| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 11 | 15 | 15 | 15 |
| Reserves | -6 | -6 | -6 | -6 | -3 | -5 | -4 | -3 |
| Borrowings | 1 | 1 | 1 | 1 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | 0 | 0 | 1 | 0 | 2 | 2 | 25 |
| Total Liabilities | 0 | 0 | 0 | 0 | 9 | 12 | 12 | 37 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 0 | 0 | 0 | 9 | 12 | 12 | 16 |
| Total Assets | 0 | 0 | 0 | 0 | 9 | 12 | 12 | 37 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 0 | -0 | 0 | 0 | -6 | -2 | 21 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -21 |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 9 | -2 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | 0 | -0 | 0 | 0 | -6 | -2 | 0 |
| 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.
GUJINJEC · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.