| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 77 |
| Reserves | 157 | 132 | 241 | 277 | 284 | 344 | 334 | 408 |
| Borrowings | 36 | 36 | 46 | 82 | 121 | 85 | 36 | 1 |
| Other Liabilities | 2 | 6 | 17 | 14 | 7 | 15 | 3 | 29 |
| Total Liabilities | 208 | 186 | 316 | 385 | 425 | 456 | 386 | 515 |
| AssetsFixed Assets | 2 | 2 | 2 | 2 | 2 | 2 | 0 | 50 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 113 | 82 | 205 | 182 | 246 | 337 | 178 | 350 |
| Other Assets | 93 | 103 | 110 | 202 | 177 | 118 | 208 | 116 |
| Total Assets | 208 | 186 | 316 | 385 | 425 | 456 | 386 | 515 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -2 | -14 | -13 | -14 | 11 | 51 | -107 | 12 |
| Cash from Investing | -45 | 18 | 8 | -5 | -56 | -10 | 157 | -108 |
| Cash from Financing | -27 | -4 | 9 | 31 | 32 | -46 | -33 | 81 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -14 | -12 | -14 | 11 | 51 | -107 | -22 |
| 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.
LKPFIN · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.