Investment Banking Workbook
Investment Banking WORKBOOK is the ideal complement to Investment Banking, Valuation, Leveraged Buyouts, and Mergers & Acquisitions, Second Edition, enabling you to truly master and refine the core skills at the center of the world of finance. This comprehensive study guide provides an invaluable opportunity to explore your understanding of the strategies and techniques covered in the main text, before putting them to work in real-world situations.
The WORKBOOK—which parallels the main book chapter by chapter—contains over 400 problem-solving exercises and multiple-choice questions.
Topics reviewed include:
- Valuation and its various forms of analysis, including comparable companies, precedent transactions and discounted cash flow analysis
- Leveraged buyouts—from the fundamentals of LBO economics and structure to detailed modeling and valuation
M&A sell-side tools and techniques, including an overview of an organized M&A sale process
M&A buy-side strategy and analysis, including a comprehensive merger consequences analysis that includes accretion/(dilution) and balance sheet effects
About the Authors vii
Target Audience 1
Content and Applications 2
Comparable Companies Analysis 3
Answers and Rationale 28
Precedent Transactions Analysis 55
Answers and Rationale 76
Discounted Cash Flow Analysis 93
Answers and Rationale 120
Leveraged Buyouts 149
Answers and Rationale 160
LBO Analysis 169
Answers and Rationale 189
Sell-Side M&A 205
Answers and Rationale 217
Buy-Side M&A 225
Answers and Rationale 243
Joshua Rosenbaum is a Managing Director at UBS Investment Bank in the Global Industrial Group. 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 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. Previously, he structured and executed leveraged loan and high yield bond financings, as well as leveraged buyouts and restructurings as a Director at UBS Investment Bank in Leveraged Finance. Prior to UBS, he worked at Moelis & Company and Deutsche Bank. He received his BS in Business from Indiana University's Kelley School of Business.