| Line item | FY25 | FY26 | FY26 |
|---|---|---|---|
| LiabilitiesEquity Capital | 12 | 12 | 13 |
| Reserves | 49 | 61 | 56 |
| Borrowings | 104 | 117 | 114 |
| Other Liabilities | 11 | 24 | 22 |
| Total Liabilities | 175 | 214 | 205 |
| AssetsFixed Assets | 23 | 21 | 19 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 3 | 10 |
| Other Assets | 152 | 191 | 176 |
| Total Assets | 175 | 214 | 205 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | -22 | 5 |
| Cash from Investing | 2 | -7 |
| Cash from Financing | 19 | 3 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -22 | 5 |
| 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.
MARBLE · CYCLICAL_UNMODELABLE
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