| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 |
| Reserves | 47 | 50 | 56 | 67 | 84 | 107 | 121 | 133 |
| Borrowings | 43 | 57 | 68 | 95 | 138 | 171 | 203 | 209 |
| Other Liabilities | 2 | 2 | 2 | 4 | 1 | 1 | 6 | 23 |
| Total Liabilities | 108 | 125 | 142 | 183 | 239 | 295 | 346 | 381 |
| AssetsFixed Assets | 10 | 10 | 10 | 10 | 11 | 12 | 12 | 11 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 98 | 115 | 132 | 172 | 228 | 283 | 335 | 370 |
| Total Assets | 108 | 125 | 142 | 183 | 239 | 295 | 346 | 381 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -50 | -12 | -10 | 0 | -22 | -29 | -7 | 7 |
| Cash from Investing | -6 | 0 | 0 | 0 | 0 | 0 | -1 | 0 |
| Cash from Financing | 20 | 15 | 4 | -3 | 104 | 34 | 17 | 22 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -56 | -12 | -10 | 0 | -23 | -30 | -8 | 7 |
| 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.
NSL · CYCLICAL_UNMODELABLE
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