| Line item | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 74 | 67 | 62 | 71 | 74 | 75 |
| Borrowings | 14 | 20 | 43 | 54 | 65 | 71 |
| Other Liabilities | 84 | 76 | 89 | 100 | 99 | 103 |
| Total Liabilities | 177 | 168 | 199 | 231 | 244 | 255 |
| AssetsFixed Assets | 42 | 50 | 79 | 81 | 91 | 90 |
| CWIP | 0 | 7 | 0 | 0 | 0 | 0 |
| Investments | 38 | 15 | 4 | 4 | 5 | 5 |
| Other Assets | 98 | 95 | 116 | 145 | 149 | 160 |
| Total Assets | 177 | 168 | 199 | 231 | 244 | 255 |
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ActivitiesCash from Operating | — | 0 | 9 | 11 | 12 |
| Cash from Investing | — | 3 | 0 | -9 | -14 |
| Cash from Financing | — | -3 | -2 | -2 | 1 |
| SummaryCapital Expenditure | — | — | — | — | — |
| Free Cash Flow | — | -19 | -3 | 0 | -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.
BRIGHTBR · CYCLICAL_UNMODELABLE
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