Here we have five different deals, each of these deals happen under very different circumstances So we certainly would not put these five companies together in a multiples grid Instead we have them here, so that we can see the differences between the five multiples grid that would occur So we start with a quoted company A quoted company has a share price, an offer price and then a percentage premium paid So if we were looking at a multiples grid for quoted companies, all of them would have that information shown If we move onto the private company, the private company is not listed. It's not going to have a share price, offer price And it's not going to give a percentage premium. Instead we're just given the equity value of 900 And the enterprise value of 1,050 What if we were building a multiples grid for asset deals? Well because it's an asset deal, you'll just buy the enterprise value of 1,500 We're not buying the equity and therefore we don't need the debt and debt equivalents and cash and short term investments in the EV equity bridge What if we were looking at a multiples grid for a mergers of equals? Well when you've got a merger of equals, you've got two groups of shareholders giving up their shares And get shares in the newly created company after the deal Both groups of shareholders will then share in the synergies post deal As both of them are sharing the synergies, we don't have one group of shareholders doing much better than the other We don't have one group of shareholders buying out the other As they're both sharing in the benefits, you don't have a significant premium being paid for one company or the other And therefore the multiple is much lower in this kind of multiples grid, when you're looking at merges of equals The last one we look at is where private equity companies are doing the buy in and that gives you an LBO or leveraged buy out These are done typically on mature companies and for our private equity company to make the higher returns required for the LBO to work That requires the purchase price to be quite low. So multiples are usually low in private equity deals as well Again, another difference that we would see if we were making the multiples grid for a private equity company LBO