| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 6 | 6 | 6 | 6 | 13 | 13 | 17 | 17 |
| Reserves | -4 | -5 | -6 | 67 | 65 | 50 | 145 | 135 |
| Borrowings | 50 | 55 | 54 | 5 | 1 | 0 | 0 | 0 |
| Other Liabilities | 2 | 2 | 2 | 2 | 2 | 4 | 4 | 5 |
| Total Liabilities | 54 | 58 | 56 | 81 | 80 | 67 | 166 | 157 |
| AssetsFixed Assets | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 51 | 54 | 51 | 66 | 71 | 58 | 160 | 150 |
| Other Assets | 2 | 3 | 5 | 14 | 9 | 8 | 6 | 6 |
| Total Assets | 54 | 58 | 56 | 81 | 80 | 67 | 166 | 157 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 9 | -4 | -4 | -4 | -8 | -4 | -13 | -19 |
| Cash from Investing | -9 | 4 | -1 | 4 | -15 | -2 | 14 | -87 |
| Cash from Financing | 0 | 0 | 5 | 0 | 27 | 3 | -1 | 106 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 9 | -4 | -4 | -4 | -8 | -5 | -13 | -20 |
| 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.
SRAMSET · CYCLICAL_UNMODELABLE
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