| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 12 | 12 | 31 |
| Reserves | 0 | 4 | 4 | 14 |
| Borrowings | 0 | 10 | 8 | 73 |
| Other Liabilities | 0 | 13 | 15 | 84 |
| Total Liabilities | 1 | 39 | 39 | 202 |
| AssetsFixed Assets | 0 | 17 | 17 | 91 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 0 | 1 | 1 | 0 |
| Other Assets | 1 | 21 | 21 | 110 |
| Total Assets | 1 | 39 | 39 | 202 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | 0 | -2 | 4 |
| Cash from Investing | 0 | -20 | 11 |
| Cash from Financing | 0 | 23 | -14 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | 0 | -2 | 4 |
| 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.
ASGARD · CYCLICAL_UNMODELABLE
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