| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 12 | 12 | 12 | 12 | 12 | 46 |
| Reserves | 27 | 30 | 35 | 37 | 36 | 38 | 37 | 8 |
| Borrowings | 6 | 17 | 26 | 14 | 11 | 22 | 17 | 42 |
| Other Liabilities | 4 | 4 | 7 | 5 | 3 | 2 | 3 | 10 |
| Total Liabilities | 48 | 61 | 80 | 68 | 61 | 74 | 68 | 105 |
| AssetsFixed Assets | 11 | 14 | 17 | 16 | 13 | 11 | 10 | 11 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Investments | 0 | 0 | 2 | 3 | 5 | 5 | 5 | 5 |
| Other Assets | 37 | 47 | 60 | 48 | 43 | 58 | 52 | 89 |
| Total Assets | 48 | 61 | 80 | 68 | 61 | 74 | 68 | 105 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -6 | 10 | -4 | 0 | 19 | 11 | -11 | -16 |
| Cash from Investing | -7 | 0 | -6 | -9 | -4 | -3 | 1 | -1 |
| Cash from Financing | 14 | -10 | 9 | 9 | -15 | -6 | 7 | 17 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -14 | 10 | -10 | -7 | 16 | 11 | -12 | -19 |
| 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.
A1L · CYCLICAL_UNMODELABLE
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