All information required to help us with our transaction comparables, should be at the time of the offer, not at completion So we're going to come up with a unit, so maybe 10 or 20 or however many deals we think are relevant for our deal But for each of these, the information required needs to be at the time the offer was made, not at completion So for some of these, it will be 6 months ago. Some of these maybe two years ago Why is important to focus on the offer date, not the completion date? Well we want to focus on the financial and operating information that was available to the bidder at the time they decided to launch their acquisition Not what was available three or six months later, at the date of completion We've split them into publicly traded deals and private deals. But you'll notice there's not much difference between them So first up we need an offer price and an unaffected share price This is so we can workout the premium being paid and then we compare that premium paid with the synergies earned Next up we need a date of offer and a date of completion Remember, very old deals many years ago, might not be relevant anymore So we need to have the date attached to it Next up we need the diluted shares outstanding Now that's important because if I multiply that by the offer price, that means I can work out the equity value at offer date I can then go from the equity value to the enterprise value over the bridge So for that I need total debt and equivalent and cash and core assets Now I've got an implied enterprise value, I can divide that by recurring last 12 months EBITDA And I've got EV/EBITDA of that deal at offer date A couple of difference between the publicly traded and the private deals Firstly the publicly traded has an offer price, whereas if you've got a private company, it may not have a share price So instead we go straight in with the enterprise value The same is true with the diluted shares outstanding If it's a private company, diluted shares outstanding may not be available