| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 10 | 10 | 10 | 10 | 11 | 12 | 12 | 12 |
| Reserves | 10 | 8 | 8 | 11 | 51 | 82 | 77 | 84 |
| Borrowings | 4 | 4 | 4 | 3 | 7 | 8 | 12 | 18 |
| Other Liabilities | 0 | 0 | 6 | 8 | 30 | 33 | 29 | 21 |
| Total Liabilities | 24 | 22 | 28 | 32 | 100 | 135 | 130 | 135 |
| AssetsFixed Assets | 2 | 1 | 2 | 2 | 3 | 14 | 13 | 15 |
| CWIP | 0 | 0 | 0 | 2 | 2 | 2 | 2 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 22 | 21 | 26 | 28 | 95 | 119 | 115 | 121 |
| Total Assets | 24 | 22 | 28 | 32 | 100 | 135 | 130 | 135 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -8 | -2 | 0 | 1 | 2 | -22 | -16 | -10 |
| Cash from Investing | -1 | 0 | 0 | -0 | -2 | -10 | -4 | -1 |
| Cash from Financing | -2 | -1 | -0 | -1 | 0 | 32 | 20 | 10 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -8 | -2 | 0 | 1 | 0 | -24 | -28 | -10 |
| 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.
TRL · CYCLICAL_UNMODELABLE
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