| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 22 | 26 | 26 | 43 |
| Reserves | 5 | 7 | 9 | 124 |
| Borrowings | 0 | 0 | 9 | 4 |
| Other Liabilities | 3 | 20 | 26 | 6 |
| Total Liabilities | 30 | 53 | 70 | 177 |
| AssetsFixed Assets | 0 | 1 | 6 | 1 |
| CWIP | 5 | 5 | 0 | 0 |
| Investments | 0 | 2 | 2 | 9 |
| Other Assets | 24 | 45 | 62 | 168 |
| Total Assets | 30 | 53 | 70 | 177 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | 12 | 2 | -17 |
| Cash from Investing | -0 | -2 | -7 |
| Cash from Financing | 0 | 0 | 137 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | 12 | 2 | -17 |
| 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.
STARLENT · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.