The market modelling and market projections prepared by the vendor’s advisers resulted in aggressive organic growth assumptions, which we considered ambitious and thus challenged them. We also analysed the portfolio of activities and contracts to carve out exceptional top-line items from the normalised run-rate flows of activity. Finally, we documented the market upsides arising from the Rearm Europe plan, taking into consideration the latest disclosures from the main European countries on the increase in their defence budgets and the development of new military programmes.