| Line item | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | FY26 |
|---|---|---|---|---|---|---|---|---|
| LiabilitiesEquity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 72 | 77 | 82 | 87 | 92 | 95 | 96 | 98 |
| Borrowings | 37 | 50 | 51 | 52 | 56 | 51 | 44 | 44 |
| Other Liabilities | 34 | 54 | 53 | 62 | 58 | 68 | 77 | 76 |
| Total Liabilities | 144 | 182 | 187 | 202 | 207 | 215 | 219 | 219 |
| AssetsFixed Assets | 28 | 42 | 46 | 55 | 70 | 71 | 68 | 70 |
| CWIP | 2 | 0 | 3 | 2 | 4 | 0 | 1 | 3 |
| Investments | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Other Assets | 107 | 132 | 131 | 137 | 126 | 137 | 142 | 138 |
| Total Assets | 144 | 182 | 187 | 202 | 207 | 215 | 219 | 219 |
| Line item | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| ActivitiesCash from Operating | 2 | 3 | 5 | 10 | 16 | 22 | 14 | 18 |
| Cash from Investing | -1 | -4 | -14 | -9 | -13 | -19 | -4 | -6 |
| Cash from Financing | -1 | 3 | 9 | -2 | -3 | -3 | -10 | -11 |
| SummaryCapital Expenditure | — | — | — | — | — | — | — | — |
| Free Cash Flow | 0 | -3 | -10 | 0 | 17 | 22 | 14 | 18 |
| 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.
ZBINTXPP · CYCLICAL_UNMODELABLE
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