| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 10 | 10 | 10 | 10 | 27 |
| Reserves | 42 | 41 | 42 | 46 | 50 | 51 | 51 | 83 |
| Borrowings | 2 | 3 | 2 | 2 | 4 | 46 | 5 | 5 |
| Other Liabilities | 19 | 25 | 22 | 27 | 29 | 21 | 20 | 21 |
| Total Liabilities | 66 | 72 | 69 | 85 | 94 | 128 | 86 | 136 |
| AssetsFixed Assets | 9 | 13 | 13 | 12 | 12 | 11 | 11 | 11 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 |
| Investments | 4 | 4 | 1 | 1 | 4 | 3 | 1 | 1 |
| Other Assets | 53 | 55 | 55 | 72 | 79 | 114 | 74 | 117 |
| Total Assets | 66 | 72 | 69 | 85 | 94 | 128 | 86 | 136 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 58 | -67 | 17 | -18 | -9 | 3 | -13 | -43 |
| Cash from Investing | -16 | -0 | -4 | 5 | 2 | -1 | 1 | -3 |
| Cash from Financing | -41 | 72 | -2 | -1 | 10 | -4 | 12 | 53 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 43 | -65 | 12 | -18 | -9 | 3 | -13 | -50 |
| 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.
ASHNI · CYCLICAL_UNMODELABLE
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