| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 15 | 15 | 22 | 22 |
| Reserves | 59 | 76 | 125 | 147 |
| Borrowings | 73 | 73 | 0 | 0 |
| Other Liabilities | 19 | 32 | 106 | 111 |
| Total Liabilities | 165 | 196 | 253 | 280 |
| AssetsFixed Assets | 2 | 1 | 2 | 2 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 123 | 149 | 201 | 205 |
| Other Assets | 40 | 45 | 51 | 73 |
| Total Assets | 165 | 196 | 253 | 280 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | -10 | 18 | 4 |
| Cash from Investing | 1 | -9 | -24 |
| Cash from Financing | 0 | -9 | 10 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | -12 | 18 | 3 |
| 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.
COVANCE · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.