| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 10 | 10 |
| Reserves | 4 | 10 | 30 | 32 |
| Borrowings | 3 | 9 | 9 | 9 |
| Other Liabilities | 3 | 5 | 4 | 9 |
| Total Liabilities | 10 | 26 | 53 | 61 |
| AssetsFixed Assets | 5 | 14 | 13 | 16 |
| CWIP | 0 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 6 | 11 | 39 | 44 |
| Total Assets | 10 | 26 | 53 | 61 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | 3 | 3 | 1 |
| Cash from Investing | -3 | -9 | -3 |
| Cash from Financing | 0 | 7 | 23 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | 3 | -3 | -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.
TELGE · CYCLICAL_UNMODELABLE
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