| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 17 | 17 |
| Reserves | 4 | 9 | 13 | 13 | 25 | 20 | 64 | 59 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Total Liabilities | 14 | 19 | 23 | 24 | 36 | 30 | 82 | 91 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 13 | 18 | 18 | 21 | 32 | 27 | 44 | 40 |
| Other Assets | 1 | 1 | 5 | 2 | 3 | 3 | 38 | 51 |
| Total Assets | 14 | 19 | 23 | 24 | 36 | 30 | 82 | 91 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 1 | 2 | 3 | 1 | 2 | -2 | -2 | -44 |
| Cash from Investing | -1 | -1 | -4 | 2 | -3 | 3 | 0 | -18 |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 63 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 1 | 2 | 3 | 1 | 2 | -2 | -2 | -44 |
| 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.
CRESCENTIS · CYCLICAL_UNMODELABLE
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