| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 34 | 34 | 34 | 34 | 34 | 34 | 34 | 34 |
| Reserves | -30 | -30 | -29 | -29 | -27 | -24 | -22 | -23 |
| Borrowings | 0 | 0 | 0 | 0 | 5 | 14 | 26 | 38 |
| Other Liabilities | 10 | 8 | 24 | 21 | 7 | 45 | 20 | 28 |
| Total Liabilities | 14 | 13 | 29 | 27 | 19 | 69 | 58 | 76 |
| AssetsFixed Assets | 1 | 1 | 1 | 1 | 1 | 4 | 15 | 19 |
| CWIP | 1 | 1 | 1 | 1 | 1 | 4 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Other Assets | 12 | 11 | 27 | 25 | 18 | 60 | 42 | 56 |
| Total Assets | 14 | 13 | 29 | 27 | 19 | 69 | 58 | 76 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -4 | -0 | 1 | -1 | -5 | 1 | -19 |
| Cash from Investing | -0 | 2 | -0 | -1 | 1 | -0 | -7 | -2 |
| Cash from Financing | 0 | -1 | 0 | 0 | -0 | 5 | 6 | 21 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -2 | -0 | 1 | -1 | -5 | -6 | -21 |
| 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.
SPTRSHI · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.