发帖
雷达卡
Authors：
JOSHUA ROSENBAUM
JOSHUA PEARL
ContentsAbout the Authors xiiiForeword xvAcknowledgments xviiSupplemental Materials xxiINTRODUCTION 1Structure of the Book 2Part One: Valuation (Chapters 1–3) 3Part Two: Leveraged Buyouts (Chapters 4 & 5) 5Part Three: Mergers & Acquisitions (Chapter 6) 6ValueCo Summary Financial Information 6PART ONEValuationCHAPTER 1Comparable Companies Analysis 11Summary of Comparable Companies Analysis Steps 12Step I. Select the Universe of Comparable Companies 15Study the Target 15Identify Key Characteristics of the Target for ComparisonPurposes 16Screen for Comparable Companies 20Step II. Locate the Necessary Financial Information 21SEC Filings: 10-K, 10-Q, 8-K, and Proxy Statements 21Equity Research 23Press Releases and News Runs 24Financial Information Services 24Summary of Financial Data Primary Sources 24Step III. Spread Key Statistics, Ratios, and Trading Multiples 25Calculation of Key Financial Statistics and Ratios 27Supplemental Financial Concepts and Calculations 39Calculation of Key Trading Multiples 44Step IV. Benchmark the Comparable Companies 48Benchmark the Financial Statistics and Ratios 48Benchmark the Trading Multiples 48viiviii CONTENTSStep V. Determine Valuation 49Valuation Implied by EV/EBITDA 50Valuation Implied by P/E 50Key Pros and Cons 52Illustrative Comparable Companies Analysis for ValueCo 53Step I. Select the Universe of Comparable Companies 53Step II. Locate the Necessary Financial Information 54Step III. Spread Key Statistics, Ratios, and Trading Multiples 55Step IV. Benchmark the Comparable Companies 65Step V. Determine Valuation 69CHAPTER 2Precedent Transactions Analysis 71Summary of Precedent Transactions Analysis Steps 72Step I. Select the Universe of Comparable Acquisitions 75Screen for Comparable Acquisitions 75Examine Other Considerations 75Step II. Locate the Necessary Deal-Related and Financial Information 77Public Targets 78Private Targets 80Summary of Primary SEC Filings in M&A Transactions 81Step III. Spread Key Statistics, Ratios, and Transaction Multiples 81Calculation of Key Financial Statistics and Ratios 81Calculation of Key Transaction Multiples 89Step IV. Benchmark the Comparable Acquisitions 92Step V. Determine Valuation 93Key Pros and Cons 94Illustrative Precedent Transaction Analysis for ValueCo 95Step I. Select the Universe of Comparable Acquisitions 95Step II. Locate the Necessary Deal-Related and FinancialInformation 95Step III. Spread Key Statistics, Ratios, and Transaction Multiples 98Step IV. Benchmark the Comparable Acquisitions 105Step V. Determine Valuation 106CHAPTER 3Discounted Cash Flow Analysis 109Summary of Discounted Cash Flow Analysis Steps 110Step I. Study the Target and Determine Key Performance Drivers 114Study the Target 114Determine Key Performance Drivers 114Step II. Project Free Cash Flow 115Considerations for Projecting Free Cash Flow 115Projection of Sales, EBITDA, and EBIT 116Projection of Free Cash Flow 118Step III. Calculate Weighted Average Cost of Capital 124Step III(a): Determine Target Capital Structure 125Step III(b): Estimate Cost of Debt (rd) 126Contents ixStep III(c): Estimate Cost of Equity (re) 127Step III(d): Calculate WACC 131Step IV. Determine Terminal Value 131Exit Multiple Method 132Perpetuity Growth Method 132Step V. Calculate Present Value and Determine Valuation 134Calculate Present Value 134Determine Valuation 135Perform Sensitivity Analysis 137Key Pros and Cons 139Illustrative Discounted Cash Flow Analysis for ValueCo 140Step I. Study the Target and Determine Key Performance Drivers 140Step II. Project Free Cash Flow 140Step III. Calculate Weighted Average Cost of Capital 146Step IV. Determine Terminal Value 151Step V. Calculate Present Value and Determine Valuation 153PART TWOLeveraged BuyoutsCHAPTER 4Leveraged Buyouts 161Key Participants 163Financial Sponsors 163Investment Banks 164Bank and Institutional Lenders 165Bond Investors 166Target Management 167Characteristics of a Strong LBO Candidate 168Strong Cash Flow Generation 169Leading and Defensible Market Positions 169Growth Opportunities 169Efficiency Enhancement Opportunities 170Low Capex Requirements 170Strong Asset Base 171Proven Management Team 171Economics of LBOs 171Returns Analysis – Internal Rate of Return 171Returns Analysis – Cash Return 172How LBOs Generate Returns 173How Leverage is Used to Enhance Returns 174Primary Exit/Monetization Strategies 176Sale of Business 177Initial Public Offering 177Dividend Recapitalization 177LBO Financing: Structure 178LBO Financing: Primary Sources 180Bank Debt 180x CONTENTSHigh Yield Bonds 184Mezzanine Debt 186Equity Contribution 187LBO Financing: Selected Key Terms 188Security 188Seniority 189Maturity 190Coupon 190Call Protection 191Covenants 192CHAPTER 5LBO Analysis 195Financing Structure 195Valuation 195Step I. Locate and Analyze the Necessary Information 198Step II. Build the Pre-LBO Model 198Step II(a): Build Historical and Projected Income Statementthrough EBIT 199Step II(b): Input Opening Balance Sheet and Project BalanceSheet Items 201Step II(c): Build Cash Flow Statement through Investing Activities 203Step III. Input Transaction Structure 206Step III(a): Enter Purchase Price Assumptions 206Step III(b): Enter Financing Structure into Sources and Uses 208Step III(c): Link Sources and Uses to Balance SheetAdjustments Columns 209Step IV. Complete the Post-LBO Model 215Step IV(a): Build Debt Schedule 215Step IV(b): Complete Pro Forma Income Statement fromEBIT to Net Income 222Step IV(c): Complete Pro Forma Balance Sheet 224Step IV(d): Complete Pro Forma Cash Flow Statement 226Step V. Perform LBO Analysis 230Step V(a): Analyze Financing Structure 230Step V(b): Perform Returns Analysis 232Step V(c): Determine Valuation 235Step V(d): Create Transaction Summary Page 236Illustrative LBO Analysis for ValueCo 238Transaction Summary 238Income Statement 238Balance Sheet 238Cash Flow Statement 238Debt Schedule 238Returns Analysis 238Assumptions Page 1—Income Statement and Cash Flow Statement 238Assumptions Page 2—Balance Sheet 238Assumptions Page 3—Financing Structures and Fees 238Contents xiPART THREEMergers & AcquisitionsCHAPTER 6M&A Sale Process 251Auctions 252Auction Structure 255Organization and Preparation 257Identify Seller Objectives and Determine Appropriate Sale Process 257Perform Sell-Side Advisor Due Diligence and PreliminaryValuation Analysis 257Select Buyer Universe 258Prepare Marketing Materials 259Prepare Confidentiality Agreement 261First Round 262Contact Prospective Buyers 262Negotiate and Execute Confidentiality Agreement withInterested Parties 263Distribute Confidential Information Memorandum andInitial Bid Procedures Letter 263Prepare Management Presentation 264Set up Data Room 264Prepare Stapled Financing Package 265Receive Initial Bids and Select Buyers to Proceed to Second Round 267Second Round 270Conduct Management Presentations 271Facilitate Site Visits 271Provide Data Room Access 271Distribute Final Bid Procedures Letter and Draft DefinitiveAgreement 272Receive Final Bids 276Negotiations 276Evaluate Final Bids 277Negotiate with Preferred Buyer(s) 277Select Winning Bidder 277Render Fairness Opinion 277Receive Board Approval and Execute Definitive Agreement 278Closing 278Obtain Necessary Approvals 278Financing and Closing 280Negotiated Sale 281Bibliography and Recommended Reading 283Index 289
Investment Banking - Valuation, Leveraged Buyouts and Mergers & Acquisitions.pdf
(5.18 MB, 需要: 6 个论坛币)
提升卡
置顶卡
沉默卡
变色卡
抢沙发
千斤顶
显身卡
京公网安备 11010802022788号
