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  "documentTitle": "Citi | Investment Banking Pitch Book | 25 slides",
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  "notes": "Includes detailed assumptions for a DCF-based dividend model and a multi-year financial forecast table.",
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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; Incremental debt at L + 150 bps; Minimum cash of $100 million; Mid-period discounting; Price/Book terminal multiple.",
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      "text": "Source: Company filings, Europa Management. Note: Europa fully diluted share count of 76.729 million as of August 2, 2019.",
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      "text": "Leverage after Dividend Payment table showing Debt, Cash, Net Debt, Shareholders' Equity, Total Debt/Equity, and Net Debt/Equity from 6/30/2019A to 2023E.",
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      "text": "Discounted Dividends Analysis – Higher Growth Sensitivity",
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