| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 24 | 26 | 29 | 32 | 38 | 45 | 47 | 46 |
| Borrowings | 5 | 4 | 3 | 3 | 3 | 3 | 2 | 2 |
| Other Liabilities | 14 | 12 | 12 | 11 | 13 | 13 | 13 | 15 |
| Total Liabilities | 43 | 43 | 44 | 47 | 56 | 62 | 63 | 64 |
| AssetsFixed Assets | 15 | 15 | 16 | 16 | 16 | 16 | 16 | 16 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 6 | 6 | 0 | 2 | 6 | 9 | 10 | 5 |
| Other Assets | 22 | 23 | 29 | 30 | 34 | 37 | 37 | 42 |
| Total Assets | 43 | 43 | 44 | 47 | 56 | 62 | 63 | 64 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 5 | -2 | 1 | -5 | 1 | -2 | -0 | 9 |
| Cash from Investing | -0 | 1 | -0 | 5 | -2 | -0 | 1 | 0 |
| Cash from Financing | -5 | 1 | -1 | -0 | 1 | 2 | -1 | -9 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 4 | -3 | 1 | -7 | -0 | -3 | -1 | 7 |
| 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.
JSLINDL · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.