| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 2 | 2 | 4 | 4 | 5 | 6 |
| Reserves | 0 | 1 | -1 | -0 | -2 | 3 | 6 |
| Borrowings | 0 | 0 | 3 | 9 | 7 | 12 | 10 |
| Other Liabilities | 0 | 2 | 6 | 16 | 18 | 16 | 15 |
| Total Liabilities | 2 | 6 | 10 | 28 | 27 | 35 | 36 |
| AssetsFixed Assets | 0 | 3 | 6 | 15 | 16 | 17 | 16 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 2 | 4 |
| Investments | 0 | 0 | 0 | 1 | 1 | 3 | 2 |
| Other Assets | 1 | 3 | 4 | 12 | 10 | 14 | 15 |
| Total Assets | 2 | 6 | 10 | 28 | 27 | 35 | 36 |
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -2 | -2 | -3 | -2 | -6 |
| Cash from Investing | -0 | -1 | -3 | -3 | 0 | -6 |
| Cash from Financing | 1 | 2 | 5 | 9 | -0 | 13 |
| SummaryCapital Expenditure | — | — | — | — | — | — |
| Free Cash Flow | 0 | -2 | -6 | -5 | -2 | -12 |
| 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.
ALANSCOTT · CYCLICAL_UNMODELABLE
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