If the Target is in a growth mode, the NWC is also growing usually as a result of rising trade receivables and WIP growth linked Target’s increased operational activity. This is easily explainable in case of a debate re NWC changes

QofEs with good data can give appropriate NWC trends, it gets tough in growth businesses or businesses with unpredictable "seasonality" or "lumpiness" in the business. In stable businesses that are growing 5-10% a year the NWC number is usually aligned. I never put an exact number unless required I prefer to bracket and say no less than this and greater than this we pay dollar for dollar and it is usually a wide bracket. I have had sellers bill clients 3 times before close (some just held the invoices to send later) to try to artificially inflate NWC to increase purchase price