| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 24 | 25 | 24 | 32 | 38 | 44 | 49 | 56 |
| Borrowings | 6 | 5 | 18 | 11 | 8 | 11 | 11 | 9 |
| Other Liabilities | 20 | 23 | 19 | 23 | 19 | 26 | 25 | 24 |
| Total Liabilities | 53 | 56 | 64 | 68 | 69 | 84 | 89 | 92 |
| AssetsFixed Assets | 16 | 15 | 34 | 31 | 31 | 43 | 42 | 43 |
| CWIP | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 37 | 40 | 30 | 37 | 36 | 41 | 47 | 48 |
| Total Assets | 53 | 56 | 64 | 68 | 69 | 84 | 89 | 92 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 4 | 6 | 5 | 7 | 12 | 8 | 10 | 17 |
| Cash from Investing | -4 | -2 | -2 | -20 | 0 | -3 | -14 | -4 |
| Cash from Financing | 0 | -4 | -2 | 12 | -9 | -4 | 1 | -4 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | 4 | 2 | -12 | 12 | 4 | -4 | 13 |
| 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.
BGWTATO · CYCLICAL_UNMODELABLE
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