Agree with everything aboveYou'll be delighted to hear that the...

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.