| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 25 | 25 | 25 | 25 | 25 | 25 | 25 | 25 |
| Reserves | 9 | 19 | 39 | 54 | 64 | 77 | 84 | 81 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 0 | 0 | 4 | 2 | 2 | 3 | 4 | 0 |
| Total Liabilities | 34 | 45 | 68 | 80 | 91 | 105 | 113 | 106 |
| AssetsFixed Assets | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 11 | 22 | 44 | 64 | 75 | 91 | 99 | 92 |
| Other Assets | 22 | 22 | 24 | 16 | 16 | 13 | 14 | 14 |
| Total Assets | 34 | 45 | 68 | 80 | 91 | 105 | 113 | 106 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -3 | -2 | -3 | 1 | 3 | 0 | 2 | 0 |
| Cash from Investing | 2 | 2 | 4 | -4 | 0 | 0 | -3 | 0 |
| Cash from Financing | 0 | 0 | 0 | 3 | -3 | 0 | 0 | 0 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -3 | -2 | -3 | 1 | 3 | 0 | 2 | 0 |
| 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.
TITANSEC · CYCLICAL_UNMODELABLE
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