| Line item | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 9 | 9 | 10 | 10 | 10 | 13 |
| Reserves | 20 | 22 | 24 | 24 | 24 | 35 |
| Borrowings | 16 | 17 | 18 | 19 | 17 | 14 |
| Other Liabilities | 12 | 10 | 7 | 12 | 17 | 13 |
| Total Liabilities | 56 | 58 | 59 | 65 | 69 | 75 |
| AssetsFixed Assets | 14 | 13 | 12 | 12 | 12 | 12 |
| CWIP | 1 | 1 | 2 | 2 | 2 | 2 |
| Investments | 0 | 1 | 1 | 1 | 1 | 1 |
| Other Assets | 42 | 44 | 45 | 50 | 54 | 60 |
| Total Assets | 56 | 58 | 59 | 65 | 69 | 75 |
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ActivitiesCash from Operating | 1 | 2 | 1 | 4 | -7 |
| Cash from Investing | -2 | -2 | -1 | -2 | -1 |
| Cash from Financing | 2 | 1 | 0 | -1 | 8 |
| SummaryCapital Expenditure | — | — | — | — | — |
| Free Cash Flow | -2 | 1 | -0 | 1 | -8 |
| 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.
CONCORD · CYCLICAL_UNMODELABLE
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