| Line item | FY22 | FY25 | FY26 | FY26 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | — | 0 | 0 | 0 |
| Reserves | — | 139 | 140 | 140 |
| Borrowings | — | 0 | 0 | 0 |
| Other Liabilities | — | 0 | 1 | 1 |
| Total Liabilities | — | 140 | 140 | 141 |
| AssetsFixed Assets | — | 1 | 0 | 0 |
| CWIP | — | 119 | 120 | 120 |
| Investments | — | 0 | 0 | 0 |
| Other Assets | — | 20 | 20 | 21 |
| Total Assets | — | 140 | 140 | 141 |
| Line item | FY22 | FY25 | FY26 |
|---|---|---|---|
| ActivitiesCash from Operating | 1 | 31 | -1 |
| Cash from Investing | 0 | -117 | 0 |
| Cash from Financing | 0 | 100 | -0 |
| SummaryCapital Expenditure | — | — | — |
| Free Cash Flow | 1 | -88 | -2 |
| FCF Margin | — | — | — |
An earnings-based reverse DCF needs positive, normalized profits. This business doesn't have them yet, so any 'fair value' would be fiction.
ZR2 · LOSS_MAKING
Guides on how to read this kind of business and the numbers that matter.