| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 76 | 86 | 86 | 83 | 119 | 127 | 121 | 145 |
| Borrowings | 44 | 61 | 72 | 81 | 83 | 86 | 133 | 88 |
| Other Liabilities | 34 | 38 | 70 | 51 | 43 | 42 | 62 | 44 |
| Total Liabilities | 155 | 186 | 229 | 217 | 246 | 256 | 318 | 279 |
| AssetsFixed Assets | 58 | 67 | 64 | 61 | 54 | 51 | 83 | 58 |
| CWIP | 3 | 3 | 4 | 1 | 2 | 7 | 6 | 3 |
| Investments | 0 | 2 | 2 | 2 | 4 | 9 | 3 | 9 |
| Other Assets | 93 | 115 | 159 | 153 | 186 | 189 | 226 | 208 |
| Total Assets | 155 | 186 | 229 | 217 | 246 | 256 | 318 | 279 |
| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 29 | 2 | -6 | -5 | 2 | -14 | -2 |
| Cash from Investing | -8 | -17 | -2 | 3 | 5 | -11 | 1 |
| Cash from Financing | -16 | 14 | 3 | 2 | 23 | -4 | 2 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — |
| Free Cash Flow | 21 | -2 | -8 | -9 | 0 | -27 | -13 |
| 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.
TRITONV · CYCLICAL_UNMODELABLE
Guides on how to read this kind of business and the numbers that matter.