| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 15 | 15 | 15 | 15 | 15 | 15 | 15 | 15 |
| Reserves | 95 | 127 | 213 | 205 | 280 | 235 | 410 | 226 |
| Borrowings | 28 | 47 | 27 | 49 | 84 | 77 | 64 | 53 |
| Other Liabilities | 20 | 37 | 103 | 133 | 143 | 129 | 151 | 140 |
| Total Liabilities | 158 | 226 | 359 | 402 | 522 | 456 | 641 | 434 |
| AssetsFixed Assets | 22 | 22 | 22 | 19 | 20 | 19 | 22 | 20 |
| CWIP | 3 | 4 | 4 | 3 | 4 | 4 | 4 | 4 |
| Investments | 60 | 110 | 234 | 211 | 314 | 248 | 441 | 234 |
| Other Assets | 73 | 89 | 99 | 169 | 185 | 185 | 174 | 176 |
| Total Assets | 158 | 226 | 359 | 402 | 522 | 456 | 641 | 434 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | 6 | -8 | -4 | -34 | -22 | 6 | -10 |
| Cash from Investing | 1 | 0 | -1 | 0 | 13 | -0 | 2 | 1 |
| Cash from Financing | -7 | -9 | 19 | -10 | 22 | 35 | -7 | -1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | 6 | -9 | -4 | -22 | -24 | 6 | -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.
SAB · CYCLICAL_UNMODELABLE
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