| Line item | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | — | 4 | 13 | 14 | 15 | 15 |
| Reserves | — | 17 | 43 | 48 | 48 | 48 |
| Borrowings | — | 121 | 78 | 98 | 82 | 80 |
| Other Liabilities | — | 37 | 37 | 43 | 44 | 46 |
| Total Liabilities | — | 179 | 172 | 203 | 189 | 189 |
| AssetsFixed Assets | — | 143 | 135 | 165 | 149 | 148 |
| CWIP | — | 1 | 2 | 0 | 1 | 0 |
| Investments | — | 0 | 0 | 0 | 0 | 0 |
| Other Assets | — | 35 | 35 | 38 | 39 | 41 |
| Total Assets | — | 179 | 172 | 203 | 189 | 189 |
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ActivitiesCash from Operating | — | 12 | 22 | 28 | 30 |
| Cash from Investing | — | -21 | -5 | -12 | -7 |
| Cash from Financing | — | 5 | -17 | -16 | -23 |
| SummaryCapital Expenditure | — | — | — | — | — |
| Free Cash Flow | — | 4 | 14 | 17 | 22 |
| 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.
GOURMET · CYCLICAL_UNMODELABLE
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