| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 7 | 7 | 7 | 7 | 7 | 7 | 9 | 9 |
| Reserves | 15 | 16 | 18 | 20 | 35 | 36 | 34 | 41 |
| Borrowings | 0 | 0 | 0 | 0 | 55 | 76 | 94 | 104 |
| Other Liabilities | 1 | 1 | 1 | 1 | 2 | 3 | 10 | 5 |
| Total Liabilities | 23 | 24 | 26 | 28 | 98 | 123 | 147 | 159 |
| AssetsFixed Assets | 2 | 9 | 9 | 8 | 8 | 54 | 109 | 106 |
| CWIP | 0 | 0 | 0 | 10 | 70 | 56 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 20 | 16 | 17 | 9 | 19 | 12 | 37 | 53 |
| Total Assets | 23 | 24 | 26 | 28 | 98 | 123 | 147 | 159 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -8 | -4 | 4 | -2 | 9 | -10 | 12 | 4 |
| Cash from Investing | 8 | 5 | -5 | 2 | -7 | -58 | -32 | -28 |
| Cash from Financing | 0 | 0 | 0 | 0 | 0 | 65 | 20 | 24 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | -0 | -2 | -1 | 2 | -68 | -20 | -24 |
| 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.
BHILSPIN · CYCLICAL_UNMODELABLE
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