| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 2 | 2 | 2 | 2 | 2 | 23 | 23 | 27 |
| Reserves | 111 | 133 | 160 | 162 | 191 | 289 | 310 | 366 |
| Borrowings | 25 | 11 | 115 | 103 | 123 | 114 | 227 | 65 |
| Other Liabilities | 37 | 43 | 61 | 62 | 54 | 80 | 103 | 107 |
| Total Liabilities | 175 | 188 | 337 | 329 | 370 | 506 | 662 | 565 |
| AssetsFixed Assets | 38 | 31 | 123 | 135 | 144 | 162 | 256 | 160 |
| CWIP | 0 | 3 | 0 | 0 | 20 | 0 | 78 | 1 |
| Investments | 3 | 12 | 16 | 16 | 15 | 141 | 8 | 145 |
| Other Assets | 133 | 142 | 198 | 178 | 191 | 204 | 321 | 259 |
| Total Assets | 175 | 188 | 337 | 329 | 370 | 506 | 662 | 565 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 19 | 17 | 19 | 43 | 28 | 27 | 32 |
| Cash from Investing | -5 | -14 | -120 | -21 | -35 | -103 | -43 |
| Cash from Financing | -9 | -7 | 101 | -22 | 7 | 74 | 10 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | 16 | 13 | -76 | 16 | -10 | 16 | 21 |
| 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.
SUBAM · CYCLICAL_UNMODELABLE
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