Do you guys do net debt for a sell side? If so are you including accrued bonus, leases, taxes, etc or just debt? Seems a bit weird to do for a sell side.

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Rarely ever in external facing materials, always share views for our client so they have a sense of what people will likely ask for

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Typically from what I’ve done we only list financial debt on the sell side like loans

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What we prepare for external consumption is often different than what is prepared for internal consumption. No sense in giving everything away unless the buyer is sophisticated and schedules it b it we certainly know about it so as to not be blindsided.

funny

Very common in Europe. They’ll present adjustments in as seller-friendly a way as possible.

Not across all of Europe and even where that does apply you can typically sign waivers to give up those employment rights (which you kinda have to do even if the law says you don’t, if you want any sort of career)

In some countries the big 4 do get forced to pay overtime though

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We do that every sell side. It’s standard for a qoe just like nwc would be

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