| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 51 | 51 | 51 | 51 | 69 | 69 | 69 | 71 |
| Reserves | 231 | 225 | 217 | 208 | 208 | 232 | 240 | 249 |
| Borrowings | 10 | 14 | 22 | 22 | 5 | 18 | 18 | 15 |
| Other Liabilities | 15 | 14 | 18 | 22 | 23 | 28 | 26 | 18 |
| Total Liabilities | 306 | 304 | 308 | 303 | 305 | 347 | 353 | 353 |
| AssetsFixed Assets | 268 | 268 | 268 | 264 | 262 | 270 | 278 | 308 |
| CWIP | 27 | 27 | 32 | 33 | 33 | 61 | 57 | 32 |
| Investments | 0 | 0 | 1 | 1 | 0 | 4 | 4 | 2 |
| Other Assets | 11 | 9 | 6 | 6 | 11 | 13 | 14 | 11 |
| Total Assets | 306 | 304 | 308 | 303 | 305 | 347 | 353 | 353 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 3 | 0 | -4 | -5 | -9 | -2 | -14 |
| Cash from Investing | 0 | -11 | 0 | -3 | 3 | -2 | -24 | -11 |
| Cash from Financing | 0 | 8 | 0 | 8 | 1 | 10 | 27 | 25 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -9 | 0 | -8 | -5 | -9 | -25 | -27 |
| FCF Margin | — | — | — | — | — | — | — | — |
An earnings-based reverse DCF needs positive, normalized profits. This business doesn't have them yet, so any 'fair value' would be fiction.
MODULEX · LOSS_MAKING
Guides on how to read this kind of business and the numbers that matter.