RE:RE:RE:RE:Eric Nuttall has SDE on his new chart imhoI assumed the dilution yes. It brings Gear down to projected $8 million debt debt. That brings them to 2.4x ev/cf for 2022. Without that deal, Gear would be 3.45x ev/cf. There is a reason he blocked out the left column. The easy assumption is to assume it is Gear but I dont' think it is based on mathematical elimination.
Do the math on Spartan and don't forget to subtract the cash surplus to obtain EV. I got 2.19x but my friend who did much deeper analysis got just under sub 2x (he broke down the NGLs)