| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 11 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 24 | 24 | 27 | 28 | 35 | 46 | 50 | 52 |
| Borrowings | 39 | 46 | 41 | 38 | 39 | 57 | 54 | 62 |
| Other Liabilities | 10 | 7 | 10 | 22 | 14 | 18 | 21 | 56 |
| Total Liabilities | 84 | 88 | 90 | 101 | 101 | 133 | 138 | 183 |
| AssetsFixed Assets | 62 | 59 | 59 | 56 | 55 | 52 | 56 | 69 |
| CWIP | 0 | 4 | 0 | 0 | 0 | 10 | 12 | 0 |
| Investments | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 22 | 25 | 30 | 45 | 46 | 71 | 71 | 114 |
| Total Assets | 84 | 88 | 90 | 101 | 101 | 133 | 138 | 183 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 5 | 7 | 2 | 8 | 8 | 9 | 0 | 6 |
| Cash from Investing | -2 | -3 | -6 | -1 | -1 | -2 | -16 | -10 |
| Cash from Financing | -5 | -4 | 5 | -8 | -8 | -6 | 19 | 1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | 4 | -3 | 7 | 6 | 7 | -14 | -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.
LACTOSE · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.