| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
| Reserves | 73 | 83 | 141 | 135 | 138 | 141 | 134 | 132 |
| Borrowings | 72 | 55 | 28 | 76 | 40 | 50 | 48 | 35 |
| Other Liabilities | 89 | 121 | 111 | 65 | 38 | 32 | 30 | 38 |
| Total Liabilities | 253 | 277 | 299 | 295 | 234 | 242 | 231 | 224 |
| AssetsFixed Assets | 82 | 75 | 73 | 71 | 65 | 57 | 54 | 52 |
| CWIP | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 170 | 202 | 226 | 224 | 169 | 184 | 177 | 172 |
| Total Assets | 253 | 277 | 299 | 295 | 234 | 242 | 231 | 224 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 14 | 7 | 29 | 38 | -30 | 40 | -5 | 29 |
| Cash from Investing | 0 | 3 | 0 | -3 | -6 | 5 | 1 | -3 |
| Cash from Financing | -14 | -10 | -28 | -32 | 34 | -45 | 4 | -26 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 13 | 7 | 31 | 35 | -37 | 38 | -5 | 25 |
| 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.
PANCHMAHQ · CYCLICAL_UNMODELABLE
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