| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 16 | 16 | 16 | 17 | 17 | 17 | 18 | 19 |
| Reserves | 3 | 3 | 4 | 9 | 12 | 11 | 21 | 24 |
| Borrowings | 2 | 3 | 3 | 8 | 21 | 38 | 29 | 28 |
| Other Liabilities | 3 | 12 | 35 | 4 | 8 | 8 | 12 | 11 |
| Total Liabilities | 25 | 34 | 59 | 39 | 58 | 74 | 80 | 81 |
| AssetsFixed Assets | 8 | 15 | 15 | 16 | 14 | 51 | 48 | 49 |
| CWIP | 0 | 0 | 0 | 1 | 25 | 0 | 0 | 0 |
| Investments | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 0 |
| Other Assets | 16 | 18 | 43 | 22 | 18 | 22 | 31 | 32 |
| Total Assets | 25 | 34 | 59 | 39 | 58 | 74 | 80 | 81 |
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 5 | -2 | 4 | 0 | 7 | 4 | -3 | 6 |
| Cash from Investing | -5 | 0 | -3 | 0 | -3 | -23 | -14 | 1 |
| Cash from Financing | 0 | 0 | -1 | -1 | 6 | 14 | 11 | 1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 4 | -2 | 2 | -2 | 4 | -19 | -18 | 6 |
| 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.
CANDOUR · CYCLICAL_UNMODELABLE
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