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Full Description
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.
Contents
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
