| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 9 |
| Reserves | 1 | 1 | 1 | -1 | -1 | -2 | -3 | 42 |
| Borrowings | 3 | 12 | 18 | 17 | 16 | 12 | 6 | 21 |
| Other Liabilities | 19 | 13 | 6 | 8 | 3 | 5 | 7 | 69 |
| Total Liabilities | 25 | 30 | 29 | 27 | 20 | 17 | 12 | 141 |
| AssetsFixed Assets | 3 | 3 | 7 | 7 | 5 | 5 | 3 | 116 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 22 | 27 | 22 | 20 | 15 | 12 | 8 | 25 |
| Total Assets | 25 | 30 | 29 | 27 | 20 | 17 | 12 | 141 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | -3 | 6 | 3 | 1 | 1 | -7 | 35 |
| Cash from Investing | 1 | 1 | -5 | -0 | 1 | 1 | 1 | -69 |
| Cash from Financing | -4 | 3 | -1 | -2 | -2 | -2 | 6 | 45 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | -4 | 2 | 2 | 2 | 2 | -6 | -68 |
| 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.
CDG · CYCLICAL_UNMODELABLE
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