| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 15 | 15 | 15 | 15 | 15 | 20 | 20 | 22 |
| Reserves | 5 | 14 | 22 | 22 | 33 | 85 | 92 | 95 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 0 | 0 | 0 | 2 | 2 | 2 | 1 | 1 |
| Total Liabilities | 23 | 33 | 39 | 42 | 52 | 107 | 140 | 123 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CWIP | 0 | 0 | 0 | 0 | 7 | 5 | 10 | 13 |
| Investments | 6 | 11 | 3 | 12 | 14 | 33 | 35 | 31 |
| Other Assets | 16 | 22 | 36 | 30 | 32 | 70 | 94 | 79 |
| Total Assets | 23 | 33 | 39 | 42 | 52 | 107 | 140 | 123 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -4 | 4 | 2 | -15 | 10 | -2 | -26 | -15 |
| Cash from Investing | -3 | -2 | 3 | 18 | -9 | 1 | -16 | 12 |
| Cash from Financing | -1 | 0 | 0 | -1 | -1 | -1 | 41 | 9 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -4 | 4 | 2 | -15 | 10 | -9 | -24 | -21 |
| 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.
UPSURGE · CYCLICAL_UNMODELABLE
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