| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 1 | 1 | -1 | -0 | 1 | 0 | -1 | 1 |
| Borrowings | 16 | 22 | 21 | 19 | 20 | 49 | 63 | 67 |
| Other Liabilities | 9 | 21 | 9 | 6 | 11 | 14 | 23 | 25 |
| Total Liabilities | 39 | 58 | 44 | 39 | 45 | 77 | 99 | 106 |
| AssetsFixed Assets | 8 | 8 | 7 | 3 | 7 | 14 | 28 | 36 |
| CWIP | 1 | 0 | 0 | 0 | 0 | 5 | 18 | 12 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 31 | 49 | 37 | 36 | 38 | 58 | 54 | 59 |
| Total Assets | 39 | 58 | 44 | 39 | 45 | 77 | 99 | 106 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | 7 | -2 | 6 | -5 | 8 | 1 | 4 |
| Cash from Investing | -1 | 0 | -0 | 1 | 6 | -6 | -27 | -8 |
| Cash from Financing | -1 | -6 | 1 | -3 | -4 | -2 | 27 | 4 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 1 | 7 | -2 | 6 | 1 | 3 | -22 | 3 |
| 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.
PRECISIO · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.