| Line item | FY25 | FY26 |
|---|---|---|
| LiabilitiesEquity Capital | 20 | 20 |
| Reserves | 1.4k | 1.7k |
| Borrowings | 297 | 2 |
| Other Liabilities | 397 | 633 |
| Total Liabilities | 2.2k | 2.3k |
| AssetsFixed Assets | 5 | 5 |
| CWIP | 0 | 0 |
| Investments | 4 | 1 |
| Other Assets | 2.1k | 2.3k |
| Total Assets | 2.2k | 2.3k |
| Line item | FY25 |
|---|---|
| ActivitiesCash from Operating | 41 |
| Cash from Investing | 0 |
| Cash from Financing | -43 |
| SummaryCapital Expenditure | — |
| Free Cash Flow | 41 |
| 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.
MAXGROW · CYCLICAL_UNMODELABLE
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