| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 1 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 35 | 89 | 90 | 127 | 129 | 131 | 134 | 166 |
| Borrowings | 74 | 26 | 17 | 39 | 154 | 78 | 155 | 187 |
| Other Liabilities | 9 | 19 | 50 | 81 | 151 | 112 | 97 | 127 |
| Total Liabilities | 118 | 134 | 159 | 257 | 445 | 332 | 397 | 491 |
| AssetsFixed Assets | 14 | 26 | 23 | 24 | 43 | 30 | 19 | 18 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 5 | 6 | 7 | 30 | 15 | 16 | 38 | 67 |
| Other Assets | 98 | 102 | 129 | 202 | 387 | 286 | 340 | 405 |
| Total Assets | 118 | 134 | 159 | 257 | 445 | 332 | 397 | 491 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -74 | -4 | 4 | 35 | -44 | -21 | 10 |
| Cash from Investing | 2 | -2 | -6 | -78 | 9 | 20 | -87 |
| Cash from Financing | 73 | 6 | 2 | 45 | 35 | -3 | 82 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | -74 | -4 | 8 | 33 | -63 | -20 | 23 |
| 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.
BRRL · CYCLICAL_UNMODELABLE
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