Investment banking

Potential readers should be aware that Rosenbaum and Pearl limit their scope to the basic steps of structuring straightforward investment banking transactions. For example, in making cash flow projections, they prescribe the common practice of extrapolating historical numbers into the future. Similarly, when the authors show how to calculate an enterprise-value-to-EBITDA multiple, they focus on multiples for comparable companies or for precedent transactions. A lengthier discussion would be required to provide perspective on the risk that in an ebullient market, the multiples paid in recent deals may be excessive. This book fills a noticeable gap in contemporary finance literature, which tends to focus on theory rather than practical application.

investment banking valuation leveraged buyouts and mergers and acquisitions

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. Joshua Rosenbaum is a Managing Director at UBS Investment Bank in the Global Industrial Group.

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Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions, 2nd Edition, University Edition

While valuation has alwaysinvolved a great deal of “art” in addition to time-tested”science,” the artistry is perpetually evolving in accordance withmarket developments and conditions. As a result, Rosenbaum andPearl have updated the widely adopted first edition of their bookwith respect to both technical valuation fundamentals as well aspractical judgment skills and perspective. The authors have alsoadded a comprehensive and highly technical chapter on buy-sideM&A analysis. Investment Banking, UNIVERSITY EDITION is a highly accessible and authoritative book written by investment bankers that explains how to perform the valuation work at the core of the financial world.

A perfect guide for those seeking to learn the fundamentals of valuation, M&A , and corporate finance used in investment banking and professional investing, this UNIVERSITY EDITION—which includes an instructor’s companion site—is an essential asset. It provides students with an invaluable education as well as a much-needed edge for gaining entry to the how to analyse forex charts beginners ultra-competitive world of professional finance. This is a fantastic book to teach a novice what investment bankers do. I recommend this for anyone who is emerging from business school and planning a career in investment banking. It will give you a head start on your career, since business school gives you tools but not the application of those tools.

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There are a ton of related books but it’s not easy to find an author who know how to explain. I just wish both authors can keep writing more in-depth topics. Someone gave me the good advice to try using textbooks to learn new topics, even though I’m out of school. With this one, I feel like I finally understand what ibankers are doing and how deals are structured from their perspective.

What is mezzanine financing?

Mezzanine financing is a hybrid of debt and equity financing that gives the lender the right to convert the debt to an equity interest in the company in case of default, generally, after venture capital companies and other senior lenders are paid.

It explains very well the dynamics of financial statements and the impact of corporate events. Explains the theory required to understand the real world application. A simple, easy-to-read guide to basic valuation and deal structuring. A must for everyone who is starting in the finance industry. This book gives you practical and easy examples of the valuations methods and how M&As are made.

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.

The template that is provided and the walk through of how to build the models is exactly what our templates looked like at Barclays so can speak highly on the credibility of the analysis / templates that are shown in the book. Definitely is a book I want to go back to and refer to from time to time as it is the handbook to valuation methodologies in investment banking and again contains information that bankers should know 110% of. Make no mistake, this long term secrets to short term trading by larry williams should be a complete review for any current bankers so don’t expect to be revitalize by the information in here. In the aftermath of the subprime mortgage crisis and ensuingcredit crunch, the world of finance is returning to thefundamentals of valuation and critical due diligence for M&A,capital markets, and investment opportunities. This involves theuse of more realistic assumptions governing approach to risk aswell as a wide range of value drivers.

Also helpful are the provided excel sheets, which can be an excellent support for your first financial models. “This book will surely become an indispensable guide to the artof buyout and M&A valuation, for the experienced investmentpractitioner as well as for the non-professional seeking to learnthe mysteries of valuation.” Whether you are into the pricey first editions or interesting Seussiana ephemera, this is a good starting point for building a book collection based on Dr. Seuss.

As a teaching manual for beginning investment bankers, Investment Banking has great merit. The chapters on LBOs and the M&A sale process constitute an outstanding primer, in both clarity and comprehensiveness. From this perspective, that the book was written by industry practitioners is a distinct advantage. Furthermore, an accompanying website offers downloadable Microsoft Excel spreadsheet templates that are likely to be helpful to anyone interested in acquiring certain skills used by investment bankers.

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

All of which promised to become essential, knowledge enhancing tools for professionals, and professors and students. For those who purchase this edition of the book, there are options to purchase the Valuation Models separately , and to also consider purchase of the Investing Banking Workbook and Investment Banking Focus Notes for further self-study. Very useful and practical for any beginner undergraduate aspiring to be an investment banker. This to me was like an ultimate starter pack – one that points you to exactly what you need to know and what steps to take.

investment banking valuation leveraged buyouts and mergers and acquisitions

Very detail, easy going and solid book for young finance analysts. Best used as a training guide for aspiring and early stage bankers or valuation specialists. Great amount of detail on what you actually do on the job and how to go about it. This, with some modeling courses, are the next best thing to actual experience if you don’t have it coming out of school. Written from the perspective of how things are actually done, rather than offering dry theories. The book is very accessible and would be easy to follow even for people with little to no previous knowledge.

The Way of the Wall Street Warrior

If you are an author of a book or know of a book’s accurate wordcount, contact me. The average reader will spend 7 hours and 44 minutes reading this book at 250 WPM . If you like books and love to build cool products, we may be looking for you. Detailed, thorough, and a valuable reference book even after the first read.

Is M&A a good career?

Mergers and Acquisitions is one of the topmost favored careers in any company/investment bank. M&A models are one of the most complex financial models built in the industry since it analyses two companies at a time and tries to build synergies among the two.

The world’s #1 eTextbook reader for students.VitalSource is the leading provider of online textbooks and course materials. More than 15 million users have used our Bookshelf platform over the past year to improve their learning experience and outcomes. With anytime, anywhere access and built-in tools like highlighters, flashcards, and study groups, it’s easy to see why so many students are going digital with Bookshelf. Five valuation model templates along with completed versions areaccessible for purchase and use – downloadable in electronic formaton the book’s website, /go/investmentbanking2e.Each model comes complete with a user’s guide. For some random reason i pick it up expecting nothing as i thought it would help me read Street research better somehow. To my pleasant surprise, this is not just your average student manual but a very good and well written primer.

Other books in this series

In a traditional LBO, debt has typically comprised 60% to 70% of the financing structure, with equity comprising the remaining 30% to 40% (see Exhibit 4.12). The disproportionately high level of debt incurred by the target is supported by its projected free cash flow112 and asset base, which enables the sponsor to contribute a small equity investment relative to the purchase price. The ability to leverage the relatively small equity investment is important for sponsors to achieve acceptable returns. The use of leverage provides the additional benefit of tax savings realized due to the tax deductibility of interest expense.

Is M&A the same as investment banking?

M&A is the main subset of investment banking. Indeed, most of the 3,000 investment banks in the United States are only concerned with M&A and capital raising. However, the investment banks at the top of the pile offer a more diversified service range that also includes: Underwriting for IPOs.

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To properly codify the lifeblood of the corporate financier’s work-namely, valuation. This was surprisingly and incredibly practical, straightforward guide to simple I-banking concepts. I only read this because of the hype from others…I can say it covers all the basics .

A very comprehensive and technical look at investment banking analysis and considerations. The book was exactly as advertised and will be a very valuable reference. My only gripe was that some chapters were redundant as the authors made sure each chapter functioned on a standalone basis – this made it somewhat repetitive to read cover to cover, but will be a benefit for those only referencing parts of it.

The Joys of Compounding: The Passionate Pursuit of Lifelong Learning, Revised and Updated

If you have done banking, PE, or related before reading this book, then its a short read but will recommend to all those who have never work in banking, PE or related. Not only do the Rosenbaum and Pearl provide a healthy variety of very specific approaches to valuation, but they outline the strenghts and weaknesses of each so that practitioners can develop a truly informed, multi-faceted point of view on the target company. It is their unique balance of strategic intent with tactical tools that make for a truly useful and refreshing approach to the subject.

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 just2trade review 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.