By completing this M&A Master Class you will be better prepared to

  • Develop and apply a valuation model to maximize the economic benefit of a transaction

  • Properly identify the risks associated with valuation models and other deal forecasts

  • Reduce the amount of time absorbed by the valuation modeling process


Building a valuation model for M&A

  • Understanding and comparing variousProfessor Donna Hitscherich valuation methodologies
  • Understanding a discounted cash flow model
  • Understanding valuation multiples
  • Understanding the LBO valuation model used by PE firms
  • Estimating growth rates and terminal value
  • Methods for determining the discount rate
  • Methods for selecting multiples

Governance of the valuation process

  • Understanding risk premiums
  • Stress-testing valuation models / identifying bias
  • Applying appropriate valuations discounts
  • Testing assumptions in diligence
  • Understanding valuation ratios and drivers
  • Using outside advisors such as quality-of-earnings and fairness opinions
  • Validating and stress testing the valuation

Applying the valuation model

  • Linking valuation modeling and bids/LOIs
  • Differences applying valuation principles to public companies versus private companies
  • Adapting valuation for venture-backed and high growth companies, distressed companies, and minority interests
  • Using valuation sensitivity analysis to maintain pricing discipline
  • Linking valuation to deal structure
  • Knowledge capture / process refinement
  • Avoiding common mistakes and pitfalls


Professor Donna Hitscherich is a senior lecturerIntroduction from Donna of Finance, director of the Private Equity Program, and a Bernstein Faculty Leader at the Sanford C. Bernstein & Co. Center for Leadership and Ethics at Columbia Business School.

Prior to her position at Columbia, Professor Hitscherich had a career in investment banking, holding positions at CS First Boston, J.P. Morgan & Co. Inc., and Banc of America Securities. At J.P. Morgan, she helped found the takeover defense team and served as a senior member of the advisory review committee, which was responsible for all of the M&A fairness opinions issued by the company. As a managing director in the mergers and acquisitions group of Banc of America Securities, she was secretary of the firm’s fairness-opinion review committee and a major contributor to the firm’s training programs for managing directors and associates.

Prior to her investment banking career, Professor Hitscherich was a corporate lawyer at Skadden, Arps, Slate, Meagher & Flom.


In this video, Professor Hitscherich explains that there is no right answer for determining which discount rate to apply to your valuation. But there are wrong answers!


"The M&A Valuation class was terrific. The exchanges with the professor and participants was invaluable. The course material was very informative and I'll use in the future."
SVP - General Counsel, Graybar Electric Company

"Donna is a great instructor and is engaging. I learned a few things today and it was good to interact with peers in breakout rooms."
VP - Corporate Development, Sony

"I found the content and Donna exceptional...  I would definitely take another class."
SVP - Global Commercial Operations, Quidel

"The course was interesting and relevant, supported by great discussions and an awesome instructor."
Senior Manager - Business Development, Pratt & Whitney

"This was a great and lively class. I learned a lot and was glad to have been able to participate."
Director of Transaction Liability Claims, Lockton Companies


You will receive:

  • A tombstone for your desk
  • CLE and CPE credit
  • Course certification for LinkedIn


This M&A Master Class will run live online on
Friday February 25, 2022 from 10:00 am - 4:30pm (CST)

Questions: Contact Elizabeth Nassar +1 (312) 625-2702 /


M&A Diligence | April 2022

This M&A Master Class will focus on the specific decisions, information, and actions that will likely be required during an acquisition process.
Transaction Advisors Institute M&A Diligence

Would you like to discuss this program with someone from the Institute?