| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 11 | 12 | 12 |
| Reserves | 18 | 30 | 32 | 39 |
| Borrowings | 1 | 1 | 1 | 3 |
| Other Liabilities | 2 | 2 | 4 | 111 |
| Total Liabilities | 29 | 44 | 49 | 165 |
| AssetsFixed Assets | 5 | 5 | 4 | 4 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 24 | 39 | 45 | 161 |
| Total Assets | 29 | 44 | 49 | 165 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | -9 | -13 | -2 |
| Cash from Investing | -2 | -1 | 0 |
| Cash from Financing | 5 | 14 | 2 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | -11 | -14 | -2 |
| 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.
DEVLAB · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.