Which Cash flows are relevant in acqusitions? taxes are irrelevant tanget firm's stand-alone cash flows cash flows based on the synergy effects of acquisition terminal value is not relevant, only the cash flows for the forecasted period counts Question 33 1 pts Multiples (M) are used for market based approaches to valuation. When comparables have extreme values, which Multiple (M) is MOST USEFUL? Average Sales Median Sales Average EBITDA Median EBITDA