| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 2 | 2 | 2 | 2 |
| Reserves | 10 | 26 | 26 | 26 |
| Borrowings | 0 | 1 | 16 | 16 |
| Other Liabilities | 2 | 2 | 16 | 20 |
| Total Liabilities | 14 | 31 | 60 | 65 |
| AssetsFixed Assets | 4 | 4 | 23 | 25 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 0 | 6 | 0 | 0 |
| Other Assets | 11 | 21 | 37 | 40 |
| Total Assets | 14 | 31 | 60 | 65 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | -1 | -1 | -12 |
| Cash from Investing | -4 | -15 | 6 |
| Cash from Financing | 5 | 15 | 7 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | -1 | -1 | -17 |
| 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.
EY · CYCLICAL_UNMODELABLE
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