| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 208 | 208 | 208 | 208 | 208 | 208 | 208 | 208 |
| Reserves | 17 | 17 | 17 | 17 | 17 | 17 | 17 | 17 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 59 | 57 | 56 | 56 | 33 | 33 | 27 | 26 |
| Total Liabilities | 284 | 281 | 280 | 280 | 257 | 257 | 251 | 250 |
| AssetsFixed Assets | 7 | 7 | 2 | 2 | 1 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 152 | 152 | 179 | 177 | 179 | 179 | 150 | 150 |
| Other Assets | 125 | 122 | 100 | 101 | 78 | 77 | 101 | 100 |
| Total Assets | 284 | 281 | 280 | 280 | 257 | 257 | 251 | 250 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 8 | -1 | -6 | -10 | -5 | -3 | -5 | -0 |
| Cash from Investing | 2 | 0 | 0 | 31 | 0 | 1 | 3 | -0 |
| Cash from Financing | -14 | 0 | 3 | 4 | 4 | 4 | 2 | 2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 9 | -1 | -6 | -10 | -5 | -2 | -2 | -0 |
| 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.
HARAFIN · CYCLICAL_UNMODELABLE
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