| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 4 | 4 | 10 | 10 | 11 | 42 |
| Reserves | 1 | 1 | 1 | 1 | 13 | 26 | 33 | 292 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 13 | 13 | 50 |
| Other Liabilities | 0 | 0 | 0 | 5 | 13 | 14 | 44 | 135 |
| Total Liabilities | 5 | 5 | 5 | 10 | 37 | 63 | 101 | 518 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 1 | 11 | 11 | 268 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 5 | 5 | 5 | 10 | 36 | 52 | 89 | 251 |
| Total Assets | 5 | 5 | 5 | 10 | 37 | 63 | 101 | 518 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | -13 | -18 |
| Cash from Investing | -8 | -2 |
| Cash from Financing | 3 | 3 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -18 | -19 |
| 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.
ASTALLTD · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.