| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 23 | 23 | 23 | 23 | 23 | 26 | 26 | 28 |
| Reserves | -102 | -136 | -131 | -119 | -85 | 15 | 18 | 27 |
| Borrowings | 155 | 50 | 0 | 1 | 8 | 7 | 13 | 12 |
| Other Liabilities | 53 | 138 | 170 | 180 | 144 | 69 | 63 | 65 |
| Total Liabilities | 130 | 74 | 62 | 85 | 90 | 117 | 120 | 132 |
| AssetsFixed Assets | 74 | 34 | 30 | 29 | 30 | 31 | 30 | 29 |
| CWIP | 2 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 6 |
| Other Assets | 54 | 40 | 32 | 56 | 59 | 85 | 88 | 96 |
| Total Assets | 130 | 74 | 62 | 85 | 90 | 117 | 120 | 132 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 4 | 6 | 7 | 17 | 15 | 47 | 20 | -4 |
| Cash from Investing | -4 | -5 | -3 | -2 | -3 | -5 | -4 | -7 |
| Cash from Financing | 0 | -2 | -3 | -9 | -19 | -41 | -10 | 14 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | 1 | 3 | 15 | 12 | 42 | 17 | -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.
MODAIRY · CYCLICAL_UNMODELABLE
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