Leveraged Buyouts + Website

Paul Pignataro 지음

Wiley 2013년 11월 15일 출간

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A comprehensive look at the world of leveraged buyoutsThe 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 profitabilitym-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 fundsIncludes an informative LBO model and case study as well as private company valuationWritten by Paul Pignataro, founder and CEO of the New York School of FinanceIf you're looking for the best way to hone your skills in this field, look no further than this book.

목차

Preface xiThe Heinz Case Study xiiHow This Book Is Structured xiiiPart One Leveraged Buyout Overview 1Chapter 1 Leveraged Buyout Theory 3Cash Availability, Interest, and Debt Pay-Down 3Operation Improvements 4Multiple Expansion 4What Makes Good Leveraged Buyout? 4Exit Opportunities 5Is Heinz a Leveraged Buyout? 5Chapter 2 What Is Value? 7Book Value 7Market Value 7Enterprise Value 8Multiples 12Three Core Methods of Valuation 14Chapter 3 Leveraged Buyout Analysis 19Purchase Price 19Sources and Uses of Funds 22IRR Analysis 33Part Two Leveraged Buyout Full-Scale Model 49Chapter 4 Assumptions 51Purchase Price 57Sources of Funds 63Uses of Funds 69Chapter 5 The Income Statement 75Revenue 76Cost of Goods Sold 76Operating Expenses 77Other Income 78Depreciation and Amortization 80Interest 80Taxes 81Nonrecurring and Extraordinary Items 82Distributions 82Shares 83Heinz Income Statement 84Last Twelve Months (LTM) 108Income Statement&m-Projections 116Chapter 6 The Cash Flow Statement 133Cash Flow from Operating Activities 133Cash Flow from Investing Activities 137Cash Flow from Financing Activities 137Financial Statement Flows Example 138Heinz Cash Flow Statement 144Heinz Last Twelve Months (LTM) Cash Flow 154Cash Flow Statement Projections 160Chapter 7 The Balance Sheet 179Assets 179Liabilities 182Heinz Balance Sheet 184Chapter 8 Balance Sheet Adjustments 199Goodwill 200Heinz Balance Sheet Adjustments 208Chapter 9 Depreciation Schedule 221Straight-Line Depreciation 222Accelerated Depreciation 222De

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“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.”&m-Investing.com

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저자(글) Paul Pignataro

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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#38;A teams at corporations, and billion#45;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.