| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 90 | 90 | 90 | 90 | 90 | 90 | 90 | 90 |
| Reserves | -178 | -174 | -166 | -153 | -146 | -136 | -132 | -124 |
| Borrowings | 93 | 121 | 119 | 136 | 119 | 110 | 27 | 27 |
| Other Liabilities | 53 | 27 | 100 | 92 | 119 | 67 | 149 | 99 |
| Total Liabilities | 58 | 65 | 143 | 164 | 182 | 132 | 135 | 92 |
| AssetsFixed Assets | 45 | 42 | 61 | 57 | 53 | 50 | 48 | 42 |
| CWIP | 3 | 3 | 0 | 2 | 3 | 5 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 11 | 20 | 82 | 105 | 126 | 78 | 88 | 50 |
| Total Assets | 58 | 65 | 143 | 164 | 182 | 132 | 135 | 92 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 1 | 10 | 23 | -16 | 19 | 8 | -3 |
| Cash from Investing | 0 | 0 | 0 | -18 | -2 | -2 | 0 | 2 |
| Cash from Financing | 0 | -1 | -10 | -2 | 17 | -17 | -9 | 2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | 1 | 10 | 5 | -17 | 17 | 8 | -2 |
| 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.
BIHSPONG · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.