Italian Sea Group Restructuring & Sale Process Valuation Workbench

Valuation Paradigm

Buyer Profile

1. Operational & Backlog

Order Book Backlog (€M) €420.0M

Expected EBITDA Margin (%) 11.5%

Buyer EBITDA Multiple (x) 7.5x

2. Claims Priority Stack

DIP Super-Priority Financing (€M) €25.0M

Senior Bank Debt (€M) €90.0M

Trade Payables & Creditors (€M) €50.0M

3. Market & Share Capital

Pre-Announcement Share Price (€) €2.10

Shares Outstanding (M) 53.0M

Implied Enterprise Value

€362.25M

EBITDA: €48.30M

Net Equity Value

€197.25M

Claims Paid: €165.00M

Implied Share Price
€3.72
Base: €2.10 / share

Stock Price Jump / Upside
+77.14%
Restructuring Re-rating

Restructuring Absolute Priority Debt Recovery Waterfall Going Concern Mode

Waterfall Priority Claim Settlement Matrix

Priority Tier	Claim Type	Claim Amount (€M)	Recovered (€M)	Recovery Rate (%)	Status

Corporate Restructuring Analysis: Initiating a formal M&A sale process creates a competitive bidding dynamic that reduces distress illiquidity discounts. By securing Debtor-in-Possession (DIP) financing, the yacht builder maintains order book execution (€420.0M backlog), preserving operational EBITDA (€48.3M). The proceeds first satisfy super-priority DIP lenders and senior bank obligations before flowing to trade payables and residual common shareholders.