Ann: Appendix 4E and 2022 Unaudited Financial Statements, page-9

Agree with everything above

You'll be delighted to hear that the deal isn't going through

On my numbers, cost of equity was ~20% and they were financing half the deal with that, the rest with debt, which after tax is ~4%. 12% WACC is a high hurdle given NPBT for CAF is ~6% of the purchase price, Need 6% more from organic growth.

This leaves Diverger with 15%+ of the EV in profits, 4.4m is too low, you are forgetting that taxbanter is now 100% owned + they now own 35% of a new advice firm. My FCF is closer to ~5m.