| Line item | FY16 | FY17 | FY18 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 198 | 198 | 198 | 198 | 198 | 198 | 198 | 198 |
| Reserves | 188 | 188 | 189 | 173 | 178 | 183 | 184 | 196 |
| Borrowings | 0 | 0 | 150 | 0 | 0 | 56 | 117 | 164 |
| Other Liabilities | 58 | 62 | 62 | 63 | 113 | 63 | 65 | 91 |
| Total Liabilities | 444 | 448 | 598 | 435 | 489 | 500 | 564 | 649 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 224 | 222 | 223 | 276 | 250 | 235 | 199 | 191 |
| Other Assets | 220 | 226 | 376 | 159 | 239 | 265 | 365 | 458 |
| Total Assets | 444 | 448 | 598 | 435 | 489 | 500 | 564 | 649 |
| Line item | FY16 | FY17 | FY18 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 28 | -1 | 0 | 6 | 30 | -68 | -137 |
| Cash from Investing | -28 | 2 | -150 | 7 | 26 | 18 | 57 |
| Cash from Financing | 0 | 0 | 150 | -14 | -42 | 56 | 108 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | 26 | -1 | 0 | 6 | 30 | -68 | -137 |
| 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.
AVANCE · CYCLICAL_UNMODELABLE
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