| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 2 | 3 | 4 | 10 | 17 | 21 | 51 | 32 |
| Borrowings | 25 | 13 | 6 | 7 | 28 | 47 | 57 | 62 |
| Other Liabilities | 130 | 128 | 139 | 172 | 184 | 211 | 209 | 254 |
| Total Liabilities | 157 | 144 | 151 | 191 | 231 | 281 | 319 | 349 |
| AssetsFixed Assets | 65 | 58 | 47 | 44 | 68 | 97 | 119 | 152 |
| CWIP | 6 | 0 | 0 | 12 | 19 | 18 | 6 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 47 | 0 |
| Other Assets | 86 | 85 | 103 | 135 | 143 | 165 | 147 | 197 |
| Total Assets | 157 | 144 | 151 | 191 | 231 | 281 | 319 | 349 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 14 | 22 | 15 | 24 | 7 | 17 | 32 | 42 |
| Cash from Investing | -23 | -16 | 1 | -10 | -3 | -35 | -39 | -49 |
| Cash from Financing | 5 | -7 | -16 | -9 | -2 | 17 | 13 | 6 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -11 | 4 | 14 | 14 | 3 | -19 | -10 | -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.
VADILENT · CYCLICAL_UNMODELABLE
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