Valuation Mergers, Buyouts and Restructuring

ISBN-10: 0470128895
ISBN-13: 9780470128893
Edition: 2nd 2008
Authors: Enrique R. Arzac
List price: $180.95 Buy it from $17.17
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Description: A comprehensive, professional guide to valuation for mergers and acquisitions This book offers a unique combination of practical valuation techniques and the most current thinking to provide an up-to-date synthesis of valuation theory as it  More...

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Book details

List price: $180.95
Edition: 2nd
Copyright year: 2008
Publisher: John Wiley & Sons, Incorporated
Publication date: 11/9/2007
Binding: Hardcover
Pages: 480
Size: 7.25" wide x 10.25" long x 1.00" tall
Weight: 1.980
Language: English

A comprehensive, professional guide to valuation for mergers and acquisitions This book offers a unique combination of practical valuation techniques and the most current thinking to provide an up-to-date synthesis of valuation theory as it applies to mergers, buyouts, and restructuring. It includes detailed treatments of such topics as free cash flow valuation, valuation of leveraged buyouts, Real Option Analysis as applied to entry and exit decisions and valuation of special offer structures. The book also includes financial modeling software for use in valuations, giving readers all the information and tools they need to effectively gauge the financial results of mergers and acquisitions. Enrique R. Arzac (New York, NY) is Professor of Finance and Economics at Columbia University's Graduate School of Business, and Director of the Mergers and Acquisitions programs for senior executives offered at Columbia Business School and London Business School. Previously, he served as Chairman of the Finance Department and Vice Dean for Academic Affairs for the Columbia Graduate School of Business.

The Tools of Valuation
A User's Guide
Valuation of Stand-Alone Firms and Business Units
Free Cash-flow Valuation
Cost of Capital
Valuation Multiples
Economic Value Added
Valuation with Changing Capital Structure
Valuation in Developed and Emerging Markets
Mergers and Acquisitions
Deal Design and Special Offer Structures
Leveraged Buyouts
Recapitalization of Troubled Companies
Asset Restructuring
Real Options: Valuing Entry and Exit Options
Financial Options
Technical Notes and Problems
Valuation Aids and Deal Modeler r Software
Forecasting and Valuation of Free Cash Flows
Free Cash Flows
Building a Financial Model
Enterprise Valuation
Continuation Value
Forecast Consistency
Forecasting FCF T
A Wrong Way to Forecast Continuation Value
Sensitivity to Parameter Estimates
Competitive Advantage Period
EBITDA Multiples
An Equivalent Approach: Valuing the Cash Flow to Equity
Decomposition of Free Cash Flows: Cash Flows to Equity and Debt
Equity Valuation
Debt Valuation
Financial Policy and Dividends
Some Practical Aspects
Choosing the Valuation Method
Personal Taxes and Enterprise Value
Enterprise Value in Tax-imputation Countries
Balance Sheet Adjustments
Cash and Marketable Securities
Mid-year Discounting
Dealing with Equity-linked and Other Securities in the Capital Structure
Restructuring Expenses
Analysis of Results: The Value of Franchise and Growth
Summary.Problems
The Equity Premium and the Cost of Capital
Estimating the Cost of Capital
The Cost of Equity
The Capital Asset Pricing Model Approach
Choosing the Riskless Rate
Estimating the Equity Premium: Historical Analyses
Time Varying Equity Premium
Prospective Equity Premium
The Cost of Equity of Large Capitalization Companies
The Cost of Equity and Leverage
Beyond the Capital Asset Pricing Model
The Original CAPM
The Fama-French Three-factor Model
Arbitrage Pricing Theory
Liquidity and Expected Returns
The Cost of Equity of Small Capitalization Companies
Estimating the Cost of Equity: A Detailed Example
The Cost of Debt and Other Components of the Capital Structure
Investment-grade Debt
High-yield Debt and Preferred Stock
Convertible Securities, Warrants, and Other Options
Estimation of the Cost of Capital in Practice
Summary.Problems
Metrics and Multiples
The Use of Multiples in Valuation
Using Comparables: An Example
Multiples and Continuation Value
Relationships Among Valuation Multiples
Adjusting Multiples for Leverage and Growth
The Franchise Factor in Valuation Multiples
Normalizing P/E Ratios by the Growth Rate
Summary.Problems
Economic Value Added
Measuring Value Creation
Relation to Free Cash-Flow Valuation
A Detailed Example of EVA Valuation
The Sources of Value: Franchise and Growth
Economic Value-Added and Market Value
Some Empirical Evidence
Summary.Problems
Valuation with Changing Capital Structure
Leverage Change

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