| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 0 | 0 | 15 | 20 | 20 | 20 |
| Reserves | 19 | 30 | 34 | 35 | 82 | 92 | 105 |
| Borrowings | 11 | 21 | 33 | 41 | 12 | 1 | 111 |
| Other Liabilities | 20 | 19 | 32 | 20 | 47 | 118 | 14 |
| Total Liabilities | 50 | 70 | 99 | 110 | 161 | 231 | 251 |
| AssetsFixed Assets | 10 | 10 | 36 | 39 | 49 | 73 | 79 |
| CWIP | 2 | 17 | 0 | 0 | 16 | 0 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 38 | 43 | 63 | 71 | 96 | 158 | 170 |
| Total Assets | 50 | 70 | 99 | 110 | 161 | 231 | 251 |
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -14 | 6 | 5 | -7 | 9 | -30 |
| Cash from Investing | -11 | -14 | -9 | 2 | -28 | -15 |
| Cash from Financing | 5 | 9 | 5 | 3 | 19 | 51 |
| SummaryCapital Expenditure | — | — | — | — | — | — |
| Free Cash Flow | -26 | -10 | -4 | -8 | -17 | -48 |
| 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.
ACLD · CYCLICAL_UNMODELABLE
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