-3%
65,99 €
Bisher 67,99 €**
65,99 €
inkl. MwSt.
**Preis der gedruckten Ausgabe (Broschiertes Buch)
Sofort per Download lieferbar
Bisher 67,99 €**
65,99 €
inkl. MwSt.
**Preis der gedruckten Ausgabe (Broschiertes Buch)
Sofort per Download lieferbar

Alle Infos zum eBook verschenken
Als Download kaufen
Bisher 67,99 €**
-3%
65,99 €
inkl. MwSt.
**Preis der gedruckten Ausgabe (Broschiertes Buch)
Sofort per Download lieferbar
Abo Download
9,90 € / Monat*
*Abopreis beinhaltet vier eBooks, die aus der tolino select Titelauswahl im Abo geladen werden können.

inkl. MwSt.
Sofort per Download lieferbar

Einmalig pro Kunde einen Monat kostenlos testen (danach 9,90 € pro Monat), jeden Monat 4 aus 40 Titeln wählen, monatlich kündbar.

Mehr zum tolino select eBook-Abo
Jetzt verschenken
Bisher 67,99 €**
-3%
65,99 €
inkl. MwSt.
**Preis der gedruckten Ausgabe (Broschiertes Buch)
Sofort per Download lieferbar

Alle Infos zum eBook verschenken
0 °P sammeln

  • Format: PDF


Investment Banking, UNIVERSITY EDITION is a highlyaccessible and authoritative book written by investment bankersthat explains how to perform the valuation work at the core of thefinancial world. This body of work builds on Rosenbaum andPearl's combined 30+ years of experience on a multitude oftransactions, as well as input received from numerous investmentbankers, investment professionals at private equity firms and hedgefunds, attorneys, corporate executives, peer authors, anduniversity professors. This book fills a noticeable gap in contemporary financeliterature, which tends to focus on…mehr

  • Geräte: PC
  • mit Kopierschutz
  • eBook Hilfe
  • Größe: 118.78MB
Produktbeschreibung
Investment Banking, UNIVERSITY EDITION is a highlyaccessible and authoritative book written by investment bankersthat explains how to perform the valuation work at the core of thefinancial world. This body of work builds on Rosenbaum andPearl's combined 30+ years of experience on a multitude oftransactions, as well as input received from numerous investmentbankers, investment professionals at private equity firms and hedgefunds, attorneys, corporate executives, peer authors, anduniversity professors. This book fills a noticeable gap in contemporary financeliterature, which tends to focus on theory rather than practicalapplication. It focuses on the primary valuation methodologiescurrently used on Wall Street--comparable companies, precedenttransactions, DCF, and LBO analysis--as well as M&Aanalysis. The ability to perform these methodologies is especiallycritical for those students aspiring to gain full-time positions atinvestment banks, private equity firms, or hedge funds. This is thebook Rosenbaum and Pearl wish had existed when we were trying tobreak into Wall Street. Written to reflect today's dynamic market conditions,Investment Banking, UNIVERSITY EDITIONskillfully: * Introduces students to the primary valuation methodologiescurrently used on Wall Street * Uses a step-by-step how-to approach for each methodology andbuilds a chronological knowledge base * Defines key terms, financial concepts, and processesthroughout * Provides a comprehensive overview of the fundamentals of LBOsand an organized M&A sale process * Presents new coverage of M&A buy-side analyticaltools--which includes both qualitative aspects, such as buyermotivations and strategies, along with technical financial andvaluation assessment tools * Includes a comprehensive merger consequences analysis,including accretion/(dilution) and balance sheet effects * Contains challenging end-of-chapter questions to reinforceconcepts covered A perfect guide for those seeking to learn the fundamentals ofvaluation, M&A , and corporate finance used in investmentbanking and professional investing, this UNIVERSITYEDITION--which includes an instructor'scompanion site--is an essential asset. It provides studentswith an invaluable education as well as a much-needed edge forgaining entry to the ultra-competitive world of professionalfinance.

Dieser Download kann aus rechtlichen Gründen nur mit Rechnungsadresse in A, D ausgeliefert werden.

  • Produktdetails
  • Verlag: John Wiley & Sons
  • Seitenzahl: 512
  • Erscheinungstermin: 29.05.2013
  • Englisch
  • ISBN-13: 9781118727768
  • Artikelnr.: 42675950
Autorenporträt
Joshua N. Rosenbaum (New York, NY) is an Executive Director in UBS Investment Bank's Global Industrials Group. He received his BA from Harvard University and his MBA, with Baker Scholar honors, from the Harvard Business School. Joshua D. Pearl (New York, NY) is currently at UBS Investment Bank's Global Industrials Group. He was previously an Associate in Deutsche Bank's Leveraged Finance Group, where he was also previously an Analyst. He received his BS in Business Administration from Indiana University's Kelley School of Business.
Inhaltsangabe
Additional Resources xiii About the Authors xv Foreword xvii Acknowledgments xix INTRODUCTION 1 Structure of the Book 3 Part One: Valuation (Chapters 1
3) 3 Part Two: Leveraged Buyouts (Chapters 4 & 5) 5 Part Three: Mergers & Acquisitions (Chapters 6 & 7) 6 ValueCo Summary Financial Information 8 PART ONE: Valuation 11 CHAPTER 1: Comparable Companies Analysis 13 Summary of Comparable Companies Analysis Steps 14 Step I. Select The Universe of Comparable Companies 17 Study the Target 17 Identify Key Characteristics of the Target for Comparison Purposes 18 Screen for Comparable Companies 22 Step II. Locate The Necessary Financial Information 23 SEC Filings: 10
K, 10
Q, 8
K, and Proxy Statements 24 Equity Research 25 Press Releases and News Runs 26 Financial Information Services 26 Summary of Financial Data Primary Sources 27 Step III. Spread Key Statistics, Ratios, and Trading Multiples 28 Calculation of Key Financial Statistics and Ratios 28 Supplemental Financial Concepts and Calculations 42 Calculation of Key Trading Multiples 47 Step IV. Benchmark the Comparable Companies 50 Benchmark the Financial Statistics and Ratios 50 Benchmark the Trading Multiples 50 Step V. Determine Valuation 51 Valuation Implied by EV/EBITDA 52 Valuation Implied by P/E 52 Key Pros and Cons 54 Illustrative Comparable Companies Analysis for ValueCo 55 Step I. Select the Universe of Comparable Companies 55 Step II. Locate the Necessary Financial Information 56 Step III. Spread Key Statistics, Ratios, and Trading Multiples 57 Step IV. Benchmark the Comparable Companies 69 Step V. Determine Valuation 74 Bloomberg Appendix 75 Chapter 2: Precedent Transactions Analysis 83 Summary of Precedent Transactions Analysis Steps 84 Step I. Select the Universe of Comparable Acquisitions 87 Screen for Comparable Acquisitions 87 Examine Other Considerations 88 Step II. Locate the Necessary Deal
Related and Financial Information 90 Public Targets 90 Private Targets 93 Summary of Primary SEC Filings in M&A Transactions 93 Step III. Spread Key Statistics, Ratios, and Transaction Multiples 96 Calculation of Key Financial Statistics and Ratios 96 Calculationof Key Transaction Multiples 102 Step IV. Benchmark the Comparable Acquisitions 106 Step V. Determine Valuation 106 Key Pros And Cons 107 Illustrative Precedent Transaction Analysis for ValueCo 108 Step I. Select the Universe of Comparable Acquisitions 108 Step II. Locate the Necessary Deal
Related and Financial Information 108 Step III. Spread Key Statistics, Ratios, and Transaction Multiples 111 Step IV. Benchmark the Comparable Acquisitions 119 Step V. Determine Valuation 121 Bloomberg Appendix 122 Chapter 3: Discounted Cash Flow Analysis 125 Summary of Discounted Cash Flow Analysis Steps 126 Step I. Study the Target and Determine Key Performance Drivers 130 Study the Target 130 Determine Key Performance Drivers 130 Step II. Project Free Cash Flow 131 Considerations for Projecting Free Cash Flow 131 Projection of Sales, EBITDA, and EBIT 133 Projection of Free Cash Flow 135 Step III. Calculate Weighted Average Cost of Capital 141 Step III(a): Determine Target Capital Structure 142 Step III(b): Estimate Cost of Debt (rd) 143 Step III(c): Estimate Cost of Equity (re) 144 Step III(d): Calculate WACC 148 Step IV. Determine Terminal Value 148 Exit Multiple Method 149 Perpetuity Growth Method 149 Step V. Calculate Present Value and Determine Valuation 151 Calculate Present Value 151 Determine Valuation 153 Perform Sensitivity Analysis 155 Key Pros and Cons 156 Illustrative Discounted Cash Flow Analysis for ValueCo 157 Step I. Study the Target and Determine Key Performance Drivers 157 Step II. Project Free Cash Flow 157 Step III. Calculate Weighted Average Cost of Capital 164 Step IV. Determine Terminal Value 169 Step V. Calculate Present Value and Determine Valuation 171 Bloomberg Appendix 176 PART TWO: Leveraged Buyouts 183 Chapter 4: Leveraged Buyouts 185 Key Participants 187 Financial Sponsors 187 Investment Banks 188 Bank and Institutional Lenders 190 Bond Investors 191 Target Management 191 Characteristics of a Strong LBO Candidate 192 Strong Cash Flow Generation 193 Leading and Defensible Market Positions 193 Growth Opportunities 194 Efficiency Enhancement Opportunities 194 Low Capex Requirements 194 Strong Asset Base 195 Proven Management Team 195 Economics of LBOs 196 Returns Analysis
Internal Rate of Return 196 Returns Analysis
Cash Return 197 How LBOs Generate Returns 197 How Leverage Is Used to Enhance Returns 198 Primary Exit/Monetization Strategies 202 Sale of Business 202 Initial Public Offering 203 Dividend Recapitalization 203 Below Par Debt Repurchase 203 LBO Financing: Structure 204 LBO Financing: Primary Sources 207 Bank Debt 207 High Yield Bonds 211 Mezzanine Debt 213 Equity Contribution 214 LBO Financing: Selected Key Terms 217 Security 217 Seniority 217 Maturity 219 Coupon 219 Call Protection 220 Covenants 221 Term Sheets 224 LBO Financing: Determining Financing Structure 227 Bloomberg Appendix 232 Chapter 5: LBO Analysis 235 Financing Structure 235 Valuation 235 Step I. Locate and Analyze the Necessary Information 238 Step II. Build the Pre
LBO Model 238 Step II(a): Build Historical and Projected Income Statement through EBIT 239 Step II(b): Input Opening Balance Sheet and Project Balance Sheet Items 242 Step II(c): Build Cash Flow Statement through Investing Activities 244 Step III. Input Transaction Structure 247 Step III(a): Enter Purchase Price Assumptions 247 Step III(b): Enter Financing Structure into Sources and Uses 249 Step III(c): Link Sources and Uses to Balance Sheet Adjustments Columns 251 Step IV. Complete the Post
LBO Model 256 Step IV(a): Build Debt Schedule 256 Step IV(b): Complete Pro Forma Income Statement from EBIT to Net Income 265 Step IV(c): Complete Pro Forma Balance Sheet 268 Step IV(d): Complete Pro Forma Cash Flow Statement 270 Step V. Perform LBO Analysis 272 Step V(a): Analyze Financing Structure 272 Step V(b): Perform Returns Analysis 274 Step V(c): Determine Valuation 278 Step V(d): Create Transaction Summary Page 279 Illustrative LBO Analysis for ValueCo 280 Bloomberg Appendix 290 PART THREE: Mergers & Acquisitions 293 Chapter 6: Sell
Side M&A 295 Auctions 296 Auction Structure 299 Organization and Preparation 299 Identify Seller Objectives and Determine Appropriate Sale Process 299 Perform Sell
Side Advisor Due Diligence and Preliminary Valuation Analysis 301 Select Buyer Universe 301 Prepare Marketing Materials 302 Prepare Confidentiality Agreement 305 First Round 306 Contact Prospective Buyers 306 Negotiate and Execute Confidentiality Agreement with Interested Parties 306 Distribute Confidential Information Memorandum and Initial Bid Procedures Letter 306 Prepare Management Presentation 308 Set up Data Room 309 Prepare Stapled Financing Package 311 Receive Initial Bids and Select Buyers to Proceed to Second Round 311 Valuation Perspectives
Strategic Buyers vs. Finacial Sponsors 312 Second Round 313 Conduct Management Presentations 313 Facilitate Site Visits 314 Provide Data Room Access 314 Distribute Final Bid Procedures Letter and Draft Definitive Agreement 315 Receive Final Bids 316 Negotiations 320 Evaluate Final Bids 320 Negotiate with Preferred Buyer(s) 320 Select Winning Bidder 320 Render Fairness Opinion 321 Receive Board Approval and Execute Definitive Agreement 321 Closing 322 Obtain Necessary Approvals 322 Shareholder Approval 322 Financing and Closing 324 Negotiated Sale 325 Bloomberg Appendix 327 Chapter 7: Buy
Side M&A 331 Buyer Motivation 332 Synergies 333 Cost Synergies 334 Revenue Synergies 334 Acquisition Strategies 335 Horizontal Integration 335 Vertical Integration 335 Conglomeration 336 Form of Financing 337 Cash on Hand 338 Debt Financing 338 Equity Financing 339 Debt vs. Equity Financing Summary
Acquirer Perspective 340 Deal Structure 340 Stock Sale 340 Asset Sale 343 Stock Sales Treated as Asset Sales for Tax Purposes 346 Section 338 Election 346 338(h)(10) Election 346 Buy
Side Valuation 348 Football Field 349 Analysis at Various Prices 352 Contribution Analysis 353 Merger Consequences Analysis 355 Purchase Price Assumptions 355 Balance Sheet Effects 360 Accretion/(Dilution) Analysis 365 Acquisition Scenarios
I) 50% Stock / 50% Cash; II) 100% Cash; and III) 100% Stock 368 Illustrative Merger Consequences Analysis for the BuyerCo / ValueCo Transaction 373 Bloomberg Appendix 394 Afterword 397 Bibliography and Recommended Reading 399 Index 405

Instructor and Student Resources xiii

About the Authors xv

Foreword xvii

Acknowledgments xix

INTRODUCTION 1

PART ONE Valuation 11

CHAPTER 1 Comparable Companies Analysis 13

CHAPTER 2 Precedent Transactions Analysis 87

CHAPTER 3 Discounted Cash Flow Analysis 135

PART TWO Leveraged Buyouts 197

CHAPTER 4 Leveraged Buyouts 199

CHAPTER 5 LBO Analysis 251

PART THREE Mergers & Acquisitions 313

CHAPTER 6 Sell-Side M&A 315

CHAPTER 7 Buy-Side M&A 355

Solutions Manual 425

Afterword 447

Bibliography and Recommended Reading 449

Index 455