| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Reserves | 18 | 24 | 27 | 18 | 22 | 31 | 38 | 30 |
| Borrowings | 14 | 17 | 17 | 38 | 36 | 36 | 33 | 77 |
| Other Liabilities | 40 | 25 | 25 | 39 | 48 | 55 | 58 | 8 |
| Total Liabilities | 75 | 70 | 73 | 99 | 110 | 126 | 133 | 119 |
| AssetsFixed Assets | 34 | 34 | 33 | 63 | 58 | 63 | 70 | 66 |
| CWIP | 0 | 2 | 5 | 0 | 8 | 8 | 0 | 0 |
| Investments | 0 | 0 | 0 | 1 | 1 | 2 | 1 | 1 |
| Other Assets | 41 | 34 | 36 | 34 | 43 | 53 | 62 | 51 |
| Total Assets | 75 | 70 | 73 | 99 | 110 | 126 | 133 | 119 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 5 | 9 | 5 | 7 | 14 | 16 | 24 | -43 |
| Cash from Investing | -3 | -5 | -6 | -6 | -29 | -11 | -12 | -4 |
| Cash from Financing | -2 | -3 | 1 | -1 | 15 | -5 | -4 | 39 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 1 | 3 | -1 | 0 | -15 | 5 | 10 | -47 |
| 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.
RAGHUSYN · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.