| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 0 | 0 | 5 | 7 | 7 | 11 |
| Reserves | 6 | 8 | 12 | 9 | 30 | 32 | 191 |
| Borrowings | 0 | 2 | 2 | 0 | 2 | 4 | 6 |
| Other Liabilities | 3 | 4 | 12 | 10 | 16 | 20 | 22 |
| Total Liabilities | 10 | 14 | 26 | 24 | 54 | 62 | 231 |
| AssetsFixed Assets | 1 | 1 | 1 | 3 | 7 | 15 | 164 |
| CWIP | 0 | 0 | 1 | 3 | 6 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 17 |
| Other Assets | 8 | 13 | 23 | 17 | 41 | 47 | 50 |
| Total Assets | 10 | 14 | 26 | 24 | 54 | 62 | 231 |
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | -1 | 3 | 11 | -7 | 2 |
| Cash from Investing | -1 | -0 | -1 | -4 | -8 | -169 |
| Cash from Financing | -2 | 2 | -1 | -2 | 20 | 162 |
| SummaryCapital Expenditure | — | — | — | — | — | — |
| Free Cash Flow | 2 | -2 | 2 | 7 | -15 | -150 |
| 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.
SATTRIX · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.