| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 13 | 13 | 13 | 127 | 127 | 627 | 627 | 627 |
| Reserves | 112 | 111 | 111 | 21 | 25 | 28 | 32 | 31 |
| Borrowings | 0 | 0 | 0 | 1 | 500 | 1.4k | 1.4k | 1.4k |
| Other Liabilities | 0 | 0 | 0 | 1 | 4 | 4 | 4 | 1 |
| Total Liabilities | 124 | 124 | 124 | 150 | 657 | 2.1k | 2.1k | 2.1k |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 124 | 124 | 124 | 148 | 384 | 379 | 0 | 374 |
| Other Assets | 0 | 0 | 0 | 3 | 273 | 1.7k | 2.1k | 1.7k |
| Total Assets | 124 | 124 | 124 | 150 | 657 | 2.1k | 2.1k | 2.1k |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -0 | -0 | -0 | -0 | 23 | 3 | 2 | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | -24 | -503 | -1.4k | 0 |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 499 | 1.4k | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -0 | -0 | -0 | -0 | 23 | 3 | 2 | 0 |
| 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.
ALSTONE · CYCLICAL_UNMODELABLE
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