it'll come down to how they finance, and what the EPS outlook is...

it'll come down to how they finance, and what the EPS outlook is for each post that.

Organic growth, is a great thing, if you can then build further EPS in stage 2, without dilution.

Look at the NPV jump on stages 2.

SYA 227 -> 798m
BGS 86 -> 638m (option 5)

As NPV is the sum of future discounted cash flows, it should give an idea of what where each sit ahead.