| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 21 | 21 | 21 | 21 | 21 | 47 | 47 | 47 |
| Reserves | -5 | -3 | 0 | 4 | 24 | 55 | 61 | 45 |
| Borrowings | 16 | 13 | 12 | 8 | 2 | 5 | 3 | 9 |
| Other Liabilities | 4 | 5 | 5 | 5 | 18 | 24 | 20 | 27 |
| Total Liabilities | 36 | 36 | 38 | 38 | 66 | 130 | 131 | 128 |
| AssetsFixed Assets | 1 | 1 | 1 | 1 | 1 | 4 | 7 | 7 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 5 | 5 | 5 | 7 | 17 | 24 | 23 | 30 |
| Other Assets | 30 | 30 | 32 | 29 | 47 | 101 | 101 | 91 |
| Total Assets | 36 | 36 | 38 | 38 | 66 | 130 | 131 | 128 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | 1 | -3 | 0 | 1 | 0 | -40 | 31 |
| Cash from Investing | 0 | 1 | 0 | 1 | -1 | -9 | -2 | -26 |
| Cash from Financing | -1 | -1 | -1 | -1 | -1 | 9 | 42 | -2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | 1 | -3 | 0 | 1 | -13 | -44 | 30 |
| 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.
ALSL · CYCLICAL_UNMODELABLE
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