| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 56 | 38 | 33 | 30 | 34 | 42 | 47 | 56 |
| Borrowings | 47 | 91 | 89 | 84 | 84 | 83 | 75 | 67 |
| Other Liabilities | 34 | 46 | 41 | 50 | 41 | 47 | 47 | 43 |
| Total Liabilities | 140 | 177 | 165 | 166 | 161 | 174 | 172 | 169 |
| AssetsFixed Assets | 26 | 83 | 78 | 72 | 67 | 74 | 75 | 73 |
| CWIP | 19 | 0 | 0 | 0 | 5 | 1 | 1 | 1 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 95 | 94 | 87 | 94 | 88 | 100 | 96 | 95 |
| Total Assets | 140 | 177 | 165 | 166 | 161 | 174 | 172 | 169 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 14 | 7 | 14 | 13 | 17 | 16 | 32 |
| Cash from Investing | -5 | -17 | -8 | -4 | -1 | -7 | -7 | -2 |
| Cash from Financing | 6 | 2 | 0 | -11 | -13 | -10 | -9 | -29 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -6 | -2 | -1 | 10 | 12 | 7 | 9 | 29 |
| 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.
SIMMOND · CYCLICAL_UNMODELABLE
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