Two technical questions I've not ben able to find covered using the search function - any help much appreciated!
1) Deal fees - do these relate to fees incurred by the buyer and/or the seller? E.g. imagine an 100m EV deal with buyside fees (buy-side M&A advisor, legal, top-up DD etc.) of 3% and sell-side fees (sell-side M&A advisor, VDD, VDR etc.) of 2%. What value of fees would appear in our S&U? 2m, 3m or 5m? Does this depend on whether the buyer contributes some or all of the VDD cost by "buying" the VDD?
2) How do you deal with mid-year deal dates in your models? e.g. a 31 December target being bought on 30 June - Would you show the returns profile on the balance sheet dates e.g. years 0.5, 1.5, 2.5...? Or would you try and show returns at whole year intervals and have to do some kind of calendarisation (e.g. 1yr hold, 2yr hold, 3yr hold..).