Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions [NOOK Book]

Overview

In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one has been able to take the time to properly codify the lifeblood of the corporate financier's work-namely, valuation. Rosenbaum and Pearl have responded to this need by writing the book that they wish had existed when they were trying to break into Wall Street.

Investment Banking: Valuation, Leveraged Buyouts, and ...

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Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions

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Overview

In the constantly evolving world of finance, a solid technical foundation is an essential tool for success. Due to the fast-paced nature of this world, however, no one has been able to take the time to properly codify the lifeblood of the corporate financier's work-namely, valuation. Rosenbaum and Pearl have responded to this need by writing the book that they wish had existed when they were trying to break into Wall Street.

Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions is a highly accessible and authoritative book that focuses on the primary valuation methodologies currently used on Wall Street—comparable companies, precedent transactions, DCF, and LBO analysis. These methodologies are used to determine valuation for public and private companies within the context of M&A transactions, LBOs, IPOs, restructurings, and investment decisions. Using a step-by-step how-to approach for each methodology, the authors build a chronological knowledge base and define key terms, financial concepts, and processes throughout the book. They also provide a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process.

In the aftermath of the subprime mortgage crisis and ensuing credit crunch, the world of finance is returning to the fundamentals of valuation and critical due diligence. This involves the use of more realistic assumptions governing approach to risk as well as a wide range of value drivers. While valuation has always involved a great deal of "art" in addition to time-tested "science," the artistry is perpetually evolving in accordance with market developments and conditions. In this sense, this book is particularly topical-in addition to detailing the technical fundamentals behind valuation, the authors infuse practical judgment skills and perspective to help guide the science.

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What People Are Saying

From the Publisher
From the Foreword

“Rosenbaum and Pearl succeed in providing a systematic approach to addressing a critical issue in any M&A, IPO, or investment situation—namely, how much is a business or transaction worth. They also put forth the framework for helping approach more nuanced questions such as how much to pay for the business and how to get the deal done. Due to the lack of a comprehensive written reference material on valuation, the fundamentals and subtlety of the trade are often passed on orally from banker-to-banker on a case-by-case basis. In codifying the art and science of investment banking, the authors convert this oral history into an accessible framework by bridging the theoretical to the practical with user-friendly, step-by-step approaches to performing primary valuation methodologies.”
–Joseph R. Perella, Chairman and CEO, Perella Weinberg Partners

Praise for the Book

"Investment Banking provides a highly practical and relevant guide to the valuation analysis at the core of investment banking, private equity, and corporate finance. Mastery of these essential skills is fundamental for any role in transaction-related finance. This book will become a fixture on every finance professional's bookshelf."
Thomas H. Lee, President, Lee Equity Partners, LLC Founder, Thomas H. Lee Capital Management, LLC

"This book will surely become an indispensable guide to the art of buyout and M&A valuation, for the experienced investment practitioner as well as for the non-professional seeking to learn the mysteries of valuation."
David M. Rubenstein, Co-Founder and Managing Director, The Carlyle Group

"As a practitioner of hundreds of M&A and LBO transactions during the last 20 years, I recommend this book to advisors, financiers, practitioners, and anyone seriously interested in investment transactions. Rosenbaum and Pearl have created a comprehensive and thoughtfully written guide covering the core skills of the successful investment professional with particular emphasis on valuation analysis."
Josh Harris, Managing Partner, Apollo Management, LP

"Valuation is the key to any transaction. Investment Banking provides specific step-by-step valuation procedures for LBO and M&A transactions, with lots of diagrams and numerical examples."
Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management Chairman & CIO, Zebra Capital Management, LLC Founder & Advisor, Ibbotson Associates, a Morningstar Company

"Investment banking requires a skill set that combines both art and science. While numerous textbooks provide students with the core principles of financial economics, the rich institutional considerations that are essential on Wall Street are not well documented. This book represents an important step in filling this gap."
Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard Business School, Coauthor, Venture Capital and Private Equity: A Casebook

"Rosenbaum and Pearl have written the ultimate nuts and bolts guide for valuation. It is the book that every business student should study and every investment banker should use."
Steven Davidoff, Associate Professor, University of Connecticut School of Law The Deal Professor, The New York Times

Joseph R. Perella
From the Foreword

“Rosenbaum and Pearl succeed in providing a systematic approach to addressing a critical issue in any M&A, IPO, or investment situation—namely, how much is a business or transaction worth. They also put forth the framework for helping approach more nuanced questions such as how much to pay for the business and how to get the deal done. Due to the lack of a comprehensive written reference material on valuation, the fundamentals and subtlety of the trade are often passed on orally from banker-to-banker on a case-by-case basis. In codifying the art and science of investment banking, the authors convert this oral history into an accessible framework by bridging the theoretical to the practical with user-friendly, step-by-step approaches to performing primary valuation methodologies.”

–Joseph R. Perella, Chairman and CEO, Perella Weinberg Partners

Thomas H. Lee
"Investment Banking provides a highly practical and relevant guide to the valuation analysis at the core of investment banking, private equity, and corporate finance. Mastery of these essential skills is fundamental for any role in transaction-related finance. This book will become a fixture on every finance professional's bookshelf."

Thomas H. Lee, President, Lee Equity Partners, LLC Founder, Thomas H. Lee Capital Management, LLC

David M. Rubenstein

"This book will surely become an indispensable guide to the art of buyout and M&A valuation, for the experienced investment practitioner as well as for the non-professional seeking to learn the mysteries of valuation."

David M. Rubenstein, Co-Founder and Managing Director, The Carlyle Group

Josh Harris
"As a practitioner of hundreds of M&A and LBO transactions during the last 20 years, I recommend this book to advisors, financiers, practitioners, and anyone seriously interested in investment transactions. Rosenbaum and Pearl have created a comprehensive and thoughtfully written guide covering the core skills of the successful investment professional with particular emphasis on valuation analysis."

Josh Harris, Managing Partner, Apollo Management, LP

Roger G. Ibbotson

"Valuation is the key to any transaction. Investment Banking provides specific step-by-step valuation procedures for LBO and M&A transactions, with lots of diagrams and numerical examples."

Roger G. Ibbotson, Professor in the Practice of Finance, Yale School of Management Chairman & CIO, Zebra Capital Management, LLC Founder & Advisor, Ibbotson Associates, a Morningstar Company

Josh Lerner
"Investment banking requires a skill set that combines both art and science. While numerous textbooks provide students with the core principles of financial economics, the rich institutional considerations that are essential on Wall Street are not well documented. This book represents an important step in filling this gap."

Josh Lerner, Jacob H. Schiff Professor of Investment Banking, Harvard Business School, Coauthor, Venture Capital and Private Equity: A Casebook

Steven Davidoff
"Rosenbaum and Pearl have written the ultimate nuts and bolts guide for valuation. It is the book that every business student should study and every investment banker should use."

Steven Davidoff, Associate Professor, University of Connecticut School of Law The Deal Professor, The New York Times

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Product Details

  • ISBN-13: 9780470478196
  • Publisher: Wiley, John & Sons, Incorporated
  • Publication date: 5/18/2009
  • Series: Wiley Finance , #508
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 1
  • Pages: 336
  • Sales rank: 680,814
  • File size: 9 MB

Meet the Author

JOSHUA ROSENBAUM is a Managing Director at UBS Investment Bank in the Global Industrial Group. He advises on, structures, and originates 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 a Director at UBS Investment Bank in Leveraged Finance. He originates, structures, and executes leveraged loan and high yield bond financings, as well as leveraged buyouts, and restructurings. Previously, he worked at Moelis & Company in Capital Markets and Deutsche Bank in Leveraged Finance. He received his BS in Business from Indiana University’s Kelley School of Business.

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Table of Contents

About the Authors.

Foreword.

Acknowledgments.

Supplemental Materials.

INTRODUCTION.

Structure of the Book.

ValueCo Summary Financial Information.

PART ONE Valuation.

CHAPTER 1 Comparable Companies Analysis.

CHAPTER 2 Precedent Transactions Analysis.

CHAPTER 3 Discounted Cash Flow Analysis.

PART TWO Leveraged Buyouts.

CHAPTER 4 Leveraged Buyouts.

CHAPTER 5 LBO Analysis.

PART THREE Mergers & Acquisitions.

CHAPTER 6 M&A Sale Process.

Bibliography and Recommended Reading.

Index.

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  • Anonymous

    Posted December 5, 2009

    Great Book

    I am a CFA and Investment Banking Analyst at a small firm. I found this book to be a great refresher in many areas as well as to cover a few new areas with sufficient detail to get a good understanding. It is great for individuals who did not come through the training of a bulge bracket firm. I would recommend anyone in the industry to have this book on their book shelf for reference if you are involved in any type of modeling and valuation work.

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