| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 85 | 88 | 106 | 104 | 101 | 183 | 192 | 187 |
| Borrowings | 21 | 19 | 1 | 7 | 6 | 5 | 9 | 9 |
| Other Liabilities | 20 | 19 | 9 | 8 | 76 | 13 | 14 | 14 |
| Total Liabilities | 135 | 135 | 125 | 128 | 192 | 210 | 223 | 219 |
| AssetsFixed Assets | 67 | 64 | 47 | 48 | 53 | 55 | 55 | 56 |
| CWIP | 2 | 2 | 1 | 2 | 1 | 1 | 1 | 0 |
| Investments | 2 | 9 | 10 | 41 | 121 | 145 | 150 | 150 |
| Other Assets | 64 | 61 | 67 | 36 | 18 | 10 | 19 | 13 |
| Total Assets | 135 | 135 | 125 | 128 | 192 | 210 | 223 | 219 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | 5 | 6 | 7 | 6 | 79 | 22 | -2 |
| Cash from Investing | 1 | 1 | -3 | 28 | -24 | -79 | -20 | 1 |
| Cash from Financing | -5 | -5 | -4 | -21 | 5 | -2 | -2 | 2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 5 | -1 | 10 | 35 | 11 | 75 | 17 | -5 |
| 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.
BENGALT · CYCLICAL_UNMODELABLE
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