Portrait of David Aflalo

David Aflalo : Consultant

David is a member of Oxera’s Finance & Valuation team. He is involved in regulatory finance projects spanning a wide range of sectors, including transport, financial services and energy. His regulatory finance work focuses on the remuneration of capital, including cost of capital estimation.

Before joining Oxera, David was an analyst at an economics consultancy, where he conducted economic and financial analysis in the context of tax audits and litigation for various industries.

David graduated with an MSc in Finance, and a BA in Economics and Management, from Université Paris-Dauphine.

David speaks English, and French.

Tel: +33 1899 75951

David's specialisms include:

professional experience

  • Advised a global investor in relation to the determination of the required return on capital for a bus line project in Africa (2022)

  • Supported the French Ministry of Agriculture in relation to the determination of margin levels in the dairy products industry (2021)

  • Analysis for a world-renowned pastry chef in relation to the franchising of some of his activities (2021)

  • Supported a professional athlete in the context of a dispute with local tax authorities concerning the transfer of the athlete’s image rights to a foreign jurisdiction (2020)

  • Supported an investor due diligence in the context of a development project for a hydroelectric power plant in Africa (2019)

  • Financial analysis for a major energy group in relation to the determination of the cost of capital for its natural gas transportation activities (2019)


  • MSc Finance, Université Paris-Dauphine, France

  • BA Economics and Management, Université Paris-Dauphine, France