| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 29 | 175 | 333 | 271 | 420 | 443 | 471 | 429 |
| Borrowings | 47 | 63 | 63 | 72 | 64 | 57 | 0 | 0 |
| Other Liabilities | 15 | 14 | 39 | 17 | 18 | 16 | 25 | 12 |
| Total Liabilities | 98 | 259 | 441 | 366 | 508 | 523 | 502 | 448 |
| AssetsFixed Assets | 8 | 8 | 6 | 6 | 6 | 6 | 5 | 5 |
| CWIP | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Investments | 82 | 246 | 428 | 350 | 494 | 508 | 487 | 422 |
| Other Assets | 7 | 4 | 6 | 10 | 7 | 9 | 10 | 19 |
| Total Assets | 98 | 259 | 441 | 366 | 508 | 523 | 502 | 448 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -10 | -4 | 47 | -14 | 9 | -56 | -15 | -60 |
| Cash from Investing | 12 | 8 | -42 | 19 | -4 | 62 | 20 | 76 |
| Cash from Financing | -1 | -3 | -5 | -6 | -5 | -5 | -6 | -6 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -11 | -5 | 47 | -13 | 9 | -56 | -16 | -60 |
| 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.
DHOOTIN · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.