Do you mean that acquisitions should be modeled so that I only deduct the paid purchase price from cash assets and don’t add any revenue at all?
The point earlier was precisely that I always try to preemptively shave a bit off those reported figures for the coming years to account for that “backboard leakage” (churn). Well, after the first year, that acquired revenue then develops “organically,” and the expectations set in the model for organic growth also apply to that revenue. Historically, my own organic growth assumptions have been too optimistic compared to the actual results. This has been partly influenced by the stagnation of the Finnish economy.
So, the growth forecast for the coming years only includes the organic assumption. Acquisitions are then baked into the model as they materialize.