| Line item | FY18 | FY19 | FY20 | FY21 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 9 | 9 | 9 | 9 | 9 | 43 | 43 | 43 |
| Reserves | 21 | 23 | 20 | 18 | 14 | 113 | 104 | 92 |
| Borrowings | 72 | 24 | 36 | 26 | 138 | 121 | 142 | 138 |
| Other Liabilities | 24 | 24 | 22 | 16 | 187 | 56 | 62 | 73 |
| Total Liabilities | 126 | 79 | 87 | 68 | 348 | 334 | 351 | 347 |
| AssetsFixed Assets | 31 | 28 | 25 | 1 | 61 | 90 | 95 | 96 |
| CWIP | 1 | 1 | 1 | 0 | 5 | 8 | 8 | 7 |
| Investments | 4 | 4 | 4 | 4 | 1 | 0 | 0 | 0 |
| Other Assets | 90 | 46 | 57 | 63 | 281 | 235 | 248 | 243 |
| Total Assets | 126 | 79 | 87 | 68 | 348 | 334 | 351 | 347 |
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 8 | -1 | 51 | -13 | 3 | 7 | -7 | 5 |
| Cash from Investing | -15 | 7 | 6 | 2 | -1 | -21 | -33 | -12 |
| Cash from Financing | 5 | -5 | -54 | 8 | -4 | 25 | 25 | 6 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 7 | -1 | 51 | -14 | 2 | -11 | -47 | -7 |
| 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.
FRATELLI · CYCLICAL_UNMODELABLE
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