| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 23 | 34 | 45 | 54 | 59 |
| Reserves | -6 | 15 | 32 | 54 | 73 |
| Borrowings | — | — | — | — | — |
| Other Liabilities | 39 | 1 | 2 | 2 | 4 |
| Total Liabilities | 58 | 74 | 154 | 196 | 245 |
| AssetsFixed Assets | 31 | 31 | 32 | 32 | 31 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 8 | 1 | 1 | 11 | 5 |
| Other Assets | 20 | 42 | 121 | 152 | 208 |
| Total Assets | 58 | 74 | 154 | 196 | 245 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | -0 | -60 | -78 | -98 |
| Cash from Investing | -4 | -1 | -1 | -1 |
| Cash from Financing | 9 | 60 | 92 | 93 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | -4 | -62 | -79 | -99 |
| 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.
PURPLEFIN · CYCLICAL_UNMODELABLE
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