Hi, Paul, how are you? Yeah, Very good. Thank you, Billy. Morning. Morning. How are you? Yeah, really well, thank you. Happy to be here. Good stuff. Good stuff. Well, my name's Paul, Paul Summers. I'm an instructor here at Financial Edge and I hope the first two interviews have gone well and you're now with me for the third and final part of the interview process. Now I'm going to stick with the theme that my colleague Vicky talked to you about, and that's the theme of the bakery. Okay. We're gonna switch things up a little bit. You are no longer speaking as the CEO of the bakery. I want you to take the position of the banker advising the CEO of this UK based bread and cake bakery. So we are advising the CEO of the bakery, and I'd like to tell me how you would approach valuing their company. So how would you go about valuing this bakery Okay. So first and foremost, is it a private or publicly traded bakery? So let's assume it's a publicly traded bakery. Okay. So a publicly traded bakery, we could first off go with the market capitalization, which is where you times the share price by the number of shares outstanding. You could then also look at the enterprise value, which is where you take the market capitalization plus net debt plus kind of minority interests. And then to reach equity value, you would then subtract net debt from your enterprise value to, to reach your equity. Another method you could look at, you could look at a DCF valuation is where you, you forecast out their future cash flows and discount them back to present value. You could also look at a leverage buyout valuation where, a leverage buyout is where you kind of use amounts of debt to acquire a business and over time use the cash flows from the company to pay down your debts and increase your, your, your X value. And then you could also look at comparables where you look at other businesses in the space. This would predominantly be used if it was a private company and then also precedent transactions. So you'd look at those that have, um, kind of been sold preferably recently. It's just a more accurate way of doing it. You look at those businesses that are similar in terms of their offering, their size and also their growth growth avenues. And you look at the multiple sounds good, which they traded for. Sounds good.