| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 3 | 4 | 4 | 4 | 4 | 4 | 22 |
| Reserves | -3 | -1 | 16 | 18 | 25 | 55 | 101 | 91 |
| Borrowings | 6 | 4 | 3 | 5 | 13 | 9 | 63 | 80 |
| Other Liabilities | 1 | 2 | 8 | 7 | 6 | 18 | 17 | 46 |
| Total Liabilities | 4 | 8 | 31 | 34 | 47 | 85 | 185 | 239 |
| AssetsFixed Assets | 0 | 1 | 11 | 11 | 9 | 8 | 30 | 35 |
| CWIP | 1 | 1 | 1 | 1 | 3 | 4 | 0 | 8 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 54 | 0 |
| Other Assets | 3 | 5 | 18 | 21 | 35 | 72 | 101 | 195 |
| Total Assets | 4 | 8 | 31 | 34 | 47 | 85 | 185 | 239 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | 0 | 3 | -3 | -5 | 3 | -48 |
| Cash from Investing | -1 | -1 | -11 | -2 | -3 | -3 | -31 |
| Cash from Financing | 2 | 1 | 13 | 1 | 12 | 22 | 109 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | -1 | -8 | -6 | -8 | 0 | -82 |
| FCF Margin | — | — | — | — | — | — | — |
An earnings-based reverse DCF needs positive, normalized profits. This business doesn't have them yet, so any 'fair value' would be fiction.
CWD · LOSS_MAKING
Guides on how to read this kind of business and the numbers that matter.