| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 26 | 26 | 26 | 26 | 26 | 26 | 26 | 26 |
| Reserves | -60 | -78 | -93 | -108 | -125 | -144 | -156 | -167 |
| Borrowings | 40 | 53 | 68 | 83 | 100 | 118 | 130 | 141 |
| Other Liabilities | 4 | 4 | 3 | 2 | 3 | 3 | 3 | 3 |
| Total Liabilities | 10 | 4 | 4 | 3 | 4 | 3 | 3 | 3 |
| AssetsFixed Assets | 6 | 2 | 2 | 2 | 2 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 4 | 2 | 2 | 1 | 2 | 1 | 2 | 2 |
| Total Assets | 10 | 4 | 4 | 3 | 4 | 3 | 3 | 3 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -9 | -9 | -8 | -9 | -9 | -9 | -9 | -8 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 7 | 11 | 8 | 9 | 8 | 9 | 8 | 8 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -9 | -9 | -8 | -9 | -9 | -9 | -9 | -8 |
| 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.
SHARP · LOSS_MAKING
Guides on how to read this kind of business and the numbers that matter.