Investment Banking: Valuation, Leveraged Buyouts, and by Joshua Rosenbaum

By Joshua Rosenbaum

A well timed replace to the worldwide best-selling publication on funding banking and valuation 

In the continuously evolving global of finance, a superior technical beginning is an important instrument for achievement. as a result of fast moving nature of this global, in spite of the fact that, not anyone has been in a position to make the effort to correctly codify the lifeblood of the company financier's work--namely, valuation. Rosenbaum and Pearl have answered to this desire via writing the publication that they want had existed once they have been attempting to holiday into Wall Street.

Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions, moment version is a hugely available and authoritative publication that specializes in the first valuation methodologies at the moment used on Wall Street--comparable businesses, precedent transactions, DCF, and LBO analysis--as good as M&A research. those methodologies are used to figure out valuation for private and non-private businesses in the context of M&A transactions, LBOs, IPOs, restructurings, and funding judgements. utilizing a step by step how-to strategy for every technique, the authors construct a chronological wisdom base and outline key phrases, monetary recommendations, and methods in the course of the booklet. additionally they offer a complete assessment of the basics of LBOs and an equipped M&A sale technique, in addition to merger outcomes analysis.

In the aftermath of the subprime loan predicament and resulting credits crunch, the realm of finance is returning to the basics of valuation and important due diligence for M&A, capital markets, and funding opportunities.. This comprises using extra reasonable assumptions governing method of threat in addition to a variety of price drivers. whereas valuation has consistently concerned loads of "art" as well as time-tested "science," the artistry is forever evolving in response to marketplace advancements and prerequisites. consequently, Rosenbaum and Pearl have up to date the commonly followed first variation in their booklet with appreciate to either technical valuation basics in addition to useful judgment talents and standpoint. The authors have additionally further a accomplished and hugely technical bankruptcy on buy-side M&A analysis.

Furthermore, the authors deal with the significance of rigorous research in accordance with relied on and attributable info resources. during this publication, they spotlight a number of datasets and funding banking instruments from Bloomberg, a number one supplier of industrial and fiscal facts, information, study, and analytics.

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About the Authors JOSHUA ROSENBAUM is a Managing Director at UBS Investment Bank in the Global Industrial Group. He originates, structures, and advises on M&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.

They also work with investment bankers on various M&A transactions (including leveraged buyouts (LBOs) and related financings), as well as initial public offerings (IPOs), restructurings, and other capital markets transactions. Similarly, this book is intended to provide greater context for the legions of attorneys, consultants, and accountants focused on M&A, corporate finance, and other transaction advisory services. Given the increasing globalization of the financial world, this book is designed to be sufficiently universal for use outside of North America.

M&A facilitates a company's ability to continuously grow, evolve, and re-focus in accordance with ever-changing market conditions, industry trends, and shareholder demands. M&A advisory assignments are core to investment banking, traditionally representing a substantial portion of the firm's annual corporate finance revenues. In addition, most M&A transactions require financing on the part of the acquirer through the issuance of debt and/or equity. In Chapter 6, we focus on sell-side M&A including the key process points and stages for running an effective M&A sale process, the medium whereby companies are bought and sold in the marketplace.

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