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  "documentTitle": "Citi | Investment Banking Pitch Book | 25 slides",
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  "notes": "Includes detailed financial projections from 2H 2019E to 2023E and sensitivity tables for valuation.",
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      "text": "Assumptions: Discounted cash flow analysis based on forecasted dividends; Excess equity capital distributed annually; Assumes Europa net debt of $5,043 million; Mid-period discounting; Price / Book terminal multiple range.",
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      "text": "Source: Company filings, Europa Management. Note: Europa fully diluted share count of 76.729 million...",
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      "text": "Leverage after Dividend Payment table showing Debt, Cash, Net Debt, Shareholders' Equity, and Total Debt/Equity ratios.",
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      "text": "Sensitivity Analysis: Implied Per Share Value (@ 2.50x Debt / Equity) across various discount rates and terminal multiples.",
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      "text": "Discounted Dividends Analysis – Europa Base Case",
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