Investment Banking 3rd edition by Joshua Rosenbaum, Joshua Pearl – Ebook PDF Instant Download/Delivery: B0863CX48W, 978-1119706557
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ISBN 10: B0863CX48W
ISBN 13: 978-1119706557
Author: Joshua Rosenbaum, Joshua Pearl
A timely update to the global best-selling book on investment banking and valuation. The new 3rd edition reflects valuable contributions from Nasdaq, the leading U.S. exchange and technology provider for IPOs and new listings, and global law firm Latham & Watkins LLP.
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 was able to take the time to properly codify its lifeblood–namely, valuation and dealmaking. Rosenbaum and Pearl originally responded to this need in 2009 by writing the first edition of the book that they wish had existed when they were trying to break into Wall Street.
Investment Banking: Valuation, LBOs, M&A, and IPOs, Third Edition is a highly accessible and authoritative book written by investment bankers that explains how to perform the valuation work and financial analysis at the core of Wall Street–comparable companies, precedent transactions, DCF, LBO, M&A analysis . . . and now IPO analytics and valuation. 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.
The genesis for the original book stemmed from the authors’ personal experiences as students interviewing for investment banking positions. As they both independently went through the rigorous process, they realized that their classroom experiences were a step removed from how valuation and financial analysis were performed in real-world situations. Consequently, they created this book to provide a leg up to those individuals seeking or beginning careers on Wall Street–from students at undergraduate universities and graduate schools to “career changers” looking to break into finance.
Now, over 10 years after the release of the first edition, the book is more relevant and topical than ever. It is used in over 200 universities globally and has become a go-to resource for investment banks, private equity, investment firms, and corporations undertaking M&A transactions, LBOs, IPOs, restructurings, and investment decisions.
As the world of finance adjusts to the new normal of the post-Great Recession era, it merits revisiting the pillars of the second edition for today’s environment. While the fundamentals haven’t changed, the environment must adapt to changing market developments and conditions. As a result, Rosenbaum and Pearl have updated their widely adopted book accordingly, while adding two new chapters on IPOs.
Investment Banking 3rd Table of contents:
Part One Valuation
Chapter 1 Comparable Companies Analysis
Summary of Comparable Companies Analysis Steps
Step I. Select the Universe of Comparable Companies
Step II. Locate the Necessary Financial Information
Step III. Spread Key Statistics, Ratios, and Trading Multiples
Step IV. Benchmark the Comparable Companies
Step V. Determine Valuation
Key Pros and Cons
Illustrative Comparable Companies Analysis for ValueCo
Notes
Chapter 2 Precedent Transactions Analysis
Summary of Precedent Transactions Analysis Steps
Step I. Select the Universe of Comparable Acquisitions
Step II. Locate the Necessary Deal-Related and Financial Information
Step III. Spread Key Statistics, Ratios, and Transaction Multiples
Step IV. Benchmark the Comparable Acquisitions
Step V. Determine Valuation
Key Pros and Cons
Illustrative Precedent Transaction Analysis for ValueCo
Notes
Chapter 3 Discounted Cash Flow Analysis
Summary of Discounted Cash Flow Analysis Steps
Step I. Study the Target and Determine Key Performance Drivers
Step II. Project Free Cash Flow
Step III. Calculate Weighted Average Cost of Capital
Step IV. Determine Terminal Value
Step V. Calculate Present Value and Determine Valuation
Key Pros and Cons
Illustrative Discounted Cash Flow Analysis for ValueCo
Notes
Part Two Leveraged Buyouts
Chapter 4 Leveraged Buyouts
Key Participants
Characteristics of a Strong LBO Candidate
Economics of LBOs
Primary Exit/Monetization Strategies
LBO Financing: Structure
LBO Financing: Primary Sources
LBO Financing: Selected Key Terms
LBO Financing: Determining Financing Structure
Notes
Chapter 5 LBO Analysis
Financing Structure
Valuation
Step I. Locate and Analyze the Necessary Information
Step II. Build the Pre-LBO Model
Step III. Input Transaction Structure
Step IV. Complete the Post-LBO Model
Step V. Perform LBO Analysis
Illustrative LBO Analysis for ValueCo
Notes
Part Three Mergers & Acquisitions
Chapter 6 Sell-Side M&A
Auctions
Organization and Preparation
First Round
Second Round
Negotiations
Closing
Negotiated Sale
Notes
Chapter 7 Buy-Side M&A
Buyer Motivation
Acquisition Strategies
Form of Financing
Deal Structure
Buy-Side Valuation
Merger Consequences Analysis
Illustrative Merger Consequences Analysis for the BuyerCo / ValueCo Transaction
Notes
Part Four Initial Public Offerings
Chapter 8 Initial Public Offerings
Why Do Companies Go Public?
Characteristics of a Strong IPO Candidate
Key Participants
Selected Key Terms
Dual-Track Process
Special Purpose Acquisition Companies (SPACs)
Direct Listings
Post-IPO Equity Offerings
IPO Considerations
Nasdaq Appendix
Notes
Chapter 9 The IPO Process
Organization and Preparation
Due Diligence, Drafting, and Filing
Marketing and Roadshow
Pricing and Allocation
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