Paul Pignataro

Leveraged Buyouts (eBook, PDF)

A Practical Guide to Investment Banking and Private Equity

• Format: PDF

Produktbeschreibung

A comprehensive look at the world of leveraged buyouts The private equity industry has grown dramatically over the past twenty years. Such investing requires a strong technical know-how in order to turn private investments into successful enterprises. That is why Paul Pignataro has created Leveraged Buyouts + Website: A Practical Guide to Investment Banking and Private Equity. Engaging and informative, this book skillfully shows how to identify a private company, takes you through the analysis behind bringing such an investment to profitability--and further create high returns for the private equity funds. It includes an informative leveraged buyout overview, touching on everything from LBO modeling, accounting, and value creation theory to leveraged buyout concepts and mechanics. * Provides an in-depth analysis of how to identify a private company, bring such an investment to profitability, and create high returns for the private equity funds * Includes an informative LBO model and case study as well as private company valuation * Written by Paul Pignataro, founder and CEO of the New York School of Finance If you're looking for the best way to hone your skills in this field, look no further than this book.

---

Dieser Download kann aus rechtlichen Gründen nur mit Rechnungsadresse in A, B, BG, CY, CZ, D, DK, EW, E, FIN, F, GR, HR, H, IRL, I, LT, L, LR, M, NL, PL, P, R, S, SLO, SK ausgeliefert werden.

Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 448
• Erscheinungstermin: 9. Dezember 2013
• Englisch
• ISBN-13: 9781118674581
• Artikelnr.: 40143180

Autorenporträt

PAUL PIGNATARO is the founder and CEO of the New York School of Finance (NYSF). He has over thirteen years of experience in investment banking and private equity in business mergers, acquisitions, restructurings, asset divestitures, asset acquisitions, and debt and equity transactions covering the oil, gas, power and utility, Internet and technology, real estate, defense, travel, banking, and service industries. Mr. Pignataro continues to participate on the training team, actively providing training at bulge bracket banks and M&A teams at corporations, and billion-dollar funds. Prior to his entrepreneurial endeavors, Mr. Pignataro worked at TH Lee Putnam Ventures, a $1 billion private equity firm affiliated with buyout giant Thomas H. Lee Partners. Prior to TH Lee, Mr. Pignataro worked in the investment banking department of Morgan Stanley.

Inhaltsangabe

Preface xi The Heinz Case Study xii How This Book Is Structured xiii Part
One Leveraged Buyout Overview 1 Chapter 1 Leveraged Buyout Theory 3 Cash
Availability, Interest, and Debt Pay-Down 3 Operation Improvements 4
Multiple Expansion 4 What Makes Good Leveraged Buyout? 4 Exit Opportunities
5 Is Heinz a Leveraged Buyout? 5 Chapter 2 What Is Value? 7 Book Value 7
Market Value 7 Enterprise Value 8 Multiples 12 Three Core Methods of
Valuation 14 Chapter 3 Leveraged Buyout Analysis 19 Purchase Price 19
Sources and Uses of Funds 22 IRR Analysis 33 Part Two Leveraged Buyout
Full-Scale Model 49 Chapter 4 Assumptions 51 Purchase Price 57 Sources of
Funds 63 Uses of Funds 69 Chapter 5 The Income Statement 75 Revenue 76 Cost
of Goods Sold 76 Operating Expenses 77 Other Income 78 Depreciation and
Amortization 80 Interest 80 Taxes 81 Nonrecurring and Extraordinary Items
82 Distributions 82 Shares 83 Heinz Income Statement 84 Last Twelve Months
(LTM) 108 Income Statement--Projections 116 Chapter 6 The Cash Flow
Statement 133 Cash Flow from Operating Activities 133 Cash Flow from
Investing Activities 137 Cash Flow from Financing Activities 137 Financial
Statement Flows Example 138 Heinz Cash Flow Statement 144 Heinz Last Twelve
Months (LTM) Cash Flow 154 Cash Flow Statement Projections 160 Chapter 7
The Balance Sheet 179 Assets 179 Liabilities 182 Heinz Balance Sheet 184
Chapter 8 Balance Sheet Adjustments 199 Goodwill 200 Heinz Balance Sheet
Adjustments 208 Chapter 9 Depreciation Schedule 221 Straight-Line
Depreciation 222 Accelerated Depreciation 222 Deferred Taxes 227 Projecting
Depreciation 231 Projecting Amortization 241 Projecting Deferred Taxes 244
Chapter 10 Working Capital 247 Asset 247 Liability 247 Operating Working
Capital 248 Heinz's Operating Working Capital 251 Projecting Operating
Working Capital 262 Operating Working Capital and the Cash Flow Statement
271 Chapter 11 Balance Sheet Projections 279 Cash Flow Drives Balance Sheet
versus Balance Sheet Drives Cash Flow 283 Balancing an Unbalanced Balance
Sheet 301 Chapter 12 Debt Schedule and Circular References 309 Debt
Schedule Structure 309 Modeling the Debt Schedule 310 Circular References
329 Automatic Debt Pay-Downs 337 Basic Switches 339 Finalizing the Model
339 Chapter 13 Leveraged Buyout Returns 351 Exit Value 351 Returns to 3G
Capital 355 Multiple Expansion 361 Debt Pay-Down 364 Conclusion 364 Part
Three Advanced Leveraged Buyout Techniques 365 Chapter 14 Accelerated
Depreciation 367 MACRS 367 Accelerated versus Straight-Line Depreciation
372 Chapter 15 Preferred Securities, Dividends, and Returns to Berkshire
Hathaway 377 Preferred Securities 377 Preferred Dividends 378 Returns to
Berkshire Hathaway 388 Chapter 16 Debt Covenant Ratios, and Debt Fee
Amortization 395 Coverage Ratios 395 Leverage Ratios 397 Debt Fee
Capitalization and Amortization 399 Chapter 17 Paid-in-Kind Securities 409
Appendixes Appendix 1: Model Quick Steps 417 Appendix 2: Financial
Statement Flows 419 Income Statement to Cash Flow 419 Cash Flow to Balance
Sheet 420 Appendix 3: Excel Hot Keys 421 About the Companion Website 423
About the Author 425 Index 427

Rezensionen

"Pignataro's step-by-step approach is ideal for anyone trying to learn or hone the analytical skills necessary to model the basic viability of an LBO, from the point of view of the company as well as the investor. He explains valuational concepts and how to capture them in Excel spreadsheets, the latter described down to the level of individual keystrokes.... Leveraged Buyouts is a self-contained course in rudimentary financial modeling (and a crash course in Excel as well). It's a perfect read for anyone wanting to enter the world of investment banking or private equity."
--Investing.com