How do you defend a valuation in a final-round interview against an MD who is deliberately pressing you?

MDs test whether a junior loses composure under pressure or 'defends' their assumptions. Strategy:

• Listen first, don't defend reflexively. 'I hear your concern — let me address it.'
• Mirror the question back: 'If you go to a 7% WACC — which input drives that? Is it the ERP, beta, or the capital structure?' Forces the MD to be specific.
• Multiple-methods reframe: 'My WACC of 8% gives a valuation range of $1.2–1.4bn. At 7%, the range is $1.4–1.7bn. But trading comps show $1.1–1.3bn and precedent transactions $1.3–1.6bn. $1.2–1.5bn is the triangulation.'
• Concede + pivot: 'You're right, 8% is at the high end. If I conservatively go to 7.5%, the valuation is $1.3–1.5bn — right in the middle of our triangulation.' Concession without capitulation.