| Line item | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 6 | 6 | 6 | 6 |
| Reserves | 346 | 353 | 344 | 345 | 356 |
| Borrowings | 23 | 20 | 16 | 14 | 13 |
| Other Liabilities | 86 | 81 | 76 | 75 | 82 |
| Total Liabilities | 455 | 459 | 442 | 440 | 457 |
| AssetsFixed Assets | 336 | 321 | 312 | 302 | 297 |
| CWIP | 3 | 11 | 3 | 4 | 3 |
| Investments | 40 | 35 | 37 | 37 | 51 |
| Other Assets | 77 | 92 | 90 | 97 | 106 |
| Total Assets | 455 | 459 | 442 | 440 | 457 |
| Line item | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| ActivitiesCash from Operating | 67 | 36 | 19 | 34 |
| Cash from Investing | 25 | -18 | -2 | -23 |
| Cash from Financing | -86 | -17 | -13 | -5 |
| SummaryCapital Expenditure | — | — | — | — |
| Free Cash Flow | 61 | 22 | 14 | 30 |
| 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.
NPL · CYCLICAL_UNMODELABLE
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