MeritValue

Raytech Holding Ltd

RAYdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'; no data for concept 'dividendsPaid'; no data for concept 'interestExpense'

The thesis, from the filings

Raytech Holding Ltd earns about 19% on equity, but has diluted owners by 132% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $5.6 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 2024FY 2025FY 2026
Revenue$8.56M1$10.1M2$18.2M3
Net income$1.27M4$1.06M5$2.13M6
Operating cash flow$2.01M7$799,5658−$1.85M9
Capital expenditure———
Free cash flow (derived)———
Total debt———
Cash & equivalents$4.59M10$10.9M11$9.95M12
Diluted shares1.0M1.1M2.3M

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
$71.23
your share of equity
Profit it earned you last year
$9.18
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $71.23 of net worth that earned you $9.18 last year.

iii. Is this a good business?
Moat signal · return on equity
19% avg · 3y
FY24 32%FY25 11%FY26 13%

It earned an average 19% 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
+132% shares · 3y

Share count is up 132% 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 v0.5.0
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
$5.6
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.27M
  • growthAssumed0.0%
Graham Number
$11.2
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2024-03-31 · accession 0001013762-24-002233 (Revenues)
  2. 20-F · period ending 2025-03-31 · accession 0001213900-25-067464 (Revenues)
  3. 20-F · period ending 2026-03-31 · accession 0001213900-26-083948 (Revenues)
  4. 20-F · period ending 2024-03-31 · accession 0001013762-24-002233 (NetIncomeLoss)
  5. 20-F · period ending 2025-03-31 · accession 0001213900-25-067464 (NetIncomeLoss)
  6. 20-F · period ending 2026-03-31 · accession 0001213900-26-083948 (NetIncomeLoss)
  7. 20-F · period ending 2024-03-31 · accession 0001013762-24-002233 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2025-03-31 · accession 0001213900-25-067464 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2026-03-31 · accession 0001213900-26-083948 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2024-03-31 · accession 0001013762-24-002233 (CashAndCashEquivalentsAtCarryingValue)
  11. 20-F · period ending 2025-03-31 · accession 0001213900-25-067464 (CashAndCashEquivalentsAtCarryingValue)
  12. 20-F · period ending 2026-03-31 · accession 0001213900-26-083948 (CashAndCashEquivalentsAtCarryingValue)