| Line item | FY19 | FY20 | FY21 | FY22 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 186 | 182 | 192 | 201 | 221 | 222 | 225 | 226 |
| Borrowings | 12 | 11 | 0 | 0 | 10 | 9 | 9 | 18 |
| Other Liabilities | 27 | 28 | 39 | 27 | 35 | 37 | 33 | 57 |
| Total Liabilities | 230 | 226 | 237 | 234 | 271 | 274 | 272 | 306 |
| AssetsFixed Assets | 44 | 41 | 25 | 45 | 64 | 60 | 58 | 56 |
| CWIP | 1 | 10 | 19 | 1 | 0 | 0 | 0 | 0 |
| Investments | 96 | 79 | 91 | 112 | 122 | 128 | 143 | 139 |
| Other Assets | 89 | 95 | 101 | 75 | 85 | 86 | 72 | 112 |
| Total Assets | 230 | 226 | 237 | 234 | 271 | 274 | 272 | 306 |
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 17 | 0 | 10 | 15 | 8 | 18 | 3 | 9 |
| Cash from Investing | -8 | 10 | 3 | -9 | -3 | -11 | 1 | -10 |
| Cash from Financing | -10 | -10 | -15 | -5 | -7 | -4 | -7 | 3 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 15 | -2 | -3 | 3 | 4 | 6 | 0 | 6 |
| 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.
INDAG · CYCLICAL_UNMODELABLE
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