I haven't posted any commentary on the HY results as I couldn't really pin down my thoughts exactly. Despite making no acquisitions, it was still hard to determine what the actual underlying FCF was.

In regards to the below, it seems ok, but here's the emerging problem I'm starting to see:

VVA have paid approx. 1.2x Rev and 3.5x EBITDA for this acquisition (EBITDA margin expectation is much higher than usual 20%) .

VVA currently trades at approx. 0.8x Rev and 3.7x EBITDA.

There's no public to private arbitrage at the moment.

Assuming a 35% EBITDA to FCF conversion ratio (as per company presentations), a 3.5x EBITDA multiple implies a FCF yield of 10%.

VVA currently pays just under 8% on its debt facilities.

If everything goes to plan, VVA generates an additional $100,000 in FCF on its $5 in additional debt. There may be some additional synergies down the line, but I wouldn't bank on it.