| Line item | FY25 | FY26 |
|---|---|---|
| LiabilitiesEquity Capital | 3 | 64 |
| Reserves | -7 | -3 |
| Borrowings | 4 | 16 |
| Other Liabilities | 1 | 50 |
| Total Liabilities | 1 | 126 |
| AssetsFixed Assets | 1 | 60 |
| CWIP | 0 | 0 |
| Investments | 0 | 4 |
| Other Assets | 0 | 61 |
| Total Assets | 1 | 126 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | -1 | -23 |
| Cash from Investing | -0 | -5 |
| Cash from Financing | 1 | 32 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -1 | -23 |
| 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.
FILTRON · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.