| Line item | FY25 | FY26 | FY26 |
|---|---|---|---|
| LiabilitiesEquity Capital | 17 | 17 | 18 |
| Reserves | 20 | 20 | 24 |
| Borrowings | 1 | 18 | 15 |
| Other Liabilities | 0 | 1 | 2 |
| Total Liabilities | 38 | 56 | 59 |
| AssetsFixed Assets | 6 | 6 | 18 |
| CWIP | 0 | 12 | 8 |
| Investments | 3 | 1 | 2 |
| Other Assets | 29 | 37 | 31 |
| Total Assets | 38 | 56 | 59 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | -16 | -8 |
| Cash from Investing | -10 | -17 |
| Cash from Financing | 34 | 17 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -20 | -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.
VALENCIA · CYCLICAL_UNMODELABLE
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