| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 7 | 7 | 8 | 16 | 16 | 16 | 16 |
| Reserves | 6 | 9 | 13 | 23 | 16 | 18 | 19 | 20 |
| Borrowings | 0 | 0 | 0 | 0 | 10 | 17 | 6 | 3 |
| Other Liabilities | 22 | 20 | 27 | 22 | 31 | 28 | 35 | 45 |
| Total Liabilities | 33 | 35 | 48 | 54 | 74 | 79 | 76 | 84 |
| AssetsFixed Assets | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 1 | 1 | 3 | 1 | 2 | 5 | 1 | 2 |
| Other Assets | 32 | 34 | 45 | 52 | 71 | 74 | 74 | 82 |
| Total Assets | 33 | 35 | 48 | 54 | 74 | 79 | 76 | 84 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | -1 | -4 | -6 | -3 | -0 | -8 | -5 | 3 |
| Cash from Investing | -0 | 0 | 0 | 1 | -8 | -1 | -3 | 3 |
| Cash from Financing | 2 | 3 | 6 | 3 | 10 | 9 | 6 | -6 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | -1 | -4 | -6 | -3 | -0 | -8 | -6 | 3 |
| 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.
VGIL · CYCLICAL_UNMODELABLE
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