| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 9 |
| Reserves | 9 | 10 | 12 | 12 | 15 | 18 | 22 | 46 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 10 |
| Other Liabilities | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 6 |
| Total Liabilities | 14 | 16 | 17 | 17 | 20 | 23 | 28 | 71 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 3 | 4 | 4 | 5 | 8 | 7 | 3 | 6 |
| Other Assets | 11 | 12 | 12 | 12 | 13 | 16 | 25 | 65 |
| Total Assets | 14 | 16 | 17 | 17 | 20 | 23 | 28 | 71 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | -5 | -0 | -0 | 0 | -0 | 2 | -35 |
| Cash from Investing | 0 | 5 | 0 | 0 | -1 | 0 | 1 | 1 |
| Cash from Financing | -0 | 0 | 0 | 0 | 0 | 0 | 3 | 31 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -6 | -0 | -0 | 0 | -0 | 2 | -35 |
| 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.
TRUSTEDGE · CYCLICAL_UNMODELABLE
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