| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 4 | 5 | 5 | 6 | 6 | 16 | 19 | 45 |
| Borrowings | 3 | 6 | 10 | 18 | 20 | 18 | 22 | 28 |
| Other Liabilities | 4 | 5 | 5 | 7 | 8 | 17 | 14 | 13 |
| Total Liabilities | 12 | 17 | 23 | 31 | 35 | 53 | 57 | 88 |
| AssetsFixed Assets | 0 | 2 | 3 | 3 | 12 | 12 | 11 | 13 |
| CWIP | 0 | 1 | 4 | 9 | 1 | 0 | 0 | 0 |
| Investments | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 11 |
| Other Assets | 12 | 14 | 16 | 19 | 22 | 42 | 46 | 64 |
| Total Assets | 12 | 17 | 23 | 31 | 35 | 53 | 57 | 88 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | -1 | 1 | 0 | 0 | 2 | 2 | -15 |
| Cash from Investing | 0 | 0 | -3 | -4 | -6 | -3 | 0 | -14 |
| Cash from Financing | -2 | 2 | 1 | 3 | 6 | 0 | 6 | 23 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | -1 | -1 | -4 | -6 | 0 | 2 | -18 |
| 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.
COSPOWER · CYCLICAL_UNMODELABLE
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