| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 53 | 60 | 68 | 76 | 85 | 93 | 102 | 102 |
| Borrowings | 75 | 85 | 86 | 97 | 85 | 100 | 88 | 91 |
| Other Liabilities | 32 | 25 | 30 | 21 | 28 | 22 | 30 | 34 |
| Total Liabilities | 168 | 178 | 192 | 202 | 206 | 223 | 228 | 235 |
| AssetsFixed Assets | 48 | 46 | 55 | 81 | 84 | 99 | 98 | 95 |
| CWIP | 2 | 30 | 37 | 12 | 14 | 1 | 1 | 1 |
| Investments | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Other Assets | 116 | 100 | 99 | 106 | 107 | 121 | 127 | 136 |
| Total Assets | 168 | 178 | 192 | 202 | 206 | 223 | 228 | 235 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 15 | 17 | 32 | 30 | -1 | 26 | -4 | 13 |
| Cash from Investing | -3 | -2 | -26 | -18 | -4 | -9 | -7 | -3 |
| Cash from Financing | -12 | -12 | -7 | -11 | 5 | -20 | 11 | -11 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 12 | 10 | 3 | 13 | -7 | 17 | -11 | 11 |
| 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.
BAMBINO · CYCLICAL_UNMODELABLE
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