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  "notes": "Includes sensitivity analysis for both Cost of Equity vs Terminal Multiple and Cost of Equity vs Target Leverage.",
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      "text": "Source: Company filings, Europa Management. Note: Europa fully diluted share count of 76.413 million as of November 4, 2019.",
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      "text": "Discounted dividend analysis based on Europa Management forecasts. Excess equity capital is distributed annually. Mid-period discounting convention applied. Price / Book terminal multiple range applied.",
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      "text": "Sensitivity Analysis: Implied Per Share Value (@ 2.50x Debt / Equity) across Cost of Equity and Terminal Multiple.",
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