| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 455 | 523 | 551 | 592 | 627 | 256 | 259 | 261 |
| Borrowings | 154 | 185 | 189 | 167 | 1 | 3 | 29 | 29 |
| Other Liabilities | 78 | 96 | 115 | 117 | 257 | 57 | 54 | 57 |
| Total Liabilities | 697 | 814 | 865 | 886 | 896 | 327 | 352 | 357 |
| AssetsFixed Assets | 354 | 342 | 453 | 478 | 70 | 69 | 131 | 129 |
| CWIP | 25 | 113 | 41 | 1 | 0 | 0 | 0 | 0 |
| Investments | 133 | 185 | 181 | 225 | 246 | 221 | 184 | 185 |
| Other Assets | 185 | 173 | 190 | 181 | 580 | 37 | 37 | 42 |
| Total Assets | 697 | 814 | 865 | 886 | 896 | 327 | 352 | 357 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 93 | 115 | 91 | 61 | 105 | 97 | 8 | -6 |
| Cash from Investing | -49 | -85 | -129 | -41 | -54 | -43 | 12 | -20 |
| Cash from Financing | -50 | -10 | 16 | -21 | -52 | -54 | -18 | 24 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 71 | 67 | 8 | 11 | 83 | 78 | 5 | -70 |
| 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.
AGVENTURES · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.