| Line item | FY25 | FY26 | FY26 |
|---|---|---|---|
| LiabilitiesEquity Capital | 15 | 15 | 15 |
| Reserves | 29 | 31 | 36 |
| Borrowings | 16 | 33 | 31 |
| Other Liabilities | 8 | 9 | 11 |
| Total Liabilities | 68 | 89 | 93 |
| AssetsFixed Assets | 11 | 36 | 36 |
| CWIP | 10 | 0 | 0 |
| Investments | 16 | 23 | 26 |
| Other Assets | 30 | 30 | 31 |
| Total Assets | 68 | 89 | 93 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | -2 | 10 |
| Cash from Investing | -16 | -23 |
| Cash from Financing | 18 | 13 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -13 | -7 |
| 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.
CAPPIPES · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.