| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 12 | 17 | 35 | 35 | 36 |
| Reserves | 1 | 80 | 344 | 349 | 356 |
| Borrowings | — | — | — | — | — |
| Other Liabilities | 21 | 65 | 128 | 204 | 116 |
| Total Liabilities | 45 | 202 | 539 | 629 | 533 |
| AssetsFixed Assets | 2 | 9 | 14 | 33 | 32 |
| CWIP | 0 | 0 | 13 | 0 | 0 |
| Investments | 3 | 45 | 117 | 121 | 121 |
| Other Assets | 40 | 147 | 396 | 475 | 380 |
| Total Assets | 45 | 202 | 539 | 629 | 533 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | -7 | -22 | -197 | — |
| Cash from Investing | 1 | -49 | -74 | — |
| Cash from Financing | 7 | 74 | 270 | — |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | -7 | -30 | -211 | — |
| 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.
LASTMILE · CYCLICAL_UNMODELABLE
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