| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 31 | 31 | 31 | 31 | 85 | 86 | 95 | 95 |
| Reserves | -471 | -220 | -256 | -100 | 28 | 42 | 45 | 55 |
| Borrowings | 687 | 436 | 324 | 122 | 10 | 47 | 37 | 45 |
| Other Liabilities | 95 | 96 | 98 | 152 | 96 | 91 | 122 | 132 |
| Total Liabilities | 342 | 343 | 196 | 205 | 220 | 265 | 299 | 327 |
| AssetsFixed Assets | 222 | 208 | 67 | 66 | 70 | 83 | 78 | 98 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 6 | 14 | 5 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 121 | 135 | 129 | 139 | 149 | 176 | 207 | 223 |
| Total Assets | 342 | 343 | 196 | 205 | 220 | 265 | 299 | 327 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 3 | 196 | -12 | 105 | 24 | -11 | -1 |
| Cash from Investing | 0 | -2 | 1 | 128 | -6 | -10 | -27 | -22 |
| Cash from Financing | 0 | 0 | -198 | -118 | -100 | -9 | 32 | 24 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | 0 | 193 | -19 | 98 | 11 | -40 | -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.
RATHIST · CYCLICAL_UNMODELABLE
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