| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 18 | 18 | 18 | 26 | 26 | 40 | 40 | 50 |
| Reserves | 21 | -2 | -37 | -36 | -48 | -14 | -8 | 26 |
| Borrowings | 38 | 41 | 42 | 1 | 5 | 8 | 6 | 7 |
| Other Liabilities | 43 | 46 | 68 | 70 | 62 | 58 | 71 | 37 |
| Total Liabilities | 119 | 102 | 90 | 62 | 47 | 92 | 109 | 119 |
| AssetsFixed Assets | 9 | 8 | 8 | 14 | 11 | 29 | 30 | 30 |
| CWIP | 1 | 2 | 2 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 109 | 93 | 81 | 48 | 35 | 63 | 78 | 89 |
| Total Assets | 119 | 102 | 90 | 62 | 47 | 92 | 109 | 119 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -5 | 7 | 3 | 6 | -3 | 1 | -24 | -15 |
| Cash from Investing | 0 | -2 | -1 | -1 | 13 | 1 | -20 | -5 |
| Cash from Financing | 5 | -5 | -2 | -4 | -10 | -2 | 45 | 35 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -5 | 7 | 3 | 6 | -3 | 1 | -24 | -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.
SUDTIND-B · CYCLICAL_UNMODELABLE
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