The ideal companion to Investment Banking
Investment Banking WORKBOOK is the ideal complement to Investment Banking: Valuation, LBOs, M&A, and IPOs, Third Edition—enabling you to truly master and refine the core skills at the center of the world of finance. This comprehensive study guide provides an invaluable opportunity to explore your understanding of the strategies and techniques covered in the main text before putting them to work in real-world situations.
The WORKBOOK, which parallels the main book chapter by chapter, contains over 500 problem-solving exercises and multiple-choice questions.
Topics reviewed include:
— Valuation and its various forms of analysis, including comparable companies, precedent transactions, and DCF analysis
-Leveraged buyouts—from the fundamentals of LBO economics and structure to detailed modeling and valuation
-M&A sell-side tools and techniques, including an overview of an organized M&A sale process
-M&A buy-side strategy and analysis, including a comprehensive merger consequences analysis that includes accretion/dilution and balance sheet effects
-IPOs, including valuation, structure, and process, as well as SPACs and direct listings
The lessons found within will help you successfully navigate the dynamic world of investment banking, LBOs, M&A, IPOs, and professional investing. Investment Banking WORKBOOK will enable you to take your learning to the next level in terms of understanding and applying the critical financial tools necessary to be an effective finance professional.
Содержание
About the Authors vii
Introduction 1
Target Audience 2
Content and Applications 2
Chapter 1 Comparable Companies Analysis 3
Questions 3
Answers and Rationale 28
Chapter 2 Precedent Transactions Analysis 55
Questions 55
Answers and Rationale 76
Chapter 3 Discounted Cash Flow Analysis 93
Questions 93
Answers and Rationale 120
Chapter 4 Leveraged Buyouts 149
Questions 149
Answers and Rationale 160
Chapter 5 LBO Analysis 169
Questions 169
Answers and Rationale 189
Chapter 6 Sell-Side M&A 205
Questions 205
Answers and Rationale 217
Chapter 7 Buy-Side M&A 225
Questions 225
Answers and Rationale 243
Chapter 8 Initial Public Offerings 259
Questions 259
Answers and Rationale 270
Chapter 9 The IPO Process 277
Questions 277
Answers and Rationale 288
Об авторе
Joshua Rosenbaum is a Managing Director and Head of the Industrials & Diversified Services Group at RBC Capital Markets, where he also serves on the Management Committee for the U.S. Investment Bank. 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. He is also the co-author of Investment Banking: Valuation, LBOs, M&A, and IPOs and The Little Book of Investing Like the Pros.
Joshua Pearl is the Founder and Chief Investment Officer of Hickory Lane Capital Management, a long/short equity asset manager. He focuses on equity investments and special situations utilizing a fundamentals-based approach. From 2011-2020, he served as a Managing Director and Partner at Brahman Capital. Previously, he structured high yield financings, leveraged buyouts, and restructurings as a Director at UBS Investment Bank. Prior to UBS, he was an investment banker at Moelis & Company and Deutsche Bank. He received his BS in Business from Indiana University’s Kelley School of Business. He is also the co-author of Investment Banking: Valuation, LBOs, M&A, and IPOs and The Little Book of Investing Like the Pros.
JOSEPH GASPARRO is a Vice President in the Industrials & Diversified Services Group at RBC Capital Markets, where he advises on and executes M&A, corporate finance, and capital markets transactions. Previously, he worked in the Investment Banking Division and Global Markets Division of Credit Suisse. Prior to Credit Suisse, he worked at Bof A Securities and UBS Investment Bank. He received his BA from Gettysburg College and his MBA from Rutgers Business School. He is a two-time recipient of the President’s Volunteer Service Award, bestowed by the President of the United States. He is also an editor of Investment Banking: Valuation, LBOs, M&A, and IPOs and The Little Book of Investing Like the Pros.
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