| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 25 | 25 | 25 | 56 | 66 | 66 | 66 |
| Reserves | 4 | 34 | 22 | -5 | 12 | 38 | 40 | 32 |
| Borrowings | 25 | 59 | 82 | 92 | 21 | 1 | 18 | 19 |
| Other Liabilities | 101 | 45 | 48 | 53 | 56 | 71 | 35 | 68 |
| Total Liabilities | 133 | 164 | 177 | 165 | 146 | 175 | 159 | 185 |
| AssetsFixed Assets | 51 | 53 | 54 | 58 | 56 | 54 | 56 | 58 |
| CWIP | 0 | 2 | 4 | 1 | 2 | 2 | 0 | 0 |
| Investments | 1 | 17 | 17 | 17 | 1 | 1 | 1 | 1 |
| Other Assets | 81 | 92 | 102 | 90 | 87 | 118 | 102 | 127 |
| Total Assets | 133 | 164 | 177 | 165 | 146 | 175 | 159 | 185 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -17 | -5 | -12 | -5 | -6 | -30 | -17 |
| Cash from Investing | -0 | -2 | -2 | 10 | 3 | 0 | -3 |
| Cash from Financing | 18 | 8 | 13 | 13 | 17 | 28 | 16 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | -17 | -6 | -15 | -7 | -2 | -30 | -17 |
| 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.
TIERRA · CYCLICAL_UNMODELABLE
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