| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 17 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| Reserves | 17 | 47 | 93 | 85 | 130 | 128 | 135 | 144 |
| Borrowings | — | — | — | — | — | — | — | — |
| Other Liabilities | 34 | 18 | 25 | 21 | 11 | 9 | 24 | 28 |
| Total Liabilities | 152 | 175 | 201 | 172 | 195 | 194 | 220 | 238 |
| AssetsFixed Assets | 37 | 26 | 26 | 25 | 26 | 27 | 26 | 26 |
| CWIP | 0 | 0 | 1 | 0 | 2 | 0 | 1 | 0 |
| Investments | 15 | 48 | 96 | 85 | 107 | 116 | 130 | 122 |
| Other Assets | 100 | 101 | 77 | 62 | 59 | 50 | 64 | 90 |
| Total Assets | 152 | 175 | 201 | 172 | 195 | 194 | 220 | 238 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -14 | 21 | 33 | 21 | 20 | 31 | 48 | -19 |
| Cash from Investing | 4 | -7 | -21 | 5 | 7 | -11 | -50 | 14 |
| Cash from Financing | 9 | -16 | -5 | -33 | -20 | -21 | -3 | 5 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -14 | 22 | 49 | 19 | 19 | 27 | 47 | -20 |
| 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.
VGCL · CYCLICAL_UNMODELABLE
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