| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 16 | 24 | 35 | 46 | 58 | 69 | 80 | 74 |
| Borrowings | 17 | 9 | 15 | 20 | 29 | 34 | 35 | 71 |
| Other Liabilities | 13 | 27 | 41 | 46 | 63 | 57 | 60 | 67 |
| Total Liabilities | 55 | 68 | 98 | 120 | 157 | 169 | 183 | 220 |
| AssetsFixed Assets | 21 | 20 | 27 | 46 | 63 | 68 | 71 | 97 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 34 | 48 | 71 | 74 | 94 | 101 | 112 | 123 |
| Total Assets | 55 | 68 | 98 | 120 | 157 | 169 | 183 | 220 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -2 | 6 | 6 | 2 | 25 | 13 | 5 | -4 |
| Cash from Investing | -4 | 0 | -1 | -7 | -22 | -21 | -9 | -34 |
| Cash from Financing | 7 | -5 | -4 | 5 | 4 | 7 | 2 | 32 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -7 | 5 | 5 | -6 | 3 | -8 | -5 | -39 |
| 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.
ARCL · CYCLICAL_UNMODELABLE
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