| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 19 | 22 | 23 | 32 | 40 | 44 | 44 | 49 |
| Reserves | -10 | -15 | -16 | -10 | 17 | 48 | 51 | 73 |
| Borrowings | 17 | 16 | 2 | 2 | 0 | 0 | 0 | 0 |
| Other Liabilities | 36 | 55 | 51 | 69 | 107 | 126 | 87 | 169 |
| Total Liabilities | 62 | 77 | 60 | 93 | 164 | 217 | 182 | 292 |
| AssetsFixed Assets | 28 | 30 | 32 | 31 | 31 | 53 | 52 | 68 |
| CWIP | 1 | 1 | 0 | 0 | 4 | 0 | 11 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 34 | 46 | 28 | 62 | 129 | 164 | 119 | 224 |
| Total Assets | 62 | 77 | 60 | 93 | 164 | 217 | 182 | 292 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -2 | 3 | 4 | 1 | -8 | -26 | -10 | 8 |
| Cash from Investing | 2 | -4 | -4 | -1 | -2 | -6 | -22 | -20 |
| Cash from Financing | 0 | 0 | 0 | 0 | 11 | 32 | 34 | 18 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -2 | 0 | -1 | -2 | -10 | -32 | -32 | -11 |
| 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.
SYSCHEM · CYCLICAL_UNMODELABLE
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