| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Reserves | 2 | 4 | 18 | 20 | 18 | 13 | 12 | 11 |
| Borrowings | 42 | 47 | 48 | 73 | 69 | 71 | 69 | 69 |
| Other Liabilities | 23 | 18 | 31 | 20 | 20 | 22 | 25 | 24 |
| Total Liabilities | 79 | 81 | 109 | 125 | 119 | 118 | 118 | 116 |
| AssetsFixed Assets | 57 | 54 | 48 | 73 | 69 | 63 | 66 | 66 |
| CWIP | 0 | 0 | 12 | 0 | 0 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 22 | 26 | 49 | 52 | 49 | 55 | 52 | 49 |
| Total Assets | 79 | 81 | 109 | 125 | 119 | 118 | 118 | 116 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 8 | -1 | -4 | 15 | -2 | 10 | 4 | 12 |
| Cash from Investing | -3 | -1 | -1 | -15 | -22 | 0 | -2 | -4 |
| Cash from Financing | -5 | 2 | 6 | 1 | 26 | -12 | -3 | -8 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 5 | -2 | -6 | 2 | -19 | 9 | 2 | 5 |
| 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.
COSMOFE · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.