| Line item | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 9 | 9 | 9 | 16 | 18 |
| Reserves | -0 | 6 | 9 | 12 | 25 | 45 |
| Borrowings | 0 | 11 | 11 | 12 | 14 | 19 |
| Other Liabilities | 0 | 1 | 3 | 6 | 4 | 7 |
| Total Liabilities | 0 | 27 | 33 | 39 | 59 | 89 |
| AssetsFixed Assets | 0 | 1 | 2 | 2 | 2 | 2 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 27 | 31 | 36 | 56 | 86 |
| Total Assets | 0 | 27 | 33 | 39 | 59 | 89 |
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ActivitiesCash from Operating | -0 | -22 | 7 | 1 | -25 |
| Cash from Investing | 0 | -1 | -5 | -0 | -0 |
| Cash from Financing | 0 | 23 | -1 | -1 | 25 |
| SummaryCapital Expenditure | — | — | — | — | — |
| Free Cash Flow | -0 | -23 | 5 | 1 | -25 |
| 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.
RETAGGIO · CYCLICAL_UNMODELABLE
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