| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 1 | -4 | -3 | -19 | -3 | 1 | -1 | -3 |
| Borrowings | 58 | 54 | 53 | 59 | 64 | 49 | 49 | 54 |
| Other Liabilities | 96 | 121 | 87 | 112 | 86 | 121 | 93 | 69 |
| Total Liabilities | 160 | 175 | 141 | 156 | 151 | 175 | 144 | 123 |
| AssetsFixed Assets | 10 | 10 | 11 | 12 | 17 | 14 | 14 | 14 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 150 | 165 | 129 | 144 | 134 | 161 | 127 | 107 |
| Total Assets | 160 | 175 | 141 | 156 | 151 | 175 | 144 | 123 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | -13 | 16 | 14 | -4 | -4 | 20 | -5 |
| Cash from Investing | -2 | -5 | -2 | -2 | -2 | -1 | 7 | 5 |
| Cash from Financing | -5 | -8 | 7 | -16 | 7 | 5 | -23 | -4 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | -18 | 14 | 12 | -7 | -7 | 18 | -8 |
| 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.
ARTSON · CYCLICAL_UNMODELABLE
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