| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 122 | 122 | 122 | 122 | 122 | 122 | 122 | 122 |
| Reserves | -320 | -378 | -412 | -112 | -43 | 19 | 39 | 59 |
| Borrowings | 8 | 6 | 6 | 4 | 8 | 98 | 94 | 120 |
| Other Liabilities | 323 | 358 | 428 | 525 | 330 | 282 | 326 | 320 |
| Total Liabilities | 133 | 108 | 144 | 538 | 417 | 521 | 580 | 621 |
| AssetsFixed Assets | 59 | 56 | 60 | 302 | 308 | 320 | 319 | 316 |
| CWIP | 0 | 2 | 4 | 5 | 12 | 21 | 62 | 150 |
| Investments | 0 | 0 | 0 | 0 | 0 | 2 | 16 | 16 |
| Other Assets | 74 | 49 | 81 | 231 | 97 | 178 | 184 | 139 |
| Total Assets | 133 | 108 | 144 | 538 | 417 | 521 | 580 | 621 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 9 | 3 | 6 | 9 | 14 | 13 | -8 | 124 |
| Cash from Investing | -1 | 0 | -3 | -8 | -10 | -15 | -78 | -142 |
| Cash from Financing | -8 | -2 | -4 | -1 | -5 | 2 | 86 | 17 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 8 | 3 | 3 | 1 | 4 | -3 | -84 | -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.
TUTIALKA · CYCLICAL_UNMODELABLE
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