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Table of Content:
Chapter 1 CAPITAL INVESTMENT 3
Introduction 3
Capital Expenditure on Tangible Assets 4
Acquisitions – an Overview 5
Introduction 5
The Acquisition Process 6
Financial Due Diligence 8
Financial Evaluation 11
Corporate Valuation 13
Introduction 13
Discounted Cash Flow Valuation 15
Valuing Real Options 28
Valuation Using Multiples 31
Acquisition Structuring & Evaluation 33
Introduction 33
Purchase Price 33
Purchase Consideration 36
Chapter 2 CAPITAL RAISING 43
Introduction 43
Debt 44
Introduction 44
Loans 46
Corporate Bonds 61
Equity 68
Introduction 68
Initial Public Offerings 68
Rights Issues 70
Warrants 72
Chapter 3 CAPITAL MANAGEMENT 73
Introduction 73
Long Term Capital Management 74
Debt 74
Equity 76
Short Term Capital Management 82
Working Capital 82
Short Term Instruments – the Money Market 87
Chapter 4 FINANCIAL RISK MANAGEMENT 91
Introduction 91
Interest Rate Risk 92
Measuring Interest Rate Risk 92
Managing Interest Rate Risk with Derivatives 93
- Forward Rate Agreements 93
- Short Term Interest Rate Futures 96
- Long Term Interest Rate Futures 111
- Interest Rate Swaps 128
- Interest Rate Options 132
Currency Risk 134
Nature of Currency Risk 134
Managing Currency Risk with Derivatives 135
- Forward Currency Contracts 135
- Currency Futures 138
- Currency Swaps 138
- Currency Options 140
Appendix A Financial Ratios 143
Equity Ratios 143
Debt Ratios 153
Appendix B Pricing Techniques
B1 Corporate DCF Valuation 157
Discounting and Present Values 157
The Cost of Capital (and CAPM) 166
The Discount Rate for Domestic Investments 166
The Discount Rate for International Investments 184
DCF Valuation Methods 187
Valuation Approaches 187
Terminal Values 195
B2 Straight Bond Pricing 205
Introduction to Interest Rates 205
Bond Prices 211
Bond Yields 214
Bond Price Volatility 218
B3 Forward Pricing 225
Forward Prices 225
Forward Interest Rates 229
Forward Interest Rates and FRAs 231
Forward Rates and Spot Rates 233
Forward Bond Prices 237
B4 Basic Option Pricing 243
Overview of Pricing Approach 243
Binomial Model 244
Probability Distributions: Towards Black-Scholes 262
Black-Scholes Model 273
Convergence of Binomial and Black-Scholes Models 276
Binomial Model Revisited – Setting the Parameters 279
Option Price Sensitivity 283
Advanced Option Pricing - further study 287
B5 Option Pricing Applications 289
Real Options 289
Convertible Bonds 297
Warrants 308
Interest Rate and Currency Options 309
Appendix C Leasing 315
Nature and Characteristics 315
Lease Classification 316
Lease Financial Evaluation 317
Leveraged Leasing 326
Appendix D Examples
D1 Management Buyout 345
D2 Bank Lending Review 357
D3 Initial Public Offering 367
D4 Valuation 375
D5 Acquisition 387
D6 Short Term Interest Rate Futures Hedging 399
Bibliography 409
Index 413
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