| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 9 | 9 |
| Reserves | 22 | 23 | 24 | 28 | 33 | 44 | 43 | 52 |
| Borrowings | 5 | 7 | 6 | 8 | 18 | 12 | 5 | 7 |
| Other Liabilities | 28 | 18 | 14 | 18 | 22 | 13 | 25 | 25 |
| Total Liabilities | 58 | 50 | 47 | 57 | 76 | 71 | 83 | 93 |
| AssetsFixed Assets | 14 | 13 | 12 | 13 | 13 | 12 | 15 | 17 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 8 | 8 | 8 | 9 | 8 | 11 | 11 | 10 |
| Other Assets | 35 | 29 | 26 | 35 | 54 | 48 | 58 | 67 |
| Total Assets | 58 | 50 | 47 | 57 | 76 | 71 | 83 | 93 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 4 | 2 | 5 | -7 | 0 | 5 | 2 | 3 |
| Cash from Investing | -2 | -3 | -2 | 1 | 0 | 1 | -2 | -2 |
| Cash from Financing | -3 | 1 | 4 | -1 | 1 | 9 | -7 | -5 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 1 | 1 | 5 | -7 | -1 | 3 | 2 | -2 |
| 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.
GTV · CYCLICAL_UNMODELABLE
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