| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 8 | 8 | 12 | 12 | 13 | 14 | 15 | 52 |
| Reserves | 7 | 12 | 11 | 49 | 121 | 178 | 197 | 169 |
| Borrowings | 26 | 26 | 74 | 38 | 33 | 78 | 84 | 130 |
| Other Liabilities | 231 | 178 | 153 | 142 | 289 | 282 | 282 | 470 |
| Total Liabilities | 272 | 223 | 251 | 241 | 456 | 552 | 578 | 821 |
| AssetsFixed Assets | 25 | 24 | 13 | 14 | 5 | 49 | 48 | 46 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Other Assets | 247 | 199 | 238 | 227 | 451 | 502 | 530 | 774 |
| Total Assets | 272 | 223 | 251 | 241 | 456 | 552 | 578 | 821 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 21 | -9 | 5 | -65 | 46 | -8 | -26 | -4 |
| Cash from Investing | -26 | 0 | 0 | 15 | -3 | -10 | -32 | -50 |
| Cash from Financing | 5 | 9 | -3 | 49 | -39 | 22 | 53 | 57 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -5 | -9 | 5 | -49 | 45 | -11 | -68 | -10 |
| 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.
PANORAMA · CYCLICAL_UNMODELABLE
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