Investment Banking Focus Notes

Joshua Rosenbaum 지음

Wiley 2013년 06월 21일 출간

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Investment Banking FOCUS NOTES provides a comprehensive, yet streamlined, review of the basic skills and concepts discussed in Investment Banking: Valuation, Leveraged Buyouts, and Mergers Acquisitions, Second Edition. The focus notes are designed for use both as a companion to the book, as well as on a standalone basis. Investment Banking focuses on the primary valuation methodologies currently used on Wall Streetm-namely, comparable companies analysis, precedent transactions analysis, DCF analysis, and LBO analysism-as well as detailed MA analysis from both a sell-side and buy-side perspective. Our focus notes seek to help solidify knowledge of these core financial topics as true mastery must be tested, honed, and retested over time.

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About the Authors viiIntroduction viiiChapter 1: Comparable Companies Analysis 1Overview of Comparable Companies Analysis 3Step I: Select the Universe of Comparable Companies 4Step II: Locate the Necessary Financial Information 7Step III: Spread Key Statistics, Ratios, and Trading Multiples 9Step IV: Benchmark the Comparable Companies 27Step V: Determine Valuation 33Key Pros and Cons 38Chapter 2: Precedent Transactions Analysis 39Overview of Precedent Transactions Analysis 41Step I. Select the Universe of Comparable Acquisitions 42Step II. Locate the Necessary Deal-Related and Financial Information 46Step III. Spread Key Statistics, Ratios, and Transaction Multiples 49Step IV. Benchmark the Comparable Acquisitions 64Step V. Determine Valuation 66Key Pros and Cons 67Chapter 3: Discounted Cash Flow Analysis 69Overview of Discounted Cash Flow Analysis 71Step I. Study the Target and Determine Key Performance Drivers 73Step II. Project Free Cash Flow 75Step III. Calculate Weighted Average Cost of Capital 91Step IV. Determine Terminal Value 106Step V. Calculate Present Value and Determine Valuation 112Key Pros and Cons 118Chapter 4: Leveraged Buyouts 119Overview of Leveraged Buyouts 121Key Participants 122Characteristics of a Strong LBO Candidate 127Economics of LBOs 132Organization and Preparation 209First Round 218Second Round 229Negotiations 236Closing 241Negotiated Sale 246Chapter 7: Buy-Side MA 247Overview of Buy-Side MA 248Buyer Motivation 250Acquisition Strategies 254Form of Financing 259Deal Structure 264Buy-Side Valuation 273Merger Consequences Analysis 278Index 295

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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.