By Joshua Rosenbaum, Joshua Pearl
The No. 1 consultant to funding banking and valuation tools, together with on-line tools
In the continuously evolving global of finance, a pretty good technical origin is a necessary software for fulfillment. until eventually the welcomed arrival of authors Josh Rosenbaum and Josh Pearl, not anyone had taken the time to correctly codify the lifeblood of the company financier's work?namely, valuation, via the entire crucial lenses of an funding banker. With the discharge of Investment Banking, moment variation: Valuation, Leveraged Buyouts, and Mergers & Acquisitions, Rosenbaum and Pearl once more have written the definitive ebook that they want had existed after they have been attempting to holiday into Wall highway. The Second Edition comprises either the technical valuation basics in addition to useful judgment talents and standpoint to aid consultant the technological know-how. This publication makes a speciality of the first valuation methodologies at present used on Wall road: similar businesses research, precedent transactions research, discounted money circulation research, and leveraged buyout research. With the hot totally revised variation, they've got extra the main entire, rigorous set of intuition-building and problem-solving ancillaries anywhere?all of which promised to turn into crucial, wisdom bettering instruments for pros, and professors and scholars.
For those that buy this variation of the e-book, there are alternatives to buy the Valuation Models individually (9781118586167), and to additionally ponder buy of the Investing Banking Workbook (9781118456118) and Investment Banking concentration Notes (9781118586082) for extra self-study.
Read or Download Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions (2nd Edition) PDF
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Extra resources for Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions (2nd Edition)
3). This type of screen is typically used either to establish a broad initial universe of comparables or to ensure that no potential companies have been overlooked. , Moody's, S&P, and Fitch) may also provide helpful lists of peer companies. In addition to the aforementioned, senior bankers are perhaps the most valuable resources for determining the comparables universe. Given their sector knowledge and familiarity with the target, a brief conversation is usually sufficient for them to provide the junior banker with a strong starting point.
The banker is now prepared to spread key statistics, ratios, and trading multiples for the comparables universe. This involves calculating market valuation measures such as enterprise value and equity value, as well as key income statement items, such as EBITDA and net income. A variety of ratios and other metrics measuring profitability, growth, returns, and credit strength are also calculated at this stage. Selected financial statistics are then used to calculate trading multiples for the comparables.
Using a step-by-step, how-to approach for each methodology, we build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. We also provide context for the various valuation methodologies through a comprehensive overview of the fundamentals of LBOs and M&A transactions. For both LBOs and M&A, we discuss process and analytics in detail, including walking through both an illustrative LBO and M&A analysis as would be performed on a live transaction.