| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 11 | 11 | 11 | 10 | 10 | 8 | 8 | 8 |
| Reserves | 61 | 67 | 73 | 73 | 132 | 105 | 123 | 130 |
| Borrowings | 33 | 31 | 24 | 21 | 6 | 4 | 2 | 1 |
| Other Liabilities | 57 | 45 | 61 | 63 | 14 | 14 | 18 | 13 |
| Total Liabilities | 162 | 155 | 169 | 167 | 162 | 130 | 152 | 152 |
| AssetsFixed Assets | 55 | 52 | 51 | 48 | 41 | 57 | 54 | 51 |
| CWIP | 1 | 0 | 0 | 0 | 2 | 0 | 0 | 0 |
| Investments | 5 | 8 | 5 | 2 | 64 | 38 | 40 | 61 |
| Other Assets | 101 | 95 | 113 | 117 | 55 | 34 | 57 | 40 |
| Total Assets | 162 | 155 | 169 | 167 | 162 | 130 | 152 | 152 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 16 | 19 | 10 | 8 | 11 | 73 | 40 | 24 |
| Cash from Investing | -11 | 0 | -3 | 0 | 0 | -60 | 8 | -21 |
| Cash from Financing | -5 | -21 | -5 | -6 | -13 | -17 | -47 | -3 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 13 | 14 | 8 | 4 | 8 | 73 | 20 | 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.
PURETROP · CYCLICAL_UNMODELABLE
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