| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 0 | 0 | 5 | 7 |
| Reserves | -0 | 1 | 5 | 3 | 28 |
| Borrowings | 2 | 2 | 4 | 4 | 4 |
| Other Liabilities | 2 | 1 | 2 | 4 | 2 |
| Total Liabilities | 4 | 5 | 11 | 16 | 42 |
| AssetsFixed Assets | 1 | 1 | 2 | 2 | 2 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 3 | 3 | 9 | 14 | 40 |
| Total Assets | 4 | 5 | 11 | 16 | 42 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | 1 | 0 | -2 | -24 |
| Cash from Investing | -0 | -0 | -1 | -0 |
| Cash from Financing | -1 | -0 | 3 | 25 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | 1 | 0 | -3 | -24 |
| 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.
ANL · CYCLICAL_UNMODELABLE
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