| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 20 | 20 | 20 | 20 | 20 | 20 | 20 | 20 |
| Reserves | 15 | 11 | 10 | 12 | 8 | 18 | 22 | 23 |
| Borrowings | 2 | 6 | 11 | 22 | 5 | 3 | 1 | 1 |
| Other Liabilities | 11 | 13 | 13 | 11 | 2 | 2 | 2 | 2 |
| Total Liabilities | 48 | 49 | 53 | 65 | 34 | 43 | 44 | 45 |
| AssetsFixed Assets | 12 | 11 | 10 | 12 | 0 | 0 | 0 | 0 |
| CWIP | 1 | 2 | 2 | 9 | 1 | 1 | 1 | 1 |
| Investments | 8 | 6 | 6 | 7 | 14 | 16 | 18 | 16 |
| Other Assets | 27 | 30 | 34 | 38 | 19 | 26 | 25 | 28 |
| Total Assets | 48 | 49 | 53 | 65 | 34 | 43 | 44 | 45 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 17 | -11 | -4 | -4 | -1 | 7 | -3 | -4 |
| Cash from Investing | 27 | 11 | 0 | 0 | -8 | 10 | -4 | 6 |
| Cash from Financing | -46 | 0 | 3 | 4 | 9 | -17 | 7 | -2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 17 | -12 | -5 | -4 | -10 | 16 | -3 | -4 |
| 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.
GARNETINT · CYCLICAL_UNMODELABLE
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