Investment banking valuation leveraged buyouts and mergers and acquisitions by Rosenbaum and Pearl PDF

This completely updated third edition offers an integrated, comprehensive view of investment banking and finance. Covers valuation techniques in detail; shows what goes into valuing a company; and provides a good overview of how investment bankers actually do deals. Includes coverage of leveraged buyouts and mergers-and-acquisitions; discusses accounting methods useful in analyzing companies; and explains the basics of public offerings.

Rosenbaum investment banking PDF

Investment banking Joshua Rosenbaum PDF and Joshua Pearl explain 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.

Now, over 10 years after the release of the first edition, the book is more relevant and topical than ever. The book has sold over 250,000 copies and is used in over 200 universities globally. It 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 into a unique and comprehensive training package. The Third Edition includes six downloadable valuation model templates: Comparable Companies Analysis, Precedent Transactions Analysis, Discounted Cash Flow Analysis, Leveraged Buyout Analysis, M&A Analysis, and IPO Valuation.

Pearl says: ‘You have seen that predominantly between January to June 2013. There has been an increase in shareowner activism compared to what you saw over the last ten years. In many cases management teams are not executing well, not using their balance sheets effectively, and not maximising shareholders value.’ Technology is one sector where shareholder activism has been the main driver behind mergers and acquisitions. Rosenbaum says: 'A couple of the largest tech names have seen activist groups come in advocating for change, whether it is new management, stock buyback or asset sales.'

While this all sounds good, the market is still not at a stage where it can afford large premium valuations, and uncertainty about the future outlooks for economies across the globe is still holding back potential buyers. 'While there are clear positive indications for M&A activity - some buyers are still not yet ready to pay full premiums for companies,' says Rosenbaum.

'They may be delaying because of lingering concerns about what is stalking around the corner, whether it is a domestic political event, a geopolitical situation, or something happening in the Eurozone or EM (emerging markets)'. Rosenbaum believes that, once these issues are resolved, then we should expect to see increased M&A activity across all sectors.