Overview

UPDATED EDITION 2020 Valuation is the key to any M&A transaction Investment banking is a mix of art and science and the fundamentals and hacks of the business are often undocumented and passed on only orally. This book fills this gap by bridging the theory to the practice, explaining valuation methodologies step-by-step, with a strong focus on pointing out the key pros and cons of each methodology, noting that different methodologies may be applied to different scenarios. What's inside Theory and practice about: Types of valuation (trading vs. transaction vs. fundamental), valuation methodologies pros and cons, general principles of valuation, capital structure adjustments, effect of gearing, valuation process Comparable companies analysis: valuation multiples, drivers, benchmarking, adjustments Precedent transactions analysis: valuation multiples, selection of transactions, key metrics (premium, synergies), adjustments Discounted Cash-flow (DCF): calculation, forecasting, terminal value, WACC, factors influencing valuation, special situations, Leveraged Buy-Out (LBO): calculation, returns, LBO structuring, Alternative Valuation Methods: Sum-of-the-parts (SOTP), Economic Value Added (EVA), Adjusted Present Value (APV), Dividend Discount Model (DDM), Appraisal Value (AP), Special Cases, Startups Adjustment to Comps and multiples: stock options, convertibles, pensions, leases, associates, exceptional items and other adjustments Advice from investment bankers on: Common mistakes Tips for success How to source the data And more...; Who is this book for 1. Students Whether you are studying for a corporate finance or business valuation exam or for pure thirst for knowledge, this book will allow you to master all company valuation methodologies and all the tricks that textbooks never share. These hacks will allow you to think outside of the box and approach valuation like an investment banker 2. Applicants to investment banking, private equity, venture capital and corporate development jobs Preparing for an interview? Study the content of Company and Investment Valuation and be assured that you will rock it! Don't worry anymore about technical questions, you will be able to answer them as if you already have years of banking experience 3. Investment bankers Do you need to refresh your knowledge on valuation methodologies? Do you want to impress your VP with an outstanding analysis that will give you some extra points at the next year end performance valuation? Read Company and Investment Valuation and it will be like putting your current skillset on steroids. 4. Private investors and company owners Just because you don't have prior technical business valuation skills, does not mean you cannot implement the theory and hacks of this book. In fact, this theory and practice explained could be particularly important for you whether you want to buy or invest in a company or you want to sell your own business or just a stake

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9781520427454

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