| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 0 | 0 | 0 | 0 | 0 | 10 | 10 |
| Reserves | 2 | 2 | 2 | -5 | 2 | 86 | 154 |
| Borrowings | 10 | 9 | 8 | 10 | 0 | 221 | 278 |
| Other Liabilities | 3 | 6 | 2 | 2 | 0 | 286 | 238 |
| Total Liabilities | 15 | 18 | 13 | 8 | 3 | 603 | 680 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 50 | 53 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 5 | 4 |
| Other Assets | 15 | 17 | 12 | 7 | 3 | 548 | 622 |
| Total Assets | 15 | 18 | 13 | 8 | 3 | 603 | 680 |
| Line item | FY17 | FY18 | FY19 | FY20 | FY21 | FY26 |
|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 0 | 2 | 2 | -1 | 0 | -350 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | -29 |
| Cash from Financing | 0 | -2 | -2 | 1 | 0 | 368 |
| SummaryCapital Expenditure | — | — | — | — | — | — |
| Free Cash Flow | 0 | 2 | 2 | -1 | 0 | -373 |
| 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.
VEGA · CYCLICAL_UNMODELABLE
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