| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 11 | 15 | 16 | 18 | 19 | 23 | 23 | 25 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 328 | 18 | 15 | 6 | 66 | 25 | 7 | 2 |
| Total Liabilities | 344 | 37 | 36 | 29 | 90 | 53 | 35 | 31 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 20 | 1 |
| Other Assets | 344 | 37 | 35 | 29 | 90 | 52 | 15 | 30 |
| Total Assets | 344 | 37 | 36 | 29 | 90 | 53 | 35 | 31 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 9 | -6 | 0 | -2 | -1 | 5 | -8 | -13 |
| Cash from Investing | 11 | -8 | -5 | 1 | 10 | 3 | -8 | 13 |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 9 | -6 | 0 | -2 | -1 | 5 | -8 | -13 |
| 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.
EMERGENT · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.