JOSHUA ROSENBAUM is a Managing Director and Head of the Industrials & Diversified Services Group at RBC Capital Markets. He originates, structures, and advises on M&A, corporate finance, and capital markets transactions. Previously, he worked at UBS Investment Bank and 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 has served as a Managing Director at Brahman Capital, a long/short equity asset manager. He focuses on public equity investments and special situations utilizing a fundamentals-based approach. Previously, he structured high yield financings, leveraged buyouts, and restructurings as a Director at UBS Investment Bank. 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.

Additional Resources xv
 
About the Authors xvii
 
Foreword xxi
 
Acknowledgments xxiii
 
Disclaimer xxxi
 
Introduction 1
 
Structure of the Book 3
 
Part One: Valuation (Chapters 1-3) 3
 
Part Two: Leveraged Buyouts (Chapters 4 & 5) 5
 
Part Three: Mergers & Acquisitions (Chapters 6 & 7) 6
 
Part Four: Initial Public Offerings (Chapters 8 & 9) 8
 
ValueCo Summary Financial Information 9
 
Part One Valuation 11
 
Chapter 1 Comparable Companies Analysis 13
 
Summary of Comparable Companies Analysis Steps 14
 
Step I. Select the Universe of Comparable Companies 17
 
Study the Target 17
 
Identify Key Characteristics of the Target for Comparison Purposes 18
 
Screen for Comparable Companies 22
 
Step II. Locate The Necessary Financial Information 23
 
SEC Filings: 10-K, 10-Q, 8-K, and Proxy Statement 24
 
Equity Research 25
 
Press Releases and News Runs 26
 
Financial Information Services 26
 
Summary of Financial Data Primary Sources 27
 
Step III. Spread Key Statistics, Ratios, and Trading Multiples 28
 
Calculation of Key Financial Statistics and Ratios 28
 
Supplemental Financial Concepts and Calculations 42
 
Calculation of Key Trading Multiples 47
 
Step IV. Benchmark the Comparable Companies 50
 
Benchmark the Financial Statistics and Ratios 50
 
Benchmark the Trading Multiples 50
 
Step V. Determine Valuation 51
 
Valuation Implied by EV/EBITDA 52
 
Valuation Implied by P/E 52
 
Key Pros and Cons 54
 
Illustrative Comparable Companies Analysis for ValueCo 55
 
Step I. Select the Universe of Comparable Companies 55
 
Step II. Locate the Necessary Financial Information 57
 
Step III. Spread Key Statistics, Ratios, and Trading Multiples 57
 
Step IV. Benchmark the Comparable Companies 69
 
Step V. Determine Valuation 74
 
Chapter 2 Precedent Transactions Analysis 75
 
Summary of Precedent Transactions Analysis Steps 76
 
Step I. Select the Universe of Comparable Acquisitions 79
 
Screen for Comparable Acquisitions 79
 
Examine Other Considerations 80
 
Step II. Locate the Necessary Deal-Related and Financial Information 82
 
Public Targets 82
 
Private Targets 85
 
Summary of Primary SEC Filings in M&A Transactions 86
 
Step III. Spread Key Statistics, Ratios, and Transaction Multiples 88
 
Calculation of Key Financial Statistics and Ratios 88
 
Calculation of Key Transaction Multiples 94
 
Step IV. Benchmark the Comparable Acquisitions 98
 
Step V. Determine Valuation 98
 
Key Pros and Cons 99
 
Illustrative Precedent Transaction Analysis for ValueCo 100
 
Step I. Select the Universe of Comparable Acquisitions 100
 
Step II. Locate the Necessary Deal-Related and Financial Information 101
 
Step III. Spread Key Statistics, Ratios, and Transaction Multiples 103
 
Step IV. Benchmark the Comparable Acquisitions 111
 
Step V. Determine Valuation 113
 
Chapter 3 Discounted Cash Flow Analysis 115
 
Summary of Discounted Cash Flow Analysis Steps 116
 
Step I. Study the Target and Determine Key Performance Drivers 120
 
Study the Target 120
 
Determine Key Performance Drivers 120
 
Step II. Project Free Cash Flow 121
 
Considerations for Projecting Free Cash Flow 121
 
Projection of Sales, EBITDA, and EBIT 123
 
Projection of Free Cash Flow 125
 
Step II

Lieferung vom Verlag mit leichten Qualitätsmängeln möglich

A timely update to the global bestselling book on investment banking and valuation - this new edition reflects valuable contributions from Nasdaq and the global law firm Latham & Watkins LLP plus access to the online valuation models and course.
 
In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one was able to take the time to properly codify its lifeblood--namely, valuation and dealmaking. Rosenbaum and Pearl originally responded to this need in 2009 by writing the first edition of the book that they wish had existed when they were trying to break into Wall Street.
Investment Banking: Valuation, LBOs, M&A, and IPOs, 3rd Edition is a highly accessible and authoritative book written by investment bankers that explains how to perform the valuation work and financial analysis at the core of Wall Street - comparable companies, precedent transactions, DCF, LBO, M&A analysis...and now IPO analytics and valuation. Using a step-by-step, how-to approach for each methodology, the authors build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book.
The genesis for the original book stemmed from the authors' personal experiences as students interviewing for investment banking positions. As they both independently went through the rigorous process, they realized that their classroom experiences were a step removed from how valuation and financial analysis were performed in real-world situations. Consequently, they created this book to provide a leg up to those individuals seeking or beginning careers on Wall Street - from students at undergraduate universities and graduate schools to "career changers" looking to break into finance.
Now, over 10 years after the release of the first edition, the book is more relevant and topical than ever. It is used in over 200 universities globally and has become a go-to resource for investment banks, private equity, investment firms, and corporations undertaking M&A transactions, LBOs, IPOs, restructurings, and investment decisions. While the fundamentals haven't changed, the environment must adapt to changing market developments and conditions. As a result, Rosenbaum and Pearl have updated their widely adopted book accordingly, turning the latest edition of Investment Banking: Valuation, LBOs, M&A, and IPOs into a unique and comprehensive training package, which includes:
* Two new chapters covering IPOs plus insightful contributions from Nasdaq, the leading U.S. exchange and technology provider for IPOs and new listings, and global law firm Latham & Watkins LLP
* Access to six downloadable valuation model templates, including Comparable Companies Analysis, Precedent Transactions Analysis, Discounted Cash Flow Analysis, Leveraged Buyout Analysis, and M&A models
* Six-month access to online Wiley Investment Banking Valuation Course featuring bite-sized lessons, over five hours of video lectures, 100+ practice questions, and other investment banking study tools
 
Launch your career on Wall Street and hone your financial expertise with Rosenbaum and Pearl's real-world knowledge and forward-looking guidance in the latest edition of Investment Banking: Valuation, LBOs, M&A, and IPOs.