| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 12 | 12 | 12 | 12 | 12 | 12 | 12 | 12 |
| Reserves | 39 | 62 | 81 | 92 | 136 | 147 | 165 | 166 |
| Borrowings | 1 | 1 | 0 | 0 | 0 | 4 | 2 | 12 |
| Other Liabilities | 30 | 33 | 24 | 25 | 35 | 38 | 43 | 35 |
| Total Liabilities | 82 | 108 | 116 | 129 | 183 | 201 | 220 | 224 |
| AssetsFixed Assets | 7 | 6 | 6 | 6 | 5 | 6 | 6 | 6 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 42 | 60 | 71 | 87 | 114 | 135 | 149 | 140 |
| Other Assets | 33 | 42 | 40 | 36 | 64 | 60 | 66 | 79 |
| Total Assets | 82 | 108 | 116 | 129 | 183 | 201 | 220 | 224 |
| Line item | FY16 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 17 | -1 | -1 | 23 | 6 | -11 | 7 |
| Cash from Investing | 1 | -20 | 0 | 1 | -13 | 5 | -11 | -6 |
| Cash from Financing | -1 | 1 | 0 | 0 | 0 | 0 | 0 | -1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | 16 | -1 | -1 | 22 | 6 | -12 | 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.
MODMA · CYCLICAL_UNMODELABLE
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