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

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

by Joshua Rosenbaum
 

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A timely update to one the most successful guides to investment banking valuation

While the core principles of financial economics are important, so are the rich institutional considerations that are essential on Wall Street. Authors Joshua Rosenbaum and Joshua Pearl—two practitioners with extensive banking experience—are well-versed in this area

Overview

A timely update to one the most successful guides to investment banking valuation

While the core principles of financial economics are important, so are the rich institutional considerations that are essential on Wall Street. Authors Joshua Rosenbaum and Joshua Pearl—two practitioners with extensive banking experience—are well-versed in this area of finance, and with the Second Edition of Investment Banking + Website, they return to share their valuable insights with you.

Informative and accessible, this authoritative book skillfully 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.

  • Uses a step-by-step, how-to approach for each methodology
  • Builds a chronological knowledge base and defines key terms, financial concepts, and processes throughout
  • Provides a comprehensive overview of the fundamentals of LBOs and an organized M&A sale process

The world of finance is returning to the fundamentals of valuation and critical due diligence. This involves the use of more realistic assumptions governing the approach to risk as well as a wide range of value drivers. Written by practitioners who have performed valuation work in today's dynamic market environment, the Second Edition of Investment Banking + Website, puts this discipline in perspective and provides you with a practical, hands-on approach to valuation.

Product Details

ISBN-13:
9781118421611
Publisher:
Wiley
Publication date:
05/24/2013
Series:
Wiley Finance
Sold by:
Barnes & Noble
Format:
NOOK Book
Pages:
456
Sales rank:
668,141
File size:
18 MB
Note:
This product may take a few minutes to download.

What People are Saying About This

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

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

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

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

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

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

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

Meet the Author

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. Prior to UBS, he worked at Moelis&Company and Deutsche Bank. He received his BS in Business from Indiana University's Kelley School of Business.

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