| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 77 | 95 | 106 | 104 | 120 | 122 | 565 | 573 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 9 | 8 | 7 | 6 | 8 | 8 | 42 | 13 |
| Total Liabilities | 89 | 104 | 114 | 111 | 128 | 131 | 608 | 587 |
| AssetsFixed Assets | 5 | 4 | 4 | 4 | 4 | 38 | 31 | 28 |
| CWIP | 20 | 24 | 29 | 34 | 36 | 0 | 0 | 0 |
| Investments | 50 | 70 | 78 | 71 | 86 | 82 | 510 | 499 |
| Other Assets | 14 | 4 | 3 | 2 | 2 | 11 | 67 | 60 |
| Total Assets | 89 | 104 | 114 | 111 | 128 | 131 | 608 | 587 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | 1 | -1 | 0 | 0 | 0 | -1 | -63 |
| Cash from Investing | -1 | 5 | -3 | 1 | 0 | 1 | 1 | 65 |
| Cash from Financing | 0 | -1 | -1 | 0 | 0 | 0 | 0 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -5 | -4 | -4 | -4 | -2 | -4 | 445 |
| 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.
ALFREDHE · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.