| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 10 | 23 | 23 | 23 |
| Reserves | -4 | 141 | 237 | 283 | 347 |
| Borrowings | 1 | 0 | 2 | 11 | 35 |
| Other Liabilities | 0 | 128 | 221 | 221 | 158 |
| Total Liabilities | 2 | 278 | 483 | 539 | 563 |
| AssetsFixed Assets | 0 | 73 | 73 | 101 | 100 |
| CWIP | 0 | 0 | 0 | 0 | 4 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 2 | 205 | 410 | 438 | 459 |
| Total Assets | 2 | 278 | 483 | 539 | 563 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | 5 | -41 | 48 | -22 |
| Cash from Investing | -1 | -75 | -129 | -43 |
| Cash from Financing | -4 | 123 | 87 | 41 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | 5 | -117 | 46 | -56 |
| 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.
NWIL · CYCLICAL_UNMODELABLE
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