Enterprise value includes anything of operational value within our business. It's our net operating assets. So if we're looking at tax losses, those tax losses sit outside of your enterprise value. They're a separate financial asset. So as it says here, the present value of tax losses is a financial asset, and because it sits outside the EV, it does not affect EV multiples. Taxes don't affect EBIT or EBITDA. The financial asset doesn't affect EV, so my EV EBIT or EV EBITDA multiples are completely unaffected by tax losses. So we've managed to avoid an issue there. However, if we carry on over the EV to equity bridge formula, we know to get equity is gonna be EV plus financial assets minus debt or debt-equivalent to get us to equity, and that equity is affected. As it says here, a financial asset impacts the value of equity and the acquisition price. If we imagine that financial asset box was not there in the bridge, then the left-hand side of the bridge would be lower. The right hand side would be lower as well, i.e. equity would be worth less. Therefore, this is a negotiation point in an M&A transaction. How do we value those tax losses? What financial asset do they produce? And thus, what impact does it have on the equity purchase price?