| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 92 | 105 | 132 | 151 | 196 | 189 | 191 | 195 |
| Borrowings | 6 | 5 | 7 | 14 | 24 | 5 | 6 | 4 |
| Other Liabilities | 34 | 31 | 41 | 49 | 45 | 65 | 27 | 25 |
| Total Liabilities | 137 | 147 | 186 | 220 | 271 | 264 | 229 | 229 |
| AssetsFixed Assets | 45 | 39 | 44 | 49 | 55 | 24 | 23 | 22 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 58 | 74 | 92 | 116 | 163 | 158 | 168 | 171 |
| Other Assets | 33 | 34 | 50 | 55 | 54 | 83 | 39 | 36 |
| Total Assets | 137 | 147 | 186 | 220 | 271 | 264 | 229 | 229 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 16 | 3 | 10 | 13 | 8 | 8 | 14 | 3 |
| Cash from Investing | -13 | -3 | -12 | -11 | -11 | -9 | 3 | -0 |
| Cash from Financing | -2 | -2 | 2 | 1 | 1 | 3 | -18 | -4 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 12 | 7 | 11 | 19 | 16 | 45 | 10 | 2 |
| 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.
SHRIDINE · CYCLICAL_UNMODELABLE
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