Nomad Foods: the cash yield is real, the margin of safety is not

In the first half of 2026 Nomad Foods paid its shareholders €64.6 million in dividends and buybacks, and net debt (borrowings less cash) ended June €72 million higher than it started the year. Management's own cash measure paints a healthier picture: it guides to free cash flow equal to at least 90% of adjusted profit, which works out to about €183 million for the year by my arithmetic. Both statements are true, and the gap between them decides what this stock is worth.

At $11.08 on October 9, 2026 the shares trade 2.5% below my triangulated Base value of $11.36. The Bear value of $4.14 is 62.6% below the price and the Bull value of $18.44 is 66.4% above it, a spread that comes from owing €2.0 billion of net debt against a market value of €1.4 billion. The required margin of safety of 55% puts the maximum buy price at $5.11, and the price is 117% above it. For existing holders this is a hold. For new money it is a watchlist name. The shares traded around $11.31 on October 12, up 2.6% on a broker quote taken during the session, which had not closed when I wrote this.

Route: SF-11 Retail and consumer (consumer brands, food). Economic classification: Standard Company (2/12). Primary method: EV/EBITDA on normalized adjusted EBITDA. Secondary method: ten-year unlevered DCF. Hard cash metric: adjusted free cash flow after normalized exceptional cash costs. Values are present fair-value estimates, not 12-month price targets. Nomad reports in euros and its shares trade in dollars, so every per-share value here is a euro value converted at $1.1202 per euro, the October 9 close. A 5% stronger euro lifts the dollar values by about 5%.

What Nomad Foods is

Nomad Foods is a European frozen food company, and the brands are Birds Eye, iglo and Findus. It sells frozen fish, vegetables, poultry, ready meals and pizza through retailers, and it makes most of what it sells itself (external producers are about 22% of volume). Revenue was €3,032.5 million in 2025, adjusted EBITDA (earnings before interest, tax, depreciation and amortization, excluding items management classes as exceptional) was €522.7 million, a margin of 17.2%, and capital spending was only €78.5 million, 2.6% of revenue.

The category is healthy and Nomad's own sales are not. Management says frozen food in its markets is a €30 billion retail category, growing by about €1 billion a year, with category volume up 1.6% so far in 2026. Nomad's organic revenue fell 4.1% in the first half, with volume down 5.1%. Management points to two causes. Retailers in Germany and France disrupted the business in the second quarter, and an inventory reduction in 2025 took about 230 basis points off reported revenue growth, with first-quarter organic growth about 550 basis points behind retail sell-out. A frozen food brand owner losing volume in a growing category is either a temporary supply chain problem or a share problem, and the next two quarters will say which.

The latest half year and the October 6 update

The second quarter was better than the first. Price increases stuck (+3.0%), adjusted gross margin turned up (the release calls it a positive inflection), and the EBITDA decline narrowed from about 23% in the first quarter to 4.3% in the second (my arithmetic from the half-year and quarter figures). The cost was volume: -5.9% in the quarter. In August management cut 2026 adjusted EPS guidance to €1.38 to €1.53 from €1.47 to €1.62, and said the cut was entirely higher interest expense from the July refinancing, not a change in the operating outlook.

On October 6 Nomad held an investor day at the New York Stock Exchange and narrowed 2026 guidance. Organic revenue is now expected to fall 2% to 3% (previously 2% to 5%), and the company expects a return to organic growth of at least 1% in the third quarter. Adjusted EBITDA is still guided down 5% to 10%, which implies €470 to €497 million in constant currency (my arithmetic from 2025's €522.7 million), and adjusted free cash flow conversion is still 90% or more. The medium-term plan sets 2027 organic revenue and adjusted EBITDA growth at 0% to 2%, 2028 and 2029 organic growth at 2% to 3% with EBITDA growing at least as fast, about €550 million of cumulative adjusted free cash flow over 2027 to 2029, and net debt to EBITDA falling toward 3.4x by the end of 2029 while keeping the dividend. Savings of €200 to €225 million are targeted through 2029, and management warned of high single-digit input cost inflation in 2027, mainly fish, to be covered by pricing taken from the end of 2026.

One caution on that update. The third quarter ended on September 30, so the guide of at least 1% growth is a preliminary read on a quarter that is already over, and it is not a reported result. The Q3 report is due around November 5, 2026 (an estimated date).

Why the screener numbers mislead

Screeners show Nomad at 0.56 times book value and 6.9 times free cash flow. Both are arithmetically right and neither survives a closer look. Goodwill of €2,105.5 million and other intangibles of €2,461.3 million total €4,566.8 million against equity of €2,517.5 million, so tangible equity is about -€2.05 billion, or -$16.42 a share. The 6.9x figure divides market value by operating cash flow minus capex, which skips interest paid (the half-year release lists €48.7 million of interest paid on its own line) and lease payments.

Earnings have the same problem in reverse. Nomad's reported diluted EPS was €0.91 in 2025 against adjusted EPS of €1.66. On the adjusted figure at the middle of 2026 guidance (about €1.455, or $1.63) the shares trade at 6.8x. On reported earnings of about €0.88 over the last twelve months they trade at 11.2x. The 2025 difference includes €78.4 million of exceptional items, mostly restructuring and transformation costs, and Nomad adjusts such items out of its headline profit.

The hard metric: free cash flow after the costs management adjusts out

Nomad's free cash flow measure is "adjusted free cash flow", reported as a conversion rate of adjusted profit: 73% in 2025 (€182.2 million on €248.6 million of adjusted profit) and 49% in the first half of 2026 (about €43 million, my arithmetic). Adjusted means exceptional cash costs are excluded. Those costs are real cash leaving the company, and management plans to cut them "roughly in half" within a couple of years relative to 2025, which says they will not be zero.

The third row is my calculation from reported balance sheets (net debt at the start and end of the period, plus cash paid out to shareholders). It includes the €75.9 million refinancing loss booked in the fourth quarter of 2025, currency effects on euro debt and new lease additions, so it overstates the recurring gap, but it shows the direction. Over 2025 Nomad paid €195.6 million for buybacks and €91.3 million in dividends and took on net debt to do it: net debt to adjusted EBITDA rose from 3.1x at the end of 2024 to 3.8x at the end of 2025 and 4.2x on the last twelve months to June (all my calculations, net debt includes about €90 million of lease liabilities).

Hard metric: adjusted free cash flow of about €183 million (2026 guidance and the plan's 2027 to 2029 average) less about €40 million of exceptional cash costs, which is my estimate at half of the €78.4 million booked in 2025, so about €143 million, or €1.02 a share ($1.15). Headline metric: adjusted EBITDA of about €485 million. The hard metric is 29% of the headline. The yield on market value is 10.3% on the hard figure and 13.2% on the adjusted figure. I anchor value on the hard one.

Cash, debt and shares

Borrowings were €2,312.0 million at June 30 (€33.7 million current, €2,278.3 million non-current) and cash €273.4 million. In July Nomad issued €800 million of 5.25% senior secured notes due July 2033 and used the proceeds to repay 2.50% notes due 2028, and it raised its revolving credit facility by €105 million to €280 million. The refinancing added roughly €22 million a year of interest before tax (€800 million times the 2.75 point difference), which, together with higher variable rates, is what management gives as the reason for the August EPS cut. Management says no meaningful debt matures until 2032, about 70% of the debt is at fixed rates and the average cost is about 5.2%. Interest expense in 2025 was €114 million, so last-twelve-months adjusted EBITDA of €489.5 million covers it 4.3 times.

The maturity wall is far away, so this is a leverage problem and not a liquidity problem. It is still a leverage problem: net debt is about 1.5 times the value of the equity, and enterprise value (€3.4 billion) is 2.5 times market value (€1.4 billion), so a 1% change in enterprise value moves the shares by about 2.5%.

The share count is about 139.8 million. Weighted average shares fell from 174.3 million in 2022 to 150.2 million in 2025, a drop of about 14%, as Nomad spent roughly €500 million on buybacks over 2023 to 2025 (provider cash flow data, €178.0 million, €124.5 million and €202.5 million). Buybacks stopped in the second quarter of 2026 and management put deleveraging ahead of them. A rough check on what the buybacks bought: the provider's year-end market values imply about €17 a share at the end of 2024 and about €11 at the end of 2025, against €9.89 now, and the roughly €500 million spent since 2023 is about 36% of today's market value. Stock-based compensation is small at €8.4 million in 2025. I use 139.8 million shares and test 142 million.

Primary valuation: EV/EBITDA on normalized adjusted EBITDA

The primary Base value is $10.87. Equity value is enterprise value minus €2,038.6 million of net debt at June 30 (leases included), divided by 139.8 million shares and converted at $1.1202. The SF-11 tiers are 5x to 8x for struggling businesses with a weak brand or declining sales, 8x to 12x for stable businesses with good brands and normal growth, and 12x to 18x for premium brands. Nomad has top-tier brands in its markets but falling volume, falling EBITDA and 4.2x leverage, and I put it in the upper half of the struggling tier at 7.0x. The company traded at 7.8x adjusted EBITDA at the end of 2024 and 6.8x at the end of 2025.

The EBITDA bridge: Base €485 million is the middle of 2026 guidance (€483.5 million), lifted to the 2027 plan of 0% to 2% growth. Bear €450 million is 7% below the guided middle, which is what happens if fish inflation outruns pricing and volume stays negative. Bull €530 million is 9% above Base, reachable by 2029 if the €200 to €225 million of savings come through while growth is 2% to 3%. These are normalized run-rate values, not 2026 forecasts, because 2026 is mostly guided. The multiples are my judgment. I found no peer table on the same basis, so the anchors are Nomad's own history and the framework tiers.

Sensitivity: primary value per share

Secondary valuation: unlevered DCF

The secondary method is a ten-year discounted cash flow of unlevered free cash flow (cash flow before interest, so it values the whole business and then net debt comes off). It starts from €143 million of hard free cash flow plus about €86 million of after-tax interest (my estimate: €114 million of interest at a 25% tax rate), which gives €228.5 million for 2026. Growth is 1% in 2027, 2.5% in 2028 and 2029 and 2% from 2030 to 2036, matching the company's plan, with terminal growth of 1.0% and a discount rate of 8.0%, the low end of the framework's 8% to 10% range because about 70% of the debt is fixed until 2032. Tax rate and interest are estimates. The lease liabilities sit in net debt and lease payments are probably already in adjusted free cash flow, so the DCF counts leases twice, which is conservative by up to about $0.70 a share in the DCF value.

The Base enterprise value of €3,549 million is 7.3x my €485 million EBITDA. The terminal value is 52% of enterprise value, and the implied terminal multiple is 14.4x unlevered cash flow against 15.0x today, so the DCF does not rely on a multiple above the current one. The Bear shows what leverage does: a 13% cut in cash flow with no growth and a 0% terminal rate leaves €299 million of equity, $2.40 a share. That is a stress, not a forecast.

Sensitivity: DCF Base value per share

Historical cross-check and growth diagnostics

The EV multiple sits between the end-2025 low and the end-2024 level, and the debt ratio is at the top of its range. That pairing is the fair-value story in one table: the market has de-rated the enterprise value a little and the equity a lot, because the equity is the thin slice that absorbs every change. I did not rebuild peer multiples, so there is no peer comparison here.

The growth valuation cross-check (SM-19) is a diagnostic only. On third-party consensus EPS (two to three analysts, adjusted basis) of €1.43 for 2026 and €1.55 for 2028, growth is 4.2% a year, and a price of 6.8x adjusted earnings gives a forward PEG of about 1.6. It is not meaningful: adjusted EPS runs at nearly twice reported EPS (ACCOUNTING_BASIS_MISMATCH), and the 2026 to 2028 growth is a recovery from a down year (growth durability NORMALIZING, CYCLICAL_DISTORTION LOW because frozen food is not cyclical). SM-19 does not set fair value.

Free cash flow growth quality (SM-20, diagnostic only). Company adjusted free cash flow was €182.2 million in 2025, is guided to about €183 million in 2026 (90% of about €204 million of adjusted profit at the middle of EPS guidance and about 140 million shares, my estimate) and averages about €183 million a year in the 2027 to 2029 plan (€550 million over three years). That is a 0% compound growth rate from 2025 to 2029, and absolute growth of zero. The data provider's operating cash flow minus capex shows the earlier slide: €348.4 million in 2023, €355.1 million in 2024 and €252.2 million in 2025, which is €2.04, €2.18 and €1.68 a share on weighted shares, a 9% decline a year per share. With buybacks suspended, per-share growth from here comes only from the plan's growth, not from a shrinking share count. Forward adjusted free cash flow yield is 13.2% on market value, 10.3% after exceptional cash costs. The growth bridge is flat EBITDA and savings offsetting inflation, with interest up about €22 million. I see no LOW_BASE_DISTORTION, no cyclical rebound and no acquisition effect, but 2026 working capital and the timing of restructuring cash are not visible in the sources I used (WORKING_CAPITAL_DISTORTION: not tested). Estimate dispersion is UNAVAILABLE and the plan's targets are management's own, so forecast reliability is MEDIUM. Stress test: free cash flow 20% lower (€114 million) is worth about $9.65 at a 9.5% required yield, 40% lower (€86 million) about $7.24, before any change in net debt.

Valuation triangulation

The two methods diverge by 10.8% of their midpoint, below the framework's 20% warning line. They are not fully independent: both start from the same plan-based EBITDA and cash flow, and both use the same net debt. The primary gets 60% because the multiple is anchored on observable history, the DCF 40% because its growth path is management's. As a check outside the weighting, hard free cash flow of €143 million at a 9.5% yield (an 11% cost of equity less 1.5% growth) gives $12.06 a share, within 6% of the triangulated Base.

What is the market already pricing in?

At $11.08 market value is €1.38 billion and enterprise value €3.42 billion. At an 8% discount rate that enterprise value needs unlevered cash flow of €228.5 million to grow by about 1.2% a year forever (2.2% at a 9% discount rate). If instead the cash flow simply stayed flat forever, the shares would be worth $6.55. About $4.53 of the $11.08 is therefore the plan: growth of 1% to 3% a year that has not yet shown up in the reported numbers. The market is not pricing in a collapse. It is pricing in the guidance.

For the Base case, an investor needs 2026 EBITDA of about €485 million, 0% to 2% growth in 2027 despite high single-digit input inflation, and a multiple that does not fall below 7x while leverage stays above 4x. Evidence so far: price increases are sticking, gross margin turned up in the second quarter, the third-quarter growth guide is a first step, and the volume decline of 5.9% is the figure that has to reverse. Management also said, in the investor day transcript, that its three-year target is "substantially better than what is implied in our current valuation". Valuation implies about 1.2% growth and the target is 2% to 3%, so that is a fair statement. The question is how much of it to pay for before it appears.

Bear, base and bull scenarios

Bear: volume stays negative into 2027, fish and other input inflation outruns pricing, retailers in Germany and France keep trading down to private label, EBITDA slips 7% below the 2026 guide and the multiple falls to 6x. Net debt to EBITDA would pass 4.5x. Base: Q3 growth arrives, 2027 EBITDA grows 0% to 2% as guided, savings offset inflation, and the multiple stays at 7x with leverage easing slowly. Bull: the plan works, EBITDA reaches €530 million, and the market pays 8x for a business that is growing again. The Bear changes both cash flow and multiple because they are separate risks: one is the business, the other is what investors pay for a leveraged business that is shrinking.

The probability-weighted value, at 30%, 50% and 20% (I weight the downside more heavily because leverage makes it bigger), is $10.61, which is 6.6% below the Base and 4.2% below the price.

How the buy price is set

Confidence C starts at a 40% margin of safety, the middle of the framework's 35% to 50% range. Ten points are added for financial leverage (4.2x, above the 3x the SF-11 red-flag list uses, with EBITDA still falling) and five for accounting opacity (adjusted metrics that exclude exceptional costs every year, and a free cash flow measure the company defines). I add nothing for structural disruption, because the Bear already cuts EBITDA, the multiple and cash flow, and counting it twice would be double counting. That leaves 55%. A 55% discount to the $11.36 Base gives a maximum buy price of $5.11. A 60% discount gives $4.54, so the buy zone is $4.54 to $5.11. The price is 117% above the top of that zone, and the 52-week low of $8.99 is well above it.

Dividend

Nomad pays $0.17 a quarter, $0.68 a year, for a yield of 6.1% at $11.08. It started paying in 2024 at $0.15 a quarter and raised it to $0.17 in early 2025. That is about €85 million a year at today's share count, and cash dividends paid were €91.3 million in 2025 and €40.9 million in the first half of 2026. Management says it will maintain the dividend, "nearly $300 million" over three years. Coverage is 2.2 times by adjusted free cash flow of €183 million and 1.7 times by my hard figure of €143 million. In 2025, when the shares were bought back as well, total returns of €286.9 million were about 2.8 times the all-in cash generated I calculate. The dividend is covered now. The 2025 pattern was not.

Reasons to own NOMD

• A cash yield of 10% to 13%. Adjusted free cash flow is about 13.2% of market value, and management says the plan's €550 million is nearly 40% of the current market value.
• A covered 6.1% dividend. The cost is about €85 million, covered 1.7 to 2.2 times, and it is guaranteed by nothing but management's word, though management has repeated it.
• Price and margin moving the right way. Price and mix added 3.0% in the second quarter, adjusted gross margin rose 110 basis points, and the first-quarter EBITDA decline of about 23% narrowed to 4.3%.
• A healthy category with a large cost programme. Frozen food is growing about 1.6% in volume this year, and Nomad has delivered €170 million of cost of goods savings over 2024 to 2026 and targets €180 to €200 million more through 2029.
• No debt wall until 2032 and visible insider buying. The CEO says he has bought more than $6 million of shares in the open market and other executives more than $4 million, which is not a promise, but it is money.

What could go wrong?

• Leverage on a falling base. Net debt to adjusted EBITDA is 4.2x and rose from 3.1x in two years while EBITDA fell. Equity is 40% of enterprise value, so a small EBITDA miss is a large share price move.
• Volume. Volume fell 5.1% in the half and 5.9% in the second quarter, in a category that grew. If this is a share loss to private label and discounters and not retailer disruption, the Bear case is the likely path.
• Input inflation in 2027. Management warns of high single-digit inflation, mainly fish, and plans to cover it with pricing. Price and mix of +3.0% in the second quarter came with volume of -5.9%, so covering high single-digit inflation without losing more volume is the hardest part of the plan.
• Recurring exceptional costs. Adjusted EBITDA and adjusted free cash flow exclude restructuring and transformation costs that have appeared every year, and two factory closures, 22% fewer depots and a utilization target above 70% mean more of them. They are cash costs even when they are excluded.
• Interest and capital allocation. The refinancing raised annual interest by about €22 million, buybacks were funded with debt at higher prices and then stopped, and the co-chairman said a take-private is a "last resort" that depends on credit markets. I assign no value to it.

Management execution

Management delivered what it guided in 2025: results in line with the August 2025 guidance, €287 million returned to shareholders (up 38%) and €170 million of cumulative cost of goods savings over 2024 to 2026. Against that, adjusted EBITDA fell 7.5% in 2025, a further 5% to 10% is guided for 2026, the 2026 EPS guide was cut within months, net leverage rose by more than a turn in two years, and about €500 million of buybacks since 2023 were done at prices well above today's. The co-chairman said at the investor day that the company "lost its way a bit". The October plan is the right shape (savings, fewer factories, deleveraging) and unproven. Management credibility scores 9/20, mixed.

Stock Analyza scorecard

Economic return is low because return on invested capital is about 5.7% (data provider, trailing twelve months), below my 8% estimate of the cost of capital. The moat score is average: the brands are well known, but retailers and discounters set the ceiling on price, and the 2026 volume loss may be a sign of it. Cash flow quality is middling: capex is light at 2.6% of revenue, but the hard figure is 29% of EBITDA and adjusted measures leave out recurring costs. The balance sheet gets 6 for the long maturities and fixed rates, and loses points for 4.2x leverage.

The valuation score is 29/100: discount to Base 2/40, protection against the Bear 3/20, agreement between methods 11/15, historical valuation 5/10, market implied expectations 5/10, data and model penalty 3/5. The score is low because the scale rewards discount to Base and protection against the Bear, and at a price 2.5% below Base with a Bear 63% below the price, Nomad offers neither. It does not say the shares are expensive; the verdict, from the upside of +2.5%, is fairly valued.

Confidence score

What I would watch from here

The next review point is the third-quarter 2026 report, expected around November 5, 2026, then the full-year report in early 2027. Two dashboard lines are red today (leverage and volume), which is the reason for the 55% margin of safety.

The three most important thesis breakers

1. Organic revenue fails to return to growth in the third quarter, or volume stays below -3% into the fourth.
2. High single-digit input inflation in 2027 is not covered by pricing, and 2027 adjusted EBITDA guidance is cut to flat or lower.
3. Net debt to adjusted EBITDA does not start falling by the end of 2026, or the dividend is cut to fund deleveraging.

Adversarial review

I rebuilt the key figures from Nomad's second-quarter 2026 and fourth-quarter 2025 press releases and the October 6 investor day materials: revenue, organic growth split, adjusted gross margin, adjusted EBITDA and EPS, cash flow lines, borrowings, cash, equity, goodwill and intangibles, and the guidance. Net debt of €2,038.6 million is borrowings of €2,312.0 million less cash of €273.4 million from the release, and the December 2025 figure of €1,966.4 million is the same calculation on the year-end release. The last-twelve-months adjusted EBITDA of €489.5 million is my arithmetic (2025 less the first half of 2025 plus the first half of 2026, using the reported -13.3%). The price is the October 9 close from the history page of the quote source, $11.08. The euro rate of $1.1202 is the October 9 close from a currency history page and is close to the rate the quote source implies in its dollar EPS figure.

Weak points, in order. First, I could not find a leverage ratio reported by the company. Management said on the call that leverage was within its comfort range and gave a 3.4x end-2029 goal, and my 4.2x is a calculation that includes about €90 million of lease liabilities (3.1x and 3.8x for the earlier dates), so if the company defines net debt differently the headline moves. Second, the exceptional cash cost of €40 million is my estimate, and the interest and tax inputs to the DCF are estimates. Third, the 7.0x multiple is my judgment on SF-11 tiers, with no peer table on the same basis. Fourth, both methods share the plan-based EBITDA, so their 10.8% divergence is weaker evidence than it looks. Fifth, I read the investor day through transcript excerpts and press summaries, not the slides, so the plan targets may differ in detail. Sixth, the share count of 139.8 million comes from a quote source and I did not reconcile it to the latest filing.

The strongest counter-argument is that Nomad is cheap: 6.8x adjusted earnings, a 13% adjusted free cash flow yield, a 6% covered dividend, no debt due before 2032, a category growing in volume and a CEO buying shares. If the plan delivers, the Bull is $18.44 and the stock has 66% upside. The reply is the bridge from enterprise value to equity. The 13% yield is on the adjusted figure, the all-in cash I calculate for 2025 was about €102 million, leverage is 4.2x and the guide for 2026 is another EBITDA decline. At $11.08 the market already pays about $4.53 a share for the plan, so a buyer is paying for the recovery in advance.

Single changes keep the Base between $9.03 and $13.70, and the maximum buy price between $4.06 and $6.16, below $11.08 every time. Stacking all cautious inputs gives $3.64, 67% below the price, and stacking all generous inputs gives $21.13, 91% above it. The price sits inside every single-change range, which is why the verdict is a hold and not a sell. The errors are not one-sided: the generous stack is 86% above the Base and the cautious stack 68% below it. The publication gate status is PASS_WITH_WARNING.

Final verdict: hold at $11.08, watchlist for new money

Nomad Foods is a market leader in a healthy category with a falling top line, a rising debt ratio and a plan that is credible in shape and unproven in numbers. At $11.08 the shares are priced almost exactly at my Base value, and the Base is what management has guided. That leaves no room for error on a stock where 4.2x leverage multiplies every error by two and a half.

Verdict: HOLD at $11.08, WATCHLIST for new money. Triangulated Base value $11.36, upside 2.5%, Confidence C (13/25). Required margin of safety 55%, maximum buy price $5.11.

For an existing holder the covered dividend and the visible improvement in price and margin justify holding. New money waits for $5.11 or below with the plan intact, or for proof in the numbers: positive volume, EBITDA at the guided middle and net leverage falling. The main thesis breaker is a third quarter without growth, which would put the Bear case back in play. Buy it at $5.11 and the plan is a bonus. Buy it at $11.08 and the plan is the price.

Sources

Primary sources are Nomad Foods' second-quarter 2026 results release and its full PDF (August 2026), the fourth-quarter and full-year 2025 release (February 2026), the Form 6-K on the July 2026 notes and dividend, and the October 6, 2026 investor day transcript, with the updated guidance as summarized by Stock Titan and the plan by MarketBeat. Second-quarter call commentary is from the Investing.com call transcript. Multi-year financial statements, ratios and third-party estimates come from Bigdata.com (corporate fundamentals), the price history and share count from stockanalysis.com, and the euro rate from Pound Sterling Live. Net debt, last-twelve-months EBITDA, leverage ratios, the exceptional cash cost, the unlevered cash flow bridge, the multiples and the DCF inputs are my own calculations or estimates, labeled as such.

The reference market price is $11.08, the October 9, 2026 regular session close. Balance sheet figures are as of June 30, 2026 (year-end figures as of December 31 of the year stated). Share count is about 139.8 million as shown by the quote source.