Equipped with the numbers from the previous episode, we can proceed and now we are Calculating Gains Losses. So we create the following table. This will be B + T1. And this will be B + T2. Now, we start with the equity value of the combination. That was 1054 million in the first case. And that was 558 million in the second case. Well, you can clearly see that at the first glance, the first one seems to be better because it's almost double. But let's proceed. So we have to subtract from that the equity value of the bidder because it's the same in both cases. So we subtract 407, because we are searching for the gain or loss and that's sort of irrelevant here. And now, we create delta in equity values. So this is before the amount that you pay for the targets. We have the change in equity value of 647 here. And just 151 here. And now, comes the most interesting part. So this is the cost Of T1 and T2. Now, in this simplified part, so that will be sort of case one. We assume that we do not pay any premium for the target equity, which is clearly a bad assumption. But still, then we subtract only their equity values as they were in the previous episode. So it's 240 here and it was 147 here. See what we get. The final line will be gain here, there are no losses. So in B + T1, the overall gain is 407 million. So this is just a coincidence. But here it's just 4 million. Well, clearly, it seems that it's better to buy T1 because here we have some safety cushion, and here it's almost 0. But let's turn to the more realistic case two, in which we have to pay premier for our targets. So it will be Case two, targets Bought At a 30% premium. Well, we reproduce this table once again, and that gives us B + T1, B + T2. And then the first lines in this table are the same. However, the last two are different. So let me draw the table first and then fill it up. Again, this is equity value of combination. This is equity value of bidder. This is delta in equity value. And now, cost at a 30% premium, which is different. And finally, Gain, loss. Well, like I said, the first three lines are the same. So we have 1054 and 558. Then this is negative 407, this is the same. So the delta is 647 and this is 151. But now, it was lower, it was 260, but now, it's going to be 312 here and 191 here. And then we get the overall gain in the first case of $335 million. However, we have a loss which is negative 40 million here. So we can see that now, It's even more pronounced that it's much better to buy T1. Why is that without any calculations? Well, we can easily go back to the table of valued drivers. And we saw that if B buys T1, then all the valued drivers are sort of better. That means that we can assume the higher profitability, but we can keep a low cost of capital. And therefore, it seems that the combination of B + T1 does produce some synergy. However, in the case of B + T2, although T2 alone is a dynamic company. But when we buy that, we sort of impose most of the drivers of the bigger B. And we cannot enjoy all these synergies. So these examples, they provide us with some idea how people use the formulas in the reality. And you will have a lot more in your assignments. So we're almost done. And in the next, the final episode of this week, we will make some comments with respect to the world in which we live right now. This is the world of the new economy, new technologies, and maybe new evaluations, although you might imagine at this point in the specialization that most likely we will have to observe all these classic approaches as well.