MeritValue

Skillful Craftsman Education Technology Ltd

EDTKdata completeness 75%8 fiscal years on file
The thesis, from the filings

Skillful Craftsman Education Technology Ltd earns about -5% on invested capital, below its ~9% cost of capital, but has diluted owners by 44% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $6.41 and $6.94 a share.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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$29.2M1$23.1M2$1.07M3$2M2$893,6903
Net income$3.5M4−$1.4M5−$20.9M6−$4.72M6−$7.58M6
Operating cash flow$10.8M7$4.83M8−$2.56M9−$2.66M9−$4.01M9
Capital expenditure$5.09M10$512,79711———
Free cash flow (derived)$5.66M7$4.32M8———
Total debt$012$14.8M13$13.7M14$13.3M14—
Cash & equivalents$17.5M15$23.8M16$21M17$745,57218$1.22M18
Diluted shares11.0M13.7M14.9M15.4M15.9M

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
$8.66
your share of equity
Profit it earned you last year
−$4.78
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $8.66 of net worth that earned you −$4.78 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-5% avg · 5y
FY21 12%FY22 -1%FY23 -7%FY24 -10%FY25 -18%

It earned about -5% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+44% shares · 5y

Share count is up 44% over 5 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

The 2 estimate methods that apply put fair value between $6.41 and $6.94 a share. They rest on different assumptions, so where they diverge is the story.

DCF · Growth Exit 10Y
$6.94
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$5.66M
DCF · Growth Exit 5Y
$6.41
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$5.66M
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 →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $6.41
The three cases
Bear0.0%$5.17
Base5.0%$6.41
Bull10.0%$7.88

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 20-F/A · period ending 2021-03-31 · accession 0001410578-23-001984 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2022-03-31 · accession 0001493152-24-032909 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2023-03-31 · accession 0001641172-25-022783 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F/A · period ending 2021-03-31 · accession 0001410578-23-001984 (NetIncomeLoss)
  5. 20-F · period ending 2022-03-31 · accession 0001493152-24-032909 (NetIncomeLoss)
  6. 20-F · period ending 2023-03-31 · accession 0001641172-25-022783 (NetIncomeLoss)
  7. 20-F/A · period ending 2021-03-31 · accession 0001410578-23-001984 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2022-03-31 · accession 0001493152-24-032909 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2023-03-31 · accession 0001641172-25-022783 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F/A · period ending 2021-03-31 · accession 0001410578-23-001984 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2022-03-31 · accession 0001493152-24-032909 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2021-03-31 · accession 0001410578-22-002010 (LongTermDebtNoncurrent)
  13. 20-F/A · period ending 2022-03-31 · accession 0001410578-23-001984 (LongTermDebtNoncurrent)
  14. 20-F · period ending 2023-03-31 · accession 0001493152-24-032909 (LongTermDebtNoncurrent)
  15. 20-F · period ending 2021-03-31 · accession 0001410578-22-002010 (CashAndCashEquivalentsAtCarryingValue)
  16. 20-F/A · period ending 2022-03-31 · accession 0001410578-23-001984 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2023-03-31 · accession 0001493152-24-032909 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2024-03-31 · accession 0001641172-25-022783 (CashAndCashEquivalentsAtCarryingValue)