| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 21 | 21 | 21 | 43 | 43 | 43 | 43 | 43 |
| Reserves | 34 | 39 | 51 | 39 | 46 | 50 | 51 | 51 |
| Borrowings | 85 | 77 | 84 | 111 | 125 | 121 | 105 | 82 |
| Other Liabilities | 74 | 75 | 70 | 72 | 83 | 67 | 67 | 90 |
| Total Liabilities | 214 | 212 | 225 | 264 | 297 | 280 | 266 | 266 |
| AssetsFixed Assets | 40 | 38 | 36 | 66 | 95 | 93 | 91 | 94 |
| CWIP | 45 | 52 | 53 | 29 | 3 | 7 | 8 | 7 |
| Investments | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Other Assets | 129 | 122 | 136 | 168 | 199 | 180 | 167 | 165 |
| Total Assets | 214 | 212 | 225 | 264 | 297 | 280 | 266 | 266 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 40 | 11 | 28 | -3 | -8 | -1 | 23 | 58 |
| Cash from Investing | -12 | -5 | -8 | 5 | -10 | -5 | -6 | -5 |
| Cash from Financing | -27 | -7 | -19 | 1 | 16 | 7 | -17 | -50 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 28 | 6 | 20 | 1 | -17 | -8 | 18 | 53 |
| 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.
KEIL · CYCLICAL_UNMODELABLE
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