| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 23 | 20 | 27 | 34 | 39 | 45 | 47 | 45 |
| Borrowings | 66 | 79 | 71 | 65 | 83 | 80 | 85 | 93 |
| Other Liabilities | 50 | 55 | 55 | 83 | 89 | 105 | 118 | 112 |
| Total Liabilities | 144 | 159 | 159 | 187 | 216 | 235 | 256 | 256 |
| AssetsFixed Assets | 43 | 42 | 38 | 41 | 55 | 56 | 56 | 78 |
| CWIP | 0 | 0 | 0 | 1 | 0 | 4 | 10 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 101 | 117 | 121 | 145 | 161 | 176 | 190 | 177 |
| Total Assets | 144 | 159 | 159 | 187 | 216 | 235 | 256 | 256 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 7 | 14 | 0 | 15 | 25 | 10 | 26 | 29 |
| Cash from Investing | -8 | -5 | -1 | 0 | -8 | -17 | -8 | -25 |
| Cash from Financing | 1 | -9 | 1 | -15 | -16 | 7 | -17 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | 10 | -3 | 15 | 16 | -8 | 17 | 4 |
| 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.
AAIL · CYCLICAL_UNMODELABLE
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