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Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions
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Review
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
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From the Inside Flap
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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Product details
Hardcover: 304 pages
Publisher: John Wiley & Sons; 1st edition (May 4, 2009)
Language: English
ISBN-10: 0470442204
ISBN-13: 978-0470442203
Product Dimensions:
7.3 x 1.1 x 10.3 inches
Shipping Weight: 1.7 pounds (View shipping rates and policies)
Average Customer Review:
4.8 out of 5 stars
397 customer reviews
Amazon Best Sellers Rank:
#652,279 in Books (See Top 100 in Books)
Great book that walks you through IB step by step. It even helped me during an interview when they asked me about Enterprise Value. A CAUTION, however--this book is much better as review during or after business school, or after you've started working in finance. If you know nothing about finance, it's probably not the best to jump into this book cold-turkey.
The meat of this book is a how-to on LBO model construction. It even includes a sample LBO model which is well constructed and will give some insights not only into Excel, but also into the economics of an LBO. However, I do think it is important to say that being able to build an LBO model isn't really the holy grail of valuation, it is more something to have in your toolkit after learning the fundamentals. If you are an analyst and you just have to know how to create an LBO model, get this book, it will certainly teach you how in a quick period of time. If you are looking to learn valuation, start elsewhere and come back to this later.
Great book for anyone interested in breaking into investment banking. This is only one of several tools to assist in the job search process but it enables you to talk intelligently about the industry.I loved the simplicity of the language and the focused nature of the book, you develop the right approach to answering questions.
As a first book on finance I would imagine this book would be a bit much. As someone with prior exposure and wanting both a good thorough review and deep dive on the basics - enterprise value, working capital, comparables, precedent transactions, DCFs, and LBOs it was perfect.Initially I had planned to read this twice - once for an overview and then a second time taking notes to prep for some upcoming interviews. However, the way the authors organized and presented the material made the second reading and extensive note taking largely unnecessary. Each chapter starts with an overview of the methodology being discussed including key concepts, when its used in practice and the actual steps required to perform the analysis. Then, the authors go into a thorough discussion of each step from a practical perspective on how to actually do it in practice. Finally, they work through a real world example building the actual model complete with downloadable excel models. The detail here is way beyond anything I've ever seen in any textbook before. For example, the authors will actually walk you through how to setup your spreadsheets and configure excel so that you can more easily perform sensitivity analysis on the key variables affecting the valuation.Some may find the multi-tiered approach used for each chapter a bit tedious but the great thing about this methodology is that its quite easy to go back and quickly review the key steps for each analytical tool. Plus, by going progressively deeper through each major topic one feels completely immersed in it and much more at ease with the subject matter than a traditional MBA style textbook on finance that's heavy on theory but severely lacking on how to perform the analysis in practice. Likewise, those readers preferring to stay in the clouds may not appreciate the gory details on how its used in practice.My only minor issue is that evidently teachers have access to a database of 300 or so questions with answers. As someone using the textbook for self study, I wished this was available to the rest of us.
The best book for valuation on the market, Investment Banking makes concept easy to understand with great examples which lead the student from start to finish. I used this book in my Mergers and Acquisitions class over the text which was assigned, because it was so much better than anything else on the market.
One of a kind investment banking book. Very practical and useful.
This book covers everything you need to know in order to get started with valuation and the M&A process. If you are someone who has no idea how M&A works or what it is, this book will have you covered in every aspect. It is very detailed and comprehensive, and thus takes time to absorb, but it has 2 semester's worth of information in it which makes it all the more valuable. Also, there are links to the Excel sheets used to perform the analyses mentioned in the book. Excel is heavily used in this industry and knowing how to actually perform the functions is a valuable skill to have.
I have an MBA in finance and found this book to be much more practical in its instruction of financial valuation methods than any of my MBA text books ever were. I purchased it with the intention of getting a quick and, above all else, PRACTICAL refresher on various valuation methods as I am currently interviewing for equity research positions, and it certainly did not disappoint. It is written in a very easy to understand style (unlike most academic textbooks) and walks you through step-by-step examples of how to value a company under various valuation methods. The positive reviews on Amazon are spot on... I highly recommend!
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