MeritValue

Diginex Ltd

DGNXdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Diginex Ltd earns about -114% on equity, but has diluted owners by 142% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue$1.63M1$1.3M1$2.04M1
Net income−$9.26M2−$4.87M2−$5.21M2
Operating cash flow−$6.59M3−$5.86M3−$7.67M3
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$1.18M4$76,6204$3.11M4
Diluted shares9.5M9.5M23.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$1.98
your share of equity
Profit it earned you last year
−$2.27
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $1.98 of net worth that earned you −$2.27 last year.

iii. Is this a good business?
Moat signal · return on equity
-114% avg · 3y
FY23 —FY24 —FY25 -114%

It earned an average -114% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+142% shares · 3y

Share count is up 142% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F/A · period ending 2023-03-31 · accession 0001493152-26-005657 (Revenue)
  2. 20-F/A · period ending 2023-03-31 · accession 0001493152-26-005657 (ProfitLoss)
  3. 20-F/A · period ending 2023-03-31 · accession 0001493152-26-005657 (CashFlowsFromUsedInOperatingActivities)
  4. 20-F/A · period ending 2023-03-31 · accession 0001493152-26-005657 (CashAndCashEquivalents)