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The Brattle Group applies sophisticated financial, statistical, and economic analysis techniques across a variety of industries to value assets, liabilities, and claims.

We perform valuations in the context of litigation support, capital budgeting, business strategy, mergers and acquisitions, regulation, and bankruptcy. We evaluate past and present market dynamics, risk, option and flexibility value, and measure profitability and comparable transactions.

Our team provides independent, objective financial and forensic support and expert witness testimony. We offer unmatched analytical capabilities and advanced techniques in financial modeling, market analysis and forecasting, cost of capital assessments, option pricing, and decision analysis.

Areas of Expertise

The Brattle Group is pleased to introduce the seven exceptional experts who became Brattle principals over the past year.


Below is a list of representative engagements for our Valuation practice.

Mergers and acquisitions in regulated industries
We assessed strategic opportunities and risks for a Midwestern utility that was considering a merger, evaluating both industry restructuring and its impact on merger costs and benefits. The assignment included organizing and facilitating an off-site retreat with the utility’s senior executives to assess the company’s market position, identifying key industry-related future uncertainties, and understanding interdependent regulatory and business strategies.

The Brattle Group also conducted a benchmark analysis to quantify the client’s strengths and weaknesses by lines of business relative to immediate competitors and the region as a whole, and simulated the regional generation market to forecast likely competitive market prices and their sensitivity to factors such as nuclear outages and changes in transmission constraints. We valued the utility and its potential merger partner on both a scenario- and business-segment-specific basis and simulated alternative business strategies’ impacts on the company’s earnings and overall financial performance.

Wireless spectrum valuation
On behalf of a foreign government, The Brattle Group was retained to value wireless spectrum in preparation for an auction. Our analysis required building a discounted valuation model reflecting local pricing, costs, and demand. An econometric analysis of market comparables also was performed to benchmark the valuation.
Complex contracts/derivatives in the energy industry
The Brattle Group was among the first to develop methods for the valuation of contingent terms in energy contracts utilizing option pricing theory. These valuation models incorporate uncertainty about future commodity prices. They have been applied, for example, to estimate the cost of standby rights on natural gas pipelines, to value the customer switching rights and provider of last resort obligations in the electric industry, and in flexible contract terms to alter terms and conditions.
International damages disputes
In an arbitrated dispute involving the auction sale of an overseas mining corporation, The Brattle Group analyzed alternative methods to value the corporation and assessed claims that the final sale price was diminished by a pre-auction agreement among potential bidders. We provided testimony to international arbitrators at the American Arbitration Association’s Commercial Arbitration Tribunal.

Our testimony analyzed the underlying financial valuation issues and investigated claims that auction theory could be used to characterize the “but-for” world. We determined that a damages estimate submitted to the arbitrators had an excessively narrow methodological scope and was contradicted by the results of more direct market-based valuation metrics. We also found that the rules and characteristics of the auction were not consistent with the preconditions needed for certain conclusions of auction theory to hold.

Principal Emeritus
Academic Advisor & Other Outside Experts
Richard A. Brealey
Academic Advisor
London Business School
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Graham Davis
Academic Advisor
Colorado School of Mines
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Michael A. Goldstein
Academic Advisor
Babson College
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Peter E. Rossi
Academic Advisor
University of California, Los Angeles
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Suresh M. Sundaresan
Academic Advisor
Columbia University
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Mark T. Williams
Academic Advisor
Boston University
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Senior Associates
Valuation Analysis of Related-Party Transactions
March 2018
Published in the American Bankruptcy Institute (ABI) Journal, Vol. XXXVII, No. 3
Snapshot of Delaware Public Company Appraisals Post-CKx
February 24, 2017
Published in Deal Points, Volume XXII, Issue 1 Winter 2017

This article discusses Delaware’s public company appraisals following the CKx decision, using specific examples to demonstrate that petitioners and respondents continue to assert widely divergent values in appraisal cases.

BMC Software's Lessons For Expert Witnesses
February 23, 2016
Published on Law360
Delaware Appraisal Case Reaffirms Valuation Premium for S Corporations
September 15, 2015
Published in Deal Points
Corporate Inversion Transactions: Valuation Considerations
August 03, 2015
Evan Cohen, Michael I. Cragg, Jehan deFonseka, and Ryan Tholanikunnel
Published in Tax Notes
Asset Value Trumps Discounted Cash Flow in Another Bankruptcy Valuation Dispute
July 29, 2014
Published by The Brattle Group, Inc.
Rural Metro: Another Shackelton Expedition Falls Short of the Podium
March 2014
Published by The Brattle Group, Inc.
Recent Guidance from the Delaware Court of Chancery - Summer 2013
August 2013
Published by The Brattle Group, Inc.
News & Knowledge
March 06, 2018
Benjamin Sacks to Present at Juris Conferences' 12th Annual Investment Treaty Arbitration Conference

Brattle Principal Benjamin Sacks will present at Juris Conferences’ 12th Annual Investment Treaty Arbitration Conference, taking place March 6, 2018 in Washington, DC.

January 19, 2018
The Brattle Group Introduces Its Newest Experts

The Brattle Group is pleased to introduce the seven exceptional experts who became Brattle principals over the past year.

October 19, 2017
Torben Voetmann to Present at Practising Law Institute’s Program on Finance for Lawyers and Other Professionals

Brattle Principal Torben Voetmann will present at Practising Law Institute’s (PLI) program, “Pocket MBA 2017: Finance for Lawyers and Other Professionals,” taking place October 19-20, 2017 in San Francisco, CA and via webcast.

July 20, 2017
Valuation and Commercial Damages Expert Chris Polson Joins The Brattle Group

The Brattle Group is pleased to announce that Chris Polson, a valuation and commercial damages expert, has joined the firm’s Toronto office as a principal.

February 24, 2017
Yvette Austin Smith Authors Deal Points Article on Delaware's Public Company Appraisals Post-CKx

Brattle Principal Yvette Austin Smith has authored an article discussing Delaware’s public company appraisals following the CKx decision, using specific examples to demonstrate that petitioners and respondents continue to assert widely divergent values in appraisal cases.

January 31, 2017
Finance Expert Laurence Freed Joins The Brattle Group’s New York Office

The Brattle Group announced today that finance expert Laurence Freed has joined the firm’s New York office as a senior consultant.

February 23, 2016
Torben Voetmann and Sujay Dave Author Law360 Article on the Use of Valuation Experts Following the BMC Software Decision

Brattle Principal Torben Voetmann and Senior Associate Sujay Dave have authored a Law360 article on the Merion Capital LP and Merion Capital II LP v. BMC Software opinion and the lessons learned for experts when opining on fair value in Delaware.

April 29, 2015
Academic Advisor Stuart Brotman Authors Report on Assessing Broadband Internet Capabilities

Brattle academic advisor and Harvard Law School faculty member Stuart Brotman recently prepared a report that analyzes a new approach for assessing a country’s broadband Internet capabilities.

September 02, 2014
Brattle Consultants Prepare Two Reports for the American Petroleum Institute on Natural Gas and Crude Oil Markets

Brattle consultants have authored two separate reports for the American Petroleum Institute (API) that provide a comprehensive overview of the natural gas and crude oil and product markets.