Investment Banking
Valuation, LBOs, M&A, and IPOs
Joshua Rosenbaum, Joshua Pearl
- English
- ePUB (disponibile sull'app)
- Disponibile su iOS e Android
Investment Banking
Valuation, LBOs, M&A, and IPOs
Joshua Rosenbaum, Joshua Pearl
Informazioni sul libro
A timely update to the global bestselling book on investment banking and valuation – this new edition reflects valuable contributions from Nasdaq and the global law firm Latham & Watkins LLP plus access to the online valuation models and course.
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, 3rd 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. 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, turning the latest edition of Investment Banking: Valuation, LBOs, M&A, and IPOs into a unique and comprehensive training package, which includes:
- Two new chapters covering IPOs plus insightful contributions from Nasdaq, the leading U.S. exchange and technology provider for IPOs and new listings, and global law firm Latham & Watkins LLP
- Access to six downloadable valuation model templates, including Comparable Companies Analysis, Precedent Transactions Analysis, Discounted Cash Flow Analysis, Leveraged Buyout Analysis, M&A Analysis, and IPO Valuation
- Six-month access to online Wiley Investment Banking Valuation Course featuring bite-sized lessons, over five hours of video lectures, 100+ practice questions, and other investment banking study tools
Launch your career on Wall Street and hone your financial expertise with Rosenbaum and Pearl's real-world knowledge and forward-looking guidance in the latest edition of Investment Banking: Valuation, LBOs, M&A, and IPOs.
Domande frequenti
Informazioni
PART One
Valuation
CHAPTER 1
Comparable Companies Analysis
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 |
SUMMARY OF COMPARABLE COMPANIES ANALYSIS STEPS
- Step I. Select the Universe of Comparable Companies. The selection of a universe of comparable companies for the target is the foundation of comps. While this exercise can be fairly simple and intuitive for companies in certain sectors, it can prove challenging for others whose peers are not readily apparent. To identify companies with similar business and financial characteristics, it is first necessary to gain a sound understanding of the target. As a starting point, the banker typically consults with peers or senior colleagues to see if a relevant set of comparable companies already exists internally. If beginning from scratch, the banker casts a broad net to review as many potential comparable companies as possible. This broader group is eventually narrowed, and then typically further refined to a subset of “closest comparables”. A survey of the target’s public competitors is generally a good place to start this exercise.
- Step II. Locate the Necessary Financial Information. Once the initial comparables universe is determined, the banker locates the financial information necessary to analyze the selected comparable companies and calculate (“spread1”) key financial statistics, ratios, and trading multiples (se...