| Line item | FY25 | FY26 |
|---|---|---|
| LiabilitiesEquity Capital | 11 | 23 |
| Reserves | -2 | -2 |
| Borrowings | 3 | 1 |
| Other Liabilities | 2 | 16 |
| Total Liabilities | 14 | 38 |
| AssetsFixed Assets | 0 | 3 |
| CWIP | 5 | 6 |
| Investments | 0 | 0 |
| Other Assets | 9 | 29 |
| Total Assets | 14 | 38 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | -2 | -2 |
| Cash from Investing | 2 | -4 |
| Cash from Financing | -0 | 10 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -0 | -6 |
| 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.
SWADEIN · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.