Research & Insights

Transaction analysis, grounded in evidence.

We examine selected public transactions, separating disclosed financial facts from our own interpretation. We never publish confidential mandates or any information received in confidence.

Deal Signals

Independently prepared research notes on publicly announced transactions.

Deal Signals / 01

Transaction analysis · 17 October 2026

The anatomy of a 10.4× acquisition multiple.

WSP’s acquisition of Ricardo: the bridge from equity value to enterprise value, the pro forma earnings denominator and the limits of headline valuation multiples.

Read the analysis

Discuss a relevant opportunity.

For private acquisition opportunities, confidentiality and the owner’s permission come first.