| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 21 | 25 | 25 | 25 | 25 | 33 | 33 | 33 |
| Reserves | 24 | 53 | 56 | 58 | 65 | 113 | 127 | 133 |
| Borrowings | 0 | 0 | 4 | 7 | 2 | 1 | 0 | 0 |
| Other Liabilities | 3 | 2 | 2 | 1 | 4 | 6 | 9 | 6 |
| Total Liabilities | 48 | 80 | 87 | 91 | 95 | 153 | 170 | 173 |
| AssetsFixed Assets | 3 | 8 | 8 | 8 | 6 | 6 | 6 | 5 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 3 | 1 | 1 | 1 | 2 | 8 | 7 | 8 |
| Other Assets | 42 | 72 | 78 | 82 | 88 | 140 | 158 | 160 |
| Total Assets | 48 | 80 | 87 | 91 | 95 | 153 | 170 | 173 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -1 | -25 | -5 | -2 | 5 | -36 | 9 |
| Cash from Investing | 0 | -2 | -4 | -2 | 0 | 1 | -9 | -2 |
| Cash from Financing | 0 | 0 | 30 | 4 | 2 | -6 | 45 | -1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -2 | -30 | -7 | -3 | 6 | -36 | 9 |
| 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.
AGOL · CYCLICAL_UNMODELABLE
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