| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 15 | 15 |
| Reserves | 17 | 18 | 19 | 20 | 21 | 22 | 114 | 116 |
| Borrowings | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 1 |
| Other Liabilities | 3 | 3 | 4 | 5 | 5 | 5 | 5 | 4 |
| Total Liabilities | 27 | 26 | 28 | 31 | 31 | 32 | 134 | 135 |
| AssetsFixed Assets | 9 | 7 | 6 | 5 | 5 | 4 | 4 | 3 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 17 | 18 | 22 | 26 | 27 | 28 | 130 | 131 |
| Total Assets | 27 | 26 | 28 | 31 | 31 | 32 | 134 | 135 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 3 | 1 | 4 | 0 | -2 | 5 | -1 | 3 |
| Cash from Investing | -1 | -2 | 0 | 0 | 0 | -5 | 1 | -47 |
| Cash from Financing | -2 | 1 | -1 | -0 | -1 | 1 | -0 | 100 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 2 | 1 | 4 | 0 | -2 | 4 | -1 | 2 |
| 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.
VIRAT · CYCLICAL_UNMODELABLE
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