Enterprise Financial Service
EFSCBelow valueHeld by 1 superinvestor.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31- Revenue growth
- —
- Net margin
- —
- ROE
- 9.9%
- FCF margin
- —
Fundamentals data incomplete — read with care.
What makes a business high qualityValuation · value band
Margin of safety
Zero-growth floor
$45
Central IV
$78
Optimistic top
$96
Enterprise Financial Service (EFSC): A conservative value band $45–$96 / sh (zero-growth floor to growth-capped optimistic top); central read about $78. Today’s price sits below that band (price $64 as of 2026-08-21).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 7% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.6% · Zero-growth downside $45
Price as of 2026-08-21 · yahoo · DGS10 4.7% @ 2026-08-20.
Method & numbers
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Model cautions
- Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).
- Growth nearly matches the discount rate — the estimate is sensitive to assumptions.
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $48.68 – $96.14 · Greenwald zero-growth $54.53 · zero-growth base $54.53 · reproduction $43.00
Moat Commodity-like · terminal value 50% of present value · owner-earnings yield 8% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)
Operating income is not reported separately (e.g. banks, insurers, and some diversified issuers), so earnings power is shown via the owner-earnings lens only; the unlevered NOPAT lens does not apply.
Normalized NOPAT from operating margin — not applicable when operating income is not reported separately. Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge (+ cash − total debt) — not applied (lens not assessable).
Years: 2025, 2024, 2023, 2022, 2021
Buffett owner-earnings value$44.61 – $54.53 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: 2025, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied. Financial issuer (bank/insurer): net debt / owner earnings does not describe a deposit-funded balance sheet, so no leverage premium is applied here; leverage is instead handled by the reliability gate.
Reproduction value = tangible net assets $1.60B = $43.00 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window FY 2025, 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 7% · OE FY 2025, 2024, 2023, 2022, 2021 · Discount band: 9.19%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-20). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
SEC 13F · holders
Superinvestors Holding This Security
1 holder · $383,487 combined · this quarter +0 opened / -0 exited
- Value$383,487Weight (prev→now)0.0% → 0.0% ▲
SEC 13F · notes
Written summary
Written summary
Enterprise Financial Service (EFSC) is held by 1 of the superinvestors tracked on Compounder, with a combined $383,487 in reported 13F value. The largest position belongs to Jim Cullen, where it makes up 0.0% of the portfolio.
Over the latest quarter, 0 of the tracked filers opened a new position in EFSC, 0 added to existing ones, 1 trimmed, and 0 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Enterprise Financial Service (EFSC) also commonly hold →
- Novartis Ag-Sponsored AdrNVS1 holder
- Cisco Systems IncCSCO1 holder
- Morgan StanleyMS1 holder
- Johnson & JohnsonJNJ1 holder
- Citigroup IncC1 holder
- Jpmorgan Chase & CoJPM1 holder
EFSC's price is below its conservative value band. Browse all undervalued stocks by margin of safety
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-13
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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