| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 14 | 14 | 14 | 14 | 14 | 15 | 15 | 15 |
| Reserves | -12 | -13 | -13 | -13 | -10 | 29 | 24 | 36 |
| Borrowings | 0 | 0 | 3 | 18 | 54 | 111 | 128 | 141 |
| Other Liabilities | 0 | 0 | 4 | 8 | 13 | 27 | 42 | 44 |
| Total Liabilities | 1 | 1 | 7 | 26 | 70 | 181 | 209 | 236 |
| AssetsFixed Assets | 0 | 0 | 3 | 13 | 53 | 89 | 84 | 84 |
| CWIP | 0 | 0 | 1 | 6 | 1 | 17 | 29 | 44 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 1 | 1 | 4 | 8 | 16 | 75 | 96 | 107 |
| Total Assets | 1 | 1 | 7 | 26 | 70 | 181 | 209 | 236 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 0 | 0 | 1 | 6 | 3 | -23 | 3 |
| Cash from Investing | 0 | 0 | 0 | -4 | -10 | -36 | -26 | -24 |
| Cash from Financing | 0 | 0 | 0 | 3 | 4 | 33 | 49 | 22 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | 0 | 0 | -3 | -4 | -32 | -48 | -24 |
| 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.
ESPIRE · CYCLICAL_UNMODELABLE
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