Russ, someone who I respect on this forum. If you take a LAF...

Russ, someone who I respect on this forum.

If you take a LAF (leverage and acquisition finance) perspective and assume 100% funding, in very loose numbers, the acquisition does stack up on a bullet repayment basis.

DIAsource revenue EUR 11.9m, EBITDA 20% which is EUR 2.38m

We know that EBITDA is a loose estimation of operating cashflow, DA is a non-cash expense and T is applied after interest.

So EUR 2.38m on a purchase price of EUR 15.4m, gives us 15.4% -- I assume they will borrow in EUR for a natural currency hedge, with ECB interest rates at 0.05% (but you can pick others like EURIBOR) plus some margin... it looks like there is a lot of headroom to move.

And this is all on current numbers, before anticipated growth and pre-AMG implementation.