| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 5 | 16 | 27 | 23 | 43 | 51 | 57 | 55 |
| Borrowings | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 0 |
| Other Liabilities | 0 | 3 | 5 | 0 | 3 | 9 | 3 | 1 |
| Total Liabilities | 10 | 21 | 36 | 28 | 50 | 63 | 64 | 59 |
| AssetsFixed Assets | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19 |
| Other Assets | 9 | 21 | 36 | 26 | 49 | 62 | 63 | 40 |
| Total Assets | 10 | 21 | 36 | 28 | 50 | 63 | 64 | 59 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | -1 | 2 | 0 | 1 | 10 | -8 | 45 |
| Cash from Investing | 0 | 0 | 0 | 0 | -1 | 0 | 0 | -16 |
| Cash from Financing | -3 | 1 | -1 | 0 | 0 | 0 | -1 | -1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | -1 | 2 | 0 | 0 | 10 | -8 | 46 |
| 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.
PHCAP · CYCLICAL_UNMODELABLE
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