| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 13 | 13 | 13 | 13 | 13 | 13 | 13 | 13 |
| Reserves | 60 | 64 | 63 | 68 | 69 | 72 | 79 | 70 |
| Borrowings | 11 | 12 | 11 | 13 | 16 | 17 | 18 | 23 |
| Other Liabilities | 10 | 11 | 10 | 10 | 12 | 22 | 20 | 36 |
| Total Liabilities | 95 | 101 | 97 | 104 | 109 | 124 | 130 | 143 |
| AssetsFixed Assets | 42 | 44 | 47 | 56 | 56 | 56 | 57 | 56 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
| Investments | 25 | 23 | 23 | 22 | 22 | 24 | 20 | 19 |
| Other Assets | 28 | 34 | 27 | 26 | 31 | 44 | 53 | 67 |
| Total Assets | 95 | 101 | 97 | 104 | 109 | 124 | 130 | 143 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | -4 | -4 | 2 | 2 | -4 | -9 | -3 |
| Cash from Investing | -2 | 1 | 3 | -1 | -2 | 4 | -0 | 0 |
| Cash from Financing | -0 | 2 | 0 | -2 | -0 | 1 | 8 | 4 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | -7 | -7 | -1 | -1 | -6 | -13 | -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.
NAGPI · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.