Shipyard Restructuring Parameters
Order Backlog (€M)
580
Work-in-Progress (WIP) Completion
65%
Order Cancellation Risk
15%
Shipyard Property & Docks (€M)
85
Balance Sheet Cash (€M)
18
Gross Senior Debt (€M)
140
Buyer EBITDA Multiple
6.5x
Enterprise Value
€225.4M
Implied Equity Value
€103.4M
Working Capital Gap
€24.2M
Senior Debt Recovery
100.0%
Implied Stock Jump
+32.5%
Capital Recovery Stack & Valuation Waterfall (€M)
Restructuring Valuation Summary
Targeting Enterprise Value of €225.4M under going-concern sale. Backlog net of completion liabilities and cancellation penalty yields sustainable cashflow supporting full €140.0M debt recovery and €103.4M equity value.