Description
Joshua Rosenbaum is a Managing Director and Head of the Industrials & Diversified Services Group at RBC Capital Markets, where he also serves on the Management Committee for the U.S. Investment Bank. He originates, structures, and advises on M&A, corporate finance, and capital markets transactions. Previously, he worked at UBS Investment Bank and 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. He is also the co-author of Investment Banking: Valuation, LBOs, M&A, and IPOs and The Little Book of Investing Like the Pros. Joshua Pearl is the Founder and Chief Investment Officer of Hickory Lane Capital Management, a long/short equity asset manager. He focuses on equity investments and special situations utilizing a fundamentals-based approach. From 2011-2020, he served as a Managing Director and Partner at Brahman Capital. Previously, he structured high yield financings, leveraged buyouts, and restructurings as a Director at UBS Investment Bank. Prior to UBS, he was an investment banker at Moelis & Company and Deutsche Bank. He received his BS in Business from Indiana University’s Kelley School of Business. He is also the co-author of Investment Banking: Valuation, LBOs, M&A, and IPOs and The Little Book of Investing Like the Pros. JOSEPH GASPARRO is a Vice President in the Industrials & Diversified Services Group at RBC Capital Markets, where he advises on and executes M&A, corporate finance, and capital markets transactions. Previously, he worked in the Investment Banking Division and Global Markets Division of Credit Suisse. Prior to Credit Suisse, he worked at BofA Securities and UBS Investment Bank. He received his BA from Gettysburg College and his MBA from Rutgers Business School. He is a two-time recipient of the President’s Volunteer Service Award, bestowed by the President of the United States. He is also an editor of Investment Banking: Valuation, LBOs, M&A, and IPOs and The Little Book of Investing Like the Pros. About the Authors vii Introduction 1 Target Audience 2 Content and Applications 2 Chapter 1 Comparable Companies Analysis 3 Questions 3 Answers and Rationale 28 Chapter 2 Precedent Transactions Analysis 55 Questions 55 Answers and Rationale 76 Chapter 3 Discounted Cash Flow Analysis 93 Questions 93 Answers and Rationale 120 Chapter 4 Leveraged Buyouts 149 Questions 149 Answers and Rationale 160 Chapter 5 LBO Analysis 169 Questions 169 Answers and Rationale 189 Chapter 6 Sell-Side M&A 205 Questions 205 Answers and Rationale 217 Chapter 7 Buy-Side M&A 225 Questions 225 Answers and Rationale 243 Chapter 8 Initial Public Offerings 259 Questions 259 Answers and Rationale 270 Chapter 9 The IPO Process 277 Questions 277 Answers and Rationale 288
