| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 13 | 14 | 52 | 69 | 72 | 74 | 75 | 76 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 10 | 2 | 0 | 1 | 1 | 1 | 3 |
| Total Liabilities | 19 | 30 | 59 | 75 | 78 | 80 | 82 | 84 |
| AssetsFixed Assets | 7 | 6 | 5 | 5 | 5 | 4 | 4 | 4 |
| CWIP | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 0 |
| Investments | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 6 |
| Other Assets | 9 | 21 | 49 | 66 | 70 | 72 | 74 | 74 |
| Total Assets | 19 | 30 | 59 | 75 | 78 | 80 | 82 | 84 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | 2 | 9 | -8 | -4 | -9 | 2 | -6 |
| Cash from Investing | 1 | 1 | -12 | 8 | 4 | 10 | -1 | 45 |
| Cash from Financing | 0 | 0 | 0 | 0 | -0 | -1 | -1 | -37 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | 2 | 3 | 35 | 13 | -9 | 2 | -6 |
| FCF Margin | — | — | — | — | — | — | — | — |
An earnings-based reverse DCF needs positive, normalized profits. This business doesn't have them yet, so any 'fair value' would be fiction.
ADDIND · LOSS_MAKING
Guides on how to read this kind of business and the numbers that matter.