| Line item | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 36 | 36 | 39 |
| Reserves | -1 | 121 | 139 | 151 |
| Borrowings | — | — | — | — |
| Other Liabilities | 0 | 2 | 6 | 11 |
| Total Liabilities | 1 | 165 | 185 | 215 |
| AssetsFixed Assets | 0 | 117 | 169 | 197 |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 |
| Other Assets | 1 | 48 | 16 | 19 |
| Total Assets | 1 | 165 | 185 | 215 |
| Line item | FY24 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | -1 | 26 | 36 |
| Cash from Investing | 0 | -4 | -66 |
| Cash from Financing | 0 | 14 | 0 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | -1 | 25 | -29 |
| 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.
UVS · CYCLICAL_UNMODELABLE
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