| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 13 | 13 | 13 | 13 |
| Reserves | 56 | 281 | 391 | 281 |
| Borrowings | — | — | — | — |
| Other Liabilities | 2 | 67 | 99 | 52 |
| Total Liabilities | 91 | 380 | 527 | 347 |
| AssetsFixed Assets | 1 | 3 | 3 | 2 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 34 | 324 | 456 | 246 |
| Other Assets | 56 | 53 | 68 | 99 |
| Total Assets | 91 | 380 | 527 | 347 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | -7 | 10 | 55 |
| Cash from Investing | -6 | -9 | -28 |
| Cash from Financing | 13 | 1 | -20 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | -9 | 8 | 55 |
| FCF Margin | — | — | — |
An earnings-based reverse DCF needs positive, normalized profits. This business doesn't have them yet, so any 'fair value' would be fiction.
SERA · LOSS_MAKING
Guides on how to read this kind of business and the numbers that matter.