| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 50 | 46 | 43 | 45 | 48 | 57 | 60 | 131 |
| Borrowings | 94 | 102 | 94 | 88 | 88 | 180 | 220 | 250 |
| Other Liabilities | 23 | 18 | 29 | 39 | 61 | 104 | 116 | 169 |
| Total Liabilities | 173 | 172 | 172 | 178 | 204 | 347 | 402 | 556 |
| AssetsFixed Assets | 132 | 118 | 106 | 97 | 100 | 125 | 228 | 366 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 69 | 5 | 2 |
| Investments | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Other Assets | 40 | 53 | 65 | 79 | 103 | 151 | 168 | 187 |
| Total Assets | 173 | 172 | 172 | 178 | 204 | 347 | 402 | 556 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 29 | 28 | 0 | 19 | 17 | 21 | 26 | 41 |
| Cash from Investing | -39 | -1 | -1 | -2 | -4 | -17 | -106 | -86 |
| Cash from Financing | 5 | -32 | 1 | -14 | -13 | -6 | 80 | 45 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -9 | 27 | -1 | 17 | 13 | 4 | -78 | -43 |
| 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.
MACPLASQ · CYCLICAL_UNMODELABLE
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