| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 8 | 8 | 8 | 8 | 8 | 8 | 8 |
| Reserves | 3 | 3 | 3 | 3 | 3 | -1 | -1 | -1 |
| Borrowings | 0 | 1 | 1 | 1 | 1 | 0 | 0 | 1 |
| Other Liabilities | 1 | 1 | 1 | 1 | 2 | 3 | 1 | 0 |
| Total Liabilities | 13 | 14 | 14 | 13 | 14 | 10 | 9 | 8 |
| AssetsFixed Assets | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2 | 0 | 1 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 10 | 11 | 11 | 11 | 12 | 8 | 6 | 6 |
| Total Assets | 13 | 14 | 14 | 13 | 14 | 10 | 9 | 8 |
| Line item | FY15 | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 2 | -2 | 0 | -1 | 1 | 2 | 2 |
| Cash from Investing | -1 | -1 | 0 | -1 | 0 | 0 | 0 | -1 |
| Cash from Financing | -0 | 0 | 1 | 0 | -0 | -0 | -1 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | 2 | -3 | 0 | -0 | 1 | 2 | -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.
NOVELIX · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.