| Line item | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 |
|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 51 | 53 | 56 | 58 | 58 | 59 |
| Borrowings | 56 | 42 | 35 | 37 | 47 | 26 |
| Other Liabilities | 92 | 88 | 86 | 65 | 71 | 100 |
| Total Liabilities | 213 | 197 | 192 | 173 | 190 | 199 |
| AssetsFixed Assets | 8 | 7 | 6 | 6 | 5 | 5 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 3 | 3 | 3 | 3 | 0 | 0 |
| Other Assets | 202 | 187 | 182 | 164 | 185 | 194 |
| Total Assets | 213 | 197 | 192 | 173 | 190 | 199 |
| Line item | FY15 | FY16 | FY17 | FY18 | FY19 |
|---|---|---|---|---|---|
| ActivitiesCash from Operating | -18 | 10 | 13 | 1 | -6 |
| Cash from Investing | 0 | 0 | 0 | 0 | 3 |
| Cash from Financing | 19 | -16 | -13 | -3 | 4 |
| SummaryCapital Expenditure | — | — | — | — | — |
| Free Cash Flow | -18 | 10 | 13 | 1 | -6 |
| 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.
GARNET · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.