| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 14 | 16 | 18 | 20 | 24 | 28 | 30 | 56 |
| Borrowings | 37 | 45 | 47 | 52 | 63 | 64 | 64 | 56 |
| Other Liabilities | 16 | 14 | 9 | 11 | 22 | 38 | 28 | 30 |
| Total Liabilities | 82 | 88 | 88 | 98 | 124 | 144 | 135 | 156 |
| AssetsFixed Assets | 5 | 4 | 4 | 6 | 5 | 5 | 5 | 4 |
| CWIP | 3 | 3 | 2 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 74 | 80 | 81 | 92 | 118 | 139 | 131 | 152 |
| Total Assets | 82 | 88 | 88 | 98 | 124 | 144 | 135 | 156 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 4 | 9 | -3 | 2 | -15 | -13 | -7 | -8 |
| Cash from Investing | 0 | 0 | 0 | 1 | 14 | 8 | 13 | -3 |
| Cash from Financing | -4 | -10 | 4 | -2 | 0 | 5 | -6 | 10 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | 9 | -4 | 3 | -15 | -13 | -7 | -8 |
| 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.
DEL · LOSS_MAKING
Guides on how to read this kind of business and the numbers that matter.