The Deal Desk

Episode 19

Levered versus unlevered free cash flow, or the water company that couldn't pay its owners

Thames Water kept collecting bills from millions of Londoners. Its holding company still defaulted, because the cash had a queue to join first.

First released 12 October 202611 minAI voices by Google GeminiDownload MP3 (9 MB)

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    Episode 25 Purchase price allocation and goodwill What happens to the price after the deal closes, and why goodwill can come back to bite.

    Releases on 17 October 2026 at 07:00, Rome time.

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