| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 62 | 62 | 62 | 62 | 66 | 71 | 188 | 188 |
| Reserves | 13 | 16 | 18 | 19 | 24 | 59 | 272 | 379 |
| Borrowings | 4 | 7 | 7 | 6 | 705 | 686 | 386 | 1.2k |
| Other Liabilities | 146 | 139 | 56 | 41 | 52 | 67 | 75 | 65 |
| Total Liabilities | 224 | 224 | 142 | 127 | 848 | 883 | 920 | 1.9k |
| AssetsFixed Assets | 9 | 9 | 9 | 9 | 11 | 11 | 50 | 14 |
| CWIP | 0 | 0 | 0 | 2 | 0 | 0 | 0 | 1 |
| Investments | 0 | 0 | 1 | 1 | 704 | 724 | 717 | 879 |
| Other Assets | 216 | 215 | 132 | 115 | 132 | 148 | 154 | 959 |
| Total Assets | 224 | 224 | 142 | 127 | 848 | 883 | 920 | 1.9k |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -3 | 2 | -6 | -3 | 17 | -2 | -23 |
| Cash from Investing | 0 | 1 | -2 | 8 | -697 | -17 | -18 | 53 |
| Cash from Financing | 0 | 2 | 1 | -1 | 699 | 1 | 20 | -28 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -3 | 2 | -8 | -6 | 17 | -2 | -27 |
| 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.
EVEXIA · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.