| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 0 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 0 | 0 | 11 | 12 | 13 | 24 | 26 | 47 |
| Borrowings | 0 | 7 | 12 | 8 | 5 | 2 | 9 | 3 |
| Other Liabilities | 0 | 3 | 14 | 14 | 10 | 14 | 32 | 15 |
| Total Liabilities | 0 | 10 | 42 | 38 | 33 | 45 | 71 | 69 |
| AssetsFixed Assets | 0 | 0 | 8 | 9 | 10 | 10 | 27 | 29 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 0 | 9 | 34 | 29 | 22 | 33 | 43 | 40 |
| Total Assets | 0 | 10 | 42 | 38 | 33 | 45 | 71 | 69 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -3 | -3 | 5 | 8 | 7 | 3 |
| Cash from Investing | 0 | -1 | -4 | -3 | 0 | -2 | -28 |
| Cash from Financing | 0 | 6 | 7 | -6 | -8 | 2 | 18 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -4 | -6 | 2 | 8 | 5 | 0 |
| 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.
AVEER · CYCLICAL_UNMODELABLE
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