Luda Technology Group Ltd
LUDdata completeness 100%4 fiscal years on fileLuda Technology Group Ltd earns about 14% on invested capital, comfortably above its ~9% cost of capital, but has diluted owners by 11% over 4 years — a real edge showing up in the numbers. The estimate methods put fair value between $0.57 and $0.84 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Revenue | $49.9M1 | $51.4M2 | $44.9M2 | $33.5M2 |
| Net income | $3.07M3 | $3.03M4 | −$361,0164 | $556,8294 |
| Operating cash flow | −$1M5 | $3.33M6 | $5.46M6 | −$1.71M6 |
| Capital expenditure | $460,3787 | $1.76M8 | $1.08M8 | $458,2218 |
| Free cash flow (derived) | −$1.46M5 | $1.57M6 | $4.38M6 | −$2.17M6 |
| Total debt | — | $11.2M9 | $12.3M10 | $12.7M10 |
| Cash & equivalents | $4.12M11 | $8.08M12 | $8.13M12 | $4.52M12 |
| Diluted shares | 20.0M | 20.0M | 20.0M | 22.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $9.98 of net worth that earned you $0.25 and generated −$0.97 of cash last year, against $5.7 of debt.
It earned about 14% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.
seeing a moat in the numbers →Share count is up 11% over 4 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 14% 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.
The 3 estimate methods that apply put fair value between $0.57 and $0.84 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$1.57M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$1.57M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.79M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $0.64 |
| Base | 0.0% | $0.64 |
| Bull | 5.0% | $0.89 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= 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.
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037162 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-057512 (RevenueFromContractWithCustomerIncludingAssessedTax)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037162 (NetIncomeLoss)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-057512 (NetIncomeLoss)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037162 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-057512 (NetCashProvidedByUsedInOperatingActivities)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037162 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-057512 (PaymentsToAcquirePropertyPlantAndEquipment)
- 20-F · period ending 2023-12-31 · accession 0001213900-25-037162 (ShortTermBorrowings)
- 20-F · period ending 2024-12-31 · accession 0001213900-26-057512 (LongTermDebt)
- 20-F · period ending 2022-12-31 · accession 0001213900-25-037162 (CashAndCashEquivalentsAtCarryingValue)
- 20-F · period ending 2023-12-31 · accession 0001213900-26-057512 (CashAndCashEquivalentsAtCarryingValue)