| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 6 | 6 | 9 | 9 | 9 | 11 |
| Reserves | 1 | 1 | 1 | 2 | 76 | 79 | 91 | 109 |
| Borrowings | 0 | 0 | 3 | 0 | 1 | 0 | 0 | 10 |
| Other Liabilities | 1 | 2 | 1 | 1 | 1 | 1 | 9 | 9 |
| Total Liabilities | 9 | 9 | 12 | 9 | 88 | 89 | 110 | 139 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 1 | 3 | 2 | 9 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 7 | 0 | 0 | 2 | 0 | 11 |
| Other Assets | 8 | 8 | 5 | 9 | 86 | 84 | 108 | 120 |
| Total Assets | 9 | 9 | 12 | 9 | 88 | 89 | 110 | 139 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -1 | -1 | 5 | 2 | -8 | -7 | -5 |
| Cash from Investing | 0 | 0 | 0 | -6 | 7 | 74 | -5 | -30 |
| Cash from Financing | 0 | 0 | 0 | 1 | -9 | 10 | -27 | 14 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -1 | -1 | 5 | 2 | -9 | -9 | -5 |
| 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.
JHACC · CYCLICAL_UNMODELABLE
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