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Über dieses Produkt
Product Identifiers
Publisher
Wiley & Sons, Incorporated, John
ISBN-10
0470442204
ISBN-13
9780470442203
eBay Product ID (ePID)
70521737
Product Key Features
Book Title
Investment Banking : Valuation, Leveraged Buyouts, and Mergers and Acquisitions
Number of Pages
336 Pages
Language
English
Publication Year
2009
Topic
Banks & Banking, Finance / General
Illustrator
Yes
Genre
Business & Economics
Book Series
Wiley Finance Ser.
Format
Hardcover
Dimensions
Item Height
1.1 in
Item Weight
0 Oz
Item Length
10.3 in
Item Width
7.3 in
Additional Product Features
Intended Audience
Trade
LCCN
2008-049819
Dewey Edition
22
Reviews
From the Foreword ?Rosenbaum and Pearl succeed in providing a systematic approach to addressing a critical issue in any M&A, IPO, or investment situation'namely, how much is a business or transaction worth. They also put forth the framework for helping approach more nuanced questions such as how much to pay for the business and how to get the deal done. Due to the lack of a comprehensive written reference material on valuation, the fundamentals and subtlety of the trade are often passed on orally from banker-to-banker on a case-by-case basis. In codifying the art and science of investment banking, the authors convert this oral history into an accessible framework by bridging the theoretical to the practical with user-friendly, step-by-step approaches to performing primary valuation methodologies.' ?Joseph R. Perella, Chairman and CEO, Perella Weinberg Partners Praise for the Book "Investment Banking provides a highly practical and relevant guide to the valuation analysis at the core of investment banking, private equity, and corporate finance. Mastery of these essential skills is fundamental for any role in transaction-related finance. This book will become a fixture on every finance professional's bookshelf." ? Thomas H. Lee , President, Lee Equity Partners, LLC Founder, Thomas H. Lee Capital Management, LLC "This book will surely become an indispensable guide to the art of buyout and M&A valuation, for the experienced investment practitioner as well as for the non-professional seeking to learn the mysteries of valuation." ? David M. Rubenstein , Co-Founder and Managing Director, The Carlyle Group "As a practitioner of hundreds of M&A and LBO transactions during the last 20 years, I recommend this book to advisors, financiers, practitioners, and anyone seriously interested in investment transactions. Rosenbaum and Pearl have created a comprehensive and thoughtfully written guide covering the core skills of the successful investment professional with particular emphasis on valuation analysis." ? Josh Harris , Managing Partner, Apollo Management , LP "Valuation is the key to any transaction. Investment Banking provides specific step-by-step valuation procedures for LBO and M&A transactions, with lots of diagrams and numerical examples." ? Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management Chairman & CIO, Zebra Capital Management, LLC Founder & Advisor, Ibbotson Associates , a Morningstar Company "Investment banking requires a skill set that combines both art and science. While numerous textbooks provide students with the core principles of financial economics, the rich institutional considerations that are essential on Wall Street are not well documented. This book represents an important step in filling this gap." ? Josh Lerner , Jacob H. Schiff Professor of Investment Banking, Harvard Business School , Coauthor, Venture Capital and Private Equity: A Casebook "Rosenbaum and Pearl have written the ultimate nuts and bolts guide for valuation. It is the book that every business student should study and every investment banker should use." ? Steven Davidoff , Associate Professor, University of Connecticut School of Law The Deal Professor, The New York Times
Series Volume Number
508
Dewey Decimal
332.66
Table Of Content
Foreword.Acknowledgments.Introduction.Structure of the Book.ValueCo Historical and Projected Financial Information.Chapter 1. Comparable Companies Analysis.Summary of the Comparable Companies Analysis Steps.Step I. Select the Universe of Comparable Companies.Step II. Locate the Necessary Financial Information.Step III. Spread Key Statistics, Ratios, and Trading Multiples.Step IV. Benchmark the Comparable Companies.Step V. Determine Valuation.Key Pros and Cons.Illustrative Comparable Companies Analysis for ValueCo.Chapter 2. Precedent Transactions Analysis.Summary of the Precedent Transactions Analysis Steps.Step I. Select the Universe of Comparable Acquisitions.Step II. Locate the Necessary Deal-Related and Financial Information.Step III. Spread Key Financial Statistics, Ratios, and Transaction Multiples.Step IV. Benchmark the Comparable Acquisitions.Step V. Determine Valuation.Key Pros and Cons.Illustrative Precedent Transaction Analysis for ValueCo.Chapter 3. Discounted Cash Flow Analysis.Step I. Study the Target and Determine Key Performance Drivers.Step II. Project Free Cash Flow.Step III. Calculate Weighted Average Cost of Capital.Step IV. Determine Terminal Value.Step V. Calculate Present Value and Determine Valuation.Key Pros and Cons.Illustrative Discounted Cash Flow Analysis for ValueCo.Chapter 4. Leveraged Buyouts.Key Participants.Characteristics of a Strong LBO Candidate.Economics of LBOs.Primary Exit Strategies.LBO Financing: Structure.LBO Financing: Primary Components.LBO Financing: Selected Key Terms.Chapter 5. Leveraged Buyouts Analysis.Financing Structure.Valuation.Step I. Locate and Analyze the Necessary Information.Step II. Build the Pre-LBO Model.Step III. Input Transaction Structure.Step IV. Complete the Post-LBO Model.Step V. Perform the LBO Analysis.Illustrative LBO Analysis for ValueCo.Chapter 6. Mergers & Acquisitions Sale Process.Auctions.Auction Structure.Organization and Preparation.First Round.Second Round.Negotiations.Closing.Negotiated Sale.Glossary.Bibliography.About the Authors.Index.
Synopsis
In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one has been able to take the time to properly codify the lifeblood of the corporate financier's work'namely, valuation. Rosenbaum and Pearl have responded to this need by writing the book that they wish had existed when they were trying to break into Wall Street. Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions is a highly accessible and authoritative book that focuses on the primary valuation methodologies currently used on Wall Street'comparable companies, precedent transactions, DCF, and LBO analysis. These methodologies are used to determine valuation for public and private companies within the context of M&A transactions, LBOs, IPOs, restructurings, and investment decisions. Using a step-by-step how-to approach for each methodology, the authors build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. They also provide a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process. In the aftermath of the subprime mortgage crisis and ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of value drivers. While valuation has always involved a great deal of ?art? in addition to time-tested ?science,? the artistry is perpetually evolving in accordance with market developments and conditions. In this sense, this book is particularly topical'in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science., Praise for Investment Banking"Investment Banking provides a highly practical and relevant guide to the valuation analysis at the core of investment banking, private equity, and corporate finance. Mastery of these essential skills is fundamental for any role in transaction-related finance. This book will become a fixture on every finance professional's bookshelf."-Thomas H. Lee, President, Lee Equity Partners, LLCFounder, Thomas H. Lee Capital Management, LLC"This book will surely become an indispensable guide to the art of buyout and M&A valuation, for the experienced investment practitioner as well as for the non-professional seeking to learn the mysteries of valuation."-David M. Rubenstein, Co-Founder and Managing Director, The Carlyle Group"As a practitioner of hundreds of M&A and LBO transactions during the last twenty years, I recommend this book to advisors, financiers, practitioners, and anyone seriously interested in investment transactions. Rosenbaum and Pearl have created a comprehensive and thoughtfully written guide covering the core skills of the successful investment professional, with particular emphasis on valuation analysis."-Josh Harris, Managing Partner, Apollo Management, LP"Valuation is the key to any transaction. Investment Banking provides specific step-by-step valuation procedures for LBO and M&A transactions, with lots of diagrams and numerical examples."-Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management Chairman and CIO, Zebra Capital Management, LLC Founder and Advisor, Ibbotson Associates, a Morningstar Company"Investment banking requires a skill set that combines both art and science. While numerous textbooks provide students with the core principles of financial economics, the rich institutional considerations that are essential on Wall Street are not well documented. This book represents an important step in filling this gap."-Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard Business SchoolCoauthor, Venture Capital and Private Equity: A Casebook"Rosenbaum and Pearl have written the ultimate nuts-and-bolts guide for valuation. It is the book that every business student should study and every investment banker should use."-Steven M. Davidoff, Associate Professor, University of Connecticut School of Law The Deal Professor, The New York Times, In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one has been able to take the time to properly codify the lifeblood of the corporate financier's work-namely, valuation., In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one has been able to take the time to properly codify the lifeblood of the corporate financier's work--namely, valuation. Rosenbaum and Pearl have responded to this need by writing the book that they wish had existed when they were trying to break into Wall Street. Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions is a highly accessible and authoritative book that focuses on the primary valuation methodologies currently used on Wall Street--comparable companies, precedent transactions, DCF, and LBO analysis. These methodologies are used to determine valuation for public and private companies within the context of M&A transactions, LBOs, IPOs, restructurings, and investment decisions. Using a step-by-step how-to approach for each methodology, the authors build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. They also provide a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process. In the aftermath of the subprime mortgage crisis and ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of value drivers. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is perpetually evolving in accordance with market developments and conditions. In this sense, this book is particularly topical--in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.
LC Classification Number
HG4534.R67 2009
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