Why Discounted Cash Flow Models are Rare in German M&A

In 1999, I studied Corporate Finance at London Business School, eager to uncover the magic behind valuing companies. Back then, the Discounted Cash Flow (DCF) model was considered the gold standard. It took me nearly six months to fully grasp its intricacies. Fast-forward 25 years and after participating in hundreds of M&A valuations in Germany, […]