| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 8 | 8 | 8 | 8 | 10 | 10 | 10 |
| Reserves | 26 | 39 | 39 | 38 | 38 | 60 | 63 | 66 |
| Borrowings | 18 | 23 | 39 | 51 | 58 | 48 | 49 | 50 |
| Other Liabilities | 68 | 66 | 92 | 105 | 123 | 107 | 115 | 114 |
| Total Liabilities | 120 | 135 | 178 | 202 | 227 | 224 | 237 | 240 |
| AssetsFixed Assets | 39 | 44 | 49 | 54 | 52 | 50 | 49 | 48 |
| CWIP | 1 | 0 | 8 | 12 | 21 | 23 | 22 | 21 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 80 | 92 | 121 | 136 | 153 | 152 | 166 | 171 |
| Total Assets | 120 | 135 | 178 | 202 | 227 | 224 | 237 | 240 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 9 | 10 | 14 | 14 | 18 | 16 | -5 | 4 |
| Cash from Investing | -5 | -6 | -12 | -17 | -16 | -13 | -5 | -2 |
| Cash from Financing | -3 | -3 | -2 | 2 | -3 | -3 | 16 | -8 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | 3 | 7 | -3 | 5 | 3 | -11 | 2 |
| 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.
EVERESTO · CYCLICAL_UNMODELABLE
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