Lot’s of ways to do this.
M&A spend generates rev growth % which is then allocated to each division, also add option for EBIT margin improvement and allocate to division in a split.
Need to model M&A (which you can do through M&A growth revenue driver in your model - but need to apply a multiple on that M&A revenue absolute $ line and flow that outflow through the CFI)… but if you do it this way, you’ll embed the M&A within the business and you won’t separate it out