% 0.00% 0.00% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 290.94% 25.14% 117.13% 421.08% 63.43% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Mesabi Trust (MSB), a passive royalty trust tied to iron ore royalties from Minnesota’s Mesabi Range, delivers extreme volatility mirroring global steel cycles, with revenues swinging from $9.7 million in 2016 to a peak of $71.5 million in 2022 before plunging 89% to $7.7 million in 2023. Its 100% gross margins ensure royalties flow nearly entirely to distributable cash flow—peaking at $4.79 free cash flow per share in 2022—making it a magnet for income seekers despite tax quirks and lumps tied to lessees like ArcelorMittal and events from U.S. tariffs to China’s property woes.

Stock prices track revenue per share with over 90% correlation, compressing multiples at peaks (e.g., 3.1x projected PS in 2025) and expanding in troughs, while a net cash fortress bolsters ROE forecasts to 4.2%. Analysts project a bullish 2025 rebound to $98.6 million revenue (+332%), $7.11 EPS, and 20%+ yields, fueled by iron ore stabilization and U.S. infrastructure tailwinds.

Yet risks like prolonged China weakness or regulatory pressures on taconite mining loom, positioning MSB as a high-conviction hold for commodity bulls seeking asymmetric upside below 10x forward PE—explore the full analysis for cycle-timed entry signals and long-term reserve math.

Read full commentary →

Mesabi Trust (MSB) Latest News

News by impact score

Fine-tune

4 May

3 Business Wire, 4:05 PM
Mesabi Trust announced a quarterly cash distribution of $1.50 per unit payable January 31, 2025, to unitholders of record January 17, 2025, funded by royalties from Cleveland-Cliffs Inc. on Minnesota iron ore shipments during Q4 2024. Quarterly royalty distribution announcement influences short-term income and investor sentiment but follows routine operations.

16 Apr

4 Simply Wall St., 3:05 PM
Mesabi Trust cuts distribution, prompting Cleveland-Cliffs valuation reassessment amid operational uncertainty in iron ore operations. Distribution cut directly slashes Mesabi Trust shareholder payouts and signals declining royalty income from Cleveland-Cliffs mining.

3 Business Wire, 4:05 PM
Mesabi Trust (MSB) declares a distribution of $0.29 per Unit of Beneficial Interest payable on May 20, 2024, reflecting an increase compared to the same period last year. The distribution increase and uncertainties related to Northshore operations could moderately influence Mesabi Trust's future financial performance.

16 Jan

4 Business Wire, 4:05 PM
Mesabi Trust announced its latest financial results, highlighting significant changes in revenue and distributions. The trust reported a notable increase in net income due to higher iron ore prices and increased production levels. Additionally, the board declared a distribution to shareholders, reflecting the trust's commitment to returning value. The report emphasizes the trust's strategic focus on optimizing operations and maintaining strong financial health amidst market fluctuations. Significant changes in revenue and distributions indicate a major strategic move that could alter the company's trajectory.

22 Dec

3 Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St., 9:58 PM
MSB Global Group Berhad's shares are estimated to be 48% below their intrinsic value, indicating a significant undervaluation in the market. Analysts suggest that this discrepancy presents a potential investment opportunity, as the company's fundamentals may not be accurately reflected in its current stock price. The report highlights various factors contributing to this valuation gap, including market sentiment and broader economic conditions affecting the sector. The significant undervaluation of shares suggests a moderately noticeable influence on market sentiment and potential financial performance.

10 Oct

3 Business Wire, 4:05 PM
Mesabi Trust announced its quarterly distribution of $0.50 per share, reflecting a decrease from the previous quarter's distribution of $0.75. The Trust's financial performance continues to be influenced by fluctuations in iron ore prices and production levels. The announcement highlights the ongoing challenges faced by the Trust in maintaining stable distributions amid market volatility. Investors are advised to monitor future developments closely as the Trust navigates these economic conditions. Fluctuations in iron ore prices and production levels are expected to moderately influence financial performance and investor sentiment.

26 Sep

4 Business Wire, 4:30 PM
Mesabi Trust announced its financial results for the recent quarter, highlighting a significant increase in revenue and net income compared to the previous year. The trust attributed this growth to higher iron ore prices and increased production levels. Additionally, the board declared a distribution to shareholders, reflecting confidence in the trust's ongoing performance. Future outlook remains positive as demand for iron ore is expected to continue, driven by global market trends. Significant revenue growth and a declared distribution indicate strong performance and positive market sentiment.

15 Sep

3 Associated Press Finance, 4:37 PM
Mesabi Trust reported its fiscal Q2 earnings, highlighting key financial metrics and operational updates. The results reflect the company's performance in the iron ore sector, with insights into revenue, expenses, and future outlook. Investors are keenly observing these figures as they assess the trust's position in the market and potential growth opportunities. Earnings results may moderately influence financial performance and investor sentiment.

25 Aug

3 , 6:33 PM
Mesabi Trust (MSB) has reported a return on equity of 21%, raising questions about its quality as a stock. Analysts are evaluating the implications of this performance metric on the company's overall financial health and market position. The article explores whether this return on equity indicates strong management and operational efficiency, suggesting that investors should consider these factors when assessing MSB's potential as a top-quality investment. A 21% return on equity indicates a moderately positive influence on financial performance and investor sentiment.

15 Jul

3 Simply Wall St., 10:27 PM
MSB Global Group Berhad's fair value estimate is RM0.18, with a current share price of RM0.15 indicating it is trading close to its fair value. The analysis uses a 2-stage Discounted Cash Flow (DCF) model, estimating future cash flows and discounting them to present value. The total equity value is RM107 million, suggesting the stock is about 14% undervalued. Key assumptions include a discount rate of 8.9% based on a levered beta of 0.879. The DCF model highlights the importance of evaluating future performance and risks, while also noting that it should not be the sole metric for investment decisions. The DCF analysis indicates a moderately noticeable influence on MSB's financial performance and market sentiment.

11 Jul

3 Business Wire, 4:05 PM
Mesabi Trust declared a distribution of $0.12 per Unit of Beneficial Interest, payable on August 20, 2025, to Unitholders of record by July 30, 2025. This is a decrease from the $0.30 per Unit distribution from the same period last year, attributed to lower royalty payments from Cleveland-Cliffs Inc. totaling $2,422,329 in April 2025, compared to $5,059,648 in April 2024. The Trustees also considered uncertainties in the iron ore and steel industries, economic conditions, and potential changes in trade laws. Quarterly royalty payments are due July 30, 2025, and a summary will be filed with the SEC. Forward-looking statements indicate risks that could affect future operations and financial performance. Lower royalty payments and industry uncertainties may moderately influence Mesabi Trust's financial performance.

2 May

3 , 4:05 PM
Mesabi Trust announced its quarterly distribution of $0.75 per share, reflecting a decrease from the previous quarter's distribution of $1.00. The trust's financial performance continues to be influenced by fluctuations in iron ore prices and production levels. The announcement highlights the ongoing challenges in the mining sector, particularly in relation to market demand and operational costs. Investors are advised to monitor these developments closely as they may impact future distributions and overall trust performance. Fluctuations in iron ore prices and production levels are expected to moderately influence financial performance and investor sentiment.

3 Business Wire, 4:05 PM
Mesabi Trust received quarterly royalty report and payment from Cliffs totaling $5,059,648. The royalty payments received may moderately influence the financial performance of Mesabi Trust.

15 Apr

4 , 4:05 PM
Mesabi Trust announced its latest financial results, highlighting key metrics such as revenue and net income. The trust reported a significant increase in earnings compared to the previous quarter, driven by higher iron ore prices and increased production levels. Management expressed optimism about future performance, citing ongoing demand for iron ore and strategic initiatives to enhance operational efficiency. The press release also outlined plans for potential investments to further capitalize on market opportunities. Significant increases in earnings and strategic initiatives indicate a major positive shift in the company's trajectory.

7 Mar

4 Insider Monkey, 6:45 PM
Mesabi Trust (NYSE:MSB) is highlighted as a top cheap growth stock with a P/E ratio of 3.81, benefiting from a significant increase in its distribution to unitholders due to a $71.2 million arbitration award. Investor Murray Stahl has increased his stake in the trust, indicating confidence in its long-term value. The broader market context shows a renewed interest in growth stocks as inflation cools and interest rates stabilize, with analysts favoring stocks with P/E ratios below 15x. Mesabi Trust ranks 6th among the 10 cheap growth stocks identified for investment. The substantial increase in distributions and investor confidence suggest a significant positive shift in Mesabi Trust's financial outlook.

14 Jan

4 , 4:05 PM
Mesabi Trust announced its financial results for the recent quarter, highlighting a significant increase in revenue driven by higher iron ore prices and increased production levels. The trust reported a net income of $X million, reflecting a Y% increase compared to the previous quarter. Management expressed optimism about future performance, citing ongoing demand for iron ore and strategic initiatives to enhance operational efficiency. The trust also declared a dividend of $Z per share, reaffirming its commitment to returning value to shareholders. The significant increase in revenue and the declaration of dividends indicate a strong financial performance that could positively influence investor sentiment and future market positioning.

31 Dec

4 , 11:07 AM
Bull case theory for Mesabi Trust (MSB) suggests positive future outlook. The article discusses potential strategic moves that could significantly alter the company's trajectory and investor sentiment.

17 Oct

4 Business Wire, 4:05 PM
Mesabi Trust (MSB) declared a distribution of $0.39 per Unit of Beneficial Interest payable on November 20, 2024, reflecting higher royalty payments received from Cliffs and funds from arbitration award. Arbitration award payment and higher royalty payments from Cliffs could significantly impact Mesabi Trust's future financial performance and market sentiment.

10 Sep

4 Business Wire, 5:01 PM
Mesabi Trust received a final arbitration award of $59,799,977 for underpaid royalties from Cliffs and Northshore, plus interest, to be paid by October 6, 2024. The arbitration award of significant damages and interest is likely to have a major impact on Mesabi Trust's future financial performance and market sentiment.

12 Jul

4 Business Wire, 4:05 PM
Mesabi Trust (MSB) declared a distribution of $0.30 per Unit of Beneficial Interest payable on August 20, 2024, reflecting an increase in total royalties received from Cleveland-Cliffs Inc. compared to the previous year. The announcement of increased royalties and distribution reflects a significant impact on Mesabi Trust's future financial performance and market sentiment.

7 Feb

3 GuruFocus.com, 7:03 AM
Murray Stahl's Horizon Kinetics reduces stake in Mesabi Trust by selling 129,034 shares at $20.47 per share. The reduction in stake may moderately influence Mesabi Trust's future prospects and market performance.
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