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1. ‘BEHIND THE CHINESE WALL’.
Corporate finance in investment banking.
Corporate finance assignments.
Mergers, acquisitions and divestitures.
Leveraged buyouts and management buyouts.
Careers in corporate finance.
Organisation of this book.
Part I: CORPORATE FINANCE TRANSACTIONS.
2. SOURCES OF CAPITAL.
Money market securities.
Floating rate notes.
Hybrids (convertible securities).
3. FLOTATIONS/INITIAL PUBLIC OFFERINGS.
Ancillary benefits of flotation.
Disadvantages of flotation.
Methods of flotation.
Suitability for listing.
The offering process.
Participants and roles.
Documentation and regulation.
Due diligence and verification.
Marketing, syndication and pricing.
4. INTERNATIONAL EQUITY OFFERINGS.
Rationale for international offerings.
Development of international equity offerings.
Regulation and documentation.
Marketing, syndication and distribution.
Price setting, underwriting and bookbuilding.
Fees and commissions.
After the new issue.
5. RIGHTS ISSUES/SECONDARY OFFERINGS.
Setting the price.
Calculating the theoretical rights price.
Rights issue timetable.
Fees and commissions.
6. MERGERS AND ACQUISITIONS.
Rationale for M&A.
Types of merger.
Financing the transaction.
Regulation of M&As.
Key elements of the City Code.
7. MANAGEMENT BUYOUTS.
Bank finance (secured lending).
Private equity funds.
Part II: CORPORATE FINANCE TECHNIQUES.
8. VALUING SECURITIES.
Valuing shares and companies.
Cash flow based valuations.
Determination of terminal/residual value.
Determining the discount rate.
Determining the value of the business.
Price earnings ratio.
Market to book value.
Enterprise value to EBITDA.
Determining the value of a business based on ratios/multiples.
9. DETERMINING THE COST OF CAPITAL.
Weighted average cost of capital.
Use market values.
Use target/optimal weighting.
Match nominal rates with nominal cash flows.
Cost of debt: Kd.
Cost of equity: Ke.
Capital asset pricing model.
Market risk premium (equity risk premium).
10. SHAREHOLDER VALUE ADDED (ECONOMIC PROFIT).
Just another number?
Benefits of SVA.
Calculation of SVA.
Limitations of economic profit calculations.
Appendix: UK CORPORATE VALUATION METHODS: A SURVEY.
Scoring and tables.
A.1 Valuation methodology.
A.1.1 Frequency of use.
A.1.2 Calculation of final valuation or value range.
A.2 Discounted cash flows.
A.2.1 DCF approaches.
A.2.2 Forecast period.
A.2.3 Terminal value.
A.3 Cost of capital.
A.3.1 Determining the cost of equity.
A.3.2 Capital asset pricing model.
Sources of information.
List of abbreviations.