| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 38 | 63 | 107 | 110 | 115 | 143 | 150 | 152 |
| Borrowings | 3 | 3 | 0 | 1 | 0 | 0 | 3 | 8 |
| Other Liabilities | 60 | 78 | 141 | 105 | 85 | 100 | 94 | 76 |
| Total Liabilities | 117 | 160 | 265 | 232 | 216 | 259 | 263 | 252 |
| AssetsFixed Assets | 31 | 35 | 40 | 40 | 45 | 46 | 44 | 45 |
| CWIP | 1 | 1 | 0 | 0 | 0 | 0 | 2 | 5 |
| Investments | 5 | 18 | 24 | 15 | 24 | 37 | 30 | 16 |
| Other Assets | 81 | 106 | 200 | 177 | 148 | 176 | 187 | 186 |
| Total Assets | 117 | 160 | 265 | 232 | 216 | 259 | 263 | 252 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 22 | 21 | 22 | 28 | -24 | 25 | 16 | -33 |
| Cash from Investing | -4 | 0 | -23 | -25 | 20 | -17 | -14 | 27 |
| Cash from Financing | -11 | -26 | 4 | -4 | -1 | -5 | -3 | 2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 21 | 20 | 16 | 19 | -15 | 12 | 2 | -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.
AJANTSOY · CYCLICAL_UNMODELABLE
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