| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 10 | 10 |
| Reserves | 154 | 166 | 181 | 188 | 199 | 188 | 188 | 205 |
| Borrowings | 59 | 60 | 77 | 87 | 82 | 81 | 79 | 64 |
| Other Liabilities | 37 | 33 | 35 | 39 | 38 | 36 | 39 | 37 |
| Total Liabilities | 254 | 264 | 298 | 320 | 324 | 311 | 316 | 315 |
| AssetsFixed Assets | 128 | 137 | 147 | 143 | 171 | 167 | 168 | 128 |
| CWIP | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 2 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 124 | 126 | 150 | 176 | 152 | 144 | 148 | 186 |
| Total Assets | 254 | 264 | 298 | 320 | 324 | 311 | 316 | 315 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | 25 | 6 | 3 | 1 | 45 | 14 | -11 |
| Cash from Investing | -5 | -4 | -10 | -14 | -1 | -34 | -5 | 22 |
| Cash from Financing | 2 | -13 | -4 | 11 | 2 | -13 | -9 | -11 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -3 | 23 | 5 | -4 | 0 | 11 | 12 | 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.
GEE · CYCLICAL_UNMODELABLE
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