| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 94 |
| Reserves | -1 | 0 | 0 | 0 | 0 | 2 | 3 | 22 |
| Borrowings | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Other Liabilities | 0 | 1 | 1 | 0 | 0 | 0 | 10 | 59 |
| Total Liabilities | 4 | 5 | 6 | 5 | 6 | 6 | 18 | 176 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Other Assets | 4 | 5 | 5 | 5 | 6 | 6 | 18 | 171 |
| Total Assets | 4 | 5 | 6 | 5 | 6 | 6 | 18 | 176 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | 1 | -63 |
| Cash from Investing | 0 | -4 |
| Cash from Financing | -1 | 83 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | 1 | -63 |
| 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.
AVI · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.