M&A Science Think Like a Buyer: Valuation & Deal Structuring with Javier Enrile
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Aug 25, 2025 In this discussion, Javier Enrile, Managing Director of M&A at TIAA, shares his expertise in corporate M&A and private equity. He highlights the importance of relationship-building over aggressive auction processes for creating competitive advantages. Javier dives into sophisticated valuation techniques, separating intrinsic value from market noise, and addresses the essentials of deal structuring to safeguard against risks. Listeners gain insights into dynamic negotiation strategies and the critical integration of valuation, diligence, and deal structuring for M&A success.
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Don’t Share Your DCF Assumptions
- Never expose your DCF model to sellers; sharing invites endless debates over assumptions.
- Present a valuation outcome and negotiate price instead of trading model inputs.
Model Cross-Border Cash Flows In Local Currency
- For cross-border DCFs forecast local-currency cash flows and translate them via forward curves into your reporting currency.
- Add a country-risk premium to your discount rate to capture geopolitical risk transparently.
Use Structure To Protect Downside
- Structure deals to protect downside via priority returns, earnouts, and guarantees.
- Use priority returns to capture early cash flows if performance lags.