Is there a rule of thumb for whether an acquisition will be accretive or dilutive?

• Compare the after-tax cost of each funding source to the target's earnings yield at the offer price; accretive if that yield is higher
• Compare total assets, since the larger combined asset base is what drives the earnings uplift after close
• There is no reliable shortcut; you must build the full model in every case to know
• Compare the two companies' revenues; the deal is accretive whenever the target's top line is larger than the acquirer's, regardless of financing
• Compare the two share prices and treat the deal as accretive whenever the target's share price happens to be the lower of the two at signing