| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 8 | 45 | 47 | 47 |
| Reserves | 7 | 19 | 16 | 27 | 39 |
| Borrowings | 0 | 0 | 0 | 6 | 7 |
| Other Liabilities | 9 | 17 | 35 | 52 | 44 |
| Total Liabilities | 24 | 44 | 96 | 131 | 137 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 21 | 21 | 21 |
| Other Assets | 23 | 43 | 75 | 110 | 116 |
| Total Assets | 24 | 44 | 96 | 131 | 137 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | -12 | -2 | -13 | -28 |
| Cash from Investing | -0 | 0 | -20 | 5 |
| Cash from Financing | 12 | 4 | 31 | 24 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | -12 | -2 | -13 | -28 |
| 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.
SELLWIN · CYCLICAL_UNMODELABLE
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