| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 6 | 6 | 6 | 6 | 13 | 13 |
| Reserves | 17 | 18 | 26 | 32 | 49 | 63 | 62 | 59 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 1 | 2 | 1 | 6 | 9 | 11 | 14 | 13 |
| Total Liabilities | 24 | 42 | 49 | 160 | 229 | 211 | 226 | 213 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 4 | 4 | 4 | 3 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 2 | 3 | 9 | 27 | 24 | 24 |
| Other Assets | 24 | 42 | 47 | 156 | 216 | 180 | 198 | 185 |
| Total Assets | 24 | 42 | 49 | 160 | 229 | 211 | 226 | 213 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -2 | 3 | -15 | -0 | -95 | -60 | 18 | -3 |
| Cash from Investing | 0 | 0 | -0 | -1 | -2 | 3 | -7 | 6 |
| Cash from Financing | 1 | -3 | 16 | 5 | 104 | 57 | -19 | -2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -2 | 3 | -15 | -0 | -95 | -60 | 19 | -3 |
| 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.
CTL · CYCLICAL_UNMODELABLE
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