| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 11 | 11 | 22 | 22 |
| Reserves | 2 | 11 | 3 | 6 |
| Borrowings | 2 | 3 | 7 | 22 |
| Other Liabilities | 6 | 10 | 13 | 8 |
| Total Liabilities | 21 | 35 | 44 | 58 |
| AssetsFixed Assets | 0 | 1 | 1 | 2 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 1 | 1 |
| Other Assets | 21 | 34 | 42 | 56 |
| Total Assets | 21 | 35 | 44 | 58 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | 0 | 18 | -25 |
| Cash from Investing | 0 | -2 | -1 |
| Cash from Financing | 0 | -16 | 30 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | 0 | 17 | -26 |
| 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.
MIIL · CYCLICAL_UNMODELABLE
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