| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| Reserves | 101 | 101 | 103 | 111 | 127 | 143 | 129 | 156 |
| Borrowings | 43 | 25 | 33 | 39 | 43 | 61 | 47 | 45 |
| Other Liabilities | 22 | 19 | 34 | 86 | 82 | 59 | 71 | 138 |
| Total Liabilities | 184 | 164 | 189 | 255 | 271 | 281 | 266 | 359 |
| AssetsFixed Assets | 29 | 37 | 40 | 47 | 63 | 64 | 64 | 64 |
| CWIP | 0 | 0 | 2 | 0 | 0 | 0 | 0 | 3 |
| Investments | 16 | 16 | 16 | 16 | 16 | 16 | 0 | 16 |
| Other Assets | 140 | 112 | 132 | 192 | 192 | 201 | 202 | 275 |
| Total Assets | 184 | 164 | 189 | 255 | 271 | 281 | 266 | 359 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -4 | 13 | 27 | 10 | 16 | 31 | 3 | 38 |
| Cash from Investing | -20 | -4 | -6 | -14 | -15 | -23 | -10 | -20 |
| Cash from Financing | 26 | -11 | -22 | 4 | -1 | -4 | 8 | -23 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -23 | 10 | 15 | 0 | 7 | 11 | -3 | 30 |
| 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.
INNOVATORS · CYCLICAL_UNMODELABLE
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