Investment Banking

Joshua Rosenbaum 지음

Wiley 2013년 05월 24일 출간

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The No. 1 guide to investment banking and valuation methods, including online toolsIn the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Until the welcomed arrival of authors Josh Rosenbaum and Josh Pearl, no one had taken the time to properly codify the lifeblood of the corporate financier?s work?namely, valuation, through all of the essential lenses of an investment banker. With the release of Investment Banking, Second Edition: Valuation, Leveraged Buyouts, and Mergers Acquisitions, Rosenbaum and Pearl once again have written the definitive book that they wish had existed when they were trying to break into Wall Street. The Second Edition includes both the technical valuation fundamentals as well as practical judgment skills and perspective to help guide the science. This book focuses on the primary valuation methodologies currently used on Wall Street: comparable companies analysis, precedent transactions analysis, discounted cash flow analysis, and leveraged buyout analysis. With the new fully revised edition, they have added the most comprehensive, rigorous set of intuition-building and problem-solving ancillaries anywhere?all of which promised to become essential, knowledge enhancing tools for professionals, and professors and students. For those who purchase this edition of the book, there are options to purchase the Valuation Models separately (9781118586167), and to also consider purchase of the Investing Banking Workbook (9781118456118) and Investment Banking Focus Notes (9781118586082) for further self-study.

목차

Additional Resources xiiiAbout the Authors xvForeword xviiAcknowledgments xixINTRODUCTION 1Structure of the Book 3Part One: Valuation (Chapters 1&n-3) 3Part Two: Leveraged Buyouts (Chapters 4 5) 5Part Three: Mergers Acquisitions (Chapters 6 7) 6ValueCo Summary Financial Information 8PART ONE: Valuation 11CHAPTER 1: Comparable Companies Analysis 13Summary of Comparable Companies Analysis Steps 14Step I. Select The Universe of Comparable Companies 17Study the Target 17Identify Key Characteristics of the Target for Comparison Purposes 18Screen for Comparable Companies 22Step II. Locate The Necessary Financial Information 23SEC Filings: 10-K, 10-Q, 8-K, and Proxy Statements 24Equity Research 25Press Releases and News Runs 26Financial Information Services 26Summary of Financial Data Primary Sources 27Step III. Spread Key Statistics, Ratios, and Trading Multiples 28Calculation of Key Financial Statistics and Ratios 28Supplemental Financial Concepts and Calculations 42Calculation of Key Trading Multiples 47Step IV. Benchmark the Comparable Companies 50Benchmark the Financial Statistics and Ratios 50Benchmark the Trading Multiples 50Step V. Determine Valuation 51Valuation Implied by EV/EBITDA 52Valuation Implied by P/E 52Key Pros and Cons 54Illustrative Comparable Companies Analysis for ValueCo 55Step I. Select the Universe of Comparable Companies 55Step II. Locate the Necessary Financial Information 56Step III. Spread Key Statistics, Ratios, and Trading Multiples 57Step IV. Benchmark the Comparable Companies 69Step V. Determine Valuation 74Bloomberg Appendix 75Chapter 2: Precedent Transactions Analysis 83Summary of Precedent Transactions Analysis

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저자(글) Joshua Rosenbaum

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Joshua Rosenbaum is a Managing Director at UBS Investment Bank in the Global Industrial Group. He originates, structures, and advises on M#38;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 #38; Company and Deutsche Bank. He received his BS in Business from Indiana University#39;s Kelley School of Business.