| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 4 | 4 | 4 | 4 | 4 | 28 | 28 | 28 |
| Reserves | -2 | -2 | -1 | -1 | 1 | 1 | 2 | 4 |
| Borrowings | 2 | 2 | 1 | 8 | 28 | 16 | 19 | 24 |
| Other Liabilities | 1 | 1 | 0 | 24 | 23 | 16 | 40 | 16 |
| Total Liabilities | 6 | 5 | 4 | 34 | 56 | 61 | 89 | 72 |
| AssetsFixed Assets | 0 | 0 | 0 | 6 | 6 | 8 | 8 | 7 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 6 | 5 | 4 | 29 | 50 | 54 | 82 | 65 |
| Total Assets | 6 | 5 | 4 | 34 | 56 | 61 | 89 | 72 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -2 | 0 | 0 | 2 | 0 | -21 | -23 | 6 |
| Cash from Investing | 0 | 0 | 0 | 0 | -6 | -1 | -3 | 0 |
| Cash from Financing | 1 | 0 | 0 | -1 | 7 | 21 | 26 | -3 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -2 | 0 | 0 | 2 | -5 | -22 | -27 | 6 |
| 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.
STRATMONT · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.