| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 6 | 13 | 13 | 15 |
| Reserves | 15 | 15 | 15 | 15 | 24 | 76 | 80 | 105 |
| Borrowings | 2 | 2 | 2 | 0 | 2 | 6 | 13 | 15 |
| Other Liabilities | 3 | 2 | 2 | 1 | 8 | 11 | 12 | 14 |
| Total Liabilities | 24 | 24 | 23 | 21 | 40 | 105 | 117 | 149 |
| AssetsFixed Assets | 9 | 9 | 8 | 5 | 10 | 35 | 59 | 82 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 4 | 0 | 0 |
| Investments | 2 | 3 | 7 | 7 | 13 | 3 | 5 | 3 |
| Other Assets | 13 | 13 | 8 | 9 | 17 | 62 | 53 | 65 |
| Total Assets | 24 | 24 | 23 | 21 | 40 | 105 | 117 | 149 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | -4 | -0 | 3 | -1 | -3 | -10 | 5 |
| Cash from Investing | -0 | 3 | 0 | -2 | 3 | -5 | -15 | -42 |
| Cash from Financing | 2 | 1 | 0 | -0 | -2 | 13 | 50 | 29 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -5 | -5 | -1 | 4 | 2 | -4 | -34 | -40 |
| 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.
ACESOFT · CYCLICAL_UNMODELABLE
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