Investment Banking, UNIVERSITY EDITION is a highly
accessible and authoritative book written by investment bankers
that explains how to perform the valuation work at the core of the
financial world. This body of work builds on Rosenbaum and
Pearl’s combined 30+ years of experience on a multitude of
transactions, as well as input received from numerous investment
bankers, investment professionals at private equity firms and hedge
funds, attorneys, corporate executives, peer authors, and
university professors.
This book fills a noticeable gap in contemporary finance
literature, which tends to focus on theory rather than practical
application. It focuses on the primary valuation methodologies
currently used on Wall Street–comparable companies, precedent
transactions, DCF, and LBO analysis–as well as M&A
analysis. The ability to perform these methodologies is especially
critical for those students aspiring to gain full-time positions at
investment banks, private equity firms, or hedge funds. This is the
book Rosenbaum and Pearl wish had existed when we were trying to
break into Wall Street.
Written to reflect today’s dynamic market conditions,
Investment Banking, UNIVERSITY EDITION
skillfully:
* Introduces students to the primary valuation methodologies
currently used on Wall Street
* Uses a step-by-step how-to approach for each methodology and
builds a chronological knowledge base
* Defines key terms, financial concepts, and processes
throughout
* Provides a comprehensive overview of the fundamentals of LBOs
and an organized M&A sale process
* Presents new coverage of M&A buy-side analytical
tools–which includes both qualitative aspects, such as buyer
motivations and strategies, along with technical financial and
valuation assessment tools
* Includes a comprehensive merger consequences analysis,
including accretion/(dilution) and balance sheet effects
* Contains challenging end-of-chapter questions to reinforce
concepts covered
A perfect guide for those seeking to learn the fundamentals of
valuation, M&A , and corporate finance used in investment
banking and professional investing, this UNIVERSITY
EDITION–which includes an instructor’s
companion site–is an essential asset. It provides students
with an invaluable education as well as a much-needed edge for
gaining entry to the ultra-competitive world of professional
finance.
Spis treści
Instructor and Student Resources xiii
About the Authors xv
Foreword xvii
Acknowledgments xix
INTRODUCTION 1
PART ONE Valuation 11
CHAPTER 1 Comparable Companies Analysis 13
CHAPTER 2 Precedent Transactions Analysis 87
CHAPTER 3 Discounted Cash Flow Analysis 135
PART TWO Leveraged Buyouts 197
CHAPTER 4 Leveraged Buyouts 199
CHAPTER 5 LBO Analysis 251
PART THREE Mergers & Acquisitions 313
CHAPTER 6 Sell-Side M&A 315
CHAPTER 7 Buy-Side M&A 355
Solutions Manual 425
Afterword 447
Bibliography and Recommended Reading 449
Index 455
O autorze
Joshua N. Rosenbaum (New York, NY) is an Executive Director in UBS Investment Bank’s Global Industrials Group. He received his BA from Harvard University and his MBA, with Baker Scholar honors, from the Harvard Business School.
Joshua D. Pearl (New York, NY) is currently at UBS Investment Bank’s Global Industrials Group. He was previously an Associate in Deutsche Bank’s Leveraged Finance Group, where he was also previously an Analyst. He received his BS in Business Administration from Indiana University’s Kelley School of Business.
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