| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 10 | 10 | 10 |
| Reserves | -0 | 2 | 4 | 6 | 8 |
| Borrowings | 0 | 12 | 13 | 3 | 3 |
| Other Liabilities | 1 | 4 | 7 | 9 | 11 |
| Total Liabilities | 11 | 28 | 34 | 29 | 32 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 6 |
| Other Assets | 11 | 27 | 34 | 29 | 25 |
| Total Assets | 11 | 28 | 34 | 29 | 32 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -0 | 0 | 9 |
| Cash from Investing | -6 | -11 | 1 | 0 |
| Cash from Financing | 6 | 12 | 1 | -10 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | 0 | -0 | 0 | 9 |
| 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.
SIZEMASTER · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.