it'll come down to how they finance, and what the EPS outlook is for each post that.
Organic growth, is a great thing, if you can then build further EPS in stage 2, without dilution.
Look at the NPV jump on stages 2.
SYA 227 -> 798m
BGS 86 -> 638m (option 5)
As NPV is the sum of future discounted cash flows, it should give an idea of what where each sit ahead.
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