| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 7 | 7 | 7 | 7 | 7 | 7 |
| Reserves | 2 | -2 | 8 | 34 | 40 | 49 | 52 | 54 |
| Borrowings | 10 | 19 | 14 | 27 | 38 | 42 | 48 | 53 |
| Other Liabilities | 15 | 15 | 11 | 14 | 19 | 30 | 39 | 31 |
| Total Liabilities | 32 | 38 | 39 | 83 | 104 | 128 | 146 | 146 |
| AssetsFixed Assets | 12 | 11 | 10 | 13 | 33 | 35 | 35 | 38 |
| CWIP | 0 | 0 | 1 | 13 | 2 | 6 | 5 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 20 | 27 | 27 | 57 | 69 | 88 | 106 | 105 |
| Total Assets | 32 | 38 | 39 | 83 | 104 | 128 | 146 | 146 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | 2 | 11 |
| Cash from Investing | -7 | -7 |
| Cash from Financing | 4 | -5 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | -8 | 4 |
| 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.
INFLAME · CYCLICAL_UNMODELABLE
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