| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 4 | 4 | 4 | 17 | 17 | 18 |
| Reserves | 3 | 3 | 4 | 4 | 4 | 46 | 55 | 102 |
| Borrowings | 3 | 3 | 4 | 4 | 0 | 52 | 68 | 82 |
| Other Liabilities | 0 | 1 | 0 | 1 | 0 | 53 | 52 | 64 |
| Total Liabilities | 10 | 11 | 11 | 12 | 8 | 167 | 192 | 267 |
| AssetsFixed Assets | 1 | 3 | 3 | 2 | 0 | 18 | 18 | 32 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 2 | 9 | 21 |
| Investments | 6 | 6 | 7 | 7 | 1 | 0 | 0 | 3 |
| Other Assets | 3 | 2 | 2 | 2 | 7 | 146 | 164 | 210 |
| Total Assets | 10 | 11 | 11 | 12 | 8 | 167 | 192 | 267 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | 0 | 1 | 0 | 0 | -8 | -31 | -48 |
| Cash from Investing | -1 | 0 | -1 | 0 | 0 | 13 | 0 | -36 |
| Cash from Financing | 2 | 0 | 0 | 0 | 0 | -4 | 53 | 61 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | 0 | 0 | 0 | 0 | -6 | -31 | -82 |
| 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.
SMTEL · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.