| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 0 | 0 | 6 | 8 | 8 | 8 | 9 |
| Reserves | 0 | 1 | 1 | 3 | 47 | 50 | 58 | 107 |
| Borrowings | 1 | 1 | 3 | 4 | 2 | 4 | 9 | 8 |
| Other Liabilities | 10 | 18 | 34 | 36 | 21 | 46 | 86 | 89 |
| Total Liabilities | 11 | 19 | 37 | 49 | 78 | 108 | 161 | 214 |
| AssetsFixed Assets | 0 | 0 | 1 | 2 | 6 | 8 | 8 | 11 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 11 | 19 | 37 | 47 | 72 | 100 | 154 | 203 |
| Total Assets | 11 | 19 | 37 | 49 | 78 | 108 | 161 | 214 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | — | -3 | -2 | 0 | -3 | -26 | 5 | -40 |
| Cash from Investing | — | 2 | 2 | 0 | -1 | -15 | -6 | -2 |
| Cash from Financing | — | 1 | 0 | 0 | 6 | 39 | 1 | 45 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | — | -3 | -2 | 0 | -4 | -30 | 3 | -45 |
| 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.
BIZOTIC · CYCLICAL_UNMODELABLE
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