Thames Water - Valuation Framework

So irrespective of the capital structure on it, what could be the value of Thames Water? We are using various approaches in conjunction with an array of plausible scenarios to narrow the goalposts from an investor's perspective. In doing so, we are taking into account both, going concern and break-up scenarios with respect to the whole business securitisation, are conjugating stakeholder incentives and are debating the resulting recoveries from this scenario tree at investment committee.