| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 5 | 6 | 6 | 7 | 7 | 7 |
| Reserves | 7 | 8 | 22 | 26 | 27 | 44 | 52 | 62 |
| Borrowings | 9 | 8 | 7 | 75 | 80 | 85 | 75 | 92 |
| Other Liabilities | 16 | 28 | 24 | 17 | 78 | 119 | 162 | 115 |
| Total Liabilities | 35 | 48 | 58 | 125 | 190 | 255 | 297 | 277 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 22 | 6 | 9 | 5 | 6 | 6 | 6 | 6 |
| Other Assets | 13 | 41 | 49 | 120 | 184 | 249 | 291 | 271 |
| Total Assets | 35 | 48 | 58 | 125 | 190 | 255 | 297 | 277 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | -8 | -14 | -11 | -35 | -41 | -27 | 0 |
| Cash from Investing | 0 | 5 | 15 | -2 | 12 | -1 | 0 | 0 |
| Cash from Financing | 0 | 3 | 1 | 13 | 29 | 39 | 26 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | -8 | -14 | -11 | -35 | -41 | -27 | 0 |
| 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.
SALSAIN · CYCLICAL_UNMODELABLE
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