| Line item | FY22 | FY23 | FY24 |
|---|---|---|---|
| LiabilitiesEquity Capital | 13 | 13 | 13 |
| Reserves | 10 | 11 | 13 |
| Borrowings | 12 | 19 | 42 |
| Other Liabilities | 9 | 15 | 22 |
| Total Liabilities | 44 | 58 | 89 |
| AssetsFixed Assets | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Other Assets | 42 | 56 | 87 |
| Total Assets | 44 | 58 | 89 |
| Line item | FY22 | FY23 | FY24 |
|---|---|---|---|
| ActivitiesCash from Operating | -0 | -1 | -25 |
| Cash from Investing | -0 | -0 | -0 |
| Cash from Financing | -1 | 2 | 24 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | -1 | -2 | -25 |
| 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.
MAINFRA · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.