| Line item | FY17 | FY18 | FY19 | FY20 |
|---|---|---|---|---|
| LiabilitiesEquity Capital | 12 | 9 | 9 | 7 |
| Reserves | 134 | 105 | 104 | 82 |
| Borrowings | 0 | 0 | 0 | 0 |
| Other Liabilities | 37 | 39 | 54 | 49 |
| Total Liabilities | 183 | 153 | 168 | 139 |
| AssetsFixed Assets | 45 | 45 | 43 | 44 |
| CWIP | 5 | 9 | 12 | 9 |
| Investments | 97 | 67 | 83 | 46 |
| Other Assets | 36 | 32 | 30 | 40 |
| Total Assets | 183 | 153 | 168 | 139 |
| Line item | FY17 | FY18 | FY19 | FY20 |
|---|---|---|---|---|
| ActivitiesCash from Operating | -8 | 2 | 14 | 6 |
| Cash from Investing | 10 | 32 | -16 | 36 |
| Cash from Financing | -5 | -35 | 0 | -27 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | -15 | -5 | 11 | 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.
JAMESWARREN · CYCLICAL_UNMODELABLE
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