MeritValue

INNSUITES HOSPITALITY TRUST

IHTdata completeness 75%16 fiscal years on file
The thesis, from the filings

INNSUITES HOSPITALITY TRUST earns about -1% on invested capital, and has bought back 4% of its shares over 5 years. The applicable estimate puts fair value near $0.24 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 2022FY 2023FY 2024FY 2025FY 2026
Revenue$6.41M1$7.15M2$7.48M3$7.59M4$7.57M4
Net income$254,1445$523,1716$203,8807−$1.39M8−$1.43M8
Operating cash flow$263,4579$54,21910$1.43M11−$1.06M12−$10,94912
Capital expenditure—————
Free cash flow (derived)—————
Total debt$7.31M13$10M14$9.72M15$10.7M16$11.7M17
Cash & equivalents$1.22M18$2.11M19$1.33M20——
Diluted shares9.1M9.2M9.2M8.8M8.8M

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
$3.38
your share of equity
Profit it earned you last year
−$1.63
Free cash flow it threw off
—
Debt you’d be carrying
$13.33

10 shares is a claim on $3.38 of net worth that earned you −$1.63 last year, against $13.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-1% avg · 5y
FY22 6%FY23 -1%FY24 -3%FY25 -4%FY26 -3%

It earned an average -1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−4% shares · 5y

Share count is down 4% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 60% over the same window.

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
$0.24
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$203,880
  • growthAssumed0.0%
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. 10-K · period ending 2022-01-31 · accession 0001493152-23-015101 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-01-31 · accession 0001493152-24-013409 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-01-31 · accession 0001641172-25-007998 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K/A · period ending 2025-01-31 · accession 0001493152-26-029173 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2022-01-31 · accession 0001493152-23-015101 (NetIncomeLoss)
  6. 10-K · period ending 2023-01-31 · accession 0001493152-24-013409 (NetIncomeLoss)
  7. 10-K · period ending 2024-01-31 · accession 0001641172-25-007998 (NetIncomeLoss)
  8. 10-K/A · period ending 2025-01-31 · accession 0001493152-26-029173 (NetIncomeLoss)
  9. 10-K · period ending 2022-01-31 · accession 0001493152-23-015101 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2023-01-31 · accession 0001493152-24-013409 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2024-01-31 · accession 0001641172-25-007998 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K/A · period ending 2025-01-31 · accession 0001493152-26-029173 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-01-31 · accession 0001493152-22-015364 (LongTermDebt)
  14. 10-K · period ending 2023-01-31 · accession 0001493152-23-015101 (LongTermDebt)
  15. 10-K · period ending 2024-01-31 · accession 0001493152-24-013409 (LongTermDebt)
  16. 10-K · period ending 2025-01-31 · accession 0001641172-25-007998 (LongTermDebt)
  17. 10-K/A · period ending 2026-01-31 · accession 0001493152-26-029173 (LongTermDebt)
  18. 10-K · period ending 2022-01-31 · accession 0001493152-22-015364 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-01-31 · accession 0001493152-23-015101 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-01-31 · accession 0001493152-24-013409 (CashAndCashEquivalentsAtCarryingValue)