| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 151 | 152 | 165 | 166 | 154 | 157 | 169 | 175 |
| Borrowings | 97 | 99 | 98 | 121 | 120 | 147 | 150 | 214 |
| Other Liabilities | 72 | 80 | 58 | 69 | 80 | 40 | 45 | 53 |
| Total Liabilities | 331 | 341 | 331 | 367 | 366 | 355 | 375 | 452 |
| AssetsFixed Assets | 158 | 161 | 170 | 180 | 190 | 192 | 198 | 212 |
| CWIP | 7 | 6 | 3 | 12 | 3 | 2 | 6 | 8 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 167 | 174 | 158 | 175 | 173 | 161 | 171 | 232 |
| Total Assets | 331 | 341 | 331 | 367 | 366 | 355 | 375 | 452 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | 6 | 23 | 23 | 12 | 19 | -5 | -18 |
| Cash from Investing | -6 | -15 | -9 | -17 | -25 | -8 | -12 | -36 |
| Cash from Financing | 3 | 9 | -12 | -8 | 13 | -12 | 17 | 54 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -6 | -11 | 13 | 6 | -13 | 11 | -17 | -50 |
| 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.
LUDLOWJUT · CYCLICAL_UNMODELABLE
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