| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 54 | 56 | 58 | 59 | 61 | 64 | 64 | 66 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 4 | 3 | 3 | 4 | 4 | 5 | 5 | 3 |
| Total Liabilities | 62 | 60 | 63 | 66 | 66 | 71 | 73 | 73 |
| AssetsFixed Assets | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| CWIP | 0 | 0 | 1 | 1 | 1 | 6 | 6 | 6 |
| Investments | 18 | 19 | 19 | 18 | 18 | 18 | 18 | 18 |
| Other Assets | 41 | 39 | 40 | 45 | 45 | 45 | 47 | 47 |
| Total Assets | 62 | 60 | 63 | 66 | 66 | 71 | 73 | 73 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | 3 | -0 | 2 | -5 | 2 | -0 | -2 |
| Cash from Investing | -0 | 0 | 0 | -1 | 1 | 0 | 0 | 0 |
| Cash from Financing | -2 | -1 | -2 | -0 | 2 | -2 | 0 | 2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | 3 | -0 | 1 | -5 | 2 | -0 | -2 |
| 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.
ASSAMENT · CYCLICAL_UNMODELABLE
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