| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 17 | 18 | 18 | 23 | 23 | 23 | 23 | 23 |
| Reserves | -2 | 6 | 11 | 73 | 71 | 73 | 76 | 80 |
| Borrowings | 33 | 31 | 28 | 28 | 29 | 20 | 13 | 8 |
| Other Liabilities | 6 | 5 | 8 | 4 | 5 | 5 | 4 | 4 |
| Total Liabilities | 54 | 60 | 65 | 129 | 128 | 121 | 116 | 116 |
| AssetsFixed Assets | 46 | 44 | 49 | 48 | 45 | 43 | 41 | 42 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 8 | 16 | 16 | 81 | 83 | 78 | 74 | 74 |
| Total Assets | 54 | 60 | 65 | 129 | 128 | 121 | 116 | 116 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | — | -1 | 15 | -63 | 1 | 7 | 9 | 8 |
| Cash from Investing | — | -0 | -8 | -2 | -0 | -1 | -1 | -3 |
| Cash from Financing | — | 4 | -8 | 63 | 1 | -8 | -7 | -3 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | — | -1 | 7 | -64 | 1 | 7 | 8 | 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.
AASHKA · CYCLICAL_UNMODELABLE
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