IMPORTANT COVID-19 UPDATES

9781118456118

Investment Banking Workbook

by ;
  • ISBN13:

    9781118456118

  • ISBN10:

    1118456114

  • Edition: 1st
  • Format: Paperback
  • Copyright: 2013-06-24
  • Publisher: Wiley

Note: Supplemental materials are not guaranteed with Rental or Used book purchases.

Purchase Benefits

  • Free Shipping On Orders Over $35!
    Your order must be $35 or more to qualify for free economy shipping. Bulk sales, PO's, Marketplace items, eBooks and apparel do not qualify for this offer.
  • Get Rewarded for Ordering Your Textbooks! Enroll Now
List Price: $50.00 Save up to $18.33
  • Rent Book $42.75
    Add to Cart Free Shipping

    TERM
    PRICE
    DUE
    USUALLY SHIPS IN 3-4 BUSINESS DAYS
    *This item is part of an exclusive publisher rental program and requires an additional convenience fee. This fee will be reflected in the shopping cart.

Supplemental Materials

What is included with this book?

Summary

Investment Banking 2E focuses on the primary valuation methodologies currently used on Wall Street, namely comparable companies analysis, precedent transactions analysis, discounted cash flow analysis, and leveraged buyout 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. They also form the cornerstone for valuing companies on a standalone basis, including an assessment of whether a given public company is overvalued or undervalued. Using a step-by-step, how-to approach for each methodology, Josh R. and Josh P. build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. The authors also provide context for the various valuation methodologies through a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process, including key participants, concepts, financing sources and terms, strategies, and legal and marketing documentation. 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 for M&A, capital markets, and investment opportunities. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of valuation drivers such as expected future company financial performance, discount rates, multiples, leverage levels, and financing terms. 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.

Author Biography

Joshua Rosenbaum is a Managing Director at UBS Investment Bank in the Global Industrial Group. He originates, structures, and advises on M&A, corporate finance, and capital markets transactions. Previously, he worked at the International Finance Corporation, the direct investment division of the World Bank. He received his AB from Harvard and his MBA with Baker Scholar honors from Harvard Business School.

Joshua Pearl is an investment analyst at Brahman Capital Corp. Previously, he structured and executed leveraged loan and high yield bond financings, as well as leveraged buyouts and restructurings as a Director at UBS Investment Bank in Leveraged Finance. Prior to UBS, he worked at Moelis & Company and Deutsche Bank. He received his BS in Business from Indiana University’s Kelley School of Business.

Table of Contents

About the Authors vii

Acknowledgments ix

INTRODUCTION 1

Target Audience 1

Content and Applications 2

Chapter 1
Comparable Companies Analysis 3

Questions 3

Answers and Rationale 28

Chapter 2
Precedent Transactions Analysis 55

Questions 55

Answers and Rationale 76

Chapter 3
Discounted Cash Flow Analysis 93

Questions 93

Answers and Rationale 120

Chapter 4
Leveraged Buyouts 149

Questions 149

Answers and Rationale 160

Chapter 5
LBO Analysis 169

Questions 169

Answers and Rationale 189

Chapter 6
Sell-Side M&A 205

Questions 205

Answers and Rationale 217

Chapter 7
Buy-Side M&A 225

Questions 225

Answers and Rationale 243

Rewards Program

Write a Review