| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 8 | 8 | 15 | 15 | 15 | 15 |
| Reserves | 10 | 16 | 20 | 15 | 20 | 23 | 31 |
| Borrowings | 2 | 2 | 3 | 6 | 8 | 7 | 27 |
| Other Liabilities | 3 | 5 | 5 | 4 | 6 | 6 | 17 |
| Total Liabilities | 15 | 30 | 35 | 40 | 50 | 52 | 90 |
| AssetsFixed Assets | 6 | 7 | 7 | 20 | 23 | 24 | 28 |
| CWIP | 0 | 3 | 6 | 2 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 2 | 3 | 29 |
| Other Assets | 9 | 20 | 22 | 19 | 24 | 25 | 34 |
| Total Assets | 15 | 30 | 35 | 40 | 50 | 52 | 90 |
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | -2 | 3 | 4 | 3 | 5 |
| Cash from Investing | -2 | -4 | -4 | -10 | -5 | -22 |
| Cash from Financing | 0 | 10 | 1 | 2 | 1 | 18 |
| SummaryCapital Expenditure | — | — | — | — | — | — |
| Free Cash Flow | 0 | -6 | -1 | -6 | 1 | 3 |
| 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.
SPITZE · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.