| Line item | FY25 | FY26 | FY26 |
|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 10 | 10 |
| Reserves | -1 | 1 | 0 |
| Borrowings | 0 | 6 | 6 |
| Other Liabilities | 0 | 9 | 6 |
| Total Liabilities | 2 | 26 | 22 |
| AssetsFixed Assets | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Other Assets | 2 | 25 | 22 |
| Total Assets | 2 | 26 | 22 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | -1 | 5 |
| Cash from Investing | -2 | -9 |
| Cash from Financing | 3 | 8 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -1 | 5 |
| 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.
YASTF · CYCLICAL_UNMODELABLE
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