| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | -12 | -19 | -22 | -20 | -18 | -14 | -16 | -12 |
| Borrowings | 24 | 25 | 23 | 24 | 25 | 24 | 18 | 18 |
| Other Liabilities | 49 | 52 | 53 | 48 | 43 | 44 | 54 | 47 |
| Total Liabilities | 64 | 60 | 56 | 55 | 54 | 57 | 60 | 56 |
| AssetsFixed Assets | 27 | 26 | 24 | 23 | 25 | 24 | 23 | 22 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 35 | 35 | 31 | 32 | 28 | 33 | 36 | 34 |
| Total Assets | 64 | 60 | 56 | 55 | 54 | 57 | 60 | 56 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | 5 | 3 | 3 | 5 | 5 | 7 | 4 |
| Cash from Investing | -2 | -2 | 1 | 0 | 0 | -3 | -1 | 0 |
| Cash from Financing | -2 | -3 | -3 | -4 | -4 | -3 | -3 | -4 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | 3 | 4 | 3 | 5 | 2 | 6 | 4 |
| 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.
TRADWIN · CYCLICAL_UNMODELABLE
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