| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 13 | 14 | 15 | 14 | 16 | 18 | 20 | 19 |
| Borrowings | 0 | 0 | 1 | 1 | 4 | 8 | 8 | 6 |
| Other Liabilities | 6 | 8 | 9 | 10 | 7 | 6 | 7 | 10 |
| Total Liabilities | 30 | 33 | 36 | 36 | 37 | 43 | 46 | 45 |
| AssetsFixed Assets | 10 | 13 | 16 | 19 | 19 | 18 | 25 | 25 |
| CWIP | 0 | 1 | 3 | 0 | 0 | 7 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Other Assets | 20 | 19 | 17 | 16 | 19 | 18 | 20 | 20 |
| Total Assets | 30 | 33 | 36 | 36 | 37 | 43 | 46 | 45 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | -6 | 7 | 3 | 2 | -1 | 5 | 6 |
| Cash from Investing | -2 | -5 | -5 | -3 | -2 | -1 | -8 | -3 |
| Cash from Financing | -1 | 9 | -1 | -2 | -0 | 3 | 3 | -3 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 1 | -11 | 3 | -1 | -0 | -2 | -3 | 6 |
| 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.
MEERA · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.