| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 19 | 19 |
| Reserves | -51 | -51 | -50 | -53 | -54 | -35 | 0 | 6 |
| Borrowings | 50 | 50 | 50 | 53 | 59 | 26 | 5 | 6 |
| Other Liabilities | 10 | 10 | 16 | 17 | 13 | 26 | 18 | 25 |
| Total Liabilities | 24 | 23 | 31 | 32 | 33 | 33 | 43 | 55 |
| AssetsFixed Assets | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 23 | 22 | 30 | 30 | 31 | 31 | 40 | 53 |
| Total Assets | 24 | 23 | 31 | 32 | 33 | 33 | 43 | 55 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -3 | 0 | 0 | -2 | -5 | 17 | -17 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 0 | 3 | 0 | 0 | 3 | 6 | -18 | 17 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -3 | 0 | 0 | -3 | -5 | 17 | -17 |
| 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.
BAROEXT · CYCLICAL_UNMODELABLE
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