| Line item | FY25 | FY26 | FY26 |
|---|---|---|---|
| LiabilitiesEquity Capital | 23 | 23 | 23 |
| Reserves | 150 | 150 | 168 |
| Borrowings | 97 | 97 | 122 |
| Other Liabilities | 40 | 30 | 91 |
| Total Liabilities | 310 | 301 | 404 |
| AssetsFixed Assets | 113 | 109 | 114 |
| CWIP | 9 | 13 | 8 |
| Investments | 20 | 0 | 0 |
| Other Assets | 168 | 178 | 283 |
| Total Assets | 310 | 301 | 404 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | 6 | -25 |
| Cash from Investing | -42 | 13 |
| Cash from Financing | 33 | 18 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -15 | -35 |
| 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.
SUPERIRON · CYCLICAL_UNMODELABLE
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