| Line item | FY14 | FY15 | FY16 | FY17 | FY18 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 |
| Reserves | 2 | 2 | 0 | 0 | 0 |
| Borrowings | 2 | 4 | 1 | 0 | 0 |
| Other Liabilities | 2 | 0 | 0 | 0 | 0 |
| Total Liabilities | 10 | 11 | 6 | 5 | 5 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 1 | 0 | 0 | 0 |
| Other Assets | 10 | 10 | 6 | 5 | 5 |
| Total Assets | 10 | 11 | 6 | 5 | 5 |
| Line item | FY14 | FY15 | FY16 | FY17 |
|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | 5 | -4 | -0 |
| Cash from Investing | 0 | -0 | 1 | 0 |
| Cash from Financing | 1 | -1 | -0 | -0 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | -1 | 5 | -4 | -0 |
| 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.
MUNCAPM · CYCLICAL_UNMODELABLE
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