MeritValue

Reitar Logtech Holdings Ltd

RITRdata completeness 100%3 fiscal years on file

Data notes: 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'

The thesis, from the filings

Reitar Logtech Holdings Ltd earns about -16% on invested capital, but has diluted owners by 2% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $0.17 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$32.2M1$48.6M2$28.3M3
Net income$2.52M4$1.01M5−$19.5M6
Operating cash flow−$2.39M7−$8.01M8−$9.59M9
Capital expenditure$66,15210$503,32711$340,98412
Free cash flow (derived)−$2.46M7−$8.52M8−$9.93M9
Total debt$5.22M13$10.1M14$14M15
Cash & equivalents$816,63016$2.62M17$1.1M18
Diluted shares60.0M61.5M61.5M

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
$1.56
your share of equity
Profit it earned you last year
−$3.18
Free cash flow it threw off
−$1.62
Debt you’d be carrying
$2.28

10 shares is a claim on $1.56 of net worth that earned you −$3.18 and generated −$1.62 of cash last year, against $2.28 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-16% avg · 3y
FY24 15%FY25 2%FY26 -65%

It earned an average -16% on invested capital over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2% shares · 3y

Share count is up 2% over 3 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 168% 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 v0.5.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$0.17
assumptions (8)
  • riskFreeRate4.8%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.01M
  • 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. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 20-F · period ending 2026-03-31 · accession 0001213900-26-090802 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (NetIncomeLoss)
  5. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (NetIncomeLoss)
  6. 20-F · period ending 2026-03-31 · accession 0001213900-26-090802 (NetIncomeLoss)
  7. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (NetCashProvidedByUsedInOperatingActivities)
  8. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (NetCashProvidedByUsedInOperatingActivities)
  9. 20-F · period ending 2026-03-31 · accession 0001213900-26-090802 (NetCashProvidedByUsedInOperatingActivities)
  10. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 20-F · period ending 2026-03-31 · accession 0001213900-26-090802 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (ShortTermBorrowings)
  14. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (ShortTermBorrowings)
  15. 20-F · period ending 2026-03-31 · accession 0001213900-26-090802 (ShortTermBorrowings)
  16. 20-F · period ending 2024-03-31 · accession 0001013762-24-003197 (CashAndCashEquivalentsAtCarryingValue)
  17. 20-F · period ending 2025-03-31 · accession 0001213900-25-077592 (CashAndCashEquivalentsAtCarryingValue)
  18. 20-F · period ending 2026-03-31 · accession 0001213900-26-090802 (CashAndCashEquivalentsAtCarryingValue)