| Line item | FY23 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 9 | 0 | 26 | 26 |
| Reserves | -4 | 1 | 1 | 0 |
| Borrowings | 7 | 4 | 3 | 3 |
| Other Liabilities | 2 | 9 | 6 | 2 |
| Total Liabilities | 14 | 14 | 36 | 32 |
| AssetsFixed Assets | 2 | 4 | 23 | 22 |
| CWIP | 7 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 5 | 9 | 14 | 9 |
| Total Assets | 14 | 14 | 36 | 32 |
| Line item | FY23 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | -1 | 1 | 0 |
| Cash from Investing | 0 | -0 | -2 |
| Cash from Financing | 1 | -1 | 4 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | -1 | 1 | -3 |
| FCF Margin | — | — | — |
This looks cyclical, and we don't have enough quarters to establish a through-cycle earnings base. Valuing it off the current point in the cycle would be misleading.
ANKIN · CYCLICAL_UNMODELABLE
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