| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 4 | 4 | 4 | 10 | 15 | 15 |
| Reserves | 21 | 21 | 21 | 21 | 19 | 81 | 109 | 117 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 |
| Other Liabilities | 1 | 1 | 1 | 1 | 0 | 35 | 66 | 84 |
| Total Liabilities | 26 | 26 | 26 | 26 | 23 | 125 | 190 | 220 |
| AssetsFixed Assets | 4 | 4 | 4 | 4 | 0 | 0 | 2 | 4 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 14 | 15 | 15 | 14 | 16 | 0 | 0 | 0 |
| Other Assets | 8 | 7 | 7 | 8 | 7 | 124 | 188 | 215 |
| Total Assets | 26 | 26 | 26 | 26 | 23 | 125 | 190 | 220 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | -2 | -1 | -1 | -2 | -1 | -77 | -22 |
| Cash from Investing | 2 | 1 | 1 | 1 | 2 | 4 | 18 | -4 |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 0 | 56 | 25 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -3 | -3 | -1 | -1 | -2 | 4 | -77 | -26 |
| 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.
AHMDSTE · CYCLICAL_UNMODELABLE
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