| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 19 | 18 | 17 | 16 | 17 | 14 | 14 | 16 |
| Borrowings | 2 | 0 | 2 | 3 | 1 | 7 | 6 | 0 |
| Other Liabilities | 7 | 8 | 8 | 9 | 10 | 6 | 9 | 44 |
| Total Liabilities | 33 | 31 | 32 | 34 | 34 | 32 | 35 | 66 |
| AssetsFixed Assets | 5 | 4 | 4 | 4 | 5 | 5 | 5 | 5 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 28 | 27 | 28 | 29 | 29 | 27 | 30 | 59 |
| Total Assets | 33 | 31 | 32 | 34 | 34 | 32 | 35 | 66 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | 4 | 5 | -5 | -0 | 3 | -4 | 12 |
| Cash from Investing | -0 | -1 | -0 | -0 | -1 | -0 | -1 | -1 |
| Cash from Financing | 1 | -3 | -2 | 2 | 1 | -3 | 5 | -7 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | 3 | 5 | -5 | -1 | 3 | -5 | 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.
RAPICUT · CYCLICAL_UNMODELABLE
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