| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 10 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 12 | 10 | 10 | 49 | 67 | 76 | 85 | 101 |
| Borrowings | 12 | 16 | 27 | 29 | 19 | 27 | 24 | 29 |
| Other Liabilities | 7 | 7 | 9 | 13 | 6 | 15 | 17 | 30 |
| Total Liabilities | 42 | 44 | 56 | 100 | 103 | 128 | 136 | 169 |
| AssetsFixed Assets | 3 | 4 | 3 | 3 | 13 | 28 | 29 | 31 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 3 | 2 | 1 |
| Investments | 0 | 0 | 0 | 9 | 9 | 0 | 0 | 35 |
| Other Assets | 38 | 40 | 53 | 89 | 81 | 97 | 104 | 101 |
| Total Assets | 42 | 44 | 56 | 100 | 103 | 128 | 136 | 169 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | 1 | -1 | -5 | 41 | 7 | 4 | 30 |
| Cash from Investing | 0 | 0 | -2 | 0 | -41 | -1 | -9 | -26 |
| Cash from Financing | -1 | 0 | 3 | 11 | 0 | -11 | 6 | -1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | 0 | -2 | -5 | 40 | -8 | -11 | 24 |
| 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.
OVOBELE · CYCLICAL_UNMODELABLE
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