What caveats does A/D analysis have: why is accretive not equal to value-creating?

A deal can be accretive because of low-cost debt, accounting effects, or buying a low-P/E target, while still destroying value if the buyer overpays or returns fall below cost of capital. A/D ignores invested capital, ROIC, integration risk, balance-sheet risk, and long-term strategic value. Always pair A/D with ROIC versus WACC, NPV, leverage, and strategic rationale.