Sorry the comment is a bit late but I would echo what others have said regarding the key focus being on cash flow. I think one thing I would just add is how important what constitutes the end multiple is - e.g if a seller is anchored to a certain multiple then it is worth the time to think of how to bridge to that at a paper level if it will be what will get the deal over the line. An extra 1x of valuation or whatever the figure is can be earn out or contingent on a key customer staying or any other factor. My point being that if something creative or flexible gets the seller to the valuation they need then it is worth considering.

Depends on the sector, but we always ask for 10-year Operating Profit track record. It's a good through-the-cycle indicator, and harder to distort than GM or EBITDA