| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Reserves | 92 | 84 | 91 | 114 | 146 | 176 | 177 | 208 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 30 | 21 | 18 | 28 | 30 | 30 | 39 | 33 |
| Total Liabilities | 128 | 110 | 115 | 148 | 182 | 212 | 222 | 247 |
| AssetsFixed Assets | 60 | 55 | 62 | 61 | 64 | 71 | 68 | 74 |
| CWIP | 7 | 10 | 1 | 3 | 0 | 1 | 4 | 5 |
| Investments | 11 | 6 | 7 | 15 | 26 | 35 | 37 | 44 |
| Other Assets | 50 | 40 | 45 | 69 | 92 | 105 | 113 | 124 |
| Total Assets | 128 | 110 | 115 | 148 | 182 | 212 | 222 | 247 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 13 | 5 | -1 | 5 | 53 | -4 | 36 | 76 |
| Cash from Investing | -11 | -8 | 1 | -5 | -52 | 7 | -28 | -75 |
| Cash from Financing | 1 | -2 | -3 | 2 | -1 | 0 | 0 | 1 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 3 | -3 | -4 | 0 | 45 | -12 | 20 | 62 |
| 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.
UPHOT · CYCLICAL_UNMODELABLE
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