| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 15 | 15 | 15 | 19 | 19 | 19 | 19 | 19 |
| Reserves | 154 | 171 | 191 | 215 | 202 | 192 | 196 | 204 |
| Borrowings | 42 | 100 | 199 | 192 | 198 | 175 | 172 | 156 |
| Other Liabilities | 42 | 53 | 66 | 65 | 38 | 57 | 69 | 71 |
| Total Liabilities | 253 | 339 | 471 | 490 | 457 | 443 | 456 | 449 |
| AssetsFixed Assets | 128 | 120 | 304 | 343 | 331 | 317 | 310 | 305 |
| CWIP | 15 | 106 | 39 | 17 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 110 | 113 | 127 | 129 | 125 | 125 | 145 | 144 |
| Total Assets | 253 | 339 | 471 | 490 | 457 | 443 | 456 | 449 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 39 | 40 | 22 | 39 | 1 | -18 | 40 | 43 |
| Cash from Investing | -12 | -31 | -77 | -105 | -13 | -1 | 2 | -1 |
| Cash from Financing | -21 | -3 | 51 | 84 | 18 | -12 | -41 | -39 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 26 | 8 | -57 | -66 | -13 | -20 | 42 | 41 |
| 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.
STHINPA · CYCLICAL_UNMODELABLE
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