| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 5 | 11 | 38 | 64 | 69 | 80 |
| Reserves | 5 | 5 | 7 | 3 | 12 | 58 | 67 | 80 |
| Borrowings | 27 | 28 | 77 | 90 | 95 | 105 | 104 | 156 |
| Other Liabilities | 1 | 2 | 2 | 3 | 2 | 3 | 6 | 14 |
| Total Liabilities | 37 | 39 | 91 | 106 | 147 | 229 | 247 | 330 |
| AssetsFixed Assets | 1 | 2 | 2 | 3 | 6 | 6 | 5 | 6 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 1 | 1 | 0 | 0 | 3 | 2 | 1 |
| Other Assets | 35 | 36 | 88 | 103 | 141 | 220 | 240 | 322 |
| Total Assets | 37 | 39 | 91 | 106 | 147 | 229 | 247 | 330 |
| Line item | FY25 | FY26 |
|---|---|---|
| ActivitiesCash from Operating | 11 | 27 |
| Cash from Investing | -48 | -87 |
| Cash from Financing | 68 | 66 |
| SummaryCapital Expenditure | — | — |
| Free Cash Flow | 11 | 25 |
| 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.
REGENCY · CYCLICAL_UNMODELABLE
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